Penumbra Q3 2024 Earnings Report
Key Takeaways
Penumbra, Inc. reported an 11.1% increase in revenue to $301.0 million for the third quarter of 2024. The U.S. thrombectomy revenue grew by 21.2%. Net income was $29.5 million, with an adjusted EBITDA of $56.7 million.
Revenue reached $301.0 million, an 11.1% increase compared to Q3 2023.
U.S. thrombectomy revenue increased by 21.2% year-over-year.
Net income was reported at $29.5 million.
Adjusted EBITDA stood at $56.7 million, representing a margin of 18.8%.
Penumbra
Penumbra
Penumbra Revenue by Geographic Location
Forward Guidance
The Company reiterates guidance for total revenue for 2024 to be in the range of $1,180.0 million to $1,200.0 million. The Company now expects the U.S. thrombectomy franchise will grow 24% to 25% year-over-year, compared to 23% to 25% previously. Excluding the impact from the Immersive Healthcare impairments, the Company also continues to expect gross margin expansion in the range of 100 to 150 basis points and total non-GAAP operating margin expansion in the range of 100 to 200 basis points in 2024 compared to full year 2023.
Positive Outlook
- Total revenue for 2024 expected to be in the range of $1,180.0 million to $1,200.0 million.
- U.S. thrombectomy franchise growth expected to be 24% to 25% year-over-year.
- Gross margin expansion expected in the range of 100 to 150 basis points.
- Total non-GAAP operating margin expansion expected in the range of 100 to 200 basis points.
- Guidance excludes impact from Immersive Healthcare impairments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income