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

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Penumbra, Inc.報告2024年第三季度財務業績

加利福尼亞州阿拉米達，2024年10月30日 / PRNewswire - Penumbra, Inc。 （紐交所：PEN），全球領先的血栓切除公司，今天公佈了截至2024年9月30日第三季度的財務結果。
•2024年第三季度的營業收入為3.01億美元，較常態貨幣環境下增長11.1%或實質10.9%。1，相較於2023年第三季度。
•2024年第三季度美國洗腎收入達1.621億美元，較2023年第三季度和2024年第二季度分別增長21.2%和5.4%，主要是由於我們的美國VTE業務增長32%而帶動。
•營運收入為3,540萬美元，非通用會計原則下營運收入1 大於2024年第三季度的4,030萬美元。
•凈利潤為 2950 萬美元，調整後的 EBITDA1 為 2024 年第三季度的 5670 萬美元，或者淨利潤率 9.8%，調整後的 EBITDA 率為 18.8%
2024年第三季度財務結果
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%，或按恒定貨幣計算為10.9%。1美國在2024年第三季度所佔总营业收入的百分比为75.2%，國際市場所佔的百分比為24.8%。來自美國的收入增加了16.2%，而來自我們的國際區域的收入下降了1.9%，或按恒定貨幣計算為2.5%。1我們全球血栓切除產品銷售收入在2024年第三季度增至204.1百万美元，增长14.0%，或按恒定貨幣計算為13.8%。1 與一年前同期相比，主要受到我們美國血栓切除產品銷售的推動，該收入較一年前同期增长了21.2%。與一年前同期相比，全球栓塞和通道產品銷售收入在2024年第三季度增至96.9百万美元，增长5.5%，或按恒定貨幣計算為5.2%。1 主要源於我們美國的栓塞和通道產品较一年前同期增长5.3%。

2024年第三季度的毛利潤為2億3百萬美元，佔營業收入的66.5%，相較於2023年第三季度的1億7千7百萬美元，佔營業收入的65.6%。毛利率受到產品組合、區域組合以及支持需求和創造未來效率的生產倡議的影響。因此，隨著良好的產品組合、生產力的改善，並透過在今年銷售新產品的較高成交量來使得固定成本發揮效益，我們的毛利率可能在未來受到正面影響。

業務總費用，包括2024年第三季度停止營運沉浸醫療業務的一次性500萬美元費用，為第三季度共計16490萬美元，佔營業收入總額的54.8%。相比之下，2023年第三季度營業總費用為16510萬美元，佔營業收入總額的60.9%，其中包括一次性1820萬美元與採購進程研發（IPR&D）相關的費用，以及因Sixense收購而取得的有限壽命無形資產240萬美元的攤銷費用。扣除上述費用，總非GAAP營業費用1 分别為2024年第三季度16000萬美元，佔營業收入總額的53.1%，以及2023年第三季度14450萬美元，佔營業收入總額的53.3%。研發費用為2024年第三季度2520萬美元，而在2023年第三季度則為2100萬美元。銷售及總務費用為2024年第三季度139.7百萬美元，而在2023年第三季度則為125.9百萬美元。

2024年第三季度業務收入為3,540萬美元，相較於2023年第三季度的業務收入為1,260萬美元。在與Immersive Healthcare業務逐步減少相關的一次性費用之外，非GAAP業務收入 來自業務的1 2024年第三季度非GAAP業務收入為4,030萬美元。這與2023年第三季度的非GAAP業務收入 為3,320萬美元，不包括與獲得的IPRD相關的一次性費用以及與Sixense收購相關的有限壽命無形資產攤銷費用。

2024年全年財務展望
公司重申2024年總營業收入預期範圍為118000萬至120000萬美元。公司現在預計美國血栓切除術特許經營將按年增長24％至25％，較之前的23％至25％有所提高。不包括



