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 Segment
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