Penumbra, Inc. (PEN) 10-Year Financial Performance & Capital Metrics

PEN • • Industrial / General

HealthcareMedical DevicesCardiovascular DevicesVascular & Aortic Devices

AboutPenumbra, Inc. designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the Penumbra RED, JET, ACE, 3D Revascularization Device, and Penumbra ENGINE brands, as well as components and accessories; neurovascular embolization coiling systems to treat patients with various sizes of aneurysms and other neurovascular lesions under the Penumbra Coil 400, POD400, PAC400, and Penumbra SMART Coil brand names; and neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, BMX96, DDC, and PX SLIM brands. It also provides neurosurgical aspiration tools for the removal of tissue and fluids under the Artemis Neuro Evacuation Device brand; aspiration-based thrombectomy systems for vascular applications under the Indigo System brand; and detachable embolic coil systems for peripheral embolization under the Ruby Coil and Ruby LP brand names. In addition, the company offers microcatheter for the delivery of detachable coils and occlusion devices under the LANTERN brand; and detachable, microcatheter-deliverable occlusion devices designed primarily to occlude peripheral vessels under the POD (Penumbra Occlusion Device) brand, as well as immersive computer-based technologies and immersive therapeutics to promote health, motor function, and cognition under the Real Immersive System brand; and a complementary device for use with Ruby Coil and POD for vessel occlusion under the Packing Coil and Packing Coil LP brands. The company sells its products through direct sales organizations and distributors. Penumbra, Inc. was incorporated in 2004 and is headquartered in Alameda, California.Show more

Revenue $1.19B +12.9%
EBITDA $33M -67.3%
Net Income $14M -84.6%
EPS (Diluted) 0.36 -84.5%
Gross Margin 63.2% -2.0%
EBITDA Margin 2.76% -71.0%
Operating Margin 0.78% -88.8%
Net Margin 1.17% -86.3%
ROE 1.2% -85.6%
ROIC 0.61% -86.8%
Debt/Equity 0.19 -2.4%
Interest Coverage 6.54 -84.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.9%
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 3.1%
✗Profits declining 22.0% over 5 years
✗Thin 5Y average net margin of 1.5%
✗Expensive at 12.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y25.27%

5Y16.89%

3Y16.91%

TTM14.61%

Profit (Net Income) CAGR

10Y20.1%

5Y-21.98%

3Y38.41%

TTM374.79%

EPS CAGR

10Y-

5Y-23.12%

3Y73.27%

TTM386.05%

ROCE

10Y Avg1.13%

5Y Avg-0.01%

3Y Avg2.26%

Latest0.67%

Peer Comparison

Vascular & Aortic Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PENPenumbra, Inc.	13.73B	350.49	973.58	12.86%	12.3%	12.07%	1.07%	0.19
NVNOenVVeno Medical Corporation	6.35M	0.31	-0.25			-74.59%		0.03
NUWENuwellis, Inc.	2.14M	2.37	-0.30	-1.4%	-202.83%	-423.93%		0.08
NSPRInspireMD, Inc.	67.79M	1.60	-2.11	12.96%	-5.94%	-72.06%		0.06
OMOutset Medical, Inc.	95.49M	5.26	-2.14	-12.8%	-73.12%	-61.67%		7.53
SRDXSurmodics, Inc.	614.51M	42.98	-52.41	-4.91%	-14.59%	-15.84%		0.28
AORTArtivion, Inc.	2.05B	43.29	-135.28	9.75%	-2.16%	-2.08%	0.54%	1.31

