EX-99.1 2 pen-93024xexhibit991.htm EX-99.1 Document

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Penumbra, Inc.报告2024年第三季度财务业绩

加利福尼亚州阿拉米达，2024年10月30日 / PRNewswire - Penumbra, Inc。 （纽交所：PEN），全球领先的血栓切除公司，今天公布了截至2024年9月30日第三季度的财务结果。
•2024年第三季度的营业收入为3.01亿美元，较常态货币环境下增长11.1%或实质10.9%。1，相较于2023年第三季度。
•2024年第三季度美国洗肾收入达1.621亿美元，较2023年第三季度和2024年第二季度分别增长21.2%和5.4%，主要是由于我们的美国VTE业务增长32%而带动。
•营运收入为3,540万美元，非通用会计原则下营运收入1 大于2024年第三季度的4,030万美元。
•净利润为 2950 万美元，调整后的 EBITDA1 为 2024 年第三季度的 5670 万美元，或者净利润率 9.8%，调整后的 EBITDA 率为 18.8%
2024年第三季度财务结果
2024年第三季度总营业收入较2023年第三季度的270.9百万美元增加至301.0百万美元，增长11.1%，或按恒定货币计算为10.9%。1美国在2024年第三季度所占总营业收入的百分比为75.2%，国际市场所占的百分比为24.8%。来自美国的收入增加了16.2%，而来自我们的国际区域的收入下降了1.9%，或按恒定货币计算为2.5%。1我们全球血栓切除产品销售收入在2024年第三季度增至204.1百万美元，增长14.0%，或按恒定货币计算为13.8%。1 与一年前同期相比，主要受到我们美国血栓切除产品销售的推动，该收入较一年前同期增长了21.2%。与一年前同期相比，全球栓塞和通道产品销售收入在2024年第三季度增至96.9百万美元，增长5.5%，或按恒定货币计算为5.2%。1 主要源于我们美国的栓塞和通道产品较一年前同期增长5.3%。

2024年第三季度的毛利润为2亿3百万美元，占营业收入的66.5%，相较于2023年第三季度的1亿7千7百万美元，占营业收入的65.6%。毛利率受到产品组合、区域组合以及支持需求和创造未来效率的生产倡议的影响。因此，随著良好的产品组合、生产力的改善，并透过在今年销售新产品的较高成交量来使得固定成本发挥效益，我们的毛利率可能在未来受到正面影响。

业务总费用，包括2024年第三季度停止营运沉浸医疗业务的一次性500万美元费用，为第三季度共计16490万美元，占营业收入总额的54.8%。相比之下，2023年第三季度营业总费用为16510万美元，占营业收入总额的60.9%，其中包括一次性1820万美元与采购进程研发（IPR&D）相关的费用，以及因Sixense收购而取得的有限寿命无形资产240万美元的摊销费用。扣除上述费用，总非GAAP营业费用1 分别为2024年第三季度16000万美元，占营业收入总额的53.1%，以及2023年第三季度14450万美元，占营业收入总额的53.3%。研发费用为2024年第三季度2520万美元，而在2023年第三季度则为2100万美元。销售及总务费用为2024年第三季度139.7百万美元，而在2023年第三季度则为125.9百万美元。

2024年第三季度业务收入为3,540万美元，相较于2023年第三季度的业务收入为1,260万美元。在与Immersive Healthcare业务逐步减少相关的一次性费用之外，非GAAP业务收入 来自业务的1 2024年第三季度非GAAP业务收入为4,030万美元。这与2023年第三季度的非GAAP业务收入 为3,320万美元，不包括与获得的IPRD相关的一次性费用以及与Sixense收购相关的有限寿命无形资产摊销费用。

2024年全年财务展望
公司重申2024年总营业收入预期范围为118000万至120000万美元。公司现在预计美国血栓切除术特许经营将按年增长24％至25％，较之前的23％至25％有所提高。不包括



