Penumbra (PEN) 10-K 22 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 14, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-37557
Entity Registrant Name	Penumbra, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	05-0605598
Entity Address, Address Line One	One Penumbra Place
Entity Address, City or Town	Alameda
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94502
City Area Code	510
Local Phone Number	748-3200
Title of 12(b) Security	Common Stock, Par value $0.001 per share
Trading Symbol	PEN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 9.5
Entity Common Stock, Shares Outstanding		37,651,275
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2022 annual meeting of stockholders, which is to be filed not more than 120 days after the registrant’s fiscal year ended December 31, 2021, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001321732
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 59,379	$ 69,670
Marketable investments	195,496	195,162
Accounts receivable, net of allowance for credit losses of $2,198 at December 31, 2021 and net of doubtful accounts of $2,946 at December 31, 2020	133,940	114,608
Inventories	263,504	219,527
Prepaid expenses and other current assets	29,155	18,735
Total current assets	681,474	617,702
Property and equipment, net	58,856	48,169
Operating lease right-of-use assets	131,955	41,192
Finance lease right-of-use assets	36,276	38,065
Intangible assets, net	90,618	10,639
Goodwill	166,388	8,372
Deferred taxes	65,698	50,139
Other non-current assets	12,985	8,705
Total assets	1,244,250	822,983
Current liabilities:
Accounts payable	13,421	14,109
Accrued liabilities	99,796	85,795
Current operating lease liabilities	8,267	4,697
Current finance lease liabilities	1,713	1,331
Total current liabilities	123,197	105,932
Non-current operating lease liabilities	137,045	44,183
Non-current finance lease liabilities	26,523	27,066
Other non-current liabilities	3,558	8,014
Total liabilities	290,323	185,195
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $.001 par value per share - 5,000,000 shares authorized, none issued and outstanding at December 31, 2021 and December 31, 2020	0	0
Common stock, $.001 par value per share - 300,000,000 shares authorized, 36,414,732 issued and outstanding at December 31, 2021; 300,000,000 shares authorized, 35,001,581 issued and outstanding at December 31, 2020	37	36
Additional paid-in capital	910,614	598,299
Accumulated other comprehensive (loss) income	(2,630)	2,541
Retained earnings	45,906	40,622
Total Penumbra, Inc. stockholders’ equity	953,927	641,498
Non-controlling interest	0	(3,710)
Total stockholders’ equity	953,927	637,788
Total liabilities and stockholders’ equity	$ 1,244,250	$ 822,983

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,092	$ 2,198
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	37,578,483	36,414,732
Common stock, shares outstanding (in shares)	37,578,483	36,414,732

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 747,590	$ 560,412	$ 547,405
Cost of revenue	272,208	222,237	175,441
Gross profit	475,382	338,175	371,964
Operating expenses:
Research and development	104,552	90,049	51,723
Sales, general and administrative	378,331	287,068	272,733
Total operating expenses	482,883	377,117	324,456
(Loss) income from operations	(7,501)	(38,942)	47,508
Interest income, net	938	1,267	2,854
Other expense, net	(3,939)	(343)	(227)
Total (loss) income before income taxes	(10,502)	(38,018)	50,135
(Benefit from) provision for income taxes	(13,125)	(18,761)	3,131
Consolidated net income (loss)	2,623	(19,257)	47,004
Net loss attributable to non-controlling interest	(2,661)	(3,555)	(1,454)
Net income (loss) attributable to Penumbra, Inc.	$ 5,284	$ (15,702)	$ 48,458
Net income (loss) attributable to Penumbra, Inc. per share: Basic (in dollars per share)	$ 0.14	$ (0.44)	$ 1.39
Net income (loss) attributable to Penumbra, Inc. per share: Diluted (in dollars per share)	$ 0.14	$ (0.44)	$ 1.34
Weighted average shares outstanding: Basic (in shares)	36,764,290	35,766,892	34,750,706
Weighted average shares outstanding: Diluted (in shares)	37,881,180	35,766,892	36,265,999

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Consolidated net income (loss)	$ 2,623	$ (19,257)	$ 47,004
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax	(3,929)	4,456	(1,120)
Net change in unrealized (losses) gains on available-for-sale securities, net of tax	(1,242)	409	738
Total other comprehensive (loss) income, net of tax	(5,171)	4,865	(382)
Consolidated comprehensive (loss) income	(2,548)	(14,392)	46,622
Net loss attributable to non-controlling interest	(2,661)	(3,555)	(1,454)
Comprehensive income (loss) attributable to Penumbra, Inc.	$ 113	$ (10,837)	$ 48,076

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total	Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment	[1]	Total Penumbra, Inc. Stockholders’ Equity	Total Penumbra, Inc. Stockholders’ EquityCumulative Effect, Period of Adoption, Adjustment	[1]	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2018					34,437,339
Beginning balance at Dec. 31, 2018		$ 422,415			$ 34	$ 415,084	$ (1,942)	$ 9,064			$ 422,240			$ 175
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					612,221
Issuance of common stock		$ 4,121			$ 1	4,120					4,121
Issuance of common stock under employee stock purchase plan (in shares)		81,644			81,644
Issuance of common stock under employee stock purchase plan		$ 8,984				8,984					8,984
Shares held for tax withholdings (in shares)					(129,623)
Shares held for tax withholding		(18,535)				(18,535)					(18,535)
Stock-based compensation		21,006				21,006					21,006
Capital contribution from non-controlling interest		$ 1,000												1,000
Accounting Standards Update [Extensible List]		Accounting Standards Update 2016-13 [Member]
Other comprehensive income (loss)		$ (382)					(382)				(382)
Net income (loss)		47,004						48,458
Net income (loss) attributable to Penumbra, Inc.		48,458									48,458
Net loss attributable to non-controlling interest		(1,454)												(1,454)
Ending balance (in shares) at Dec. 31, 2019					35,001,581
Ending balance at Dec. 31, 2019		485,613	$ (1,198)		$ 35	430,659	(2,324)	57,522	$ (1,198)		485,892	$ (1,198)		(279)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					520,185
Issuance of common stock		$ 5,239				5,115					5,115			124
Issuance of common stock under employee stock purchase plan (in shares)		77,528			77,528
Issuance of common stock under employee stock purchase plan		$ 11,300				11,300					11,300
New issuance of common stock (in shares)					865,963
New issuance of common stock		134,759			$ 1	134,758					134,759
Shares held for tax withholdings (in shares)					(50,525)
Shares held for tax withholding		(10,066)				(10,066)					(10,066)
Stock-based compensation		26,533				26,533					26,533
Other comprehensive income (loss)		4,865					4,865				4,865
Net income (loss)		(19,257)						(15,702)
Net income (loss) attributable to Penumbra, Inc.		(15,702)									(15,702)
Net loss attributable to non-controlling interest		(3,555)												(3,555)
Ending balance (in shares) at Dec. 31, 2020					36,414,732
Ending balance at Dec. 31, 2020		637,788			$ 36	598,299	2,541	40,622			641,498			(3,710)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					498,185
Issuance of common stock		$ 4,664				4,507					4,507			157
Issuance of common stock under employee stock purchase plan (in shares)		64,852			64,852
Issuance of common stock under employee stock purchase plan		$ 13,705				13,705					13,705
Issuance of common stock in connection with Sixense acquisition (in shares)	[2]				661,877
Issuance of common stock in connection with Sixense acquisition	[2]	174,134			$ 1	174,133					174,134
Replacement share-based awards issued in connection with Sixense acquisition	[2]	80,693				80,693					80,693
Acquisition of subsidiary stock from noncontrolling interests	[2]	(4,161)				(10,375)					(10,375)			6,214
Shares held for tax withholdings (in shares)					(61,163)
Shares held for tax withholding		(15,832)				(15,832)					(15,832)
Stock-based compensation		65,484				65,484					65,484
Other comprehensive income (loss)		(5,171)					(5,171)				(5,171)
Net income (loss)		2,623						5,284
Net income (loss) attributable to Penumbra, Inc.		5,284									5,284
Net loss attributable to non-controlling interest		(2,661)												(2,661)
Ending balance (in shares) at Dec. 31, 2021					37,578,483
Ending balance at Dec. 31, 2021		$ 953,927			$ 37	$ 910,614	$ (2,630)	$ 45,906			$ 953,927			$ 0
[1]	(1) Cumulative effect adjustments relate to the adoption of Accounting Standard Update (“ASU”) No. 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Refer to Note “2. Summary of Significant Accounting Policies” for more information.
