Penumbra Inc Stock Research

Market Summary

USD306.50+1.60

Market Closed

0.52%

PEN Alerts

3 major insider sales recently.
Big jump in Earnings (Y/Y)

PEN Stock Price

PEN RSI Chart

PEN Valuation

Market Cap

11.7B

Price/Earnings (Trailing)

1.8K

Price/Sales (Trailing)

13.2

EV/EBITDA

270.57

Price/Free Cashflow

-207.64

PEN Price/Sales (Trailing)

PEN Profitability

Operating Margin

63.18%

EBT Margin

0.46%

Return on Equity

-0.2%

Return on Assets

-0.15%

Free Cashflow Yield

-0.48%

PEN Fundamentals

PEN Revenue

Revenue (TTM)

884.6M

Revenue Y/Y

18.39%

Revenue Q/Q

9.12%

PEN Earnings

Earnings (TTM)

6.5M

Earnings Y/Y

10.7K%

Earnings Q/Q

120.84%

Price Action

52 Week Range

114.87324.38

(Low)(High)

Last 7 days

-3.5%

Last 30 days

7.9%

Last 90 days

14.6%

Trailing 12 Months

116.0%

PEN Financial Health

Current Ratio

5.21

PEN Investor Care

Shares Dilution (1Y)

1.41%

Diluted EPS (TTM)

0.16

Peers (Alternatives to Penumbra)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
SYK	110.8B	19.0B	-8.78%	16.43%	46.98	6.01	8.73%	30.37%
ISRG	107.5B	6.4B	4.05%	37.44%	81.96	16.72	8.89%	-20.19%
BSX	74.1B	13.0B	-0.08%	27.20%	106.12	5.84	7.26%	-32.95%
BDX	71.3B	18.8B	-6.73%	-3.13%	44.09	3.79	-1.96%	-15.83%
EW	49.7B	5.5B	-6.18%	-16.80%	33.38	9.03	2.68%	-3.23%
MID-CAP
SWAV	7.2T	557.2M	-1.64%	66.40%	82.2K	16.8K	86.42%	730.06%
PEN	11.7B	884.6M	7.85%	115.97%	1.8K	13.2	13.08%	200.12%
GMED	5.9B	1.1B	-8.20%	-19.98%	34.14	5.75	11.20%	53.04%
IRTC	3.6B	430.0M	-11.89%	-12.63%	-34.73	8.45	26.13%	15.73%
TNDM	1.7B	794.7M	-29.15%	-60.56%	-8.43	2.16	7.73%	-3556.34%
SMALL-CAP
ATEC	1.6B	389.0M	-3.76%	82.19%	-10.63	4.18	44.08%	6.96%
SILK	1.2B	150.7M	-30.80%	0.49%	-21.65	7.87	40.31%	1.80%
AVNS	1.1B	814.3M	-20.14%	-16.22%	24.47	1.34	6.96%	121.89%
CSII	839.3M	239.8M	0.70%	0.15%	-22.16	3.5	-4.74%	-31.15%

