ALAMEDA, Calif., Oct. 28,
2020 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), a
global healthcare company focused on innovative therapies, today
reported financial results for the third quarter ended September 30, 2020.
- Revenue of $151.1 million
in the third quarter of 2020, an increase of 8.3%, or 7.7% in
constant currency1, compared to the third quarter of
2019. US revenue of $109.7 million was approximately 22% above
the same period a year ago.
Third Quarter 2020 Financial Results
Total revenue
increased to $151.1 million for
the third quarter of 2020 compared to $139.5 million for the third quarter of
2019, an increase of 8.3%, or 7.7% on a constant currency basis.
The United States represented 73%
of total revenue and international represented 27% of total revenue
for the third quarter of 2020. Revenue from sales of vascular
products grew to $75.2 million
for the third quarter of 2020, an increase of 33.6%. US vascular
revenue increased 43.5%, while international vascular revenue
declined 8.6% compared to the third quarter of 2019. Revenue from
sales of neuro products declined to $75.9
million for the third quarter of 2020, a decrease of 8.8%.
US neuro revenue and international neuro revenue declined 1.0% and
17.9%, respectively, compared to the third quarter of 2019.
Gross profit was $90.9 million, or 60.2% of total revenue,
for the third quarter of 2020, compared to $96.0 million, or 68.8% of total revenue,
for the third quarter of 2019.
Total operating expenses for the third quarter of 2020 were
$111.1 million, or 73.5% of total
revenue. In the third quarter of 2020, total operating expenses
include $20.7 million of one-time,
non-recurring personnel-related expenses associated with the launch
of our Lightning product. Excluding the one-time, non-recurring
personnel-related expenses associated with the launch of our
Lightning product, total adjusted operating expenses1 (a
non-GAAP measure) were $90.4 million,
or 59.9% of total revenue, for the third quarter of 2020. This
compares to total operating expenses of $83.0 million, or 59.5% of total revenue, for the
third quarter of 2019. R&D expenses were $34.9 million for the third quarter of 2020,
compared to $13.7 million for the
third quarter of 2019. SG&A expenses were $76.2 million for the third quarter of 2020,
compared to $69.3 million for
the third quarter of 2019.
Operating loss for the third quarter of 2020 was $20.2 million. Excluding the one-time,
non-recurring personnel-related expenses associated with the launch
of our Lightning product, total adjusted operating
income1 (a non-GAAP measure) was $0.5 million for the third quarter of 2020.
This compares to an operating income of $13.0 million for the third quarter of
2019.
Impact of COVID-19 Pandemic
While we have continued to
see some positive trends in certain areas of our business beginning
in May, we remain mindful of the negative impacts on business
trends we experienced in April due to the COVID-19 outbreak. The
Company has experienced and believes that the impact of the
COVID-19 pandemic on the Company's business differs by geography
and procedure type. Due to the uncertain scope and duration of the
pandemic, the global resurgence of cases, and uncertain timing of
global recovery and economic normalization, we still cannot
reliably estimate the future impact of the pandemic. Further, we
think the on-going impact of the pandemic in the United States and other parts of the world
could cause periodic disruption in our revenue until the pandemic
is contained.
Webcast and Conference Call Information
Penumbra, Inc.
will host a conference call to discuss the third quarter 2020
financial results after market close on Wednesday, October 28,
2020 at 4:30 PM Eastern Time. The
conference call can be accessed live over the phone by dialing
(833) 350-1434 for domestic and international callers (conference
id: 3538526), or the webcast can be accessed on the "Events"
section under the "Investors" tab of the Company's website at:
www.penumbrainc.com. The webcast will be available on
the Company's website for at least two weeks following the
completion of the call.
