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Penumbra, Inc. Financial Results Summary

On February 18, 2025, Penumbra, Inc. (NYSE: PEN), the global leader in thrombectomy technology, unveiled its financial results for the fourth quarter and the full year ended December 31, 2024. The results reveal a continued upward trajectory in revenue and operational income, reinforcing the company’s position in the medical industry.

Key Financial Highlights for Q4 2024

Penumbra reported adjusted revenue of $321.3 million, reflecting an impressive increase of 12.9% compared to the same period in 2023. After adjusting for the $5.8 million impact of the Italian government’s payback provision, the revenue still marked a substantial growth year-over-year. Total revenue, inclusive of this impact, stood at $315.5 million, which is a 10.8% increase from Q4 2023.

Further details reveal that U.S. sales contributed to 77.2% of total adjusted revenue, with significant growth of 21.7% in domestic sales of thrombectomy products, underscoring strong market demand. In contrast, international revenue displayed a decline of 9.4% during this quarter, primarily due to decreased sales in China while other regions show varied performance.

Gross profit for Q4 2024 was reported at $210.7 million, translating to a gross margin of 66.8%. Excluding the government payback provision, the adjusted gross profit reached $216.5 million with a gross margin of 67.4%, demonstrating improved operational efficiency.

Annual Overview for 2024

For the full year, Penumbra achieved adjusted total revenue of $1,200.4 million, an increase of 13.4% over the previous year. Reported total revenue was $1,194.6 million, up 12.9% from 2023. The U.S. market continued to drive growth, representing 75.5% of total revenue, while international market dynamics presented challenges, with a slight decline of 2.9%.

Penumbra's thrombectomy products generated $815.5 million, marking a 20.4% increase year-on-year. However, sales from embolization and access products saw a modest decrease to $379.1 million.

• - Net income for Q4 recorded at $33.7 million with a net income margin of 10.7%; for the entire year, net income reached $14.0 million, reflecting challenges amid significant capital investment and restructuring costs.
• - Additionally, operating expenses climbed to $745.7 million for the year, driven by investments in research and development, which totaled $94.8 million.

Forward Outlook

Looking ahead, Penumbra anticipates robust growth in 2025, projecting total revenue between $1,340.0 million and $1,360.0 million, equating to a year-over-year growth of 12% to 14%. The company expects its U.S. thrombectomy franchise to grow significantly, driven mainly by its computer-assisted vacuum thrombectomy (CAVT) products.

This optimistic revenue outlook is supported by expectations of gross margin expansion of at least 100 basis points, aiming for margins exceeding 67% for the full year.

Leadership and Innovation

Penumbra remains committed to delivering innovative solutions for complex medical conditions including ischemic strokes and other thromboembolic events. With a strong international presence, Penumbra is positioned to contribute positively to patient outcomes and enhance the quality of healthcare in over 100 countries.

For additional information and a detailed analysis, interested parties can view the full financial results and future projections on Penumbra's official website or connect with them on social media platforms like Instagram, LinkedIn, and X.

As the medical landscape evolves, Penumbra's advancements in thrombectomy technology and recent financial performance demonstrate their resilience and operational strength within a competitive industry.