Transcripts
Penumbra, Inc.'s management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q3 2025 Earnings Call — Q3 2025
The most recent call, and a landmark: the positive STORM-PE randomized trial, the Thunderbolt FDA update, and how the franchises now split. · Open the full transcript →
The quarter by franchise — total, U.S., thrombectomy, VTE and embolization/access growth in one pass.
Adam Elsesser (Chairman and CEO): In the third quarter, we generated total revenue of $354.7 million, representing underlying year-over-year growth of 17.8% on a reported basis and 16.9% on a constant currency basis. […] Total U.S. revenue was $275 million in the third quarter, an increase of 21.5% compared to the third quarter of 2024. Total U.S. thrombectomy sales increased 18.5% year-over-year to $192 million. Our VTE franchise once again led overall corporate growth, delivering 34% year-over-year growth. U.S. embolization across access revenue of $83 million increased 29.2% year-over-year.
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STORM-PE, the landmark RCT: CAVT beat standard of care on primary and secondary endpoints, and is already shifting practice.
Shruthi Narayan (President): STORM-PE proved CAVT superior to the current standard of care across the primary as well as multiple secondary endpoints showing CAVT patients recovered earlier and have significant long-term improvement in functional outcomes. […] Since the presentations, we are seeing a shift to CAVT from older mechanical thrombectomy options for PE.
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The SG&A step-up is the embolization sales-force build-out — now complete, setting up operating leverage.
Maggie Yuen (Chief Financial Officer): SG&A expenses for Q3 2025 were $168.9 million or 47.6% of revenue compared to $137.4 million or 45.6% of revenue for Q3 2024. […] Sequentially, our SG&A expenses increased by $8.9 million, reflecting the full quarter presence of our embolization sales team investment along with other variable spend. With this build-out now complete, we are positioned to capture sales and operating leverage in future quarters.
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Why Thunderbolt's FDA path runs long — it's a brand-new device, not a new indication on an already-approved one.
Adam Elsesser (Chairman and CEO); Travis Steed (Bank of America): Thunderbolt is a brand-new product. It doesn't – it's not already approved. It doesn't – it's not just seeking a new indication. […] For products that are brand new, those processes, at least in our experience with the neuro division sometimes take a while.
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Q4 and Full Year 2024 Earnings Call — Q4 FY2024
The full-year strategy call: the 'analog to digital' framing for CAVT, the size of the untapped market, why growth is volume not price, and the guidance philosophy. · Open the full transcript →
Growth is volume, not price: 'It's almost all volume … There's not a pricing element now.'
Pito Chickering (Deutsche Bank); Adam Elsesser (Chairman and CEO): Is there any color on what the pricing versus volume was in the quarter? […] Yes. At this stage, we're several years into this. It's almost all volume. It's volume. There's not a pricing element now. This was just that, and that's why I went out of my way to say we ended the year with the strongest case volume we've ever seen, both in VTE and in arterial.
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Q2 2024 Earnings Call — Q2 FY2024
The call where the thesis was tested: management met new VTE competition, announced the exit from Immersive Healthcare, cut full-year guidance by $60M, and reset its guidance philosophy. · Open the full transcript →
The strategic pivot: exiting Immersive Healthcare (VR) to put 100% of resources behind the interventional/CAVT business.
Adam Elsesser (Chairman and CEO): Even with this confidence in the long-term benefit and likely success of our Immersive Healthcare platform and technology, our current focus needs to be on helping as many patients as possible in our interventional business, particularly in this critical moment where we believe our CAVT technology can help most patients who need thrombectomy. Therefore, we have begun to explore alternative avenues for the Immersive Healthcare business. […] This strategic move allows us to focus 100% of our time, energy, and resources to help as many patients as possible while increasing our company's profitability.
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Where the guidance philosophy was born: guidance will now 'reflect a comfortable level of conservatism.'
Adam Elsesser (Chairman and CEO): That being said, we have traditionally set revenue guidance in line with our best assessment of what we can achieve. Going forward, our guidance will reflect a comfortable level of conservatism.
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The guide-down, itemized: a $60M cut split across China, Europe, Immersive and U.S. thrombectomy.