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	186.09M	263.32M	333.76M	444.94M	547.4M	560.41M	747.59M	847.13M	1.06B	1.19B
Revenue Growth %	0.48%	0.41%	0.27%	0.33%	0.23%	0.02%	0.33%	0.13%	0.25%	0.13%
Cost of Goods Sold+	62.04M	92.49M	116.62M	152.41M	175.44M	222.24M	272.21M	311.93M	375.88M	439.62M
COGS % of Revenue	0.33%	0.35%	0.35%	0.34%	0.32%	0.4%	0.36%	0.37%	0.36%	0.37%
Gross Profit+	124.06M	170.83M	217.14M	292.53M	371.96M	338.18M	475.38M	535.21M	682.64M	755M
Gross Margin %	0.67%	0.65%	0.65%	0.66%	0.68%	0.6%	0.64%	0.63%	0.64%	0.63%
Gross Profit Growth %	0.5%	0.38%	0.27%	0.35%	0.27%	-0.09%	0.41%	0.13%	0.28%	0.11%
Operating Expenses+	119.88M	172.18M	215.98M	293.38M	324.46M	377.12M	482.88M	529.13M	609.09M	745.72M
OpEx % of Revenue	0.64%	0.65%	0.65%	0.66%	0.59%	0.67%	0.65%	0.62%	0.58%	0.62%
Selling, General & Admin	101.85M	148.3M	184.32M	226.38M	272.73M	287.07M	378.33M	449.72M	506.45M	573.99M
SG&A % of Revenue	0.55%	0.56%	0.55%	0.51%	0.5%	0.51%	0.51%	0.53%	0.48%	0.48%
Research & Development	18.03M	23.88M	31.66M	36.16M	51.72M	90.05M	104.55M	79.41M	84.42M	94.78M
R&D % of Revenue	0.1%	0.09%	0.09%	0.08%	0.09%	0.16%	0.14%	0.09%	0.08%	0.08%
Other Operating Expenses	0	0	0	30.84M	0	0	0	0	18.21M	76.94M
Operating Income+	4.18M	-1.35M	1.17M	-852K	47.51M	-38.94M	-7.5M	6.08M	73.55M	9.28M
Operating Margin %	0.02%	-0.01%	0%	-0%	0.09%	-0.07%	-0.01%	0.01%	0.07%	0.01%
Operating Income Growth %	0.39%	-1.32%	1.86%	-1.73%	56.76%	-1.82%	0.81%	1.81%	11.09%	-0.87%
EBITDA+	5.93M	947K	4.95M	5.32M	55.61M	-26.05M	8.91M	30.4M	100.81M	32.98M
EBITDA Margin %	0.03%	0%	0.01%	0.01%	0.1%	-0.05%	0.01%	0.04%	0.1%	0.03%
EBITDA Growth %	0.58%	-0.84%	4.22%	0.07%	9.46%	-1.47%	1.34%	2.41%	2.32%	-0.67%
D&A (Non-Cash Add-back)	1.75M	2.3M	3.78M	6.17M	8.1M	12.89M	16.41M	24.32M	27.26M	23.7M
EBIT	4.18M	-1.35M	1.17M	29.98M	47.51M	-38.94M	-8.57M	5.64M	81.39M	22.29M
Net Interest Income+	541K	2.32M	2.65M	2.96M	2.85M	1.27M	938K	137K	5.09M	12.27M
Interest Income	541K	2.32M	2.65M	2.96M	2.85M	1.27M	2.87M	1.89M	6.83M	13.69M
Interest Expense	0	0	0	0	0	0	1.93M	1.75M	1.74M	1.42M
Other Income/Expense	-155K	481K	1.31M	2.46M	2.63M	924K	-3M	-2.19M	6.1M	11.59M
Pretax Income+	4.02M	-869K	2.48M	1.61M	50.13M	-38.02M	-10.5M	3.89M	79.65M	20.87M
Pretax Margin %	0.02%	-0%	0.01%	0%	0.09%	-0.07%	-0.01%	0%	0.08%	0.02%
Income Tax+	1.66M	-15.68M	-3.61M	-4.4M	3.13M	-18.76M	-13.13M	5.89M	-11.3M	6.86M
Effective Tax Rate %	0.59%	-17.05%	1.88%	4.11%	0.97%	0.41%	-0.5%	-0.51%	1.14%	0.67%
Net Income+	2.37M	14.81M	4.66M	6.6M	48.46M	-15.7M	5.28M	-2M	90.95M	14.01M
Net Margin %	0.01%	0.06%	0.01%	0.01%	0.09%	-0.03%	0.01%	-0%	0.09%	0.01%
Net Income Growth %	0.05%	5.26%	-0.69%	0.42%	6.34%	-1.32%	1.34%	-1.38%	46.43%	-0.85%
Net Income (Continuing)	2.37M	14.81M	6.09M	6.01M	47M	-19.26M	2.62M	-2M	90.95M	14.01M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	175K	-279K	-3.71M	0	0	0	0
