Penumbra(PEN) - 2024 Q4 - Annual Results

Revenue Performance - Adjusted total revenue for Q4 2024 increased to $321.3 million, a 12.9% increase from Q4 2023, with U.S. revenue growing by 21.7%[3] - Total revenue for the full year 2024 reached$ 1,194.6 million, reflecting a 12.9% increase compared to 2023[5] - Revenue from global thrombectomy products for Q4 2024 was $222.7 million, up 16.8% year-over-year, primarily driven by U.S. sales which increased by 27.3%[3] - GAAP revenue for Q4 2024 was$ 315,518,000, compared to $284,679,000 in Q4 2023, representing an increase of 10.8%[25] - Adjusted revenue for the year ended December 31, 2024, was$ 1,200,412,000, reflecting a 13.4% increase from $1,058,522,000 in 2023[28] - Total revenue for Q4 2024 was$ 321.3 million, representing a 10.8% increase compared to $284.7 million in Q4 2023[36] - For the full year 2024, total revenue was$ 1.2 billion, a 12.9% increase from $1.1 billion in 2023[39] - Total revenue for 2024 reached$ 1,194,615, representing a 12.9% increase from $1,058,522 in 2023[40] Profitability Metrics - Gross profit for Q4 2024 was$ 210.7 million, representing a gross margin of 66.8%[4] - Adjusted EBITDA for Q4 2024 was $63.7 million, resulting in an adjusted EBITDA margin of 19.8%[3] - Net income for Q4 2024 was$ 33.7 million, with a net income margin of 10.7%[3] - Adjusted gross profit for the year ended December 31, 2024, was $760,792,000, up from$ 682,643,000 in 2023, indicating an increase of 11.5%[28] - The adjusted gross margin for Q4 2024 was 67.4%, compared to 65.7% in Q4 2023[28] - GAAP net income for Q4 2024 was $33,683, compared to$ 54,218 in Q4 2023, representing a decline of 38.0%[33] - Non-GAAP net income for the year ended December 31, 2024, was $87,083, compared to$ 81,882 in 2023, showing a growth of 6.5%[33] Expenses and Investments - Operating expenses for Q4 2024 totaled $167.9 million, or 53.2% of total revenue, compared to 53.4% in Q4 2023[4] - R&D expenses for the full year 2024 were$ 94.8 million, compared to $84.4 million in 2023[6] - GAAP operating expenses for Q4 2024 were$ 167,946, an increase of 10.5% from $151,963 in Q4 2023[31] - Non-GAAP operating expenses for the year ended December 31, 2024, were$ 654,218, up from $581,358 in 2023, reflecting a 12.5% increase[31] Future Projections - The company projects total revenue for 2025 to be between$ 1,340.0 million and $1,360.0 million, indicating a year-over-year growth of 12% to 14%[9] - The U.S. thrombectomy franchise is expected to grow by 19% to 20% year-over-year, driven by computer-assisted vacuum thrombectomy products[9] Asset and Liability Overview - Total current assets as of December 31, 2024, were$ 951,125,000, compared to $915,402,000 in 2023, showing an increase of 3.9%[23] - Total liabilities as of December 31, 2024, were$ 382,250,000, slightly up from $377,361,000 in 2023[23] - Cash and cash equivalents increased to$ 324,404,000 in 2024 from $167,486,000 in 2023, representing a significant increase of 93.6%[23] International Revenue Insights - International revenue decreased by 16.5% to$ 67.6 million from $81.0 million year-over-year[36] - The company reported a$ 5.8 million negative adjustment in international revenue due to foreign exchange impacts[39] - The company experienced a 2.9% decline in international Embolization revenue for the full year, totaling $292.5 million compared to$ 301.4 million in 2023[39] - International Thrombectomy revenue showed a slight increase to $168,764, up 0.8% from$ 167,457 in 2023[40] - International Embolization and Access revenue decreased by 7.6% to $123,784 from$ 133,914 in 2023[40] Market Strategy - The company continues to focus on expanding its market presence and developing new products and technologies[40]