About Penumbra
Penumbra, Inc., headquartered in
Alameda, California, is a global
healthcare company focused on innovative therapies. Penumbra
designs, develops, manufactures and markets novel products and has
a broad portfolio that addresses challenging medical conditions in
markets with significant unmet need. Penumbra sells its products to
hospitals and healthcare providers primarily through its direct
sales organization in the United
States, most of Europe,
Canada and Australia, and through distributors in select
international markets. The Penumbra logo is a trademark of
Penumbra, Inc. For more information, visit www.penumbrainc.com.
1See "Non-GAAP Financial Measures" for important
information about our use of non-GAAP measures.
Non-GAAP Financial Measures
In addition to financial
measures prepared in accordance with U.S. generally accepted
accounting principles ("GAAP"), the Company uses the following
non-GAAP financial measures in this press release: a) non-GAAP
operating expenses, non-GAAP operating income (loss), non-GAAP net
income (loss) and non-GAAP diluted earnings per share ("EPS") and
b) constant currency.
Non-GAAP operating expenses, non-GAAP operating income
(loss), non-GAAP net income (loss) and non-GAAP diluted
EPS. The adjustments to GAAP financial measures reflect
the exclusion of:
- the effects of the impairment loss on indefinite-lived
intangible asset;
- the effects of one-time, non-recurring personnel-related
expenses related to the development and launch of the Lightning
product; and
- the excess tax benefits associated with share-based
compensation arrangements.
Constant Currency. The Company's constant currency
revenue disclosures estimate the impact of changes in foreign
currency rates on the translation of the Company's current period
revenue as compared to the applicable comparable period in the
prior year. This impact is derived by taking the current local
currency revenue and translating it into U.S. dollars based upon
the foreign currency exchange rates used to translate the local
currency revenue for the applicable comparable period in the prior
year, rather than the actual exchange rates in effect during the
current period. It does not include any other effect of changes in
foreign currency rates on the Company's results or
business.
Full reconciliation of these non-GAAP measures to the most
comparable GAAP measures is set forth in the tables below.
Our management believes the non-GAAP financial measures
disclosed in this press release are useful to investors in
assessing the operating performance of our business and provide
meaningful comparisons to prior periods and thus a more complete
understanding of our business than could be obtained absent this
disclosure. In addition, non-GAAP financial measures enable
comparison of the Company's financial results with other public
companies, many of which present similar non-GAAP financial
measures.
The non-GAAP financial measures included in this press release
may be different from, and therefore may not be comparable to,
similarly titled measures used by other companies. These non-GAAP
measures should not be considered in isolation or as alternatives
to GAAP measures. We urge investors to review the reconciliation of
these non-GAAP financial measures to the comparable GAAP financial
measures included in this press release, and not to rely on any
single financial measure to evaluate our business.
Forward-Looking Statements
Except for historical
information, certain statements in this press release are
forward-looking in nature and are subject to risks, uncertainties
and assumptions about us. Our business and operations are subject
to a variety of risks and uncertainties and, consequently, actual
results may differ materially from those projected by any
forward-looking statements. Factors that could cause actual results
to differ from those projected include, but are not limited to: the
impact of the COVID-19 pandemic on our business, results of
operations and financial condition; failure to sustain or grow
profitability or generate positive cash flows; failure to
effectively introduce and market new products; delays in product
introductions; significant competition; inability to further
penetrate our current customer base, expand our user base and
increase the frequency of use of our products by our customers;
inability to achieve or maintain satisfactory pricing and margins;
manufacturing difficulties; permanent write-downs or write-offs of
our inventory; product defects or failures; unfavorable outcomes in
clinical trials; inability to maintain our culture as we grow;
fluctuations in foreign currency exchange rates; and potential
adverse regulatory actions. These risks and uncertainties, as well
as others, are discussed in greater detail in our filings with the
Securities and Exchange Commission (SEC), including our Annual
Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on
February 26, 2020, our Quarterly Report on Form 10-Q for the
quarter ended March 31, 2020 filed
with the SEC on May 7, 2020 and our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the SEC on August 3, 2020. There may be additional risks of
which we are not presently aware or that we currently believe are
immaterial which could have an adverse impact on our
business. Any forward-looking statements are based on our
current expectations, estimates and assumptions regarding future
events and are applicable only as of the dates of such statements.