Financials for Penumbra

Income Statement (Last 12 Months)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	4.4%	884,636,000	847,133,000	829,928,000	806,367,000	782,281,000
Gross Profit	4.4%	558,861,000	535,207,000	522,227,000	506,812,000	491,463,000
Operating Expenses	2.2%	540,725,000	529,125,000	561,035,000	542,273,000	516,473,000
S&GA Expenses	2.7%	461,896,000	449,718,000	447,588,000	433,412,000	409,433,000
R&D Expenses	8.1%	81,924,000	75,809,333	73,381,333	-	-
EBITDA	237.2%	28,213,000	-20,557,000	-18,402,000	-9,410,000	-
EBITDA Margin	234.5%	0.03	-0.02	-0.02	-0.01	-
Earnings Before Taxes	353.4%	17,648,000	3,892,000	-44,190,000	-39,443,000	-28,073,000
EBT Margin	108.6%	0.00	-0.05	-0.05	-0.04	-
Net Income	423.7%	6,481,000	-2,002,000	-30,512,000	-19,391,000	-6,473,000
Net Income Margin	93.6%	0.00	-0.04	-0.02	-0.01	-
Free Cahsflow	16.8%	-74,959,000	-90,096,000	-40,191,000	-2,790,000	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	1.8%	1,395	1,371	1,322	1,328	1,302
Current Assets	4.1%	786	756	724	718	690
Cash Equivalents	35.5%	95.00	70.00	55.00	58.00	68.00
Inventory	3.0%	344	334	320	296	274
Net PPE	0.3%	65.00	65.00	64.00	63.00	60.00
Goodwill	0.1%	166	166	165	166	166
Liabilities	-0.3%	371	372	348	358	342
Current Liabilities	1.0%	146	145	138	146	130
Shareholder's Equity	2.6%	999	974	970	959	-
Retained Earnings	19.5%	52.00	44.00	40.00	42.00	46.00
Additional Paid-In Capital	1.6%	979	963	947	938	919
Shares Outstanding	0.5%	38.00	38.00	38.00	38.00	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	31.7%	-38.02	-55.66	-66.27	-16.91	19.00
Share Based Compensation	10.4%	41.00	37.00	69.00	67.00	68.00
Cashflow From Investing	-9.1%	50.00	55.00	45.00	-14.80	-9.11
Cashflow From Financing	34.6%	16.00	12.00	9.00	7.00	1.00

Risks for PEN

What is the probability of a big loss on PEN?

97.3%

Probability that Penumbra stock will be more than 20% underwater in next one year

58.5%

Probability that Penumbra stock will be more than 30% underwater in next one year.

18.9%

Probability that Penumbra stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PEN drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Penumbra was unfortunately bought at previous high price.

Drawdowns

Returns for PEN

Cumulative Returns on PEN

28.4%

7-Year Cumulative Returns

14.3%

5-Year Cumulative Returns

21.8%

3-Year Cumulative Returns

What are the long-term rolling returns for PEN?

FIve years rolling returns for Penumbra.

Annualized Returns

Which funds bought or sold PEN recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-23	Toroso Investments, LLC	added	233	940,000	1,236,000	0.02%
2023-05-23	Brookfield Corp /ON/	reduced	-78.06	-2,590,440	981,825	-%
2023-05-22	AMERIPRISE FINANCIAL INC	reduced	-1.21	2,659,110	13,848,100	-%
2023-05-22	Raleigh Capital Management Inc.	new	-	14,213	14,213	0.01%
2023-05-18	NEW YORK STATE COMMON RETIREMENT FUND	reduced	-6.5	2,910,000	19,891,000	0.03%
2023-05-18	JPMORGAN CHASE & CO	added	4.94	7,199,000	30,077,000	-%
2023-05-18	TITLEIST ASSET MANAGEMENT, LLC	new	-	250,821	250,821	0.05%
2023-05-17	Thrivent Financial for Lutherans	reduced	-0.92	543,000	2,793,000	0.01%
2023-05-17	Advisory Services Network, LLC	new	-	12,262	12,262	-%
2023-05-17	Sunbelt Securities, Inc.	new	-	5,819	5,819	-%

Latest Funds Activity

Are funds buying PEN calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PEN

No. of Funds

Penumbra News

Schedule 13G FIlings of Penumbra

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2023	capital research global investors	6.1%	2,321,719	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	9.13%	3,467,792	SC 13G/A
Jan 23, 2023	blackrock inc.	11.6%	4,422,738	SC 13G/A
Feb 11, 2022	capital research global investors	7.4%	2,770,020	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Feb 04, 2022	wellington management group llp	0.00%	14	SC 13G/A
Feb 03, 2022	blackrock inc.	9.0%	3,356,220	SC 13G/A
Feb 16, 2021	capital research global investors	8.9%	3,248,192	SC 13G
Feb 10, 2021	vanguard group inc	8.42%	3,057,710	SC 13G/A

