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Penumbra Inc (PEN) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Penumbra Inc

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CIK: 789073 Ticker: PEN


Exhibit 99.1
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Penumbra, Inc. Reports Third Quarter 2018 Financial Results

ALAMEDA, Calif., November 5, 2018 (PR Newswire) - Penumbra, Inc. (NYSE: PEN), a global healthcare company focused on innovative therapies, today reported financial results for the third quarter ended September 30, 2018.

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Revenue of $111.8 million in the third quarter of 2018, an increase of 33.2% over the third quarter of 2017.

Third Quarter 2018 Financial Results
Total revenue grew to $111.8 million for the third quarter of 2018 compared to $83.9 million for the third quarter of 2017, an increase of 33.2%. The United States represented 65% of total revenue and international represented 35% of total revenue for the third quarter of 2018. Revenue from sales of neuro products grew to $74.7 million for the third quarter of 2018, an increase of 27.3%, from the third quarter of 2017. Revenue from sales of peripheral vascular products grew to $37.1 million for the third quarter of 2018, an increase of 47.1%, from the third quarter of 2017.

Gross profit was $75.0 million, or 67.1% of total revenue, for the third quarter of 2018, compared to $54.8 million, or 65.3% of total revenue, for the third quarter of 2017.

In the third quarter of 2018, total operating expenses include a $30.8 million acquired in-process research and development (“IPR&D”) charge in connection with the acquisition of a controlling interest in MVI Health Inc. which was accounted for as an asset acquisition. Total operating expenses for the third quarter of 2018 were $95.9 million, or 85.7% of total revenue. Excluding the IPR&D charge, total adjusted operating expenses1 (a non-GAAP measure) were $65.0 million, or 58.2% of total revenue, for the third quarter of 2018. This compares to total operating expenses of $54.1 million, or 64.5% of total revenue, for the third quarter of 2017. R&D expenses were $9.1 million for the third quarter of 2018, compared to $8.1 million for the third quarter of 2017. SG&A expenses were $55.9 million for the third quarter of 2018, compared to $46.0 million for the third quarter of 2017.

Operating loss for the third quarter of 2018 was $20.8 million. Excluding the IPR&D charge, adjusted operating income1 (a non-GAAP measure) was $10.0 million for the third quarter of 2018. This compares to operating income of $0.7 million for the third quarter of 2017.

Full Year 2018 Financial Outlook
The Company is increasing its 2018 guidance for total revenue to be in the range of $437 million to $438 million. This new range compares to the previous range of $420 million to $425 million.

Webcast and Conference Call Information
Penumbra, Inc. will host a conference call to discuss the third quarter 2018 financial results after market close on Monday, November 5, 2018 at 5:00 PM Eastern Time. The conference call can be accessed live over the phone by dialing (866) 393-4306 for domestic callers or (734) 385-2616 for international callers (conference id: 8597766), or the webcast can be accessed on the “Events” section under the “Investors” tab of the Company’s website at: www.penumbrainc.com. The webcast will be available on the Company’s website for two weeks following the completion of the call.

About Penumbra
Penumbra, Inc., headquartered in Alameda, California, is a global healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets medical devices and has a broad portfolio of products that addresses challenging medical conditions and significant clinical needs. Penumbra sells its products to hospitals primarily through its direct sales organization in the United States, most of Europe, Canada and Australia, and through distributors in select international markets. The Penumbra logo is a trademark of Penumbra, Inc. For more information, visit www.penumbrainc.com.

 
1See “Non-GAAP Financial Measures” below for important information about our use of non-GAAP measures and further information about our adjusted operating expenses and adjusted operating income (loss) measures.

1

The following information was filed by Penumbra Inc (PEN) on Monday, November 5, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Penumbra Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive (Loss) Income
Condensed Consolidated Statements Of Operations
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Balance Sheet Components
Balance Sheet Components (Tables)
Balance Sheet Components - Accrued Liabilities (Details)
Balance Sheet Components - Inventories (Details)
Balance Sheet Components - Other Non-Current Liabilities (Details)
Balance Sheet Components - Product Warranty (Details)
Business Combination
Business Combination - Narrative (Details)
Business Combination (Tables)
Business Combination - Consideration Transferred (Details)
Business Combination - Purchase Price Allocation (Details)
Commitments And Contingencies
Commitments And Contingencies - Lease And Purchase Commitments (Details)
Commitments And Contingencies - Royalty Obligations (Details)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Intangible Assets (Details)
Investments And Fair Value Of Financial Instruments
Investments And Fair Value Of Financial Instruments - Contingent Consideration (Details)
Investments And Fair Value Of Financial Instruments (Tables)
Investments And Fair Value Of Financial Instruments - Contractual Maturities Of Marketable Investments (Details)
Investments And Fair Value Of Financial Instruments - Financial Assets And Liabilities Measured At Fair Value (Details)
Investments And Fair Value Of Financial Instruments - Gains And Losses Of Marketable Investments (Details)
Investments And Fair Value Of Financial Instruments - Impact Of Transfer Agreement On Non-Marketable Equity Investments (Details)
Investments And Fair Value Of Financial Instruments - Marketable Securities In An Unrealized Loss Position (Details)
Investments And Fair Value Of Financial Instruments - Non-Marketable Equity Investments (Details)
Investments And Fair Value Of Financial Instruments - Quantitative Information On Unobservable Inputs (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Antidilutive Securities (Details)
Net Income (Loss) Per Share - Basic And Diluted Earnings Per Share (Details)
Organization And Description Of Business
Revenues
Revenues - Disaggregation Of Revenue (Details)
Revenues - Initial Application Period (Details)
Revenues (Tables)
Stockholder's Equity
Stockholder's Equity (Tables)
Stockholder's Equity - Common Stock (Details)
Stockholder's Equity - Restricted Stock And Restricted Stock Units Activity (Details)
Stockholder's Equity - Stock Option Activity (Details)
Stockholder's Equity - Stock-Based Compensation Expense (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Disclosures (Details)

Material Contracts, Statements, Certifications & more

Penumbra Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: PEN
CIK: 1321732
Form Type: 10-Q Quarterly Report
Accession Number: 0001321732-18-000136
Submitted to the SEC: Mon Nov 05 2018 12:20:21 PM EST
Accepted by the SEC: Mon Nov 05 2018
Period: Sunday, September 30, 2018
Industry: Surgical And Medical Instruments And Apparatus

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