Penumbra Q3 2022 Earnings Report
Key Takeaways
Penumbra, Inc. reported a 12.4% increase in revenue, reaching $213.7 million in the third quarter of 2022 compared to the third quarter of 2021.
Total revenue increased to $213.7 million, a 12.4% increase compared to Q3 2021.
Revenue from vascular products grew 17.0% to $123.4 million.
Revenue from neuro products grew 6.7% to $90.3 million.
The company is updating its 2022 revenue guidance to account for two, near-term dynamics: the Lightning Flash product launch is now expected to occur in the first quarter of 2023, six weeks later than the previous mid-fourth quarter 2022 estimate, and an incremental headwind of $4-6 million from foreign currency translations.
Penumbra
Penumbra
Penumbra Revenue by Geographic Location
Forward Guidance
The Company now expects 2022 total revenue to be in the range of $840 million to $845 million, which reflects growth of 12-13% on a reported basis and 15-16% in constant currency compared to 2021. Looking forward to 2023, the Company expects to achieve the $1 billion level in total revenue.
Challenges Ahead
- The Lightning Flash product launch is now expected to occur in the first quarter of 2023, six weeks later than the previous mid-fourth quarter 2022 estimate
- An incremental headwind of $4-6 million from foreign currency translations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income