1請參閱「非通用會計財務指標」以獲取有關我們使用非通用指標的重要資訊。

1

除了沉浸式醫療方面的影響，公司也預期2024年毛利率將在100至150個基點的區間內擴張，非通用會計原則下的總營業利潤率將在100至200個基點的區間內擴張，相較於2023年整年。
網路廣播和電話會議資訊
Penumbra, Inc.將在2024年10月30日（週三）美國東部時間下午4:30後，進行第三季度財務業績討論的電話看漲。參與會議的方式為撥打（888）596-4144，國內國際撥打皆可（會議ID：5872954），或者可於公司網站“投資者”標籤下的“活動和演示文稿”區域收看網路直播： www.penumbrainc.com線上直播將保留在公司網站上，至少兩週，自電話會議結束之後。
關於penumbra
Penumbra, Inc.，全球領先的血栓切除公司，專注於為缺血性中風、靜脈血栓栓塞（例如肺栓塞）和急性肢體缺血等挑戰性醫療狀況開發最創新的科技。我們廣泛的產品組合包括計算機輔助負壓血栓切除（CAVT），致力於以速度、安全和簡便的方式清除從頭到腳的血栓。通過開拓這些創新，我們壓力位醫療提供者、醫院和診所在100多個國家工作，努力改善患者的結果和生活品質。欲瞭解更多資訊，請瀏覽 www.penumbrainc.com ，並在Instagram、LinkedIn和X上關注 .

非通用會計原則財務指標
除了按照美國通用會計準則（“GAAP”）編製的財務指標外，本公司在本新聞稿中使用以下非依據 GAAP 準則編制的財務指標：a)恆常貨幣，b) 非依 GAAP 編制的營業費用、營業收入、非依 GAAP 編制的凈利潤和非依 GAAP 編制的每股收益（“EPS”）以及 c) 調整後的 EBITDA。

恆定貨幣公司的货币汇率稳定營業收入披露估計了外汇汇率变动对公司当期營業收入与前一年相应可比期的翻译的影响。該影响是通过以外汇汇率稳定營業收入与前一年相应可比期的本地货币營業收入相比而得出的，而非根据当期实际有效的汇率將本地货币營業收入翻译為美元。它不包括外汇汇率变动对公司業務或结果的其他影响。

非GAAP營業費用、非GAAP營業收入、非GAAP凈利潤和非GAAP攤薄後每股收益。 對GAAP財務指標的調整反映了不包括的項目：

•對於與Sixense收購有關的有限壽命無形資產攤銷效應，應按其預計有用壽命進行核算;
•2023年第三季度與IPR＆D收購相關的一次性費用;
•與以股份為基礎的薪酬安排相關的超額稅收利益；
•非經常性訴訟相關費用;
•與我們的沉浸式醫療資產組相關的非現金長期資產減值；以及
•與沉浸式醫療業務結束相關的一次性支出。

調整後的EBITDA。 公司的調整後EBITDA反映了從GAAP淨利潤（損失）中排除的項目：

•非現金的營運費用，如股票基礎的補償、折舊及攤銷，以及減值費用；
•非經營項目，例如與IPR&D收購相關的一次性費用、利息收入、利息費用，以及所得稅的準備金（受益）。
•一次性訴訟相關費用；以及
•與沉浸式醫療業務結束相關的一次性支出。

這些非通用會計準則（non-GAAP）數據與最可比的通用會計準則（GAAP）數據的完整對照列於下方表格中。

我們的管理層認為本新聞稿中披露的非 GAAP 財務指標對於投資者在評估我們業務的營運表現方面有用，並提供與之前期間有意義的比較，因此對我們的業務進行了解比未披露的可能更完整的理解。具體來說，我們認為固定貨幣收入的變化是一個有用的指標，因為它提供了一個替代框架來評估我們的基礎業務表現如何，不包括外幣匯率波動的影響。我們認為非 GAAP 營運開支、非 GAAP 營運收入、非 GAAP 淨收入和非 GAAP 稀釋 EPS 是有用的指標，因為它們提供了評估我們的相關業務表現的替代框架，除外與我們 Immersive Healthcare 資產集團減值有關的非現金長期資產減值（與收購相關的一次性費用）相關的非現金長期資產減值 2023 年第三季的知識產權及發展，攤銷費用有限

2

在Sixense收購所得的無形資產中，與股份報酬安排相關的超額稅收優惠，與我們確定並非業務的正常或經常部分的某些訴訟事項相關的費用，包括和解費用和法律費用，以及與Immersive Healthcare業務逐漸結束相關的一次性費用。此外，我們認為調整後的EBITDA作為一個有用的指標，因為它提供了一個評估我們的基礎業務表現的替代框架，排除了非現金經營費用，如股份報酬、折舊和攤銷以及減值費用、非經營性項目，如與IPR&D收購相關的一次性費用，利息收入、利息支出和溢價或(適用於)所得稅，非經常訴訟相關費用，以及與Immersive Healthcare業務逐漸結束相關的一次性費用。

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.
6

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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