Jason Mills (Executive Vice President of Strategy): Our updated guidance range for 2024 includes total revenue of $1,180 million to $1,200 million, which is a reduction of $60 million at the midpoint from our previous guidance range. The $60 million change in guidance comes from four distinct components impacting our revenue in the second half of the year; $20 million reduction to our business in China due to much more challenging economic backdrop for medical devices in the near term, $15 million from our European business primarily as a result of a slight delay to our expected launch timing of Flash and Bolt 7 CAVT products in Europe, $5 million in revenue from our Immersive Healthcare business due to our strategic move, and approximately $20 million change to our guidance for U.S. thrombectomy growth for full-year 2024, which is now expected to be 23% to 25% year-over-year compared to 2023.
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Q4 and Full Year 2020 Earnings Call — Q4 FY2020
A landmark from the archive: the December JET 7 XTRA FLEX recall that tested the stroke franchise, and the first public articulation of the 'get all the clot out' vision that later became CAVT and Thunderbolt. · Open the full transcript →
The quarter and the shock: a record $166.9M, minus $5.8M pulled by the mid-December JET 7 XTRA FLEX recall.
Adam Elsesser (Chairman and CEO): Our total revenues for the fourth quarter were $166.9 million, a year-over-year increase of 14.9% as reported and 13.7% in constant currency, which marks the second consecutive record quarter for Penumbra. […] This also included a reduction of $5.8 million in revenue due to the recall of JET seven XTRA FLEX in mid-December. Excluding this onetime impact, total Q4 non-GAAP revenue grew 18.9% to $172.7 million.
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How the recall played out clinically: some physicians trialed rivals, then returned to Penumbra's ACE68 / JET 7 standard tip.
Adam Elsesser (Chairman and CEO): On the stroke side of the business, following the recall of JET seven XTRA FLEX, some of our stroke physicians switched directly to our ACE68 or JET seven standard tip, whereas others took this opportunity to try other reperfusion catheters. Following that trialing, some of those physicians are coming back to using either ACE68 or JET seven standard tip as their primary reperfusion catheter.
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The recall's price tag: $5.8M of revenue, $12.6M in cost-of-sales charges, ~900 bps off gross margin.
Maggie Yuen (Chief Financial Officer): the financial impact in the fourth quarter was a reduction of $5.8 million in revenue due to refunds for product returns as well as $12.6 million in charges to cost of sales, primarily related to inventory write-offs and cost for product exchanges. This voluntary recall had an impact of approximately 900 basis points to our gross margin.
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The seed of CAVT — years before Thunderbolt, the goal is stated: 'remove all the clot out as fast as possible in everybody.'
Adam Elsesser (Chairman and CEO); Ryan Zimmerman (BTIG): Right now, some physicians can – with certain patients, have great success quickly. Other patients don't have that kind of success. What we're trying to do is create a product that can have the ability to remove all the clot out as fast as possible in everybody. And so that's sort of the point.
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More calls
Q2 2025 Earnings Call — Q2 2025 · 13 pages · Mid-2025 progress: the embolization sales-force build-out ramping and the Ruby XL launch, ahead of the STORM-PE read-out. · Open →
Q1 2025 Earnings Call — Q1 2025 · 14 pages · The first quarter under the two-team commercial structure, with early Thunderbolt and gross-margin-path commentary. · Open →
Q3 2024 Earnings Call — Q3 FY2024 · 11 pages · The crispest statement of the four-pronged CAVT strategy, plus the ~$40M/year savings from the completed Immersive wind-down. · Open →
Q4 and Full Year 2023 Earnings Call — Q4 FY2023 · 32 pages · The prior full-year call — the baseline year against which the 2024 CAVT ramp and Immersive exit are measured. · Open →
Q1 2024 Earnings Call — Q1 FY2024 · 11 pages · Early-2024 setup: first competitive launches in embolization and the CAVT rollout before the mid-year guidance reset. · Open →
Q3 2023 Earnings Call — Q3 2023 · 30 pages · An early CAVT-era quarter for readers tracing the technology's commercial launch trajectory. · Open →