We make no commitment to revise or update any forward-looking
statements in order to reflect events or circumstances that may
change.
Penumbra,
Inc.
Condensed
Consolidated Balance Sheets
(unaudited)
(in
thousands)
|
|
|
|
September 30,
2020
|
|
December 31,
2019
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
80,115
|
|
|
$
|
72,779
|
|
Marketable
investments
|
|
188,611
|
|
|
116,610
|
|
Accounts receivable,
net
|
|
112,817
|
|
|
105,901
|
|
Inventories
|
|
191,547
|
|
|
152,992
|
|
Prepaid expenses and other
current assets
|
|
17,109
|
|
|
14,852
|
|
Total current assets
|
|
590,199
|
|
|
463,134
|
|
Property and
equipment, net
|
|
64,906
|
|
|
51,812
|
|
Operating lease
right-of-use assets
|
|
41,778
|
|
|
43,717
|
|
Finance lease
right-of-use assets
|
|
38,798
|
|
|
39,924
|
|
Intangible assets,
net
|
|
10,640
|
|
|
25,407
|
|
Goodwill
|
|
8,004
|
|
|
7,656
|
|
Deferred
taxes
|
|
47,910
|
|
|
31,305
|
|
Other non-current
assets
|
|
8,068
|
|
|
2,946
|
|
Total assets
|
|
$
|
810,303
|
|
|
$
|
665,901
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
14,544
|
|
|
$
|
15,111
|
|
Accrued
liabilities
|
|
87,691
|
|
|
67,630
|
|
Current
operating lease liabilities
|
|
4,484
|
|
|
4,142
|
|
Current finance
lease liabilities
|
|
1,336
|
|
|
4,165
|
|
Total current liabilities
|
|
108,055
|
|
|
91,048
|
|
Non-current operating
lease liabilities
|
|
44,998
|
|
|
47,242
|
|
Non-current finance
lease liabilities
|
|
27,391
|
|
|
26,748
|
|
Other non-current
liabilities
|
|
10,147
|
|
|
15,250
|
|
Total liabilities
|
|
190,591
|
|
|
180,288
|
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
|
36
|
|
|
35
|
|
Additional paid-in
capital
|
|
585,295
|
|
|
430,659
|
|
Accumulated other
comprehensive income (loss)
|
|
101
|
|
|
(2,324)
|
|
Retained
earnings
|
|
36,974
|
|
|
57,522
|
|
Total Penumbra, Inc.
stockholders' equity
|
|
622,406
|
|
|
485,892
|
|
Non-controlling
interest
|
|
(2,694)
|
|
|
(279)
|
|
Total stockholders'
equity
|
|
619,712
|
|
|
485,613
|
|
Total liabilities and
stockholders' equity
|
|
$
|
810,303
|
|
|
$
|
665,901
|
|
|
|
|
|
|
Penumbra,
Inc.
