Q2 2024 Penumbra Inc Earnings Call Transcript
Key Points
- Penumbra Inc (PEN) reported a year-over-year revenue increase of 14.5% for Q2 2024, reaching $299.4 million.
- U.S. thrombectomy revenue grew by 25% year-over-year to $153.7 million, driven by CABT products in VTE and arterial segments.
- Non-GAAP gross margins expanded to 65.5%, up 170 basis points year-over-year.
- Penumbra Inc (PEN) expects to achieve gross margins over 70% within the next 21 to 27 months.
- The company saw strong performance in its U.S. neurovascular business, with 19% year-over-year growth.
- Global embolization and access revenue declined slightly year-over-year to $95.9 million.
- Penumbra Inc (PEN) reduced its full-year revenue guidance by $60 million at the midpoint due to challenges in China and Europe.
- The company is taking a one-time non-cash accounting charge related to its immersive healthcare business.
- Operating expenses increased to $164.5 million, representing 54.9% of revenue, up from $146.6 million in the same period last year.
- Penumbra Inc (PEN) faces competitive pressures, particularly in the VTE segment, which impacted its performance in the second half of the quarter.
Please stand by for streaming text.
At this time, I would Quarter 2024 conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. And if you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. You would like to withdraw your question, press star followed by the number one. Again. Thank you.
With that, I'd like to introduce Ms. Cecilia Furlong, Business Development and Investor Relations for pin number is for a long. 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 second quarter of 2020. For a copy of the press release and financial tables, which includes GAAP to non-GAAP reconciliation, can be viewed under the Investors tab on our company website at www
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