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    Penumbra Inc (PEN)

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    Penumbra, Inc. is a global healthcare company that develops, manufactures, and markets innovative medical products addressing challenging medical conditions in markets with significant unmet needs. The company specializes in thrombectomy, embolization, access, neurosurgical, and immersive healthcare technologies. Its products are primarily sold to hospitals and healthcare providers through direct sales organizations and distributors worldwide.

    1. Thrombectomy - Offers devices designed to remove blood clots from blood vessels, addressing conditions such as stroke and deep vein thrombosis.
    2. Embolization and Access - Provides products for embolization procedures to block blood flow to specific areas, often used in treating aneurysms or tumors, and devices that facilitate access for medical procedures.
    3. Neurosurgical - Supplies products used in neurosurgical procedures, supporting the treatment of complex brain and spinal conditions.
    4. Immersive Healthcare - Develops virtual reality-based healthcare solutions aimed at enhancing patient rehabilitation and therapy experiences.
    NamePositionExternal RolesShort Bio

    Adam Elsesser

    ExecutiveBoard

    CEO, President, Chairman of the Board

    None

    Co-founder of Penumbra (2004), instrumental in its growth and innovation. Previously CEO of SMART Therapeutics and a partner at Shartsis Friese LLP.

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    Johanna Roberts

    Executive

    EVP, General Counsel, and Secretary

    None

    Joined Penumbra in 2014. Promoted to EVP, General Counsel, and Secretary in 2018. Previously worked at Morrison & Foerster LLP.

    Lambert Shiu

    Executive

    Chief Accounting Officer (CAO)

    None

    Joined Penumbra in 2015. Promoted to CAO in 2019. Previously worked at PwC for 13 years. CPA in California.

    Maggie Yuen

    Executive

    Chief Financial Officer (CFO)

    Board Member at AtriCure, Inc. (Nasdaq: ATRC) since June 2021

    Joined Penumbra in 2019. Extensive finance experience at Thermo Fisher Scientific, Mirion Technologies, Boston Scientific, and others.

    Arani Bose, M.D.

    Board

    Co-Founder, Board Member

    None

    Co-founder of Penumbra (2004). Former Chief Medical Officer and Chief Innovator. Expertise in interventional radiology and neurology.

    Bridget O'Rourke

    Board

    Board Member

    None

    Board member since 2017. Expertise in human resources management and financial accounting. Chair of the Audit Committee.

    Don Kassing

    Board

    Presiding Director of the Board

    None

    Board member since 2008. President Emeritus of San Jose State University. Extensive experience in strategic planning and financial management.

    Harpreet Grewal

    Board

    Board Member

    None

    Board member since 2015. Former COO of Volante Technologies. Extensive experience in financial and strategic planning at high-growth companies.

    Janet Leeds

    Board

    Board Member

    Administrative Director at Fred Hutchinson Cancer Center

    Board member since 2019. Over 35 years of leadership in academic healthcare, including roles at Fred Hutchinson Cancer Research Center and Seattle Cancer Care Alliance.

    Surbhi Sarna

    Board

    Board Member

    Partner at Y Combinator; Board Member at YourChoice Therapeutics and AOA Diagnostics

    Founder and former CEO of nVision Medical Corp. Led its acquisition by Boston Scientific. Partner at Y Combinator and board member at two private companies.

    Thomas Wilder

    Board

    Board Member

    Independent Director at Neuros Medical, Inc.

    Board member since 2017. Former CEO of Neuros Medical, Inc. and board member at Endologix, Inc. Extensive experience in medical device leadership.

    1. Your guidance for 2025 revenue growth is 12% to 14%, similar to your 13.4% adjusted growth in 2024, despite overcoming several one-time headwinds in 2024 such as delayed European launches and sales impact in China; why shouldn't we expect an acceleration in growth in 2025 given these improvements?

    2. To achieve your gross margin target of over 70% by the end of 2026, you need a significant step-up in margins; can you provide more clarity on the specific drivers that will enable this expansion, and is there any impact from pricing strategies in addition to product mix?

    3. With the increasing adoption of aspiration-based thrombectomy devices and ongoing clinical trials, how might this competition impact your sales growth in the near term, and what strategies are you implementing to maintain market leadership?

    4. Given that the Thunderbolt product is not yet included in your guidance, can you update us on the FDA submission timeline and whether any additional data or studies are required for approval, and how might delays impact your growth projections?

    5. In your embolization and access business, it appears that growth is expected to be flat to negative in 2025; what challenges are you facing in this segment, particularly in the U.S. versus international markets, and how are you addressing them to drive future growth?

    Program DetailsProgram 1
    Approval DateAugust 5, 2024
    End Date/DurationJuly 31, 2025
    Total additional amount$200.0 million
    Remaining authorization$100.0 million as of December 31, 2024
    DetailsEnhance long-term stockholder value

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Sixense Enterprises Inc.

    2021

    Penumbra acquired Sixense, a virtual reality hardware and software firm, on October 1, 2021, making it a wholly owned subsidiary. The deal also involved acquiring the remaining 10% equity interest in MVI Health Inc.—a joint venture with Sixense—to bolster Penumbra's REAL Immersive System portfolio.

    IPR&D asset

    2023

    Penumbra’s IPR&D acquisition was completed on September 29, 2023, with a total purchase price of $18.2 million (comprising $17.2 million in common stock and $1.0 million for transaction costs/liabilities), recorded immediately as an expense due to the asset’s lack of alternative future use. This one-time expense notably impacted financials, representing 6.7% of quarterly revenue and 2.4% of nine-month revenue.

    No recent press releases or 8-K filings found for PEN.