Wed, Apr 23, 8:45 PM (29 days ago)
**Penumbra, Inc. (PEN) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $324.1 million, up 16.3% YoY. - **Gross Profit:** $215.9 million, up 19.2% YoY. - **Gross Margin:** 66.6%, up 1.6 percentage points YoY. - **Net Income:** $39.2 million, up 256% YoY. - **EPS:** $1.02 basic, $1.00 diluted, up from $0.28 in Q1 2024. - **Cash Flow from Operations:** $49.0 million, up from $38.3 million in Q1 2024. **Key Metrics & Trends:** - **Revenue Growth:** Driven by increased sales of thrombectomy and embolization products. - **Gross Margin Improvement:** Due to favorable product mix and productivity improvements. - **Operating Expenses:** R&D expenses decreased by 10.4%, while SG&A increased by 6.3% due to headcount expansion and marketing events. - **Effective Tax Rate:** 10.6%, down from 24.8% in Q1 2024, due to excess tax benefits from stock-based compensation. - **Cash Position:** $376.1 million in cash and cash equivalents, up from $324.4 million in Q4 2024. **Uncertainties & Future Operations:** - **Foreign Exchange Risk:** No hedging in place, but management believes a 10% adverse change would not materially impact net income. - **Legal Proceedings:** Ongoing litigation, but no material changes since the last filing. - **Capital Expenditures:** $13.5 million in Q1 2025, with plans to acquire property in Costa Rica for a new manufacturing facility. - **Share Repurchase:** $100.0 million remaining under the share repurchase authorization. **Management's Outlook:** - Continued investment in product development and commercial expansion. - Expectations of variability in quarterly revenue and operating expenses due to product launches, clinical trials, and market dynamics. - Potential need for additional financing to support growth strategy.