[2]	(2) Refer to Note "5. Business Combinations” and “11. Stockholders’ Equity” for more information on the impact of the acquisition of Sixense Enterprises Inc. during the year ended December 31, 2021.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 2,623,000	$ (19,257,000)	$ 47,004,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	16,408,000	12,891,000	8,104,000
Stock-based compensation	65,763,000	25,541,000	21,485,000
Inventory write-offs and write-downs	2,818,000	10,571,000	4,411,000
Deferred taxes	(14,091,000)	(18,818,000)	1,820,000
Impairment of intangible asset	0	2,500,000	0
Other	2,692,000	4,520,000	670,000
Changes in operating assets and liabilities:
Accounts receivable	(21,344,000)	(8,295,000)	(25,029,000)
Inventories	(51,554,000)	(56,981,000)	(41,407,000)
Prepaid expenses and other current and non-current assets	(13,032,000)	(8,865,000)	(4,001,000)
Accounts payable	(1,565,000)	(308,000)	6,038,000
Accrued expenses and other non-current liabilities	17,076,000	23,259,000	7,557,000
Proceeds from lease incentives	3,708,000	0	0
Net cash provided by (used in) operating activities	9,502,000	(33,242,000)	26,652,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Lease payments made prior to commencement	0	0	(6,636,000)
Cash acquired in a business combination	2,919,000	0	0
Purchases of marketable investments	(126,794,000)	(153,061,000)	(77,326,000)
Proceeds from sales of marketable investments	2,000,000	7,897,000	4,746,000
Proceeds from maturities of marketable investments	121,720,000	68,831,000	90,614,000
Purchases of property and equipment	(21,180,000)	(24,756,000)	(22,109,000)
Other	(400,000)	(3,060,000)	(2,000,000)
Net cash used in investing activities	(21,735,000)	(104,149,000)	(12,711,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock upon underwritten public offering, net of issuance cost	0	134,759,000	0
Proceeds from exercises of stock options	4,664,000	5,239,000	4,120,000
Proceeds from issuance of stock under employee stock purchase plan	13,705,000	11,300,000	8,984,000
Payment of employee taxes related to vested common and restricted stock	(15,832,000)	(10,066,000)	(18,535,000)
Payments of finance lease obligations	(1,451,000)	(3,418,000)	(2,570,000)
Payment of acquisition-related obligations	0	(683,000)	(1,758,000)
Proceeds from capital contribution from non-controlling interest	0	0	800,000
Other	(250,000)	(2,214,000)	0
Net cash provided by (used in) financing activities	836,000	134,917,000	(8,959,000)
Effect of foreign exchange rate changes on cash and cash equivalents	1,106,000	(635,000)	(53,000)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(10,291,000)	(3,109,000)	4,929,000
CASH AND CASH EQUIVALENTS—Beginning of period	69,670,000	72,779,000	67,850,000
CASH AND CASH EQUIVALENTS—End of period	59,379,000	69,670,000	72,779,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes	1,496,000	1,414,000	175,000
NONCASH INVESTING AND FINANCING ACTIVITIES:
Right-of-use assets obtained in exchange for operating lease obligations	101,510,000	1,515,000	4,261,000
Right-of-use assets obtained in exchange for finance lease obligations	1,346,000	1,632,000	33,283,000
Purchase of property and equipment funded through accounts payable and accrued liabilities	2,330,000	1,407,000	2,903,000
Shares
NONCASH INVESTING AND FINANCING ACTIVITIES:
Fair value of stock issued in connection with acquisition	174,133,000	0	0
Stock Options
NONCASH INVESTING AND FINANCING ACTIVITIES:
Fair value of stock issued in connection with acquisition	$ 80,693,000	$ 0	$ 0

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Penumbra, Inc. (the “Company”) is a global healthcare company focused on innovative therapies. The Company designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity accounts; disclosure of contingent assets and liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to marketable investments, allowances for credit losses, standalone selling prices used to allocate revenue to performance obligations which are not directly observable, the amount of variable consideration included in the transaction price, warranty reserve, valuation of inventories, useful lives of property and equipment, operating and finance lease right-of-use (“ROU”) assets and liabilities, income taxes, contingent consideration and other contingencies, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other data. Actual results could differ from those estimates. Segments The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity: the design, development, manufacturing and marketing of innovative medical products, and operates as one operating segment. The Company’s chief operating decision-maker (“CODM”), its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. The Company’s entity-wide disclosures are included in Note “16. Revenues.” Foreign Currency Translation The Company’s consolidated financial statements are prepared in United States Dollars (“USD”). Its foreign subsidiaries use their local currency as their functional currency and maintain their records in the local currency. Accordingly, the assets and liabilities of these subsidiaries are translated into USD using the current exchange rates in effect at the balance sheet date and equity accounts are translated into USD using historical rates. Revenues are translated using the exchange rate as of the date of transaction and expenses are translated using the average exchange rates in effect for the year involved. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. Transactions denominated in currencies other than the respective functional currencies are translated at exchange rates as of the date of transaction with foreign currency gains and losses recorded in other expense, net in the consolidated statements of operations. The Company realized net foreign currency transaction losses of $0.5 million, a nominal amount and $0.8 million during the years ended December 31, 2021, 2020, and 2019, respectively. As the Company’s international operations grow, its risks associated with fluctuation in currency rates will become greater, and the Company will continue to reassess its approach to managing this risk. In addition, currency fluctuations or a weakening USD can increase the costs of the Company’s international expansion. To date, the Company has not entered into any foreign currency hedging contracts. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, marketable investments (as described in greater detail in this footnote under the header “Cash, Cash Equivalents and Marketable Investments” below) and accounts receivable. The majority of the Company’s cash is held by one financial institution in the U.S. in excess of federally insured limits. The Company maintained investments in money market funds that were not federally insured during the year ended December 31, 2021 and held cash in foreign entities of approximately $20.2 million and $17.4 million at December 31, 2021 and 2020, respectively, which was not federally insured. The Company’s revenue has been derived from sales of its products in the United States and international markets. The Company uses both its own salesforce and independent distributors to sell its products. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of entities comprising the Company’s customer base. The Company performs ongoing credit evaluations of its customers, including its distributors, does not require collateral, and maintains allowances for potential credit losses on customer accounts when deemed necessary. During the years ended December 31, 2021, 2020, and 2019, no customer accounted for greater than 10% of the Company’s revenue. No customer accounted for greater than 10% of the Company’s accounts receivable balance as of December 31, 2021 while one customer accounted for greater than 10% of the Company’s accounts receivable balance as of December 31, 2020. Significant Risks and Uncertainties The Company is subject to risks common to medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of products and the potential need to obtain additional financing. The Company is dependent on third-party suppliers, in some cases single-source suppliers. There can be no assurance that the Company’s products will continue to be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed, if at all. The Company’s products require approval or clearance from the FDA prior to commencing commercial sales in the United States. There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company sells its products. If the Company is denied such approvals or clearances or such approvals or clearances are delayed, it may have a material adverse impact on the Company’s results of operations, financial position and liquidity. Fair Value of Financial Instruments Carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. Cash, Cash Equivalents and Marketable Investments The Company invests its cash primarily in highly liquid corporate debt securities, debt instruments of U.S. federal, state and municipal governments, and their agencies, in money market funds and in commercial paper. All highly liquid investments with stated maturities of three months or less from the date of purchase are classified as cash equivalents; all highly liquid investments with stated maturities of greater than three months are classified as marketable investments. The majority of the Company’s cash and investments are held in U.S. banks. The Company determines the appropriate classification of its investments in marketable investments at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable investments have been classified and accounted for as available-for-sale. Investments with remaining maturities of more than one year are viewed by the Company as available to support current operations and are classified as current assets under the caption marketable investments in the accompanying consolidated balance sheets. Investments in marketable investments are carried at fair value, with the unrealized gains and losses reported as a component of accumulated other comprehensive loss. Any realized gains or losses on the sale of marketable investments are determined on a specific identification method, and such gains and losses are reflected as a component of other income (expense), net. Impairment of Marketable Investments As a result of the of the adoption of the ASU 2016-13 during the year ended December 31, 2020, the Company is exposed to credit losses through its investments in available-for-sale securities. An investment is impaired if the fair value of the investment is less than its amortized cost basis. The Company reviews each impaired available-for-sale security held in its portfolio to determine whether the decline in fair value below its amortized cost basis is the result of credit losses or other factors. An allowance for credit losses is to be recorded as a charge to net income in an amount equal to the difference between the impaired security’s amortized cost basis and the amount expected to be collected over the lifetime of security, limited by the amount that the fair value is less than its amortized cost basis. Any remaining difference between its amortized cost basis and fair value is deemed not to be due to expected credit losses and is recorded as a component of accumulated other comprehensive loss. The Company’s impairment review considers several factors to determine if an expected credit loss is present including the discounted present value of expected cash flows of the security, the capacity to hold a security