1请参阅「非通用会计财务指标」以获取有关我们使用非通用指标的重要资讯。

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除了沉浸式医疗方面的影响，公司也预期2024年毛利率将在100至150个基点的区间内扩张，非通用会计原则下的总营业利润率将在100至200个基点的区间内扩张，相较于2023年整年。
网路广播和电话会议资讯
Penumbra, Inc.将在2024年10月30日（周三）美国东部时间下午4:30后，进行第三季度财务业绩讨论的电话看涨。参与会议的方式为拨打（888）596-4144，国内国际拨打皆可（会议ID：5872954），或者可于公司网站“投资者”标签下的“活动和演示文稿”区域收看网路直播： www.penumbrainc.com线上直播将保留在公司网站上，至少两周，自电话会议结束之后。
关于penumbra
Penumbra, Inc.，全球领先的血栓切除公司，专注于为缺血性中风、静脉血栓栓塞（例如肺栓塞）和急性肢体缺血等挑战性医疗状况开发最创新的科技。我们广泛的产品组合包括计算机辅助负压血栓切除（CAVT），致力于以速度、安全和简便的方式清除从头到脚的血栓。通过开拓这些创新，我们压力位医疗提供者、医院和诊所在100多个国家工作，努力改善患者的结果和生活品质。欲了解更多资讯，请浏览 www.penumbrainc.com ，并在Instagram、LinkedIn和X上关注 .

非通用会计原则财务指标
除了按照美国通用会计准则（“GAAP”）编制的财务指标外，本公司在本新闻稿中使用以下非依据 GAAP 准则编制的财务指标：a)恒常货币，b) 非依 GAAP 编制的营业费用、营业收入、非依 GAAP 编制的净利润和非依 GAAP 编制的每股收益（“EPS”）以及 c) 调整后的 EBITDA。

恒定货币公司的货币汇率稳定营业收入披露估计了外汇汇率变动对公司当期营业收入与前一年相应可比期的翻译的影响。该影响是通过以外汇汇率稳定营业收入与前一年相应可比期的本地货币营业收入相比而得出的，而非根据当期实际有效的汇率将本地货币营业收入翻译为美元。它不包括外汇汇率变动对公司业务或结果的其他影响。

非GAAP营业费用、非GAAP营业收入、非GAAP净利润和非GAAP摊薄后每股收益。 对GAAP财务指标的调整反映了不包括的项目：

•对于与Sixense收购有关的有限寿命无形资产摊销效应，应按其预计有用寿命进行核算;
•2023年第三季度与IPR＆D收购相关的一次性费用;
•与以股份为基础的薪酬安排相关的超额税收利益；
•非经常性诉讼相关费用;
•与我们的沉浸式医疗资产组相关的非现金长期资产减值；以及
•与沉浸式医疗业务结束相关的一次性支出。

调整后的EBITDA。 公司的调整后EBITDA反映了从GAAP净利润（损失）中排除的项目：

•非现金的营运费用，如股票基础的补偿、折旧及摊销，以及减值费用；
•非经营项目，例如与IPR&D收购相关的一次性费用、利息收入、利息费用，以及所得税的准备金（受益）。
•一次性诉讼相关费用；以及
•与沉浸式医疗业务结束相关的一次性支出。

这些非通用会计准则（non-GAAP）数据与最可比的通用会计准则（GAAP）数据的完整对照列于下方表格中。

我们的管理层认为本新闻稿中披露的非 GAAP 财务指标对于投资者在评估我们业务的营运表现方面有用，并提供与之前期间有意义的比较，因此对我们的业务进行了解比未披露的可能更完整的理解。具体来说，我们认为固定货币收入的变化是一个有用的指标，因为它提供了一个替代框架来评估我们的基础业务表现如何，不包括外币汇率波动的影响。我们认为非 GAAP 营运开支、非 GAAP 营运收入、非 GAAP 净收入和非 GAAP 稀释 EPS 是有用的指标，因为它们提供了评估我们的相关业务表现的替代框架，除外与我们 Immersive Healthcare 资产集团减值有关的非现金长期资产减值（与收购相关的一次性费用）相关的非现金长期资产减值 2023 年第三季的知识产权及发展，摊销费用有限

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在Sixense收购所得的无形资产中，与股份报酬安排相关的超额税收优惠，与我们确定并非业务的正常或经常部分的某些诉讼事项相关的费用，包括和解费用和法律费用，以及与Immersive Healthcare业务逐渐结束相关的一次性费用。此外，我们认为调整后的EBITDA作为一个有用的指标，因为它提供了一个评估我们的基础业务表现的替代框架，排除了非现金经营费用，如股份报酬、折旧和摊销以及减值费用、非经营性项目，如与IPR&D收购相关的一次性费用，利息收入、利息支出和溢价或(适用于)所得税，非经常诉讼相关费用，以及与Immersive Healthcare业务逐渐结束相关的一次性费用。

The non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP measures should not be considered in isolation or as alternatives to GAAP measures. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business.

Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.
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Penumbra, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
September 30, 2024December 31, 2023
Assets
Current assets:
     Cash and cash equivalents$280,476 $167,486 
     Marketable investments10,548 121,701 
     Accounts receivable, net 176,051 201,768 
     Inventories393,413 388,023 
     Prepaid expenses and other current assets31,265 36,424 
          Total current assets891,753 915,402 
Property and equipment, net59,919 72,691 
Operating lease right-of-use assets180,923 188,756 
Finance lease right-of-use assets28,888 31,092 
Intangible assets, net6,920 71,056 
Goodwill166,355 166,270 
Deferred taxes105,851 85,158 
Other non-current assets38,514 25,880 
         Total assets$1,479,123 $1,556,305 
Liabilities and Stockholders’ Equity
Current liabilities:
     Accounts payable$33,151 $27,155 
     Accrued liabilities105,550 110,555 
  Current operating lease liabilities12,068 11,203 
  Current finance lease liabilities2,416 2,231 
          Total current liabilities153,185 151,144 
Non-current operating lease liabilities189,960 197,229 
Non-current finance lease liabilities22,245 23,680 
Other non-current liabilities9,453 5,308 
          Total liabilities374,843 377,361 
Stockholders’ equity:
Common stock38 39 
Additional paid-in capital1,079,193 1,047,198 
Accumulated other comprehensive loss(963)(3,151)
Retained earnings26,012 134,858 
Total stockholders’ equity1,104,280 1,178,944 
Total liabilities and stockholders’ equity$1,479,123 $1,556,305 

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Penumbra, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue$301,039 $270,946 $879,097 $773,843 
Cost of revenue100,733 93,228 334,823 278,192 
Gross profit200,306 177,718 544,274 495,651 
Operating expenses:
Research and development 25,205 20,958 74,773 62,481 
Sales, general and administrative 139,737 125,920 426,052 376,433 
Acquired in-process research and development— 18,215 — 18,215 
Impairment charge— — 76,945 — 
Total operating expenses 164,942 165,093 577,770 457,129 
Income (loss) from operations35,364 12,625 (33,496)38,522 
Interest and other income, net4,414 679 10,026 2,970 
Income (loss) before income taxes39,778 13,304 (23,470)41,492 
Provision for (benefit from) income taxes10,251 4,090 (3,799)4,756 
Net income (loss)$29,527 $9,214 $(19,671)$36,736 
Net income (loss) per share:
Basic$0.76 $0.24 $(0.51)$0.96 
Diluted$0.75 $0.23 $(0.51)$0.94 
Weighted average shares outstanding:
Basic38,610,805 38,462,463 38,706,809 38,324,279 
Diluted39,178,227 39,219,966 38,706,809 39,183,635 

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Penumbra, Inc.
Reconciliation of GAAP Operating Expenses and GAAP Income (Loss) from Operations to Non-GAAP Operating Expenses and Non-GAAP Income from Operations1
(unaudited)
(in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
GAAP operating expenses$164,942 $165,093 $577,770 $457,129 
GAAP operating expenses includes the effect of the following items:
Impairment charge2
— — 76,945 — 
Non-recurring litigation related expenses— — 4,823 — 
Amortization of finite lived intangible assets acquired— 2,380 4,759 7,139 
Wind down expenses3
4,971 — 4,971 — 
Acquired IPR&D4
— 18,215 — 18,215 
Non-GAAP operating expenses
$159,971 $144,498 $486,272 $431,775 
GAAP income (loss) from operations$35,364 $12,625 $(33,496)$38,522 
GAAP income (loss) from operations includes the effect of the following items:
Impairment charge2
— — 76,945 — 
Non-recurring litigation related expenses— — 4,823 — 
Amortization of finite lived intangible assets acquired— 2,380 4,759 7,139 
Wind down expenses3
4,971 — 4,971 — 
Acquired IPR&D4
— 18,215 — 18,215 
Non-GAAP income from operations$40,335 $33,220 $58,002 $63,876 
1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.
2Represents charges associated with the impairment of the Immersive Healthcare asset group during the three months ended June 30, 2024.
3Represents one-time expenses that include severance and other costs related to the wind down of the Immersive Healthcare business during the three and nine months ended September 30, 2024.
4Represents a one-time $18.2 million expense associated with the acquisition of IPR&D during the three and nine months ended September 30, 2023.
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Penumbra, Inc.
Reconciliation of GAAP Net Income (Loss) and GAAP Diluted EPS to Non-GAAP Net Income and Non-GAAP Diluted EPS1
(unaudited)
(in thousands, except share and per share amounts)

