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    Penumbra (PEN)

    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.

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    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.

    View Report →

    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?

    Research analysts who have asked questions during Penumbra earnings calls.

    Richard Newitter

    Truist Securities

    4 questions for PEN

    Also covers: AXNX, DXCM, GKOS +18 more

    Robert Marcus

    JPMorgan Chase & Co.

    4 questions for PEN

    Also covers: ABT, BAX, BDX +21 more

    Macauley Kilbane

    William Blair & Company

    3 questions for PEN

    Also covers: CBLL, CVRX, GKOS +4 more

    Michael Sarcone

    Jefferies

    3 questions for PEN

    Also covers: ALC, AXGN, CTSO +11 more

    Pito Chickering

    Deutsche Bank

    3 questions for PEN

    Also covers: ACHC, AHCO, AVAH +17 more

    Ryan Zimmerman

    BTIG

    3 questions for PEN

    Also covers: ALC, GEHC, GKOS +23 more

    Joanne Wuensch

    Citigroup Inc.

    2 questions for PEN

    Also covers: ABT, BAX, BDX +18 more

    Lei Huang

    Wells Fargo

    2 questions for PEN

    Also covers: NVCR, RXST, SOLV

    Michael Kratky

    Leerink Partners

    2 questions for PEN

    Also covers: AXGN, BBNX, DXCM +6 more

    Samantha Kurtz

    Piper Sandler Companies

    2 questions for PEN

    Travis Steed

    Bank of America

    2 questions for PEN

    Also covers: ABT, AXNX, BAX +15 more

    William Plovanic

    Canaccord Genuity

    2 questions for PEN

    Also covers: ATRC, CBLL, CVRX +9 more

    Bill Plovanic

    Canaccord Genuity

    1 question for PEN

    Also covers: AORT, CBLL, DXCM +6 more

    Brandon Vazquez

    William Blair & Company, L.L.C.

    1 question for PEN

    Also covers: ALGN, CBLL, CVRX +16 more

    Chris Pasquale

    Nephron Research LLC

    1 question for PEN

    Also covers: ALC, AXGN, COO +6 more

    Christopher Pasquale

    Nephron Research

    1 question for PEN

    Also covers: ALC, AXGN, BSX +12 more

    David Rescott

    Baird

    1 question for PEN

    Also covers: HAE, INSP, IRTC +7 more

    Kallum Titchmarsh

    Morgan Stanley

    1 question for PEN

    Also covers: ATEC, AXNX, EMBC +4 more

    Larry Biegelsen

    Wells Fargo & Company

    1 question for PEN

    Also covers: ABT, ALC, AXNX +24 more

    Lawrence Biegelsen

    Wells Fargo

    1 question for PEN

    Also covers: ABT, ALC, BAX +15 more

    Mathew Blackman

    Stifel

    1 question for PEN

    Also covers: AHCO, ATEC, BBNX +7 more

    Matthew O'Brien

    Piper Sandler & Co.

    1 question for PEN

    Also covers: APYX, ATEC, ATRC +18 more

    Michael Matson

    Needham & Company

    1 question for PEN

    Also covers: AORT, ATRC, CNMD +22 more

    Samantha Munoz

    Piper Sandler Companies

    1 question for PEN

    Also covers: ATEC, CVRX, TELA +1 more

    Shagun Singh Chadha

    RBC Capital Markets

    1 question for PEN

    Also covers: AXNX, DXCM, GMED +10 more
    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.

    Recent press releases and 8-K filings for PEN.

