Penumbra Q4 2023 Earnings Report
Key Takeaways
Penumbra, Inc. reported a strong fourth quarter in 2023, with revenue reaching $284.7 million, a 28.7% increase compared to Q4 2022. The company's thrombectomy product sales grew significantly, driving overall revenue growth. Penumbra is strategically shifting its product revenue categories to provide more meaningful insights to investors.
Total revenue increased by 28.7% to $284.7 million compared to Q4 2022.
Thrombectomy product revenue grew by 42.4% to $190.8 million.
Net income was reported at $54.2 million with an adjusted EBITDA of $53.4 million, representing an 18.8% adjusted EBITDA margin.
The company projects total revenue growth of 16% to 20% for 2024.
Penumbra
Penumbra
Penumbra Revenue by Geographic Location
Forward Guidance
Penumbra projects total revenue growth of 16% to 20% in 2024. The Company projects U.S. thrombectomy growth of 27% to 30%. Gross margin expansion is expected to be 100 to 150 basis points, and non-GAAP operating margin expansion is expected to be 100 to 200 basis points, compared to full year 2023.
Positive Outlook
- Projected total revenue growth of 16% to 20% for 2024.
- U.S. thrombectomy growth projected at 27% to 30%.
- Gross margin expansion expected to be 100 to 150 basis points.
- Non-GAAP operating margin expansion expected to be 100 to 200 basis points.
- Driven primarily by Computer-Assisted Vacuum Thrombectomy (“CAVT”) products
Revenue & Expenses
Visualization of income flow from segment revenue to net income