Penumbra(US:PEN)2024-07-30 20:45Revenue Performance - Revenue for the three months ended June 30, 2024, increased by $37.9 million, or 14.5%, to $299.4 million compared to $261.5 million for the same period in 2023[73] - Total revenue for the six months ended June 30, 2024, increased by $75.2 million, or 14.9%, to $578.1 million compared to $502.9 million for the same period in 2023[82] - Revenue from international markets increased by $6.5 million, or 8.7%, to $81.2 million, representing 27.1% of total revenue for the three months ended June 30, 2024[75] Product Sales - Thrombectomy product sales rose by $41.0 million, or 25.2%, to $203.5 million, while embolization and access product sales decreased by $3.1 million, or 3.1%, to $95.9 million[73] Expenses and Charges - Research and Development (R&D) expenses for the three months ended June 30, 2024, were $24.9 million, a 15.8% increase from $21.5 million in the same period in 2023[77] - The company recorded an impairment charge of $110.3 million related to its immersive healthcare asset group during the three months ended June 30, 2024[66] Tax and Financial Metrics - The effective tax rate increased to 22.7% for the three months ended June 30, 2024, from 2.9% for the same period in 2023[80] - Net cash provided by operating activities for the six months ended June 30, 2024, was $60.9 million, compared to $30.2 million for the same period in 2023[93] Working Capital - Working capital as of June 30, 2024, was $792.8 million, including $288.3 million in cash and cash equivalents[92] Gross Margin - The company reported a gross margin impacted by product mix and production initiatives, with expectations for future improvements[87]