Condensed
Consolidated Statements of Operations
(unaudited)
(in thousands,
except share and per share amounts)
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue
|
|
$
|
151,076
|
|
|
$
|
139,502
|
|
|
$
|
393,514
|
|
|
$
|
402,142
|
|
Cost of
revenue
|
|
60,153
|
|
|
43,504
|
|
|
149,652
|
|
|
128,306
|
|
Gross
profit
|
|
90,923
|
|
|
95,998
|
|
|
243,862
|
|
|
273,836
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
34,923
|
|
|
13,733
|
|
|
70,594
|
|
|
38,862
|
|
Sales, general and
administrative
|
|
76,158
|
|
|
69,289
|
|
|
210,465
|
|
|
198,045
|
|
Total operating
expenses
|
|
111,081
|
|
|
83,022
|
|
|
281,059
|
|
|
236,907
|
|
(Loss) income from
operations
|
|
(20,158)
|
|
|
12,976
|
|
|
(37,197)
|
|
|
36,929
|
|
Interest income,
net
|
|
413
|
|
|
759
|
|
|
820
|
|
|
2,276
|
|
Other income
(expense), net
|
|
14
|
|
|
(772)
|
|
|
(1,130)
|
|
|
(819)
|
|
(Loss) income before
income taxes
|
|
(19,731)
|
|
|
12,963
|
|
|
(37,507)
|
|
|
38,386
|
|
(Benefit from)
provision for income taxes
|
|
(9,855)
|
|
|
1,963
|
|
|
(15,618)
|
|
|
683
|
|
Consolidated net
(loss) income
|
|
$
|
(9,876)
|
|
|
$
|
11,000
|
|
|
$
|
(21,889)
|
|
|
$
|
37,703
|
|
Net loss attributable
to non-controlling interest
|
|
(1,061)
|
|
|
(483)
|
|
|
(2,539)
|
|
|
(1,066)
|
|
Net (loss) income
attributable to Penumbra, Inc.
|
|
$
|
(8,815)
|
|
|
$
|
11,483
|
|
|
$
|
(19,350)
|
|
|
$
|
38,769
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Penumbra, Inc. per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.24)
|
|
|
$
|
0.33
|
|
|
$
|
(0.54)
|
|
|
$
|
1.12
|
|
Diluted
|
|
$
|
(0.24)
|
|
|
$
|
0.32
|
|
|
$
|
(0.54)
|
|
|
$
|
1.07
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
36,207,716
|
|
|
34,840,370
|
|
|
35,568,591
|
|
|
34,681,846
|
|
Diluted
|
|
36,207,716
|
|
|
36,271,394
|
|
|
35,568,591
|
|
|
36,243,222
|
|
Penumbra,
Inc.
Reconciliation of
GAAP Operating Expenses and GAAP Operating (Loss) Income to
Non-GAAP Operating Expenses and
Non-GAAP Operating Income (Loss)1
(unaudited)
(in
thousands)
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
GAAP operating
expenses
|
|
$
|
111,081
|
|
|
$
|
83,022
|
|
|
$
|
281,059
|
|
|
$
|
236,907
|
|
GAAP total operating
expenses includes the effect of the following
items:
|
|
|
|
|
|
|
|
|
Impairment loss on
indefinite-lived intangible asset
|
|
—
|
|
|
—
|
|
|
2,500
|
|
|
—
|
|
Expenses associated
with Lightning launch
|
|
20,652
|
|
|
—
|
|
|
20,652
|
|
|
—
|
|
Non-GAAP operating
expenses
|
|
$
|
90,429
|
|
|
$
|
83,022
|
|
|
$
|
257,907
|
|
|
$
|
236,907
|
|
|
|
|
|
|
|
|
|
|
GAAP operating (loss)
income from operations
|
|
$
|
(20,158)
|
|
|
$
|
12,976
|
|
|
$
|
(37,197)
|
|
|
$
|
36,929
|
|
GAAP operating (loss)
income from operations includes the effect
of the following items:
|
|
|
|
|
|
|
|
|
Impairment loss on
indefinite-lived intangible asset
|
|
—
|
|
|
—
|
|
|
2,500
|
|
|
—
|
|
Expenses associated
with Lightning launch
|
|
20,652
|
|
|
—
|
|
|
20,652
|
|
|
—
|
|
Non-GAAP operating
income (loss) from operations
|
|
$
|
494
|
|
|
$
|
12,976
|
|
|
$
|
(14,045)
|
|
|
$
|
36,929
|
|
|
|
1See "Non-GAAP Financial
Measures" for important information about our use of non-GAAP
measures.
|
Penumbra,
Inc.