or sell a security before recovery of the decline in amortized cost, the credit rating of the security and forecasted and historical factors that affect the value of the security. In fiscal years prior to the adoption of ASU 2016-13, unrealized gains or losses on these securities were recorded to accumulated other comprehensive loss until either the security was sold or the Company determined that the decline in value was other-than-temporary. The primary differentiating factors the Company considered when classifying impairments as either temporary or other-than-temporary impairments was the intent and ability to retain the investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value, the length of the time and the extent to which the market value of the investment had been less than cost, the financial condition, and near-term prospects of the issuer. During the years ended December 31, 2021 and 2020, the Company reviewed its impaired available-for-sale securities and concluded that the decline in fair value was not related to credit losses and is recoverable. Accordingly, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive loss. There were no other-than-temporary impairments for the year ended December 31, 2019. Accounts Receivable As a result of the adoption of ASU 2016-13 on January 1, 2020, accounts receivable are measured at amortized cost less the allowance for credit losses. The Company measures expected credit losses for its accounts receivables utilizing a loss-rate approach. The allowance for expected credit losses assessment requires a degree of estimation and judgement. The expected loss-rate is calculated by utilizing historical credit losses incurred as a percentage of the Company’s historical accounts receivable balances, pooled by customers with similar geographic credit risk characteristics. The loss-rate is adjusted for management’s expectations regarding current conditions and forecasts about future conditions which impact expected credit losses. The Company considers factors such as customers credit risk, geographic related risks and economic conditions that may affect a customer’s credit quality classification. Prior to the adoption of ASU 2016-13, the Company recognized losses when a loss was incurred or deemed probable by recording a specific allowance against amounts due, and thereby reducing the net recognized receivable to the amount reasonably believed to be collectible. In fiscal years prior to the adoption of ASU 2016-13, accounts receivable were stated at invoice value less estimated allowances for doubtful accounts. The Company recognized losses when a loss was incurred or deemed probable by recording a specific allowance against amounts due, and thereby reducing the net recognized receivable to the amount reasonably believed to be collectible. The Company monitored customer payments and maintained a reserve for estimated losses resulting from its customers’ inability to make required payments considering factors such as historical experience, credit quality, age of the accounts receivable balances, geographic related risks and economic conditions that may affect a customer’s ability to pay. Inventories Inventories are stated at the lower of cost (determined under the first-in first-out method) or net realizable value. Write-downs are provided for raw materials, components or finished goods that are determined to be excessive or obsolete. The Company regularly reviews inventory quantities in consideration of actual loss experience, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate. As a result of these evaluations, the Company recognized total write-offs and write-downs of $2.8 million, $10.6 million, and $4.4 million for the years ended December 31, 2021, 2020 and 2019. Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life. Machinery and equipment and furniture and fixtures are depreciated over a five ten year two Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset group’s carrying value. If an asset is considered impaired, the asset is written down to fair value, which is determined based either on discounted cash flows or appraised value, depending on the nature of the asset. There was no impairment of long-lived assets during the years ended December 31, 2021, 2020 or 2019. Contingent Consideration Certain agreements the Company enters into involve the potential payment of future consideration that is contingent upon certain performance and revenue milestones being achieved. Contingent consideration obligations incurred in connection with a business combination are recorded at their fair values on the acquisition date and remeasured at their fair values each subsequent reporting period until the related contingencies are resolved. The resulting changes in fair values are recognized generally within sales, general and administrative expense, depending on the nature of the contingent consideration liability, in the consolidated statements of operations. Asset acquisitions are accounted for using a cost accumulation and allocation model and the cost of the acquisition is allocated to the assets acquired and liabilities assumed. Contingent consideration obligations incurred in connection with an asset acquisition are recorded when it is probable that they will occur and they can be reasonably estimated. Intangible Asset s Intangible assets primarily consist of developed technology, in-process research and development, purchased rights to licensed technology, customer relationships, and trade secrets and processes. Indefinite-lived intangible assets consist of in-process research and development and an exclusive right to licensed technology during the years ended December 31, 2021 and 2020. Indefinite-lived intangible assets are tested for impairment at least annually, in the fourth quarter, or more frequently if events or circumstances indicate that it is more likely than not that the asset is impaired. If the fair value of the asset is less than the carrying amount, an impairment loss would be recognized in an amount equal to the difference between the carrying amount and the fair value. Due to a triggering event in the second quarter of 2020, the acquired exclusive right to licensed technology indefinite-lived intangible asset determined be impaired and the Company wrote-off the full carrying amount of the asset. The in-process research and development indefinite-lived intangible asset was acquired in fourth quarter of 2021 and will be tested for impairment at least annually, beginning in the fourth quarter of 2022, or more frequently if events or circumstances indicate that it is more likely than not that the asset is impaired. Refer to Note “6. Intangible Assets” for more information on the Company’s intangible assets. Finite-lived intangible assets are amortized over the estimated economic useful lives of the assets, which is the period during which expected cash flows support the fair value of such intangible assets. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets or asset group may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset group’s carrying value. Refer to Note “6. Intangible Assets” for more information on the Company’s intangible assets. Goodwill Goodwill represents the excess of the purchase price of an acquired business or assets over the fair value of the identifiable assets acquired and liabilities assumed. Goodwill is not amortized, but is tested for impairment annually in the fourth quarter, or more frequently if events or circumstances indicate the carrying value may no longer be recoverable and that an impairment loss may have occurred. The Company operates as one segment, which is considered to be the sole reporting unit, and therefore goodwill is tested for impairment at the consolidated level. Refer to Note “5. Business Combinations” and Note “7. Goodwill” for more information. Revenue Recognition Revenue is primarily comprised of product revenue net of returns, discounts, administration fees and sales rebates. The Company adopted the guidance under ASC 606 on January 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption. Under ASC 606, the Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenue from product sales is recognized either on the date of shipment or the date of receipt by the customer, but is deferred for certain transactions when control has not yet transferred. With respect to products that the Company consigns to hospitals, which primarily consist of coils, the Company recognizes revenue at the time hospitals utilize products in a procedure. Certain arrangements with customers contain multiple performance obligations. For these contracts, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling prices considering entity-specific factors including, but not limited to, the expected cost and margin of the products and services, geographies, and other market conditions. The use of alternative estimates could result in a different amount of revenue deferral. Deferred revenue represents amounts that the Company has already invoiced and are ultimately expected to be recognized as revenue, but for which not all revenue recognition criteria have been met. As of December 31, 2021 and December 31, 2020, respectively, the Company's deferred revenue balance was not material. Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns utilizing historical return rates, rebates, discounts, and other adjustments to net revenue. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price. Variable consideration is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company’s terms and conditions permit product returns and exchanges. The Company bases its estimates for sales returns on actual historical returns over the prior three years and they are recorded as reductions in revenue at the time of sale. Upon recognition, the Company reduces revenue and cost of revenue for the estimated return. Return rates can fluctuate over time, but are sufficiently predictable to allow the Company to estimate expected future product returns. For more information and disclosures on the Company’s revenue, refer to Note “16. Revenues.” Shipping Costs Shipping and handling costs charged to customers are recorded as revenue. Shipping and handling costs are included in cost of revenue. Research and Development (“R&D”) Costs R&D costs primarily consist of product development, clinical and regulatory expenses, materials, depreciation and other costs associated with the development of the Company’s products. R&D costs also include related personnel and consultants’ salaries, benefits and related costs, including stock-based compensation. The Company expenses R&D costs as they are incurred. The Company’s clinical trial accruals are based on estimates of patient enrollment and related costs at clinical investigator sites. The Company estimates preclinical and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on its behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of patient enrollment and activity expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Payments made to third parties under these arrangements in advance of the receipt of the related services are recorded as prepaid expenses until the services are rendered. Internal Use Software The Company capitalizes certain costs incurred for the development of computer software for internal use. These costs generally relate to third-party software as well as the internal development of software associated with our REAL Immersive System offerings. The Company capitalizes these costs when it is determined that it is probable that the project will be completed and the software will be used to perform the function intended, and the preliminary project stage is completed. Capitalized internal use software development costs are included in Property and equipment, net within the consolidated balance sheets. Capitalized internal use software is amortized on a straight-line basis over its estimated useful life. For software that supports our REAL Immersive System, the amortization expense is recorded in cost of revenue within the consolidated statements of operations. Costs related to the preliminary project stage, post-implementation, training and maintenance are expensed as incurred. Cloud Computing Arrangements The Company capitalizes certain implementation costs incurred in agreements that qualify as cloud computing arrangements. The cost expenditures for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor are capitalized and are recorded in prepaid expenses and other current assets and other non-current assets in our consolidated balance sheets. Such costs are amortized over the life of the related cloud computing arrangement. As of December 31, 2021, approximately $2.4 million associated with these arrangements are included in prepaids and other current assets in our consolidated balance sheets while approximately $5.8 million are included in other non-current assets in our consolidated balance sheets. Advertising Costs Advertising costs are included in sales, general and administrative expenses and are expensed as incurred. Advertising costs were $1.1 million, $0.6 million and $0.