Penumbra, Inc. Reports Fourth Quarter and Full Year 2017 Financial Results

Published: Feb 27, 2018

ALAMEDA, Calif., Feb. 27, 2018 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), a global healthcare company focused on innovative therapies, today reported financial results for the fourth quarter and full year ended December 31, 2017.

Financial Highlights:

  • Revenue of $96.1 million for the fourth quarter of 2017, an increase of 31.4%, or 29.7% in constant currency1, over the fourth quarter of 2016.
  • Revenue of $333.8 million for the full year 2017, an increase of 26.8%, or 26.4% in constant currency1, over the prior year.

Fourth Quarter 2017 Financial Results
Total revenue grew to $96.1 million for the fourth quarter of 2017 compared to $73.1 million for the fourth quarter of 2016, an increase of 31.4%, or 29.7% on a constant currency basis. The United States represented 64% of total revenue and international represented 36% of total revenue for the fourth quarter of 2017. Revenue from sales of neuro products grew to $67.3 million for the fourth quarter of 2017, an increase of 31.1%, or 29.2% on a constant currency basis. Revenue from sales of peripheral vascular products grew to $28.7 million for the fourth quarter of 2017, an increase of 32.1%, or 30.9% on a constant currency basis.

Gross profit was $63.7 million, or 66.3% of total revenue, for the fourth quarter of 2017, compared to $46.6 million, or 63.7% of total revenue, for the fourth quarter of 2016.

Total operating expenses were $59.9 million, or 62.3% of total revenue, for the fourth quarter of 2017, compared to $47.7 million, or 65.3% of total revenue, for the fourth quarter of 2016. R&D expenses were $8.4 million for the fourth quarter of 2017, compared to $6.1 million for the fourth quarter of 2016. SG&A expenses were $51.5 million for the fourth quarter of 2017, compared to $41.6 million for the fourth quarter of 2016.

Operating income was $3.9 million for the fourth quarter of 2017, compared to an operating loss of $1.2 million for the fourth quarter of 2016.

As of December 31, 2017, cash and cash equivalents and marketable investments totaled $214.6 million.

Full Year 2017 Financial Results
Total revenue grew to $333.8 million for the year ended December 31, 2017, compared to $263.3 million for 2016, an increase of 26.8%, or 26.4% in constant currency. The United States represented 66% of total revenue and international represented 34% of total revenue for the year ended December 31, 2017. Revenue from sales of neuro products grew to $232.4 million for 2017, an increase of 25.3%, or 24.9% on a constant currency basis. Revenue from sales of peripheral vascular products grew to $101.3 million for 2017, an increase of 30.3%, or 30.0% on a constant currency basis.

Gross profit was $217.1 million, or 65.1% of total revenue, for the year ended December 31, 2017, compared to $170.8 million, or 64.9% of total revenue, for the year ended December 31, 2016.

Total operating expenses were $216.0 million, or 64.7% of total revenue, for the year ended December 31, 2017, compared to $172.2 million, or 65.4% of total revenue, for the year ended December 31, 2016. R&D expenses were $31.7 million for the year ended December 31, 2017, compared to $23.9 million for the year ended December 31, 2016. SG&A expenses were $184.3 million for the year ended December 31, 2017, compared to $148.3 million for the year ended December 31, 2016.

Operating income was $1.2 million for the year ended December 31, 2017, compared to operating loss of $1.4 million for the year ended December 31, 2016.

Full Year 2018 Financial Outlook
Penumbra projects total revenue for 2018 to be in the range of $400 to $405 million.

Webcast and Conference Call Information
Penumbra, Inc. will host a conference call to discuss financial results for the fourth quarter and year ended December 31, 2017 after market close on Tuesday, February 27, 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: 6884769), 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.

 

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