Three Months Ended
September 30, 2024		Three Months Ended
September 30, 2023		Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Net incomeDiluted EPSNet income Diluted EPSNet (loss) incomeDiluted EPSNet incomeDiluted EPS
GAAP net income (loss)$29,527 $0.75 $9,214 $0.23 $(19,671)$(0.51)$36,736 $0.94 
GAAP net income (loss) includes the effect of the following items:
Impairment charge2
— — — — 76,945 1.96 — — 
Non-recurring litigation related expenses— — — — 4,823 0.12 — — 
Amortization of finite lived intangible assets acquired— — 2,380 0.07 4,759 0.12 7,139 0.18 
Wind down expenses3
4,971 0.13 — — 4,971 0.13 — — 
Acquired IPR&D4
— — 18,215 0.46 — — 18,215 0.46 
Tax effects on the non-GAAP adjustments above5
(1,198)(0.03)(558)(0.01)(22,051)(0.56)(1,673)(0.04)
Excess tax benefits related to stock compensation awards(85)— (2,987)(0.08)(491)(0.01)(8,372)(0.21)
Non-GAAP net income$33,215 $0.85 $26,264 $0.67 $49,285 $1.25 $52,045 $1.33 
GAAP diluted EPS$0.75 $0.23 $(0.51)$0.94 
Non-GAAP diluted EPS6
$0.85 $0.67 $1.25 $1.33 
Weighted average shares outstanding used to compute:
GAAP diluted EPS39,178,22739,219,96638,706,80939,183,635
Non-GAAP diluted EPS6
39,178,22739,219,96639,334,13339,183,635
1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.
2Represents charges associated with the impairment of the Immersive Healthcare asset group during the three months ended June 30, 2024.
3Represents one-time expenses that include severance and other costs related to the wind down of the Immersive Healthcare business during the three and nine months ended September 30, 2024.
4Represents a one-time $18.2 million expense associated with the acquisition of IPR&D during the three and nine months ended September 30, 2023.
5For the three and nine months ended September 30, 2024 and 2023, management used a combined federal and state tax rate of 24.10% and 23.44%, respectively, to compute the tax effect of non-GAAP adjustments.
6For the purposes of calculating Non-GAAP diluted EPS for the nine months ended September 30, 2024, non-GAAP diluted weighted average shares outstanding of 39,334,133 was used, as the Company had non-GAAP net income in the period.


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Penumbra, Inc.
Reconciliation of GAAP Net Income (Loss) and GAAP Net Income (Loss) Margin to Adjusted EBITDA and Adjusted EBITDA Margin1
(unaudited)
(in thousands, except for percentages)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
GAAP net income (loss)$29,527 $9,214 $(19,671)$36,736 
Adjustments to GAAP net (loss) income:
Depreciation and amortization expense4,148 6,933 19,314 20,218 
Interest income, net(3,129)(1,123)(9,333)(2,516)
Provision for (benefit from) income taxes10,251 4,090 (3,799)4,756 
Stock-based compensation expense10,940 14,136 34,069 39,725 
Impairment charge2
— — 76,945 — 
Non-recurring litigation related expenses— — 4,823 — 
Wind down expenses3
4,971 — 4,971 — 
Acquired IPR&D4
— 18,215 — 18,215 
Adjusted EBITDA$56,708 $51,465 $107,319 $117,134 
Revenue$301,039 $270,946 $879,097 $773,843 
Adjusted EBITDA$56,708 $51,465 $107,319 $117,134 
GAAP net income (loss) margin9.8 %3.4 %(2.2)%4.7 %
Adjusted EBITDA margin18.8 %19.0 %12.2 %15.1 %
1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.
2Represents charges associated with the impairment of the Immersive Healthcare asset group during the three months ended June 30, 2024.
3Represents one-time expenses that include severance and other costs related to the wind down of the Immersive Healthcare business during the three and nine months ended September 30, 2024.
4Represents a one-time $18.2 million expense associated with the acquisition of IPR&D during the three and nine months ended September 30, 2023.
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Penumbra, Inc.
Reconciliation of Revenue Growth by Geographic Regions to Constant Currency Revenue Growth1
(unaudited)
(in thousands, except for percentages)
Three Months Ended September 30,Reported ChangeFX ImpactConstant Currency Change
20242023$%$$%
United States$226,326 $194,816 $31,510 16.2 %$— $31,510 16.2 %
International74,713 76,130 (1,417)(1.9)%(487)(1,904)(2.5)%
Total$301,039 $270,946 $30,093 11.1 %$(487)$29,606 10.9 %

