Penumbra, Inc. (NYSE:PEN) Q3 2019 Earnings Conference Call November 7, 2019 4:30 PM ET Company Participants Jee Hamlyn-Harris – Investor Relations Adam Elsesser – Chairman and Chief Executive Officer Sri Kosaraju – President and Chief Financial Officer Conference Call Participants Larry Biegelsen – Wells Fargo Jason Mills – Canaccord Robbie Marcus – JP Morgan Bob Hopkins – Bank of America Margaret Kaczor – William Blair Operator Good afternoon. My name is Gabriel, and I will be your conference operator for ...

Penumbra, Inc. (NYSE:PEN) Q2 2019 Earnings Conference Call August 6, 2019 4:30 PM ET Company Participants Jee Hamlyn-Harris - IR Adam Elsesser - Chairman & CEO Sri Kosaraju - CFO & Head, Strategy Conference Call Participants Bob Hopkins - Bank of America Merrill Lynch Larry Biegelsen - Wells Fargo Jason Mills - Canaccord Genuity Robbie Marcus - JPMorgan Joanne Wuensch - BMO Capital Markets Operator Good afternoon. My name is Chantal, and I will be your conference operator today. At this time, I would like t ...

Penumbra, Inc. (NYSE:PEN) Q1 2019 Results Conference Call May 7, 2019 4:30 PM ET Company Participants Dan Wilson - Director and Head, Business Development Adam Elsesser - Chairman and CEO Sri Kosaraju - CFO and Head of Strategy Conference Call Participants Robbie Marcus - JPMorgan Bob Hopkins - Bank of America Merrill Lynch Larry Biegelsen - Wells Fargo Jason Mills - Canaccord Genuity Joanne Wuensch - BMO Operator Good afternoon. My name is Emily, and I will be your conference operator today. At this time, ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2018 were $120.8 million, an increase of 25.8% compared to Q4 2017 [11][30] - Operating income for Q4 2018 was $6.7 million, up from $3.9 million in the same period last year [11][35] - Full year 2018 total revenues reached $444.9 million, representing a 33.3% increase from 2017 [15][36] - Non-GAAP operating income for the full year 2018 was $30 million, compared to GAAP operating income of $1.2 million in 2017 [15][37] Business Line Data and Key Metrics Changes - Neuro business revenue for Q4 2018 was $74 million, a 9.9% increase year-over-year [31] - Vascular business revenue for Q4 2018 was $46.8 million, a significant increase of 62.8% compared to the same period last year [33] - For the full year 2018, Neuro revenue was $294.3 million, up 26.6%, while vascular revenue was $150.6 million, an increase of 48.6% [36] Market Data and Key Metrics Changes - In the U.S., approximately 36,000 to 38,000 patients were treated with mechanical thrombectomy in 2018, an increase of about 10,000 patients from 2017 [17] - The company estimates that around 200,000 of the 800,000 strokes occurring annually in the U.S. can potentially be treated with mechanical thrombectomy [17] Company Strategy and Development Direction - The company aims to expand its technology to new specialist physicians and new patient markets, contributing to growth [13] - Penumbra is focusing on innovation and has launched several significant products to advance its neuro and vascular franchises [26] - The company is investing in new areas and expanding geographically, including the introduction of peripheral embolization products in Japan [14][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the stroke market and the potential for continued strong performance in 2019 [20][41] - The company anticipates a revenue guidance for 2019 in the range of $525 million to $535 million, reflecting optimism about growth drivers [37] - Management acknowledged the challenges of year-over-year comparisons but remains positive about the underlying market dynamics [60] Other Important Information - The company ended Q4 2018 with approximately $201 million in cash, cash equivalents, and marketable securities [35] - Gross profit for Q4 2018 was $78.7 million, representing a gross margin of 65.2% [34] Q&A Session Summary Question: Insights on stroke and intracerebral hemorrhage (ICH) trials - Management confirmed strong sequential growth in the U.S. stroke business and discussed the potential for future revenue contributions from ICH products [44][46] Question: Clarification on growth rates and market capacity - Management indicated that the U.S. stroke business grew over 30% year-over-year, with confidence in the market's capacity to absorb growth [45][52] Question: Competition and market dynamics - Management acknowledged ongoing competition but expressed confidence in their product offerings and market position [62] Question: Revenue reclassification impact - Management provided context on the revenue reclassification between Neuro and Peripheral, indicating that Neuro growth would have been higher without the reclassification [66][68] Question: International market performance - Management noted that international stroke business is strong, with expectations for recovery in Q1 following temporary issues [81][82] Question: New product launches and opportunities - Management discussed the potential contributions from new products and the importance of ongoing innovation in both Neuro and vascular markets [78][80]