Financial Data and Key Metrics Changes - Total revenues for Q4 2023 were $284.7 million, a year-over-year increase of 28.7% as reported and 27.9% on a constant currency basis [18] - For the full year 2023, total annual revenues were $1,058.5 million, representing growth of 25% as reported and 24.7% in constant currency over 2022 [18] - Non-GAAP operating income was $37.4 million, representing 13.1% of revenue, compared to $7.2 million or 3.3% of revenue for the same period last year [34] - Adjusted EBITDA reached $53.4 million or 18.8% of total revenue, compared to 10.5% in the fourth quarter last year [58] - Gross margin for Q4 2023 was 65.7%, up from 62.6% for Q4 2022 [55] Business Line Data and Key Metrics Changes - Global thrombectomy business achieved record revenue of $190.8 million in Q4 2023, growing 42.4% as reported and 41.6% in constant currency year-over-year [19] - U.S. thrombectomy business grew 46.4% compared to the same quarter a year ago, driven by growth in CAVT products [20] - Global embolization and access revenue was $93.9 million, representing an increase of 7.6% as reported and 6.7% in constant currency [19] - Revenue from vascular thrombectomy was $133.4 million, an increase of 64% year-over-year [30] Market Data and Key Metrics Changes - U.S. regions reported growth of 29.6%, primarily driven by 46.4% year-over-year growth in U.S. thrombectomy [29] - International regions increased 26.4% reported and 23.5% in constant currency [29] - The geographic mix of sales for Q4 2023 was 71.5% U.S. and 28.5% international [52] Company Strategy and Development Direction - The company is focused on three areas: innovation, internal readiness, and market access to enhance thrombectomy treatment [10] - Recent FDA clearance for Flash 2.0 is part of the strategy to expand the CAVT product line [12] - The company aims to leverage real-world data to validate the clinical benefits of CAVT and optimize treatment pathways [26] - The strategy includes expanding into international markets with regulatory and reimbursement efforts for CAVT products [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in expanding operating profitability in 2024, driven by significant opportunities in thrombectomy [9] - The company noted that 2023 was a watershed year for thrombectomy technology, with a growing recognition of its platform's capabilities [21] - Management highlighted the importance of collaboration with hospital systems to expand treatment pathways for thrombectomy patients [22] Other Important Information - The company ended Q4 2023 with cash, cash equivalents, and marketable securities of $289.2 million and no debt, an increase of $40.3 million from the previous quarter [60] - The company expects to continue positive operating cash flow trends in 2024 [60] Q&A Session Summary Question: Increased payer scrutiny on mechanical thrombectomy and ongoing profitability metrics - Management has not observed increased scrutiny on mechanical thrombectomy and noted positive trends in arterial procedures [42][43] Question: Sales cadence and growth expectations for 2024 - Management indicated that U.S. thrombectomy growth is expected to be strong at 27% to 30% year-over-year, with visibility into distributor order timing [69][71] Question: Discontinuation of products in certain countries - Management confirmed that some products will be discontinued in countries where reimbursement does not reflect product value, focusing on profitability [93] Question: Sales force hiring and ramp-up - Management reported successful hiring and training of new sales representatives, indicating confidence in meeting 2024 guidance [119]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-37557 Penumbra, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporatio ...

Exhibit 99.1 Penumbra, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results ALAMEDA, Calif., Feb. 22, 2024 /PR Newswire/ -- Penumbra, Inc. (NYSE: PEN), a global healthcare company focused on innovative therapies, today reported financial results for the fourth quarter and full year ended December 31, 2023. Financial Highlights: In the fourth quarter of 2023, the Company made changes to its product revenue categories to provide investors with more meaningful information to understand the performa ...

Penumbra, Inc. (NYSE:PEN) Q3 2023 Earnings Conference Call November 2, 2023 4:30 PM ET Company Participants Jee Hamlyn-Harris - Investor Relations Adam Elsesser - Chairman and Chief Executive Officer Maggie Yuen - Chief Financial Officer Jason Mills - Executive Vice President, Strategy Conference Call Participants Bill Plovanic - Canaccord Genuity Michael Sarcone - Jefferies Richard Newitter - Truist Securities Mike Matson - Needham & Company David Rescott - Baird Shagun Singh - RBC Capital Joanne Wuensch - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to _____ Commission File Number: 001-37557 Penumbra, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inco ...