Nine Months Ended September 30,Reported ChangeFX ImpactConstant Currency Change
20242023$%$$%
United States$654,150 $553,467 $100,683 18.2 %$— $100,683 18.2 %
International224,947 220,376 4,571 2.1 %(595)3,976 1.8 %
Total$879,097 $773,843 $105,254 13.6 %$(595)$104,659 13.5 %

Penumbra, Inc.
Reconciliation of Revenue Change by Product Categories to Constant Currency Revenue Growth1
(unaudited)
(in thousands, except for percentages)
Three Months Ended September 30,Reported Change FX ImpactConstant Currency Change
 20242023$% $$%
Thrombectomy$204,141 $179,080 $25,061 14.0 %$(259)$24,802 13.8 %
Embolization and Access96,898 91,866 5,032 5.5 %(228)4,804 5.2 %
Total$301,039 $270,946 $30,093 11.1 %$(487)$29,606 10.9 %

Nine Months Ended September 30,Reported Change FX ImpactConstant Currency Change
 20242023$% $$%
Thrombectomy$595,346 $486,563 $108,783 22.4 %$(226)$108,557 22.3 %
Embolization and Access283,751 287,280 (3,529)(1.2)%(369)(3,898)(1.4)%
Total$879,097 $773,843 $105,254 13.6 %$(595)$104,659 13.5 %

Penumbra, Inc.
Reconciliation of Revenue Change by Product Categories and Geographic Regions to Constant Currency Revenue Growth1
(unaudited)
(in thousands, except for percentages)
Three Months Ended September 30,Reported Change FX ImpactConstant Currency Change
 20242023$% $$%
Thrombectomy
United States$162,051 $133,754 $28,297 21.2 %$— $28,297 21.2 %
International42,090 45,326 (3,236)(7.1)%(259)(3,495)(7.7)%
Total Thrombectomy204,141 179,080 25,061 14.0 %(259)24,802 13.8 %
Embolization and Access
United States64,275 61,062 3,213 5.3 %3,213 5.3 %
International32,623 30,804 1,819 5.9 %(228)1,591 5.2 %
Total Embolization and Access96,898 91,866 5,032 5.5 %(228)4,804 5.2 %
Total$301,039 $270,946 $30,093 11.1 %$(487)$29,606 10.9 %

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Nine Months Ended September 30,Reported Change FX ImpactConstant Currency Change
 20242023$% $$%
Thrombectomy
United States$466,064 $367,994 $98,070 26.6 %$— $98,070 26.6 %
International129,282 118,569 10,713 9.0 %(226)10,487 8.8 %
Total Thrombectomy595,346 486,563 108,783 22.4 %(226)108,557 22.3 %
Embolization and Access
United States188,086 185,473 2,613 1.4 %2,613 1.4 %
International95,665 101,807 (6,142)(6.0)%(369)(6,511)(6.4)%
Total Embolization and Access283,751 287,280 (3,529)(1.2)%(369)(3,898)(1.4)%
Total$879,097 $773,843 $105,254 13.6 %$(595)$104,659 13.5 %

1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.


Investor Relations
Penumbra, Inc.
510-995-2461
investors@penumbrainc.com
Source: Penumbra, Inc.
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