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. Stock-Based Compensation The Company recognizes the cost of stock-based compensation in the financial statements based upon fair value. The fair value of restricted stock and restricted stock unit (“RSU”) awards is determined based on the number of units granted and the closing price of the Company’s common stock as of the grant date. The fair value of each purchase under the employee stock purchase plan (“ESPP”) is estimated at the beginning of the offering period using the Black-Scholes option pricing model. The fair value of stock options is determined as of the grant date using the Black-Scholes option pricing model. The Company’s determination of the fair value of equity-settled awards is impacted by the price of the Company’s common stock as well as changes in assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, the expected term that awards will remain outstanding, expected common stock price volatility over the term of the awards, risk-free interest rates and expected dividends. The fair value of an award is recognized over the requisite service period (usually the vesting period) on a straight-line basis. Stock-based compensation expense recognized at fair value includes the impact of estimated forfeitures. The Company estimates future forfeitures at the date of grant and revises the estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. To the extent actual forfeiture results differ from the estimates, the difference is recorded as a cumulative adjustment in the period forfeiture estimates are revised. No compensation cost is recorded for awards that do not vest. The Company accounts for stock-based compensation issued to non-employees by recognizing the fair value of non-employee awards over the requisite service period (usually the vesting period) on a straight-line basis. Therefore, equity instruments issued to non-employees are recorded at their fair value on the grant date in the same manner as employee awards. The fair value of these equity instruments is expensed over the service period. Estimates of the fair value of equity-settled awards as of the grant date using valuation models, such as the Black-Scholes option pricing model, are affected by assumptions regarding a number of complex variables. Changes in the assumptions can materially affect the fair value of the award and ultimately how much stock-based compensation expense is recognized. These inputs are subjective and generally require significant analysis and judgment to develop. For all stock options granted prior to the Company’s IPO, the Company estimated the volatility data based on a study of publicly traded industry peer companies. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the equity-settled award. For all stock options granted prior to the IPO, the Company used the Staff Accounting Bulletin, No. 110 (“SAB 110”) simplified method to calculate the expected term, which is the average of the contractual term and vesting period. For stock options granted post-IPO, the Company used its historical data to calculate the expected term and volatility used in the valuation of options. Income Taxes The Company accounts for income taxes using the asset and liability method, whereby deferred tax asset (“DTA”) and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance to reduce the net DTAs to their estimated realizable value. The calculation of the Company’s current provision for income taxes involves the use of estimates, assumptions and judgments while taking into account current tax laws, interpretation of current tax laws and possible outcomes of future tax audits. The Company has established reserves to address potential exposures related to tax positions that could be challenged by tax authorities. Although the Company believes its estimates, assumptions and judgments to be reasonable, any changes in tax law or its interpretation of tax laws and the resolutions of potential tax audits could significantly impact the amounts provided for income taxes in the Company’s consolidated financial statements. The calculation of the Company’s DTA balance involves the use of estimates, assumptions and judgments while taking into account estimates of the amounts and type of future taxable income. Actual future operating results and the underlying amount and type of income could differ materially from the Company’s estimates, assumptions and judgments thereby impacting the Company’s financial position and results of operations. The Company follows the guidance relating to accounting for uncertainty in income taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in the Company’s income tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. The Company includes interest and penalties related to unrecognized tax benefits within income tax expense in the accompanying consolidated statements of operations. Comprehensive Income Comprehensive income consists of net income, unrealized gains or losses on available-for-sale investments and the effects of foreign currency translation adjustments. The Company presents comprehensive income and its components in the consolidated statements of comprehensive income (loss). Net (Loss) Income Per Share of Common Stock The Company’s basic net (loss) income attributable to Penumbra, Inc. per share is calculated by dividing the net (loss) income attributable to Penumbra, Inc. per share by the weighted average number of shares of common stock outstanding for the period. The diluted net (loss) income per share attributable to Penumbra, Inc. is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock and restricted stock units are considered common stock equivalents. Leases The Company adopted the guidance under ASC Topic 842, “Leases” ("ASC 842") on January 1, 2019 using the modified retrospective transition approach. There was no cumulative-effect adjustment recorded to retained earnings upon adoption. Under ASC 842, the Company determines if an arrangement is a lease at inception. In addition, the Company determines whether leases meet the classification criteria of a

Investments and Fair Value of F

Investments and Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Investments and Fair Value of Financial Instruments	3. Investments and Fair Value of Financial Instruments Marketable Investments The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of December 31, 2021 and 2020 were as follows (in thousands): December 31, 2021 Securities with net gains or losses in accumulated other comprehensive income (loss) Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss Fair Value Commercial paper $ 20,286 $ — $ (10) $ — $ 20,276 U.S. treasury 14,464 — (77) — 14,387 U.S. agency and government sponsored securities 11,553 1 (19) — 11,535 U.S. states and municipalities 39,436 39 (89) — 39,386 Corporate bonds 110,354 49 (491) — 109,912 Total $ 196,093 $ 89 $ (686) $ — $ 195,496 December 31, 2020 Securities with net gains or losses in accumulated other comprehensive income (loss) Cost Gross Unrealized Gross Unrealized Allowance for Credit Loss Fair Value Commercial paper $ 4,242 $ 4 $ — $ — $ 4,246 U.S. agency securities and government sponsored securities 7,846 11 — — 7,857 U.S. states and municipalities 47,934 162 (1) — 48,095 Corporate bonds 134,298 669 (3) — 134,964 Total $ 194,320 $ 846 $ (4) $ — $ 195,162 As of December 31, 2021, the total amortized cost basis of the Company’s impaired available-for-sale securities exceeded its fair value by $0.7 million. The Company reviewed its impaired available-for-sale securities and concluded that the decline in fair value was not related to credit losses and is recoverable. During the year ended December 31, 2021, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive loss. Prior to the adoption of ASU 2016-13, the Company recognized losses, if any, in consolidated net income when the security was sold. The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more than twelve months as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Less than 12 months More than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Commercial paper $ 16,977 $ (10) $ — $ — $ 16,977 $ (10) U.S. treasury 14,387 (77) — — 14,387 (77) U.S. agency securities and government sponsored securities 6,985 (19) — — 6,985 (19) U.S. states and municipalities 21,924 (89) — — 21,924 (89) Corporate bonds 85,513 (491) — — 85,513 (491) Total $ 145,786 $ (686) $ — $ — $ 145,786 $ (686) December 31, 2020 Less than 12 months More than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. states and municipalities $ 1,408 $ (1) $ — $ — $ 1,408 $ (1) Corporate bonds 12,552 (3) — — 12,552 (3) Total $ 13,960 $ (4) $ — $ — $ 13,960 $ (4) The contractual maturities of the Company’s marketable investments as of December 31, 2021 were as follows (in thousands): December 31, 2021 Marketable Investments Amortized Cost Fair Value Due in one year $ 75,595 $ 75,634 Due in one to five years 120,498 119,862 Total $ 196,093 $ 195,496 Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company classifies its cash equivalents and marketable investments within Level 1 and Level 2, as it uses quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company assesses the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The Company did not hold any Level 3 marketable investments as of December 31, 2021 or December 31, 2020. Additionally, the Company did not have any financial assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2021 and 2020. The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands): As of December 31, 2021 Level 1 Level 2 Level 3 Fair Value Financial Assets Cash equivalents: Money market funds $ 10,509 $ — $ — $ 10,509 Marketable investments: Commercial paper — 20,276 — 20,276 U.S. treasury 14,387 — — 14,387 U.S. agency and government