Penumbra, Inc. (NYSE:PEN) Q2 2023 Earnings Conference Call August 1, 2023 4:30 PM ET Company Participants Jee Hamlyn-Harris - IR Adam Elsesser - Chairman and CEO Maggie Yuen - CFO Jason Mills - EVP, Strategy Conference Call Participants Bill Plovanic - Canaccord Robert Marcus - JPMorgan Larry Biegelsen - Wells Fargo Margaret Kaczor - William Blair Matthew O'Brien - Piper Sandler Pito Chickering - Deutsche Bank Shagun Singh - RBC Capital Ryan Zimmerman - BTIG David Rescott - Baird Operator Good afternoon. My ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to _____ Commission File Number: 001-37557 Penumbra, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpora ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2023 were $241.4 million, an increase of 18.4% year-over-year and 19.7% on a constant currency basis [8][46] - Non-GAAP operating income increased to $10.4 million, representing 4.3% of revenue, compared to an operating loss of $2.3 million for the same period last year [9][22] - Gross margin for Q1 2023 was 62.6%, consistent with the previous quarter and slightly improved from 62.5% in Q1 2022 [48] Business Line Data and Key Metrics Changes - Revenue from the vascular business grew to $142.8 million, an increase of 16.3% reported and 17.2% in constant currency [47] - Revenue from the neuro business was $98.5 million, an increase of 21.5% reported and 23.4% in constant currency [20] - The U.S. vascular thrombectomy franchise grew 26% year-over-year in Q1 2023 [36][91] Market Data and Key Metrics Changes - U.S. revenue accounted for 71.2% of total sales, with reported growth of 19.1%, while international regions increased 16.7% reported and 21% in constant currency [19] - The international business grew revenue 8% sequentially, reaching a run rate exceeding $0.25 billion annually [43] Company Strategy and Development Direction - The company is focused on expanding its thrombectomy product line, particularly with the recent launches of Lightning Flash and Lightning Bolt 7, which are expected to drive significant growth over the next 5-plus years [5][13] - There is a strong emphasis on converting physicians from traditional treatment methods to the new technologies, with a goal to reach a significant percentage of the 800,000-plus patients in the U.S. [39][55] - The company aims to achieve over 70% gross margins within a few years, supported by product mix improvements and operational efficiencies [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the sustainability of growth in the stroke business, driven by the successful launch of new products [30][36] - The company anticipates continued strong revenue growth rates, with guidance for 2023 set at $1.04 billion to $1.06 billion, representing year-over-year growth of 23% to 25% [23][51] - Management highlighted the importance of building inventory and increasing physician awareness and training to support future growth [41][45] Other Important Information - The company ended Q1 2023 with cash, cash equivalents, and marketable securities of $199.1 million, an increase of $11.1 million from the previous quarter [50] - The company is collaborating with the Department of Veteran Affairs to develop virtual reality solutions for healthcare, indicating a strategic expansion into immersive healthcare [17] Q&A Session All Questions and Answers Question: How sustainable is the recent growth in the stroke or neuro business? - Management is optimistic about the sustainability of growth, attributing it to the strong performance of Flash and Bolt products, which have received positive feedback from both new and existing customers [30][36] Question: Were there any one-time items affecting the quarter's performance? - Management indicated that there were no significant one-time distributor orders affecting the results, with growth driven by the launch of new products [56] Question: How much of the updated guidance is attributed to Flash and Bolt? - The majority of the sequential revenue increase was attributed to the U.S. vascular thrombectomy business, primarily driven by Flash [64][81] Question: What is the expected growth trajectory beyond 2023? - Management expects strong double-digit growth going forward, but specific guidance for 2024 has not been provided yet [113] Question: Are there any updates on the THUNDER trial? - Enrollment for the THUNDER trial is ongoing, with positive energy around the trial, and updates on completion dates will be provided in the next quarter [96]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to _____ Commission File Number: 001-37557 Penumbra, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or Other Jurisdiction of Incorporation or Organization) Delaware 05-0605598 (I.R.S. Employer Identification No.) One Penumbra Place Alameda, CA 94502 (Address of principal executive offic ...