EPS (Diluted)+	0.08	0.44	0.13	0.18	1.34	-0.54	0.07	-0.05	2.32	0.36
EPS Growth %	3.35%	4.5%	-0.7%	0.38%	6.44%	-1.4%	1.13%	-1.76%	44.86%	-0.84%
EPS (Basic)	0.09	0.49	0.14	0.18	1.39	-0.54	0.07	-0.05	2.37	0.36
Diluted Shares Outstanding	14.22M	33.48M	35.32M	36.09M	36.27M	35.77M	37.88M	37.84M	39.22M	39.27M
Basic Shares Outstanding	11.99M	30.46M	32.98M	36.09M	34.75M	35.77M	36.76M	37.84M	38.4M	38.63M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	244.36M	263.83M	382.23M	410.73M	463.13M	617.7M	681.47M	755.7M	915.4M	951.13M
Cash & Short-Term Investments	148.8M	128.75M	214.59M	200.89M	189.39M	264.83M	254.88M	188.03M	289.19M	340.13M
Cash Only	19.55M	13.24M	50.64M	67.85M	72.78M	69.67M	59.38M	69.86M	167.49M	324.4M
Short-Term Investments	129.26M	115.52M	163.95M	133.04M	116.61M	195.16M	195.5M	118.17M	121.7M	15.73M
Accounts Receivable	29.44M	43.34M	58.01M	81.9M	105.9M	114.61M	133.94M	203.38M	201.77M	167.67M
Days Sales Outstanding	57.75	60.07	63.44	67.18	70.61	74.64	65.39	87.63	69.57	51.23
Inventory	56.76M	73.01M	94.9M	115.74M	152.99M	219.53M	263.5M	334.01M	388.02M	406.74M
Days Inventory Outstanding	333.96	288.14	297.02	277.19	318.3	360.55	353.33	390.84	376.79	337.7
Other Current Assets	1.3M	9.5M	0	0	0	0	0	30.28M	36.42M	36.59M
Total Non-Current Assets+	19.49M	44.43M	94.43M	104.28M	202.77M	205.28M	562.78M	615.19M	640.9M	582.06M
Property, Plant & Equipment	8.95M	21.46M	30.9M	35.41M	135.45M	127.43M	227.09M	280.41M	280.5M	268.45M
Fixed Asset Turnover	20.79x	12.27x	10.80x	12.57x	4.04x	4.40x	3.29x	3.02x	3.77x	4.45x
Goodwill	0	0	8.18M	7.81M	7.66M	8.37M	166.39M	166.05M	166.27M	165.83M
Intangible Assets	0	0	23.78M	27.25M	25.41M	10.64M	90.62M	91.72M	83.09M	6.51M
Long-Term Investments	5K	0	3.87M	0	0	0	0	0	0	0
Other Non-Current Assets	393K	487K	1.02M	875K	2.95M	8.71M	12.98M	12.79M	25.88M	141.27M
Total Assets+	263.85M	308.25M	476.67M	515.01M	665.9M	822.98M	1.24B	1.37B	1.56B	1.53B
Asset Turnover	0.71x	0.85x	0.70x	0.86x	0.82x	0.68x	0.60x	0.62x	0.68x	0.78x
Asset Growth %	1.17%	0.17%	0.55%	0.08%	0.29%	0.24%	0.51%	0.1%	0.14%	-0.01%
Total Current Liabilities+	28.15M	35.8M	51.58M	66.06M	91.05M	105.93M	123.2M	144.93M	151.14M	158.34M
Accounts Payable	2.57M	4.11M	6.76M	8.18M	15.11M	14.11M	13.42M	26.68M	27.16M	31.33M
Days Payables Outstanding	15.1	16.22	21.15	19.58	31.44	23.17	18	31.22	26.37	26.01
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	526K	344K	0	0	0	0	0	1000K	1000K	0
Other Current Liabilities	10.56M	14.39M	8.88M	9.3M	1.82M	9.81M	0	0	0	112.43M
Current Ratio	8.68x	7.37x	7.41x	6.22x	5.09x	5.83x	5.53x	5.21x	6.06x	6.01x
Quick Ratio	6.66x	5.33x	5.57x	4.47x	3.41x	3.76x	3.39x	2.91x	3.49x	3.44x
Cash Conversion Cycle	376.61	331.99	339.31	324.79	357.47	412.02	400.73	447.25	420	362.92
Total Non-Current Liabilities+	3.18M	5.91M	24.68M	26.53M	89.24M	79.26M	167.13M	227.1M	226.22M	223.91M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	73.99M	71.25M	163.57M	223.82M	220.91M	208.8M