Reconciliation of
GAAP Net (Loss) Income and GAAP Diluted EPS to Non-GAAP Net Income
(Loss) and Non-GAAP Diluted EPS1
(unaudited)
(in thousands,
except per share amounts)
|
|
|
|
Three Months
Ended
September 30, 2020
|
|
Three Months
Ended
September 30, 2019
|
|
Nine Months
Ended
September 30, 2020
|
|
Nine Months
Ended
September 30, 2019
|
|
|
Net (loss)
income
|
|
Diluted
EPS
|
|
Net
income
|
|
Diluted
EPS
|
|
Net (loss)
|
|
Diluted
EPS
|
|
Net
income
|
|
Diluted
EPS
|
GAAP net (loss)
income
|
|
$
|
(8,815)
|
|
|
$
|
(0.24)
|
|
|
$
|
11,483
|
|
|
$
|
0.32
|
|
|
$
|
(19,350)
|
|
|
$
|
(0.54)
|
|
|
$
|
38,769
|
|
|
$
|
1.07
|
|
GAAP net (loss) income
includes the effect of the
following items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment loss on
indefinite-lived intangible asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,500
|
|
|
0.07
|
|
|
—
|
|
|
—
|
|
Expenses associated
with Lightning launch
|
|
20,652
|
|
|
0.55
|
|
|
—
|
|
|
—
|
|
|
20,652
|
|
|
0.58
|
|
|
—
|
|
|
—
|
|
Tax effect on the
non-GAAP adjustments above2
|
|
(2,375)
|
|
|
(0.06)
|
|
|
—
|
|
|
—
|
|
|
(2,662)
|
|
|
(0.07)
|
|
|
—
|
|
|
—
|
|
Excess tax benefits
related to stock
compensation awards
|
|
(7,386)
|
|
|
(0.19)
|
|
|
(2,285)
|
|
|
(0.07)
|
|
|
(10,188)
|
|
|
(0.29)
|
|
|
(11,274)
|
|
|
(0.31)
|
|
Non-GAAP net income
(loss)
|
|
$
|
2,076
|
|
|
$
|
0.06
|
|
|
$
|
9,198
|
|
|
$
|
0.25
|
|
|
$
|
(9,048)
|
|
|
$
|
(0.25)
|
|
|
$
|
27,495
|
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted
EPS
|
|
|
|
$
|
(0.24)
|
|
|
|
|
$
|
0.32
|
|
|
|
|
$
|
(0.54)
|
|
|
|
|
$
|
1.07
|
|
Non-GAAP diluted
EPS3
|
|
|
|
$
|
0.06
|
|
|
|
|
$
|
0.25
|
|
|
|
|
$
|
(0.25)
|
|
|
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding used to compute:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted
EPS
|
|
36,207,716
|
|
36,271,394
|
|
35,568,591
|
|
36,243,222
|
Non-GAAP diluted
EPS3
|
|
37,400,611
|
|
36,271,394
|
|
35,568,591
|
|
36,243,222
|
________________________
|
1 See
"Non-GAAP Financial Measures" for important information about our
use of non-GAAP measures.
|
2 For the
three and nine months ended September 30, 2020, management used a
non-GAAP estimated discrete effective tax rate of 11.5%, since
using a non-GAAP estimated annual effective tax rate would yield
unconventional results.
|
3 For the
purposes of calculating Non-GAAP diluted EPS for the three months
ended September 30, 2020, non-GAAP diluted weighted average shares
outstanding of 37,400,611 was used, as the Company had non-GAAP net
income in the period.
|
Penumbra,
Inc.