    Penumbra Discusses 2025 Outlook, Key Clinical Trials, and Product Launches
    ·$PEN
    Guidance Update
    Product Launch
    Revenue Acceleration/Inflection
    • Penumbra updated its 2025 revenue growth guidance, implying low teens growth in the second half of the year, with an underlying growth rate of 17% to 18% when excluding a $40 million plus headwind from China.
    • The company anticipates significant market expansion from the upcoming Storm PE trial results (primary endpoints in October, secondary in November), which could shift treatment paradigms for the 157,000 annual U.S. PE patients.
    • The embolization franchise grew in the low teens in Q2 and is expected to continue ramping up with the launch of Ruby XL, Pod XL, and Packing XL, addressing a new 20% market segment.
    • Penumbra is on track to achieve a gross margin of at least 70% by the end of 2026, driven by mixed factors and efficiencies.
    3 days ago
    Penumbra Restructures Sales Force and Highlights Strong Thrombectomy Growth and New Product Launches
    ·$PEN
    Product Launch
    Hiring
    Revenue Acceleration/Inflection
    • Penumbra has undergone a commercial reorganization, establishing a separate salesforce for peripheral embolization to enable the existing team to focus 100% on the larger computer assisted vacuum thrombectomy (CABT) opportunity. This new team, consisting of approximately 50 embolization reps and 40 vascular clinical specialists, was hired and trained in 2025 and is projected to ramp up in the second half of the year.
    • The company reported significant growth in its thrombectomy segments, with the VGE segment growing over 40% in the last three quarters and the overall VTE segment up 42% in the last quarter. Penumbra continues to gain share in the stroke market with its aspiration front-line approach, particularly driven by the Red 72 Send It silver label.
    • Penumbra is launching new products, including the Excel embolization coil, which recently received FDA clearance and is in its first full quarter of launch. The company is also anticipating the Thunderbolt modulated aspiration technology for the stroke market, with the THUNDER trial results expected to demonstrate its predictability, consistency, and time efficiency.
    Aug 12, 2025, 5:35 PM
    Penumbra Reports Strong Q2 2025 Results and Raises Full-Year Guidance
    ·$PEN
    Earnings
    Guidance Update
    Product Launch
    • Penumbra reported Q2 2025 total revenue of $339.5 million, an increase of 13.4% year-over-year, with U.S. Thrombectomy revenue growing 22.6% to $188.5 million.
    • The company increased its full-year 2025 total revenue guidance to a range of $1,355 million to $1,370 million, representing 13% to 15% year-over-year growth.
    • Gross margin for Q2 2025 was 66%, and Penumbra remains on track to achieve a gross margin profile of over 70% by 2026.
    • Key strategic initiatives include the launch of Ruby XL and the build-out of a separate peripheral embolization sales force, alongside the completion of enrollment in the STORM PE clinical trial, with results expected this fall.
    Jul 30, 2025, 4:40 PM
    Penumbra spotlights VTE growth and previews Thunderbolt launch
    ·$PEN
    Product Launch
    • Penumbra’s US venous thrombectomy (VTE) business drove over 40% growth, led by rapid share gains in DVT and PE via superior digital-age technology; the STORM PE trial concluded enrollment, with positive results expected to expand referrals and market penetration.
    • Combined DVT and PE share is nearing 50%, underscoring substantial runway for further share capture amid a mid-teens to low-twenties percent market growth trajectory.
    • The neurothrombectomy market is growing mid to upper single digits; Penumbra has reclaimed share lost during the XTRA FLEX recall and sees additional gains ahead of the Thunderbolt module launch.
    • Thunderbolt, a pump-based modulated aspiration add-on, is in FDA clearance with data slated for presentation this summer/fall; it aims to markedly reduce clot ingestion time and will be priced to keep total procedure costs below $10,000, driving both mix and share benefits.
    Jun 17, 2025, 3:16 PM
    Penumbra Inc Amends Corporate Governance Structure
    ·$PEN
    Board Change
    Proxy Vote Outcomes
    • Amended Corporate Documents Filed: On May 28, 2025, Penumbra Inc filed an Amended and Restated Certificate of Incorporation and Bylaws that declassify its Board, allowing for annual director elections and a transition to a completely declassified board by the 2028 meeting.
    • Voting Requirement Change: The amendments eliminate the previous 66 2/3% supermajority voting requirement for certain actions, replacing it with a majority voting standard, enhancing stockholder influence.
    May 30, 2025, 12:00 AM
    Penumbra Inc Advances Innovation Amid Pending Product Launches
    ·$PEN
    Product Launch
    New Projects/Investments
    • Continuous innovation has driven Penumbra from a $1B IPO to an $11-12B market cap, with a focus on improving thrombectomy devices and transitioning toward digital technology.
    • The company is refocusing on the neuro and stroke markets by leveraging software updates and addressing structural challenges like limited patient access to treatment.
    • Pending regulatory approval for Thunderbolt and anticipated positive data from the STORM-PE trial could catalyze further market expansion in the PE and DVT segments.
    May 13, 2025, 10:01 PM
    Penumbra Inc Q1 2025 Earnings Results
    ·$PEN
    Earnings
    Revenue Acceleration/Inflection
    Guidance Update
    • Revenue reached $324.1 million in Q1 2025 with a 16.3% year-over-year increase and a gross margin improvement to 66.6%
    • U.S. thrombectomy revenue surged by 25.0% to $187.9 million, driving robust core performance
    • Operating income climbed to $40.4 million (12.4% of revenue), while net income was $39.2 million, highlighting improved profitability and expense management
    • Adjusted EBITDA reached $59.6 million at an 18.4% margin, underscoring strong operational efficiency
    • The company updated its guidance by excluding $5 million in China revenue, raised U.S. thrombectomy growth guidance to 20%-21%, and celebrated new product milestones such as FDA clearance for Ruby XL
    Apr 23, 2025, 8:31 PM
    Penumbra Presents New CAVT Data at SIR Meeting
    ·$PEN
    • Penumbra Inc. unveiled seven new data sets at the 2025 Society of Interventional Radiology Annual Scientific Meeting demonstrating its computer assisted vacuum thrombectomy (CAVT) technology, underscoring improved patient outcomes and potential healthcare cost reductions.
    • Interim results from studies, including STRIKE-PE and STRIDE, show the technology’s safety and effectiveness with a 27.8% reduction in the right ventricle/left ventricle ratio, 24.5% decrease in mean pulmonary artery pressures, and high limb salvage rates for lower-extremity cases.
    • The data indicated fast procedure times (median device time of 22.5 minutes) and favorable healthcare resource utilization with shorter hospital stays and higher rates of patients discharged home.
    Apr 2, 2025, 1:00 PM