Penumbra Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Penumbra Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Penumbra Inc (PEN) filed a Annual Report (10-K) with the SEC on February 22, 2024. Penumbra Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at One Penumbra Place, Alameda, CA 94502. Penumbra Inc. is incorporated in Delaware. The SIC code for Penumbra Inc. is 3841 (Surgical & Medical Instruments & Apparatus).

Why It Matters

For investors and stakeholders tracking Penumbra Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Penumbra's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's trajectory. The detailed financial information and business descriptions within the report are essential for understanding Penumbra's market position, growth potential, and any challenges it may face in the medical device industry.

Risk Assessment

Risk Level: — Penumbra Inc shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial and operational information, it does not inherently signal immediate positive or negative developments beyond the typical disclosure requirements for a public company.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Penumbra's performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K)
• 2024-02-22 — Filing Date (Date the 10-K was filed)

Key Players & Entities

• Penumbra Inc. (company) — Filer of the 10-K
• One Penumbra Place, Alameda, CA 94502 (location) — Business address

FAQ

Industry Context

Penumbra Inc. operates in the medical device industry, specifically focusing on neuro-interventional and vascular interventional procedures.

Regulatory Implications

As a medical device company, Penumbra is subject to regulations from bodies like the FDA (Food and Drug Administration) regarding product safety and efficacy.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Examine the 'Risk Factors' section for potential challenges and uncertainties.
3. Review management's discussion and analysis (MD&A) for insights into business strategy and outlook.

Key Dates

• 2024-02-22: 10-K Filing — Submission of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. Comparative data from previous filings would be needed for a direct comparison.

Key Financial Figures

• $0.001 — ich registered Common Stock, Par value $0.001 per share PEN The New York Stock Exchan
• $1,058.5 m — tional markets. We generated revenue of $1,058.5 million, $847.1 million and $747.6 millio
• $847.1 million — generated revenue of $1,058.5 million, $847.1 million and $747.6 million for the years ended
• $747.6 million — of $1,058.5 million, $847.1 million and $747.6 million for the years ended December 31, 2023,
• $73.6 million — We generated income from operations of $73.6 million and $6.1 million for the years ended De
• $6.1 million — me from operations of $73.6 million and $6.1 million for the years ended December 31, 2023 a
• $7.5 million — 3 and 2022, and loss from operations of $7.5 million for the year ended December 31, 2021.
• $677.3 m — e of Contents We generated revenue of $677.3 million, $511.1 million and $437.8 millio
• $511.1 million — We generated revenue of $677.3 million, $511.1 million and $437.8 million from our thrombectom
• $437.8 million — e of $677.3 million, $511.1 million and $437.8 million from our thrombectomy product category
• $381.2 m — , respectively. We generated revenue of $381.2 million, $336.0 million, and $309.8 milli
• $336.0 m — We generated revenue of $381.2 million, $336.0 million, and $309.8 million from our embo
• $309.8 million — of $381.2 million, $336.0 million, and $309.8 million from our embolization and access produc

Filing Documents

• pen-20231231.htm (10-K) — 2404KB
• a10-kpen123123ex105.htm (EX-10.5) — 38KB
• a10-kpen123123ex1019.htm (EX-10.19) — 15KB
• a10-kpen123123ex1020.htm (EX-10.20) — 16KB
• a10-kpen123123ex1021.htm (EX-10.21) — 14KB
• a10-kpen123123ex211.htm (EX-21.1) — 8KB
• a10-kpen123123ex231.htm (EX-23.1) — 2KB
• a10-kpen123123ex311.htm (EX-31.1) — 10KB
• a10-kpen123123ex321.htm (EX-32.1) — 6KB
• a10-kpen123123ex312.htm (EX-32.2) — 10KB
• a10-kpen123123ex971.htm (EX-97.1) — 44KB
• pen-20231231_g1.jpg (GRAPHIC) — 82KB
• 0001321732-24-000025.txt (&nbsp;) — 13198KB
• pen-20231231.xsd (EX-101.SCH) — 64KB
• pen-20231231_cal.xml (EX-101.CAL) — 135KB
• pen-20231231_def.xml (EX-101.DEF) — 378KB
• pen-20231231_lab.xml (EX-101.LAB) — 1017KB
• pen-20231231_pre.xml (EX-101.PRE) — 698KB
• pen-20231231_htm.xml (XML) — 2227KB

Business

Item 1. Business. 5

Risk Factors

Item 1A. Risk Factors. 22

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 50

Cybersecurity

Item 1C. Cybersecurity 50

Properties

Item 2. Properties. 50

Legal Proceedings

Item 3. Legal Proceedings. 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 52 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 53

[Reserved]

Item 6. [Reserved] 55

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 56

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 69

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 70

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 110

Controls and Procedures

Item 9A. Controls and Procedures. 110

Other Information

Item 9B. Other Information. 112

Disclo sures Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclo sures Regarding Foreign Jurisdictions that Prevent Inspections 112 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 113

Executive Compensation

Item 11. Executive Compensation. 113

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 113

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 113

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 113 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 114

Form 10-K Summary

Item 16. Form 10-K Summary. 114

Signatures

Signatures 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Form 10-K") includes forward-looking statements in addition to historical information. These forward-looking statements are included throughout this Form 10-K, including in the sections entitled "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and in other sections of this Form 10-K. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "opportunity" or "continue," the negative of these terms and other comparable terminology, but such words, terms and terminology are not the exclusive means for identifying such statements. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed in the section entitled "Risk Factors" in this Form 10-K. You should specifically consider the numerous risks outlined in the section of this Form 10-K entitled "Risk Factors." Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. We undertake no obligation to update any forward-looking statements made in this Form 10-K to reflect events or circumstances after the date of this Form 10-K or to reflect new information or the

BUSINESS

ITEM 1. BUSINESS. Overview References herein to "we," "us," "our," the "Company," and "Penumbra," refer to Penumbra, Inc. and its consolidated subsidiaries unless expressly indicated or the context requires otherwise. Penumbra is a global healthcare company focused on innovative therapies. We design, develop, manufacture and market novel products and have a broad portfolio that addresses challenging medical conditions in markets with significant unmet need. Our team focuses on developing, manufacturing and marketing novel products for use by specialist physicians and healthcare providers to drive improved clinical and health outcomes. We believe that the cost-effectiveness of our products is attractive to our customers. Since our founding in 2004, we have had a strong track record of organic product development and commercial expansion that has established the foundation of our global organization. We have successfully developed, obtained regulatory clearance or approval for, and introduced products into the thrombectomy market since 2007, access market since 2008, embolization market since 2011, neurosurgical market since 2014, and immersive healthcare market since 2020. We expect to continue to develop and build our portfolio of products, including our thrombectomy, embolization, access and immersive healthcare technologies, while iterating on our currently available products. Generally, when we introduce a next generation product or a new product designed to replace a current product, sales of the earlier generation product or the product replaced decline. Our research and development activities are centered around the development of new products and clinical activities designed to support our regulatory submissions and demonstrate the effectiveness of our products. We attribute our success to our culture built on cooperation, our highly efficient product innovation process, our disciplined approach to product and commercial development, our deep understan

View Full Filing

View this 10-K filing on SEC EDGAR