Penumbra (PEN) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 14.29%. A quarter ago, it was expected that this medical device maker would post earnings of $0.42 per share when it actually produced earnings of $0.41, delivering a surprise of -2.38%. Over the last four quarters, the co ...

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Revenue Performance - Revenue for the second quarter of 2024 was $299.4 million, an increase of 14.5% compared to the second quarter of 2023[13]. - U.S. thrombectomy revenue reached $153.7 million, reflecting a 24.9% increase year-over-year[2]. - Revenue for Q2 2024 was $299,403,000, a 14.5% increase from $261,499,000 in Q2 2023[25]. - Thrombectomy revenue for the first half of 2024 was $391,205,000, a 27.2% increase from $307,483,000 in the same period of 2023[36]. - Total revenue for the first half of 2024 reached $578,058,000, up 14.9% from $502,897,000 in the first half of 2023[36]. - Revenue from the Thrombectomy segment was $203.50 million for the three months ended June 30, 2024, up 25.2% from $162.50 million in the prior year[60]. - The company reported a 19.3% increase in revenue from the United States, totaling $427.82 million for the six months ended June 30, 2024, compared to $358.65 million in 2023[58]. - International revenue for the same six-month period was $150.23 million, a 4.2% increase from $144.25 million in 2023[58]. Profitability and Expenses - Adjusted EBITDA for the second quarter of 2024 was $46.3 million, representing an adjusted EBITDA margin of 15.5%[3]. - Gross profit for the second quarter was $162.8 million, or 54.4% of total revenue, with non-GAAP gross profit at $196.2 million, or 65.5%[4]. - Net loss for Q2 2024 was $60,200,000, compared to a net income of $18,960,000 in Q2 2023, resulting in a diluted EPS of $(1.55) versus $0.48[31]. - Adjusted EBITDA for Q2 2024 was $46,324,000, representing a margin of 15.5%, compared to $38,230,000 and a margin of 14.6% in Q2 2023[33]. - The company reported an inventory impairment charge of $33,359,000 in Q2 2024, impacting gross profit[49]. - Non-GAAP net income for Q2 2024 was $25,208,000, compared to $16,837,000 in Q2 2023, with a non-GAAP diluted EPS of $0.64 versus $0.43[31]. Operating Expenses - Loss from operations was $81.0 million, including $110.3 million in impairment charges related to immersive healthcare assets[5]. - Total operating expenses for the second quarter were $243.8 million, or 81.4% of total revenue[16]. - Operating expenses increased significantly to $243,790,000 in Q2 2024 from $148,972,000 in Q2 2023, primarily due to a $76,945,000 impairment charge[25]. - Penumbra, Inc. reported GAAP operating expenses of $243.79 million for the three months ended June 30, 2024, compared to $148.97 million for the same period in 2023, reflecting a 63.6% increase[51]. - Non-GAAP operating expenses for the same period were $164.47 million, up from $146.59 million, representing a 12.1% increase[51]. - The company incurred an impairment charge of $76.95 million during the three months ended June 30, 2024[51]. - Non-recurring litigation-related expenses amounted to $4.82 million for the six months ended June 30, 2024[51]. Guidance and Future Expectations - The company updated its full-year 2024 revenue guidance to a range of $1,180 million to $1,200 million, a reduction of $60 million from previous guidance[17]. - U.S. thrombectomy growth for the full year 2024 is now expected to be 23-25% year-over-year[6]. Research and Development - Research and development expenses for the second quarter were $24.9 million, up from $21.5 million in the same period last year[16]. Company Overview - The company operates in over 100 countries, focusing on innovative therapies for challenging medical conditions[41].

U.S. thrombectomy revenue of $153.7 million in the second quarter of 2024 increased 24.9% compared to the second quarter of 2023. Cash and marketable investments increased $26.2 million in the second quarter of 2024 compared to the first quarter of 2024 driven by an increase in non-GAAP profitability and improvements in working capital. Updated Full Year 2024 Financial Outlook 1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. Constant Currency. The Company's co ...

Core Insights - The article emphasizes the importance of the Zacks Rank and Style Scores in identifying stocks with high potential for market outperformance over the next 30 days [2][10]. Group 1: Zacks Rank and Style Scores - The Zacks Rank is a proprietary stock-rating model that utilizes earnings estimate revisions to facilitate portfolio building [9]. - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [15]. - The Style Scores categorize stocks into Value, Growth, and Momentum, with each stock receiving a rating from A to F based on its characteristics [17][18]. Group 2: Penumbra (PEN) Analysis - Penumbra is highlighted as a stock to watch, holding a 2 (Buy) rating on the Zacks Rank and a VGM Score of B [23]. - The company has seen a 0.7% increase in shares over the past four weeks, indicating positive momentum [6]. - Recent upward revisions in earnings estimates for fiscal 2024 have increased the Zacks Consensus Estimate by $0.01 to $2.88 per share, with an average earnings surprise of 26% [24]. Group 3: Investment Strategies - Investors are encouraged to focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B to maximize returns [10][11]. - The VGM Score combines Value, Growth, and Momentum characteristics to identify stocks with the most attractive profiles [3].

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 30. On the other hand, if they miss, the stock may move lower. Zacks Consensus Estimate Revenues are expected to be $298.58 million, up 14.2% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.48% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reasses ...

Core Insights - The article discusses the Zacks Rank and Style Scores, which are tools designed to help investors identify stocks with high potential for outperforming the market [1][15]. Zacks Rank - Stocks are rated on a scale from 1 (Strong Buy) to 5 (Strong Sell), with 1 and 2 stocks having the highest probability of success [11][12]. - The Zacks Rank utilizes earnings estimate revisions to guide investors in creating successful portfolios [9][18]. Style Scores - The Style Scores are categorized into Value, Growth, and Momentum, each focusing on different investment strategies [5][6][7]. - The Value Style Score identifies undervalued stocks using financial ratios, while the Growth Style Score focuses on a company's future earnings potential [5][6]. - The Momentum Style Score helps investors capitalize on price trends, indicating optimal times to invest based on recent price changes [7]. - The VGM Score combines all three Style Scores, providing a comprehensive assessment of a stock's attractiveness [8]. Stock Highlight: Penumbra (PEN) - Penumbra is rated 2 (Buy) on the Zacks Rank, with a VGM Score of B, indicating strong potential for growth [13][21]. - Recent upward revisions in earnings estimates for fiscal 2024 have increased the Zacks Consensus Estimate to $2.88 per share, reflecting a 26% average earnings surprise [14][20]. - The company is projected to achieve year-over-year earnings growth of 37.8% for the current fiscal year, making it an appealing option for growth investors [20][21].

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> Penumbra (PEN) shares ended the last trading session 3.3% higher at $203.22. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 11.8% gain over the past four weeks. This medical device maker is expected to post quarterly earnings of $0.56 per share in its upcoming report, which repres ...

There have been upward revisions in current-year earnings estimates for Penumbra. The Zacks Consensus Estimate for the current year has surged 0.4% over the past month. While the overall earnings estimate revisions have made Penumbra a Zacks Rank #2 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above. This combination positions Penumbra well for outperformance, so growth investors may want to bet on it. Growth stocks are attractive to many investo ...

Investor Relations Penumbra, Inc. [email protected] Source: Penumbra, Inc. Webcast & Conference Call Information Penumbra, Inc., headquartered in Alameda, California, is a global healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need. Penumbra supports healthcare providers, hospitals and clinics in more than 100 countries. For more in ...