Deferred Tax Liabilities	0	0	3.3M	4.17M	4M	4.78M	0	0	0	0
Other Non-Current Liabilities	3.18M	5.91M	21.38M	22.36M	11.24M	3.23M	3.56M	3.28M	5.31M	15.11M
Total Liabilities	31.33M	41.71M	76.26M	92.59M	180.29M	185.19M	290.32M	372.03M	377.36M	382.25M
Total Debt+	0	0	0	0	82.3M	77.28M	173.55M	235.77M	234.34M	223.39M
Net Debt	-19.55M	-13.24M	-50.64M	-67.85M	9.52M	7.61M	114.17M	165.91M	66.86M	-101.02M
Debt / Equity	-	-	-	-	0.17x	0.12x	0.18x	0.24x	0.20x	0.19x
Debt / EBITDA	-	-	-	-	1.48x	-	19.48x	7.75x	2.32x	6.77x
Net Debt / EBITDA	-3.30x	-13.98x	-10.24x	-12.76x	0.17x	-	12.82x	5.46x	0.66x	-3.06x
Interest Coverage	-	-	-	-	-	-	-3.88x	3.48x	42.29x	6.54x
Total Equity+	232.52M	266.55M	400.41M	422.42M	485.61M	637.79M	953.93M	998.86M	1.18B	1.15B
Equity Growth %	19.8%	0.15%	0.5%	0.05%	0.15%	0.31%	0.5%	0.05%	0.18%	-0.02%
Book Value per Share	16.35	7.96	11.34	11.71	13.39	17.83	25.18	26.40	30.06	29.31
Total Shareholders' Equity	232.52M	266.55M	400.41M	422.24M	485.89M	641.5M	953.93M	998.86M	1.18B	1.15B
Common Stock	30K	31K	33K	34K	35K	36K	37K	38K	39K	38K
Retained Earnings	-17.48M	-2.66M	2M	9.06M	57.52M	40.62M	45.91M	43.9M	134.86M	60M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.12M	-4.69M	1.57M	-1.94M	-2.32M	2.54M	-2.63M	-8.12M	-3.15M	-5.84M
Minority Interest	0	0	0	175K	-279K	-3.71M	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-22.28M	-12.81M	12.69M	28.81M	26.65M	-33.24M	9.5M	-55.66M	97.33M	168.48M
Operating CF Margin %	-0.12%	-0.05%	0.04%	0.06%	0.05%	-0.06%	0.01%	-0.07%	0.09%	0.14%
Operating CF Growth %	-2.49%	0.43%	1.99%	1.27%	-0.07%	-2.25%	1.29%	-6.86%	2.75%	0.73%
Net Income	2.37M	14.81M	4.66M	2.91M	48.46M	-19.26M	5.28M	-2M	90.95M	14.01M
Depreciation & Amortization	1.75M	2.3M	3.78M	6.17M	7.85M	12.89M	19.49M	27.57M	30.61M	23.7M
Stock-Based Compensation	7.27M	14.64M	17.81M	18.42M	0	25.54M	0	0	0	46.16M
Deferred Taxes	-2.96M	-12.38M	-4.29M	-6.48M	1.82M	-18.82M	-14.09M	1.46M	-19.06M	-16.34M
Other Non-Cash Items	1.56M	4.01M	4.22M	38.05M	25.36M	17.59M	65.53M	38.84M	73.92M	124.72M
Working Capital Changes	-32.26M	-36.19M	-13.49M	-30.26M	-56.84M	-51.19M	-66.71M	-121.53M	-79.08M	-23.78M
Change in Receivables	-11.06M	-14.56M	-9.12M	-25.76M	-25.03M	-8.29M	-21.34M	-69.86M	-266K	26.6M
Change in Inventory	-25.13M	-19.74M	-18.83M	-22.29M	-41.41M	-56.98M	-51.55M	-74.63M	-67.71M	-65.66M
Change in Payables	132K	1.38M	1.85M	1.33M	6.04M	-308K	-1.56M	13.38M	1.1M	4.17M
Cash from Investing+	-85.82M	687K	-77.65M	-385K	-11.91M	-104.15M	-21.73M	54.79M	-16.08M	77.62M
Capital Expenditures	-5.47M	-13.63M	-15.03M	-9.6M	-22.11M	-24.76M	-21.18M	-19.3M	-15.21M	-21.18M
CapEx % of Revenue	0.03%	0.05%	0.05%	0.02%	0.04%	0.04%	0.03%	0.02%	0.01%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-80.34M	14.32M	-55.87M	29.63M	-8.64M	-3.06M	-400K	0	-500K	1.1M
