Strong Revenue Growth
Penumbra, Inc. reported total revenue of $324.1 million, a year-over-year growth of 16.3% on a reported basis and 16.9% on a constant currency basis.
U.S. Thrombectomy Business Performance
U.S. Thrombectomy revenue increased by 25% year-over-year to $187.9 million, with the US VTE franchise leading with 42% year-over-year growth.
Gross Margin Improvement
The gross margin expanded to 66.6%, a 160 basis point increase over the prior year period.
Introduction of New Products
FDA clearance of Ruby XL, a new larger size diagnostic catheter-compatible peripheral coil, was received earlier than expected, with plans for a market launch in late Q2 or early Q3.
Positive Cash Flow and No Debt
The company ended the first quarter with cash and marketable securities balance of $378.8 million and no debt, reflecting strong operating profitability.
Raised Guidance for U.S. Thrombectomy Growth
The guidance for the U.S. Thrombectomy business was raised to a growth range of 20% to 21% year-over-year.