sponsored securities — 11,535 — 11,535 U.S. states and municipalities — 39,386 — 39,386 Corporate bonds — 109,912 — 109,912 Total $ 24,896 $ 181,109 $ — $ 206,005 As of December 31, 2020 Level 1 Level 2 Level 3 Fair Value Financial Assets Cash equivalents: Commercial paper $ — $ — $ — $ — Money market funds 33,054 — — 33,054 Marketable investments: Commercial paper — 4,246 — 4,246 U.S. treasury — — — — U.S. agency and government sponsored securities — 7,857 — 7,857 U.S. states and municipalities — 48,095 — 48,095 Corporate bonds — 134,964 — 134,964 Total $ 33,054 $ 195,162 $ — $ 228,216 Contingent Consideration Obligations As of December 31, 2021 and December 31, 2020, there were no contingent consideration liabilities classified as Level 3. As of December 31, 2019, the Company’s contingent consideration liability balance of $1.2 million related to milestone payments due in connection with the 2017 acquisition of Crossmed S.p.a. (“Crossmed”) which was based on actual revenue performance for the year ended December 31, 2019 and not based on unobservable inputs. The Company made this payment during the year ended December 31, 2020. For more information related to the payment of the contingent consideration liabilities refer to Note “5. Business Combinations.” The following table summarizes the changes in fair value of the contingent consideration obligation for the years ended December 31, 2020 and December 31, 2019 (in thousands): Fair Value of Contingent Consideration Balance at December 31, 2019 $ 1,206 Payments of contingent consideration liabilities (1,186) Changes in fair value — Foreign currency remeasurement (20) Balance at December 31, 2020 $ — Fair Value of Contingent Consideration Balance at December 31, 2018 $ 2,571 Payments of contingent consideration liabilities (1,296) Changes in fair value (35) Foreign currency remeasurement (34) Balance at December 31, 2019 $ 1,206

Balance Sheet Components

Balance Sheet Components	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	4. Balance Sheet Components Accounts Receivable, Net The Company’s allowance for doubtful accounts comprised of the following (in thousands): Balance At Charged To Costs And Expenses Deductions (1) Recoveries Balance At For the year ended: December 31, 2019 $ 2,782 $ 656 $ (492) — $ 2,946 (1) Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries. The Company’s allowance for credit losses related to accounts receivable balances was comprised of the following (in thousands): Balance At Write-offs Provision for Credit loss (1) Recoveries Balance At For the year ended: December 31, 2020 2,946 (2,361) $ 1,613 — 2,198 December 31, 2021 2,198 — $ — (106) 2,092 (1 ) On January 1, 2020, the Company recorded a $1.3 million adjustment to opening retained earnings upon the adoption of ASU 2016-13. Inventories The components of inventories consisted of the following (in thousands): December 31, 2021 2020 Raw materials $ 68,374 $ 45,341 Work in process 18,678 22,099 Finished goods 176,452 152,087 Inventories $ 263,504 $ 219,527 In the fourth quarter of 2020, the Company reclassified $17.7 million of REAL System products and components from Property and equipment, net to Inventories as a result of changes in its go to market strategy. The Company classified cash flows associated with its REAL System prior to its change in its go to market strategy during the fourth quarter of 2020 as investing activities, which is consistent with the Company's intent when the cash flows occurred. As of December 31, 2021, the Company’s Inventories balance includes $43.4 million of inventory related to the REAL System. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): December 31, 2021 2020 Machinery and equipment $ 30,429 $ 26,300 Furniture and fixtures 14,360 10,000 Leasehold improvements 23,934 20,945 Software 7,989 8,623 Computers 9,457 7,298 Construction in progress 11,101 4,946 Total property and equipment 97,270 78,112 Less: Accumulated depreciation and amortization (38,414) (29,943) Property and equipment, net $ 58,856 $ 48,169 Depreciation and amortization expense, excluding intangible assets and software, was $9.3 million, $8.0 million and $5.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. Software amortization expense was $1.0 million, $1.0 million and $0.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company had accumulated software amortization of $4.9 million and $3.7 million for the years ended December 31, 2021 and 2020, respectively. Accrued Liabilities The following table shows the components of accrued liabilities as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Payroll and employee-related expenses $ 60,015 $ 50,083 Accrued expenses 12,245 9,246 Sales return reserve 1,780 9,812 Other acquisition-related costs (1) — 3,000 Other accrued liabilities 25,756 13,654 Total accrued liabilities $ 99,796 $ 85,795 (1) Amount consists primarily of a contingent liability related to an anti-dilution provision from the asset acquisition of MVI Health Inc. (“MVI”) in 2018. Refer to “Note 5. Business Combinations” for more information about the effective settlement of this liability. The following table shows the changes in the Company’s estimated product warranty accrual, included in accrued liabilities, as of December 31, 2021, 2020 and 2019 (in thousands): December 31, 2021 2020 2019 Balance at the beginning of the year $ 2,896 $ 2,318 $ 1,875 Accruals of warranties issued 2,973 1,589 1,065 Settlements of warranty claims (1,559) (1,011) (622) Balance at the end of the year $ 4,310 $ 2,896 $ 2,318

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Business Combinations	5. Business Combinations Acquisition of Sixense Enterprises Inc . Transaction Overview On October 1, 2021 (the “Closing Date”), the Company closed the acquisition of Sixense Enterprises Inc. (“Sixense”) pursuant to the Agreement and Plan of Merger, dated September 17, 2021 (the “Merger Agreement”), among the Company, Sixense, Seychelles Merger Corporation, a wholly owned subsidiary of the Company, and a stockholders’ agent (the “Merger”). Sixense, a privately held company, specializes in enterprise use of virtual reality hardware and software and has been an integral partner on the development of the Company’s REAL Immersive System portfolio. The Merger allows the Company to streamline its efforts and collaborate more closely on its Immersive healthcare offerings. The Company and Sixense formed a joint venture, MVI Health Inc. (“MVI”), in 2017 for the purpose of exploring healthcare applications of virtual reality technology. At the time of MVI’s formation, the Company contributed cash and in-kind services to MVI and Sixense contributed an exclusive license to use its technology for healthcare applications, each for a 50% equity interest in MVI. In 2018, the Company acquired 40% of the outstanding shares of MVI from Sixense and consolidated the financial results of MVI into the accompanying consolidated financial statements, with the amounts attributable to the non-controlling interest classified separately. As of the Closing Date, the Company and Sixense owned a 90% and 10% equity interest in MVI, respectively. As a result of the Merger, Sixense became a wholly owned subsidiary of the Company and the Company acquired, among other things, the remaining 10% equity interest in MVI held by Sixense. The Company accounted for the acquired assets and liabilities assumed from Sixense in accordance with ASC 805 and for its changes in ownership interest in MVI as an equity transaction in accordance with ASC 810. The carrying amount of the noncontrolling interest was adjusted to zero, and the difference between the acquisition date fair value of the equity interest acquired of $4.2 million and its carrying amount of $(6.2) million was recognized within additional paid in capital. Fair Value of Consideration Transferred The following table summarizes the Closing Date fair value of the consideration transferred (in thousands): Fair value of common stock issued (1) $ 174,133 Fair value of replacement stock options (2) 80,693 Consideration for settlement of pre-existing liabilities due to Sixense (3) (3,810) Total purchase price $ 251,016 (1) The fair value of the 661,877 shares of common stock issued as part of consideration transferred was determined based on the acquisition date closing market price of the Company’s common stock of $263.09. (2) Per ASC 805, the replacement of stock options or other share-based payment awards in conjunction with a business combination represents a modification of share-based payment awards that must be accounted for in accordance with ASC 718. As a result of the Company’s obligation to issue replacement awards, a portion of the fair-value-based measure of replacement awards is included in measuring the purchase consideration transferred in the business combination. To determine the portion of the replacement awards that is part of the purchase consideration, the Company measured the fair value of both the replacement awards and the historical awards as of the Closing Date, in accordance with ASC 718. The fair value of the replacement awards, whether vested or unvested, was included in the purchase consideration to the extent that pre-acquisition services had been rendered. The fair value of replacement stock options assumed for which pre-acquisition services were rendered of $80.7 million was allocated to the purchase consideration and $25.8 million was recognized immediately in the post-combination financial statements as pre-acquisition services were not rendered but the vesting of all stock options was accelerated in connection with the Merger. Refer to Note “11. Stockholders’ Equity” for more information. (3) In the connection with the Merger, the Company effectively settled pre-existing liabilities due to or on behalf of Sixense. Fair Value of Consideration Transferred The preliminary allocation of the purchase price was based upon a third party valuation and the Company’s estimates and assumptions are subject to change within the measurement period (generally one year from the Closing Date). The following table presents the preliminary allocation of the purchase price for Sixense (in thousands): Acquisition-Date Fair Value Estimated Useful Life of Finite-Lived Intangible Assets Tangible assets acquired and (liabilities) assumed: Cash and cash equivalents $ 2,919 Prepaid expenses and other current and non-current assets 2,063 Deferred tax assets 20,678 Deferred tax liabilities (19,398) Accrued liabilities and other current liabilities (1,341) Intangible assets acquired: Developed technology 62,466 8.75 years In-process research and development 20,823 Net assets acquired 88,210 Fair value of subsidiary stock indirectly acquired through the Merger 4,161 Total net assets acquired 92,371 Goodwill 158,645 Total purchase price $ 251,016 The intangible assets acquired and the fair value of the privately-held subsidiary stock indirectly acquired are Level 3 fair value measurements for which fair value is derived from valuations using inputs that are unobservable and significant to the overall fair value measurement. The value of the intangible assets was determined based on the replacement cost method, assuming the highest and best use by a market participant which was determined to be a company outside of the healthcare industry due to the intangibles acquired relating to non-healthcare applications. This is due to Sixense having previously licensed the healthcare rights prior to the acquisition