Q3 2024 Penumbra Inc Earnings Call Transcript
Key Points
- Penumbra Inc (PEN) reported a total revenue of $301 million for Q3 2024, marking an 11.1% year-over-year increase.
- The U.S. thrombectomy business showed strong performance with a 21.2% year-over-year growth, driven by the adoption of new products like Lightning Flash 2.0.
- Gross margins improved to 66.5%, up 90 basis points from the previous year, indicating enhanced profitability.
- Penumbra Inc (PEN) received FDA clearance for new products, Lightning Bolt 6X and Lightning Bolt 12, expanding their comprehensive portfolio.
- The company generated $51.3 million in operating cash flow, excluding the impact of a $100 million stock buyback, showcasing strong cash generation capabilities.
- International revenue decreased by 1.9% on a reported basis, with a significant decline in China revenue impacting overall international performance.
- The company faced headwinds in international markets, particularly in China, due to a transition from a licensing to a distribution model.
- Despite strong U.S. growth, the international business saw a 7.1% decline in thrombectomy revenue, primarily due to challenges in China.
- Penumbra Inc (PEN) anticipates a measured revenue contribution from new product launches in Europe due to the current reimbursement landscape.
- The wind-down of the immersive healthcare business resulted in a one-time expense, impacting operating expenses for the quarter.
Hello. Good afternoon. My name is Jeremy, and I'll be your conference operator today. For this time, I would like to welcome everyone to Penumbra's Third Quarter 2024 conference call. (Operator Instructions)
I would like to introduce Ms. Cecilia Furlong, Business Development and Investor Relations for Cameron. Mr. Allen, you may begin your conference.
Thank you, operator, and thank you all for joining us on today's call to discuss Penumbra's earnings release for the third quarter of 2020.
For a copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation, can be viewed under the Investors tab on our company website at www.penumbrainc.com.
During the course of this conference call, the Company will make forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial performance,
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
