Penumbra Inc (PEN, Financial), a global healthcare company specializing in innovative therapies, released its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company reported a significant increase in revenue, net income, and sales of its thrombectomy products.
Financial Performance
Penumbra Inc (PEN, Financial) reported total revenue of $270.9 million for Q3 2023, marking a 26.8% increase compared to the $213.7 million reported in Q3 2022. The United States contributed 72% of the total revenue, while international sales accounted for the remaining 28%. The company's thrombectomy products generated $179.1 million in sales, a 38% increase from the same period in the previous year.
Gross Profit and Operating Expenses
The company's gross profit for Q3 2023 was $177.7 million, or 65.6% of total revenue, compared to $135.3 million, or 63.3% of total revenue, for Q3 2022. Total operating expenses for the quarter were $165.1 million, which included a one-time $18.2 million expense associated with the acquisition of in-process research and development (IPR&D).
Net Income and EBITDA
Penumbra Inc (PEN, Financial) reported a net income of $9.2 million for Q3 2023. The adjusted EBITDA for the quarter was $51.5 million, or an adjusted EBITDA margin of 19.0%. The company's cash and marketable investments increased by $27.8 million compared to Q2 2023, driven by an increase in profitability and improvements in working capital.
Outlook for 2023
For Q4 2023, Penumbra Inc (PEN, Financial) expects total company revenue growth to accelerate to 28% to 31% year over year. This aligns with the company's annual guidance range of $1.05 billion to $1.07 billion for the full year 2023.
Financial Tables
Penumbra Inc (PEN, Financial)'s financial tables provide a detailed breakdown of the company's performance, including its condensed consolidated balance sheets, condensed consolidated statements of operations, and reconciliation of GAAP operating expenses and GAAP income from operations to non-GAAP operating expenses and non-GAAP income from operations.
Conclusion
Penumbra Inc (PEN, Financial)'s Q3 2023 financial results indicate a strong performance with significant increases in revenue and net income. The company's thrombectomy products continue to drive sales, contributing to the overall growth. The company's outlook for Q4 2023 and the full year 2023 suggests continued growth and profitability.
Explore the complete 8-K earnings release (here) from Penumbra Inc for further details.
