Penumbra Inc. Files 10-Q for Q1 2024

TL;DR

<b>Penumbra Inc. has filed its Q1 2024 10-Q report, detailing its financial performance and position as of March 31, 2024.</b>

AI Summary

Penumbra Inc (PEN) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Penumbra Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Penumbra Inc. is incorporated in Delaware. The company's principal business address is in Alameda, CA.

Why It Matters

For investors and stakeholders tracking Penumbra Inc, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including revenue, net income, and balance sheet information, crucial for assessing the company's ongoing performance and strategic direction. The report details the company's financial health and operational status, offering insights into its market position and potential growth trajectory in the medical device sector.

Risk Assessment

Risk Level: low — Penumbra Inc shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for revenue growth trends and profitability metrics in the neuro and vascular segments.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-07 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024-01-01 2024-03-31)
• 2023-01-01 — Prior Year Quarter Start Date (2023-01-01 2023-03-31)

Key Players & Entities

• Penumbra Inc. (company) — CONFORMED NAME
• DE (company) — STATE OF INCORPORATION
• ALAMEDA (company) — CITY
• CA (company) — STATE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-07 (date) — FILED AS OF DATE

FAQ

Industry Context

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

Regulatory Implications

The filing is a standard 10-Q report, adhering to SEC regulations for quarterly financial disclosures.

What Investors Should Do

1. Analyze the detailed financial statements for revenue and profitability trends.
2. Review any new risk factors or legal proceedings disclosed in the report.
3. Compare key financial metrics against previous quarters and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the company's first quarterly report for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.001 — ich registered Common Stock, Par value $0.001 per share PEN The New York Stock Exchan

Filing Documents

• pen-20240331.htm (10-Q) — 1059KB
• pen-33124xexhibit311.htm (EX-31.1) — 10KB
• pen-33124xexhibit312.htm (EX-31.2) — 10KB
• pen-33124xexhibit321.htm (EX-32.1) — 6KB
• 0001321732-24-000060.txt (&nbsp;) — 5747KB
• pen-20240331.xsd (EX-101.SCH) — 30KB
• pen-20240331_cal.xml (EX-101.CAL) — 63KB
• pen-20240331_def.xml (EX-101.DEF) — 107KB
• pen-20240331_lab.xml (EX-101.LAB) — 447KB
• pen-20240331_pre.xml (EX-101.PRE) — 309KB
• pen-20240331_htm.xml (XML) — 995KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Comprehensive Income (Loss) 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3. Quantitative and Qualitative Disclosure about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosure 30 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. Penumbra, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 223,114 $ 167,486 Marketable investments 90,360 121,701 Accounts receivable, net of allowance for credit losses of $ 3,020 and $ 3,169 at March 31, 2024 and December 31, 2023, respectively 191,989 201,768 Inventories 398,366 388,023 Prepaid expenses and other current assets 31,194 36,424 Total current assets 935,023 915,402 Property and equipment, net 75,744 72,691 Operating lease right-of-use assets 185,845 188,756 Finance lease right-of-use assets 30,234 31,092 Intangible assets, net 68,421 71,056 Goodwill 166,103 166,270 Deferred taxes 84,661 85,158 Other non-current assets 33,814 25,880 Total assets $ 1,579,845 $ 1,556,305 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 32,454 $ 27,155 Accrued liabilities 106,549 110,555 Current operating lease liabilities 11,520 11,203 Current finance lease liabilities 2,280 2,231 Total current liabilities 152,803 151,144 Non-current operating lease liabilities 194,537 197,229 Non-current finance lease liabilities 23,098 23,680 Other non-current liabilities 5,876 5,308 Total liabilities 376,314 377,361 Commitments and contingencies (Note 8) Stockholders' equity: Common stock 39 39 Additional paid-in capital 1,062,470 1,047,198 Accumulated other comprehensive loss ( 4,838 ) ( 3,151 ) Retained earnings 145,860 134,858 Total stockholders' equity 1,203,531 1,178,944 Total liabilities and stockholders' equity $ 1,579,845 $ 1,556,305 See accompanying notes to the unaudited condensed consolidated financial statements 2 Table of Contents Penumbra, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts) Three Months Ended March 31, 2024 2023 Revenue $ 278,655 $ 241,398 Cost

View Full Filing

View this 10-Q filing on SEC EDGAR