Reconciliation of
Revenue Change by Geographic Regions and Product Categories to
Constant Currency Revenue Change1
(unaudited)
(in
thousands)
|
|
|
|
Three Months Ended
September 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2020
|
|
2019
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
United
States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuro
|
|
$
|
44,261
|
|
|
$
|
44,701
|
|
|
$
|
(440)
|
|
|
(1.0)
|
%
|
|
$
|
—
|
|
|
$
|
(440)
|
|
|
(1.0)
|
%
|
Vascular
|
|
65,395
|
|
|
45,571
|
|
|
19,824
|
|
|
43.5
|
%
|
|
—
|
|
|
19,824
|
|
|
43.5
|
%
|
Total United
States
|
|
$
|
109,656
|
|
|
$
|
90,272
|
|
|
$
|
19,384
|
|
|
21.5
|
%
|
|
$
|
—
|
|
|
$
|
19,384
|
|
|
21.5
|
%
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuro
|
|
$
|
31,656
|
|
|
$
|
38,546
|
|
|
$
|
(6,890)
|
|
|
(17.9)
|
%
|
|
$
|
(602)
|
|
|
$
|
(7,492)
|
|
|
(19.4)
|
%
|
Vascular
|
|
9,764
|
|
|
10,684
|
|
|
(920)
|
|
|
(8.6)
|
%
|
|
(288)
|
|
|
(1,208)
|
|
|
(11.3)
|
%
|
Total
International
|
|
$
|
41,420
|
|
|
$
|
49,230
|
|
|
$
|
(7,810)
|
|
|
(15.9)
|
%
|
|
$
|
(890)
|
|
|
$
|
(8,700)
|
|
|
(17.7)
|
%
|
Total
|
|
$
|
151,076
|
|
|
$
|
139,502
|
|
|
$
|
11,574
|
|
|
8.3
|
%
|
|
$
|
(890)
|
|
|
$
|
10,684
|
|
|
7.7
|
%
|
|
|
Penumbra,
Inc.
Reconciliation of
Revenue Change by Geographic Regions and Product Categories to
Constant Currency Revenue Change1
(unaudited)
(in
thousands)
|
|
|
|
Nine Months Ended
September 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2020
|
|
2019
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
United
States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuro
|
|
$
|
128,009
|
|
|
$
|
133,305
|
|
|
$
|
(5,296)
|
|
|
(4.0)
|
%
|
|
$
|
—
|
|
|
$
|
(5,296)
|
|
|
(4.0)
|
%
|
Vascular
|
|
155,464
|
|
|
125,852
|
|
|
29,612
|
|
|
23.5
|
%
|
|
—
|
|
|
29,612
|
|
|
23.5
|
%
|
Total United
States
|
|
$
|
283,473
|
|
|
$
|
259,157
|
|
|
$
|
24,316
|
|
|
9.4
|
%
|
|
$
|
—
|
|
|
$
|
24,316
|
|
|
9.4
|
%
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuro
|
|
$
|
84,821
|
|
|
$
|
112,960
|
|
|
$
|
(28,139)
|
|
|
(24.9)
|
%
|
|
$
|
497
|
|
|
$
|
(27,642)
|
|
|
(24.5)
|
%
|
Vascular
|
|
25,220
|
|
|
30,025
|
|
|
(4,805)
|
|
|
(16.0)
|
%
|
|
(42)
|
|
|
(4,847)
|
|
|
(16.1)
|
%
|
Total
International
|
|
$
|
110,041
|
|
|
$
|
142,985
|
|
|
$
|
(32,944)
|
|
|
(23.0)
|
%
|
|
$
|
455
|
|
|
$
|
(32,489)
|
|
|
(22.7)
|
%
|
Total
|
|
$
|
393,514
|
|
|
$
|
402,142
|
|
|
$
|
(8,628)
|
|
|
(2.1)
|
%
|
|
$
|
455
|
|
|
$
|
(8,173)
|
|
|
(2.0)
|
%
|
_____________
|
1 See
"Non-GAAP Financial Measures" for important information about our
use of constant currency and other non-GAAP measures.
|
Investor Relations
Penumbra, Inc.
510-995-2461
investors@penumbrainc.com
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SOURCE Penumbra, Inc.