The following is a summary of the Penumbra, Inc. (PEN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Penumbra's total revenues for Q1 were $278.7 million, marking a year-over-year increase of 15.4% in reported terms and 15.2% on a constant currency basis.
U.S. thrombectomy revenue rose by 35.2% year-over-year to $150.3 million; the rise was driven by market growth and share gain with products like Lightning Flash and Lightning Bolt 7.
Gross margin for Q1 was 65%, marking a rise compared to 62.6% in Q1 2023.
The company posted operating income of $19.3 million representing 6.9% of revenue, increasing 260 basis points over the same period a year ago.
Business Progress:
They expect to see strong growth of 27 to 30% in U.S. thrombectomy and 16 to 20% overall in 2024.
The company is on track to deliver a 100 to 150 basis point expansion in gross margin and at least a 100 to 200 basis point expansion in operating margin in 2024.
They are planning to launch three additional CAVT products within the next 12 months, at least one of which is expected to launch before the end of 2024.
Following the successful launch of Flash 2.0, an improved clot removal system, Penumbra is set to launch three more new products this year and is also expanding its commercial team to effectively support its product portfolio and cater to its growing customer base.
More details: Penumbra IR
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