PEN Fair Value

Recent SEC filings of Penumbra

View All Filings

Date Filed	Form Type	Document
May 16, 2023	4	Insider Trading
May 15, 2023	4	Insider Trading
May 11, 2023	144	Notice of Insider Sale Intent
May 03, 2023	4	Insider Trading
May 02, 2023	10-Q	Quarterly Report
May 02, 2023	8-K	Current Report
May 01, 2023	144	Notice of Insider Sale Intent
Apr 19, 2023	ARS	ARS
Apr 19, 2023	DEF 14A	DEF 14A
Apr 19, 2023	DEFA14A	DEFA14A

Latest Insider Trading transactions for PEN

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-05-15	Roberts Johanna	sold (taxes)	-531,585	314	-1,688	evp, gen. counsel & secretary
2023-05-12	Roberts Johanna	acquired	14,370	22.04	652	evp, gen. counsel & secretary
2023-05-12	Roberts Johanna	sold	-479,505	319	-1,500	evp, gen. counsel & secretary
2023-05-11	Elsesser Adam	acquired	74,911	7.75	9,666	ceo and president
2023-05-11	Elsesser Adam	sold	-3,078,860	318	-9,666	ceo and president
2023-05-01	Bose Arani	sold	-1,429,330	285	-5,000	-
2023-04-15	Roberts Johanna	sold (taxes)	-51,914	277	-187	evp, gen. counsel & secretary
2023-04-03	Sarna Surbhi	sold	-7,738	276	-28.00	-
2023-04-03	Roberts Johanna	sold	-166,882	278	-600	evp, gen. counsel & secretary
2023-04-03	Bose Arani	sold	-1,377,930	275	-5,000	-

About Penumbra

Adam Elsesser

www.penumbrainc.com

3800

Penumbra, 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.

PEN Income Statement

2023-03-31

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 241,398	$ 203,895
Cost of revenue	90,326	76,477
Gross profit	151,072	127,418
Operating expenses:
Research and development	19,986	20,564
Sales, general and administrative	123,078	110,900
Total operating expenses	143,064	131,464
Income (loss) from operations	8,008	(4,046)
Interest income (expense), net	554	(47)
Other income (expense), net	90	(1,011)
Income (loss) before income taxes	8,652	(5,104)
Provision for (benefit from) income taxes	90	(5,183)
Net income	$ 8,562	$ 79
Net income per share:
Basic (in dollars per share)	$ 0.22	$ 0.00
Diluted (in dollars per share)	$ 0.22	$ 0.00
Weighted average shares outstanding:
Basic (in shares)	38,186,342	37,646,122
Diluted (in shares)	39,075,388	38,708,657

PEN Balance Sheet

2023-03-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 94,688	$ 69,858
Marketable investments	104,409	118,172
Accounts receivable, net of allowance for credit losses of $937 and $862 at March 31, 2023 and December 31, 2022, respectively	207,364	203,384
Inventories	344,042	334,006
Prepaid expenses and other current assets	35,987	30,279
Total current assets	786,490	755,699
Property and equipment, net	65,224	65,015
Operating lease right-of-use assets	189,839	192,636
Finance lease right-of-use assets	32,569	33,323
Intangible assets, net	78,669	81,161
Goodwill	166,161	166,046
Deferred taxes	65,173	64,213
Other non-current assets	11,173	12,793
Total assets	1,395,298	1,370,886
Current liabilities:
Accounts payable	28,199	26,679
Accrued liabilities	105,869	106,300
Current operating lease liabilities	10,303	10,033
Current finance lease liabilities	1,957	1,920
Total current liabilities	146,328	144,932
Non-current operating lease liabilities	196,837	198,955
Non-current finance lease liabilities	24,423	24,865
Other non-current liabilities	3,241	3,276
Total liabilities	370,829	372,028
Commitments and contingencies
Stockholders’ equity:
Common stock	38	38
Additional paid-in capital	978,826	963,040
Accumulated other comprehensive loss	(6,861)	(8,124)
Retained earnings	52,466	43,904
Total Penumbra, Inc. stockholders’ equity	1,024,469	998,858
Total liabilities and stockholders’ equity	$ 1,395,298	$ 1,370,886