Penumbra(PEN)2024-07-30 20:15Revenue 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].