to MVI. Since there were no standalone forecasts available due to the early stage of the non-healthcare business, the Company determined the cost approach provides the most reasonable approach to determine fair value of the intangible assets. The fair value of the intangible assets acquired was based on the following significant inputs: (i) total cost and time to reconstruct a substitute asset of comparable utility adjusted for any obsolescence; (ii) a developer’s expected profit margin; and (iii) the opportunity cost lost over the period to reconstruct the substitute asset. The acquired in-process research and development (“IPR&D”) intangible asset is accounted for as an indefinite-lived asset until the completion or abandonment of the associated research and development effort. If the research and development effort associated with the IPR&D is successfully completed and commercial feasibility is reached, then the IPR&D intangible asset will be amortized over its estimated useful life to be determined at the date the effort is completed. At the time of acquisition, we expect the acquired IPR&D will reach technological feasibility, but there can be no assurance that the commercial viability of these products will actually be achieved. The definite lived developed technology intangible assets are amortized on a straight-line basis over their assigned estimated useful lives. The acquired intangible assets will not be amortized for tax purposes. As a result, a $19.4 million deferred tax liability was recorded as of December 31, 2021. The goodwill arising from the Sixense acquisition is primarily attributed to the assembled workforce and expected synergies from future growth, which does not qualify for separate recognition as an identifiable intangible asset. Goodwill will not be deductible for tax purposes. The fair value of the noncontrolling interest of $4.2 million was valued using the income approach and an option pricing model. The fair value of the noncontrolling interest was based on the following significant inputs: (i) the amount and timing of projected future cash flows; (ii) the discount rate used to discount those cash flows to present value; and (iii) the discount for lack of marketability. Further adjustments may be necessary as additional information related to the fair values of assets acquired and liabilities assumed is assessed during the measurement period, which may be up to one year from the acquisition date. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized with the corresponding offset to goodwill. Any adjustments required after the measurement period are recorded in the consolidated statement of operations. The amount of Sixense’s net revenue and net loss included in the Company’s consolidated statements of operations was not material for the year ended December 31, 2021. The following table presents certain unaudited pro forma information, for illustrative purposes only, for the years ended December 31, 2021 and 2020, as if Sixense had been acquired on January 1, 2020 (“Pro Forma Closing Date”). The unaudited estimated pro forma information combines the historical results of Sixense with the Company’s consolidated historical results and includes the following pro forma adjustments for the respective periods, net of tax effects: (i) the elimination of pre-acquisition transactions between Sixense and the Company; (ii) the reclassification of MVI’s losses historically presented in “Net loss attributable to non-controlling interest” to “Net loss attributable to Penumbra, Inc.,” (iii) adjustments to reflect the immediately recognized stock-based compensation expense related to the fair value of fully vested replacement stock options outstanding but for which services had not been rendered as of the Pro Forma Closing Date; and (iv) intangible asset amortization. Additionally, transaction costs incurred are assumed to have occurred on the Pro Forma Closing Date. The pro forma information may not be indicative of what would have occurred had the acquisition taken place on January 1, 2020, and may not be indicative of the Company’s future consolidated results. Additionally, the pro forma financial information does not include the impact of possible business model changes and does not reflect the impact of synergies or business integration costs. The unaudited pro forma information is presented below (unaudited, in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 (unaudited, in thousands) Pro forma revenues $ 747,840 $ 560,779 Proforma net income (loss) attributable to Penumbra, Inc. $ 17,552 $ (30,188) Proforma net loss attributable to non-controlling interest $ — $ — Payments Related to the 2017 Crossmed Acquisition On July 3, 2017, the Company completed the acquisition of Crossmed, a joint stock company organized under the laws of Italy, engaged in the business of distributing medical supplies and equipment in Italy, San Marino, Vatican City and Switzerland. In connection with the acquisition of Crossmed, the Company was obligated to pay additional consideration in the form of milestone payments based on Crossmed’s net revenue and incremental net revenue for each of the years ended December 31, 2017, 2018, and 2019. There was no limit on the milestone payments that could be paid out. As of December 31, 2019, the Company’s consolidated balance sheet included $1.2 million in current liabilities primarily related to the final milestone payment due which was paid during the first quarter of 2020. For more information with respect to the nature and fair value of the Company’s contingent consideration obligations, refer to Note “3. Investments and Fair Value of Financial Instruments.” During the year ended December 31, 2020, the Company made $1.2 million in milestone payments of which $0.5 million is presented in operating activities and $0.7 million is presented in financing activities in the consolidated statements of cash flows. During the year ended December 31, 2019, the Company made $1.3 million in milestone payments of which $0.6 million is presented in operating activities and $0.7 million is presented in financing activities in the consolidated statements of cash flows.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	6. Intangible Assets The following table presents details of the Company’s acquired intangible assets as of December 31, 2021 and 2020 (in thousands, except weighted-average amortization period): As of December 31, 2021 Weighted-Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets: Developed technology 8.8 years $ 62,466 $ (1,784) $ 60,682 Customer relationships 15.0 years 6,762 (2,029) 4,733 Trade secrets and processes 20.0 years 5,256 (1,051) 4,205 Other 5.0 years 1,744 (1,569) 175 Total intangible assets subject to amortization 9.8 years $ 76,228 $ (6,433) $ 69,795 Indefinite-lived intangible assets: In-process research and development $ 20,823 $ — $ 20,823 Total intangible assets $ 97,051 $ (6,433) $ 90,618 As of December 31, 2020 Weighted-Average Gross Carrying Amount Accumulated Amortization Net Customer relationships 15.0 years $ 7,311 $ (1,706) $ 5,605 Trade secrets and processes 20.0 years 5,256 (788) 4,468 Other 5.0 years 1,885 (1,319) 566 Total intangible assets subject to amortization 16.6 years $ 14,452 $ (3,813) $ 10,639 The gross carrying amount and accumulated amortization of the customer relationships and other intangible assets are subject to foreign currency translation effects. The Company’s $5.3 million trade secrets and processes intangible asset was recognized in connection with a royalty buyout agreement during the first quarter of 2018, which is discussed further in Note “10. Commitments and Contingencies” and Note “11. Stockholders’ Equity.” The following table presents the amortization recorded related to the Company’s finite-lived intangible assets for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 263 $ 263 $ 263 Sales, general and administrative 2,618 804 789 Total $ 2,881 $ 1,067 $ 1,052 As of December 31, 2021, expected amortization expense for the unamortized acquired intangible assets for the next five years and thereafter is as follows (in thousands): Amortization Expense 2022 $ 8,027 2023 7,853 2024 7,853 2025 7,853 2026 7,853 Thereafter 30,356 Total amortization $ 69,795 Licensed technology During 2017, the Company entered into an exclusive technology license agreement (the “License Agreement”) that required the Company to pay an upfront payment to the licensor of $2.5 million and future revenue milestone-based payments on sales of products covered by the licensed intellectual property. The Company accounted for the transaction as an asset acquisition and recorded an indefinite-lived intangible asset as it was determined to have alternative future use. The Company recorded an indefinite-lived intangible asset equal to the total payments made and expected to be made under the License Agreement and a corresponding contingent liability for the probable future milestone payments not yet paid. At the end of each reporting period the Company adjusted the contingent liability to reflect the amount of future milestone payments that were probable to be paid. Prior to the commercialization of products utilizing the underlying technology, any changes in the contingent liability were recorded as an adjustment between the liability balances and the gross carrying amount of the indefinite-lived intangible asset. As of December 31, 2020, there was no contingent liability balance related to probable future milestone payments under the License Agreement. As of December 31, 2019, the balance of the contingent liability related to probable future milestone payments under the License Agreement was $11.7 million, of which $0.8 million and $10.9 million were included in accrued liabilities and other non-current liabilities on the consolidated balance sheet, respectively. Indefinite-lived intangible assets are tested for impairment annually during the fourth quarter or more frequently if events or changes in circumstances between annual tests indicate that it is more likely than not that the asset is impaired. During the fourth quarter of 2019, the Company completed an annual impairment analysis of the indefinite-lived intangible asset and determined that there was no impairment. The Company determined that an impairment existed in the second quarter of 2020 as a result of a triggering event in July that provided additional information about a condition that existed as of the June 30, 2020 balance sheet date. As a result, in the second quarter of 2020, the Company wrote-off the full carrying value of the indefinite-lived intangible asset and its related contingent liability, and recognized an impairment loss of $2.5 million in research and development expense in the consolidated statement of operations.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	7. Goodwill The following table presents the changes in goodwill during the year ended December 31, 2021 (in thousands): Total Company Balance as of December 31, 2020 $ 8,372 Acquisition of Sixense 158,645 Foreign currency translation adjustments (629) Balance as of December 31, 2021 $ 166,388 Goodwill Impairment Review The Company reviews goodwill for impairment annually during the fourth quarter, or more frequently if events or circumstances indicate that an impairment loss may have occurred. During the fourth quarter of 2021 and 2020, the Company reviewed goodwill for impairment and no impairment was identified.