Cash from Financing+	124.42M	7.13M	104.36M	-9.81M	-9.76M	134.92M	836K	11.62M	16.2M	-87.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-318K	7.13M	-829K	-9.41M	-20.29M	3.58M	-16.08M	-8.18M	-2.23M	15.66M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-27.75M	-26.44M	-2.34M	19.2M	4.54M	-58M	-11.68M	-74.96M	82.12M	147.3M
FCF Margin %	-0.15%	-0.1%	-0.01%	0.04%	0.01%	-0.1%	-0.02%	-0.09%	0.08%	0.12%
FCF Growth %	-1.7%	0.05%	0.91%	9.2%	-0.76%	-13.77%	0.8%	-5.42%	2.1%	0.79%
FCF per Share	-1.95	-0.79	-0.07	0.53	0.13	-1.62	-0.31	-1.98	2.09	3.75
FCF Conversion (FCF/Net Income)	-9.42x	-0.86x	2.73x	4.36x	0.55x	2.12x	1.80x	27.80x	1.07x	12.02x
Interest Paid	1K	0	0	0	0	0	0	0	0	0
Taxes Paid	1.22M	2.15M	141K	156K	0	1.41M	0	0	0	20.67M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	2.15%	5.94%	1.4%	1.6%	10.67%	-2.8%	0.66%	-0.21%	8.35%	1.2%
Return on Invested Capital (ROIC)	3.18%	-0.43%	0.29%	-0.18%	8.39%	-5.12%	-0.66%	0.41%	4.58%	0.61%
Gross Margin	66.66%	64.88%	65.06%	65.75%	67.95%	60.34%	63.59%	63.18%	64.49%	63.2%
Net Margin	1.27%	5.63%	1.4%	1.48%	8.85%	-2.8%	0.71%	-0.24%	8.59%	1.17%
Debt / Equity	-	-	-	-	0.17x	0.12x	0.18x	0.24x	0.20x	0.19x
Interest Coverage	-	-	-	-	-	-	-3.88x	3.48x	42.29x	6.54x
FCF Conversion	-9.42x	-0.86x	2.73x	4.36x	0.55x	2.12x	1.80x	27.80x	1.07x	12.02x
Revenue Growth	48.27%	41.5%	26.75%	33.31%	23.03%	2.38%	33.4%	13.32%	24.95%	12.86%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Peripheral Vascular	44.69M	77.78M	101.32M	150.6M	215.72M	267.78M	408.88M	499.39M	-	-
Peripheral Vascular Growth	-	74.07%	30.26%	48.65%	43.24%	24.13%	52.69%	22.14%	-	-
Neuro	141.41M	185.53M	232.45M	294.33M	331.69M	292.63M	338.71M	347.74M	-	-
Neuro Growth	-	31.20%	25.29%	26.62%	12.69%	-11.78%	15.75%	2.67%	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	127.31M	176.1M	219.17M	290.72M	355.22M	400.27M	527.79M	591.72M	757.15M	902.07M
UNITED STATES Growth	-	38.33%	24.46%	32.64%	22.19%	12.68%	31.86%	12.11%	27.96%	19.14%
Other Non-US	39.77M	56.93M	80.8M	112.42M	149.66M	-	219.8M	255.42M	301.37M	292.55M
Other Non-US Growth	-	43.15%	41.93%	39.13%	33.13%	-	-	16.20%	17.99%	-2.93%
Non-US	-	-	-	-	-	160.14M	-	-	-	-
Non-US Growth	-	-	-	-	-	-	-	-	-	-
JAPAN	19.02M	30.28M	33.79M	41.8M	42.52M	-	-	-	-	-
JAPAN Growth	-	59.26%	11.58%	23.72%	1.71%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Penumbra, Inc. (PEN) reported $1.33B in revenue for fiscal year 2024. This represents a 1401% increase from $88.8M in 2013.

Penumbra, Inc. (PEN) grew revenue by 12.9% over the past year. This is steady growth.

Yes, Penumbra, Inc. (PEN) is profitable, generating $164.0M in net income for fiscal year 2024 (1.2% net margin).

Dividend & Returns

Penumbra, Inc. (PEN) has a return on equity (ROE) of 1.2%. This is below average, suggesting room for improvement.

Penumbra, Inc. (PEN) generated $152.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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