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Indebtedness	8. Indebtedness Credit Agreement On April 24, 2020, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and lender, and Bank of America, N.A. and Citibank, N.A. as lenders. The Credit Agreement is secured and provides for up to $100 million in available revolving borrowing capacity with an option, subject to certain conditions, for the Company to increase the aggregate borrowing capacity to up to $150 million, and was set to mature on April 23, 2021. The Company entered into an amended one-year credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and lender, and Bank of America, N.A. and Citibank, N.A. as lenders during the three months ended March 31, 2021. The revolving loans under the Credit Agreement will be available for general corporate purposes, including working capital and capital expenditures. In addition to allowing borrowings in US dollars, the Credit Agreement provides for borrowings in euros, Pounds Sterling and any other currency that is subsequently approved by JPMorgan and each lender. The initial commitment of the lenders under the Credit Agreement is $100 million. Subject to customary conditions and the approval of any lender whose commitment would be increased, the Company has the option to increase the maximum principal amount available under the Credit Agreement by up to an additional $50 million, resulting in a maximum available principal amount under the Credit Agreement of $150 million. The Credit Agreement provides a sublimit of up to $10 million for letters of credit, a sublimit of up to $10 million for swing-line loans, and a sublimit of up to $15 million for borrowings in available foreign currencies.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	9. Leases Lease Overview As of December 31, 2021 and December 31, 2020, the Company’s contracts that contained a lease consisted of real estate, equipment and vehicle leases. The Company leases real estate for office and warehouse space under non-cancelable operating and finance leases that expire at various dates through 2036, subject to the Company’s option to renew certain leases for an additional five The following table presents the components of the Company’s lease cost, lease term and discount rate during the year ended December 31, 2021 (in thousands, except years and percentages): Year Ended December 31, 2021 Year Ended December 31, 2020 Lease Cost Operating lease cost $ 11,646 $ 7,602 Finance lease cost: Amortization of right-of-use assets 3,082 2,787 Interest on lease liabilities 1,495 1,517 Variable lease cost (1) 6,699 5,139 Total lease costs $ 22,922 $ 17,045 Weighted Average Remaining Lease Term Operating leases 13.1 years 9.1 years Finance leases 12.2 years 13.5 years Weighted Average Discount Rate Operating leases 4.92 % 6.16 % Finance leases 5.30 % 5.36 % (1) Variable lease costs represent payments that are dependent on usage, a rate or index. Variable lease cost primarily relates to common area maintenance charges for its real estate leases as the Company elected not to separate non-lease components from lease components upon adoption of ASC 842. In the second quarter of 2021, the fifteen During the third quarter of 2021, we signed a lease for approximately thirteen years for additional space located at 620 Roseville Parkway, Roseville, California (the “620 Roseville Parkway Lease”) which has not yet commenced as of December 31, 2021. Per the terms of the lease, improvements will be constructed and permanently affixed to the property in phases, the first phase of which is anticipated to be completed by the end of 2022. The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of December 31, 2021 (in thousands): Operating Lease Payments (1) Finance Lease Payments Year Ending December 31: 2022 $ 15,190 $ 3,149 2023 14,933 3,198 2024 14,578 3,231 2025 14,334 3,160 2026 14,405 2,791 Thereafter 126,993 23,515 Total undiscounted lease payments 200,433 39,044 Less imputed interest (55,121) (10,808) Present value of lease liabilities $ 145,312 $ 28,236 (1) The table above excludes the estimated future minimum lease payment for the 620 Roseville Parkway Lease due to uncertainty around when the 620 Roseville Parkway Lease will commence and payments will be due. The total estimated lease payments over the thirteen Supplemental cash flow information related to leases during the years ended December 31, 2021 and 2020 are as follows (in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,690 $ 7,561 Financing cash flows from finance leases $ 1,451 $ 3,418 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 101,510 $ 1,515 Finance leases $ 1,346 $ 1,632
Leases	9. Leases Lease Overview As of December 31, 2021 and December 31, 2020, the Company’s contracts that contained a lease consisted of real estate, equipment and vehicle leases. The Company leases real estate for office and warehouse space under non-cancelable operating and finance leases that expire at various dates through 2036, subject to the Company’s option to renew certain leases for an additional five The following table presents the components of the Company’s lease cost, lease term and discount rate during the year ended December 31, 2021 (in thousands, except years and percentages): Year Ended December 31, 2021 Year Ended December 31, 2020 Lease Cost Operating lease cost $ 11,646 $ 7,602 Finance lease cost: Amortization of right-of-use assets 3,082 2,787 Interest on lease liabilities 1,495 1,517 Variable lease cost (1) 6,699 5,139 Total lease costs $ 22,922 $ 17,045 Weighted Average Remaining Lease Term Operating leases 13.1 years 9.1 years Finance leases 12.2 years 13.5 years Weighted Average Discount Rate Operating leases 4.92 % 6.16 % Finance leases 5.30 % 5.36 % (1) Variable lease costs represent payments that are dependent on usage, a rate or index. Variable lease cost primarily relates to common area maintenance charges for its real estate leases as the Company elected not to separate non-lease components from lease components upon adoption of ASC 842. In the second quarter of 2021, the fifteen During the third quarter of 2021, we signed a lease for approximately thirteen years for additional space located at 620 Roseville Parkway, Roseville, California (the “620 Roseville Parkway Lease”) which has not yet commenced as of December 31, 2021. Per the terms of the lease, improvements will be constructed and permanently affixed to the property in phases, the first phase of which is anticipated to be completed by the end of 2022. The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of December 31, 2021 (in thousands): Operating Lease Payments (1) Finance Lease Payments Year Ending December 31: 2022 $ 15,190 $ 3,149 2023 14,933 3,198 2024 14,578 3,231 2025 14,334 3,160 2026 14,405 2,791 Thereafter 126,993 23,515 Total undiscounted lease payments 200,433 39,044 Less imputed interest (55,121) (10,808) Present value of lease liabilities $ 145,312 $ 28,236 (1) The table above excludes the estimated future minimum lease payment for the 620 Roseville Parkway Lease due to uncertainty around when the 620 Roseville Parkway Lease will commence and payments will be due. The total estimated lease payments over the thirteen Supplemental cash flow information related to leases during the years ended December 31, 2021 and 2020 are as follows (in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,690 $ 7,561 Financing cash flows from finance leases $ 1,451 $ 3,418 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 101,510 $ 1,515 Finance leases $ 1,346 $ 1,632

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Purchase Commitments As of December 31, 2021, the Company had non-cancelable purchase obligations of $6.4 million, which primarily consisted of contracts with suppliers to purchase raw materials to be used to manufacture products, of which $2.6 million were due within one year. Royalty Obligations In March 2005, the Company entered into a license agreement that requires the Company to make minimum royalty payments to the licensor on a quarterly basis. As of December 31, 2018, the license agreement requires minimum annual royalty payments of $0.1 million in equal quarterly installments. In July 2019, the Company amended the license agreement to extend its term for an additional ten years and to increase the required minimum annual royalty payments by $0.2 million. As of both December 31, 2021 and December 31, 2019, the amended license agreement required minimum annual royalty payments of $0.3 million payable in equal quarterly installments. On each January 1, the quarterly calendar year minimum royalty shall be adjusted to equal the prior year’s minimum royalty adjusted by a percentage equal to the percentage change in the “consumer price index for all urban consumers” for the prior calendar year as reported by the U.S. Department of Labor. Unless terminated earlier, the term of the amended license agreement shall expire June 30, 2029. In April 2012, the Company entered into an agreement that requires the Company to pay, on a quarterly basis, a 5% royalty on sales of products covered under applicable patents. The first commercial sale of covered products occurred in April 2014. Unless terminated earlier, the royalty term for each applicable product shall continue for fifteen years following the first commercial sale of such patented product, or when the applicable patent covering such product has expired, whichever is sooner. In November 2013, the Company entered into an agreement that requires the Company to pay, on a quarterly basis, a 3% royalty on the first $5 million in sales and a 1% royalty on sales thereafter of products covered under applicable patents. The agreement was terminated effective January 1, 2018. In April 2015, the Company entered into a royalty agreement that required the Company to pay a 2% royalty on sales of certain products covered by the agreement, on a quarterly basis, in exchange for certain trade secrets and processes which were used to develop such covered products. The Company began the first commercial sale of the covered products in July 2015. In the first quarter of 2018, the Company entered into a buyout of this agreement (the “Buyout Agreement”) in which future royalty payments were canceled in exchange for shares of the Company’s common stock with a fair value of $5.3 million. The Company recorded an intangible asset equal to the $5.3 million buyout amount which will be amortized into cost of revenue over the period in which the Company receives future economic benefit. After determining that the pattern of future cash flows associated with this intangible asset could not be reliably estimated with a high level of precision, the Company concluded that the intangible asset will be amortized on a straight-line basis over its estimated useful life. For more information refer to Note “11. Stockholders’ Equity.” Royalty expense included in cost of sales for the years ended December 31, 2021, 2020 and 2019 was $2.3 million , $2.5 million and $3.8 million, respectively. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Refer to Note “3. Investments and Fair Value of Financial Instruments,” Note “5. Business Combinations” and Note “6. Intangible Assets” for more information on contingent liabilities recorded on the consolidated balance sheet. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. In many such arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third-party with respect to the Company’s technology. The Company also agrees to indemnify many indemnified parties for product defect and similar claims. The term of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with any of these indemnification requirements has been recorded to date. Litigation From time to time, the Company is subject to other claims and assessments in the ordinary course of business. On January 15, 2021, a putative securities class action complaint was filed against the Company and its CEO, Adam Elsesser, and Executive Vice President, Global Marketing and Public Relations, Gita Barry, on behalf of a single shareholder in the U.S. District Court for the Northern District of California, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The complaint sought unspecified damages on behalf of a purported class that would comprise all individuals who purchased or otherwise acquired the Company's common stock between August 3, 2020 and December 15, 2020. The complaint alleged securities law violations based on allegedly misleading statements and/or omissions made in connection with the Company’s JET 7 Xtra Flex product. On March 16, 2021, the plaintiff voluntarily dismissed the complaint without prejudice. The Company is not currently a party to any litigation matter that, individually or in the aggregate, is expected to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stockholders' Equity	11. Stockholders’ Equity Stockholders’ Equity Preferred Stock The Company has 5,000,000 of authorized preferred stock issuable. There is no preferred stock outstanding as of December 31, 2021 and 2020. Common Stock Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. In the first quarter of 2018, the Company issued 53,256 fully vested restricted stock units with a fair value of $5.3 million in connection with the Buyout Agreement, as discussed in Note “10. Commitments and Contingencies.” The Company recorded the $5.3 million fair value of the shares issued to additional-paid in capital on the consolidated balance sheet upon the issuance of the awards, with the associated expense being amortized into cost of sales over the period in which the Company receives future economic benefit from the buyout. Issuance of Common Stock in Public Offerings In June 2020, the Company issued and sold an aggregate of 865,963 shares of common stock at a public offering price of $166.00 per share, less the underwriters’ discounts and commissions, pursuant to an underwritten public offering. The Company received approximately $134.8 million in net cash proceeds after deducting underwriting discounts and commissions of $8.6 million and other offering expenses of $0.4 million. Issuance of Common Stock in Connection with the Acquisition of Sixense As consideration for the acquisition of Sixense, the Company issued 661,877 shares of its common stock as partial consideration. Additionally, on October 1, 2021, the Company converted all stock options held by Sixense service providers that would continue as service providers after the Merger into fully vested options to purchase an aggregate amount of 447,017 shares of the Company’s common stock. Please see Note “5. Business Combinations” for more information. Stock-Based Benefit Plans 2005 Stock Plan The Company adopted the Penumbra, Inc. 2005 Stock Plan (the “2005 Plan”) in January 2005. The 2005 Plan was subsequently amended and restated in 2006, 2007, 2008 and 2010. Under the 2005 Plan, the board of directors could grant incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), and/or stock awards to eligible persons, including employees, non-employees, directors, consultants and other independent advisors who provide services to the Company. Stock purchase rights could also be granted under the 2005 Plan. The board of directors had the authority to determine to whom options would be granted, the number of options, the term and the exercise price. ISOs could only be granted to Company employees, which include officers and directors of the Company. NSOs and stock purchase rights could be granted to employees and consultants. For individuals holding more than 10% of the voting rights of all classes of stock, the exercise price for an ISO could not be less than 110% of the fair market value of a share of common stock on the date of grant. Options granted under the 2005 Plan permitted an optionee to exercise options immediately upon grant irrespective of the vesting term. Options generally vest annually at a rate of 1/4 after the first year and 1/48 per month thereafter. The term of the options is no longer than five years for ISOs, for which the grantee owns greater than 10% of the voting power of all classes of stock and no longer than 10 years for all other options. On September 17, 2015, the Penumbra, Inc. 2014 Equity Incentive Plan (as amended and restated, the “2014 Plan”) replaced the 2005 Plan and no further equity awards may be granted under the 2005 Plan. The remaining 564 shares of common stock available for issuance from the 2005 Plan were transferred to and may be granted under the 2014 Plan. As of December 31, 2021, 16,531 shares of common stock were reserved for issuance under the 2005 Plan. 2011 Equity Incentive Plan The Company adopted the Penumbra, Inc. 2011 Equity Incentive Plan (the “2011 Plan”) in October 2011. Under the 2011 Plan, the board of directors could grant ISOs, NSOs, restricted stock, and/or RSUs to eligible persons, including employees, directors and consultants who provide services to the Company. Stock Appreciation Rights (“SAR”) could also be granted under the 2011 Plan. The board of directors had the authority to determine to whom options would be granted, the number of options, the term and the exercise price. ISOs could only be granted to Company employees, which include officers and directors of the Company. NSOs, SARs, restricted stock and RSUs could be granted to employees and consultants. For individuals holding more than 10% of the voting rights of all classes of stock, the exercise price for an ISO could not be less than 110% of the fair market value of a share of common stock on the date of grant. Stock options granted under the 2011 Plan generally have a contractual life of ten years, and generally vest over a period of four years. On September 17, 2015, the 2014 Plan replaced the 2011 Plan and no further equity awards may be granted under the 2011 Plan. The remaining 89,559 shares of common stock available for issuance under the 2011 Plan were transferred to and may be granted under the 2014 Plan. As of December 31, 2021, 72,500 shares of common stock were reserved for issuance under the 2011 Plan. Amended and Restated 2014 Equity Incentive Plan The Company adopted the Penumbra, Inc. 2014 Equity Incentive Plan in May 2014. The plan was amended and restated as of September 17, 2015 (as amended and restated, the “2014 Plan”). The 2014 Plan replaced the 2011 Plan and the 2005 Plan and no further equity awards may be granted under the 2011 Plan or the 2005 Plan. As of December 31, 2021, 7,714,353 shares of common stock were reserved for issuance and 6,161,965 shares of common stock were available for grant under the 2014 Plan. Employee Stock Purchase Plan The Penumbra, Inc. Employee Stock Purchase Plan (the “ESPP”), became effective on September 17, 2015. The ESPP initially reserved 600,000 shares of common stock for purchase under the ESPP, with the number of shares reserved for purchase increasing each year pursuant to an “evergreen” provision set forth in the ESPP. As of December 31, 2021, 953,315 shares of common stock were reserved and available for issuance under the plan. All qualifying employees of the Company and its designated subsidiaries are eligible to participate in the ESPP. Each offering to the Company’s employees to purchase stock under the ESPP will begin on each May 20 and November 20 and will end on the following November 19 and May 19, respectively, each referred to as offering periods except that the first offering period under the ESPP began on September 17, 2015 and ended on May 19, 2016. Under the ESPP, each employee may purchase shares by authorizing payroll deductions at a minimum of 1% and up to 15% of his or her eligible compensation for each pay period during the offering period. Unless the participating employee withdraws from the offering, his or her accumulated payroll deductions will be used to purchase the Company’s common stock on the last business day of the offering period at a price equal to 85% of the fair market value of the common stock on either the first or the last day of the offering period, whichever is lower, provided that no more than 2,000 shares of the Company’s common stock or such other lesser maximum number established by the ESPP administrator may be purchased by any one employee during each offering period. Under applicable tax rules, an employee may purchase no more than $25,000 worth of common stock, valued at the start of the purchase period (corresponding to an offering period), under the ESPP in any calendar year. Early Exercises The 2005 Plan and 2011 Plan allowed the board of directors to grant stock options that provide employee option holders the right to elect to exercise unvested options in exchange for restricted common stock. As of December 31, 2021 and 2020, there were no such early exercised unvested shares. Stock-Based Benefit Plan Activity and Stock-Based Compensation Stock Options Activity of stock options under the 2005 Plan, 2011 Plan and 2014 Plan (collectively, the “Plans”) is set forth below: Number of Shares Weighted-Average Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Balance at December 31, 2020 1,020,978 $ 23.38 Grants 447,017 $ 25.71 Exercised (326,031) $ 13.82 Canceled/Forfeited (150) $ 19.07 Balance at December 31, 2021 1,141,814 $ 27.02 Vested and expected to vest—December 31, 2021 1,141,659 $ 27.01 4.12 $ 297,190 Exercisable—December 31, 2021 1,137,864 $ 26.57 4.11 $ 296,701 The total intrinsic value of stock options exercised during the years ended December 31, 2021, 2020 and 2019 was $81.1 million, $70.1 million and $46.1 million, respectively. The intrinsic value is calculated as the difference between the estimated fair value of the Company’s common stock at the exercise date and the exercise price of the stock option. The weighted average grant date fair value of stock options for the year ended December 31, 2021 and 2019 was $263.09 and $69.73 per share, respectively. The Company did not grant stock options during the year ended December 31, 2020. Restricted Stock and Restricted Stock Units The activity of unvested restricted stock and restricted stock units (“RSU”) under the Plans is set forth below: Number Weighted Average Unvested at December 31, 2020 369,629 $ 163.03 Granted 231,684 258.62 Released/Vested - Restricted Stock/RSUs (171,824) 175.29 Canceled/Forfeited (20,007) 194.90 Unvested at December 31, 2021 409,482 $ 210.41 The fair value of the restricted stock and RSUs that vested during the years ended December 31, 2021, 2020 and 2019 was $44.5 million, $32.1 million and $42.7 million, respectively. As of December 31, 2021, 390,058 RSUs are expected to vest. Employee Stock Purchase Plan Under the ESPP, employees purchased 64,852 shares, 77,528 shares, and 81,644 shares for $13.7 million, $11.3 million, and $9.0 million during the years ended December 31, 2021, 2020, and 2019, respectively. Stock-based Compensation The Company uses the Black-Scholes option pricing model to determine the fair value of stock options and ESPP rights. The valuation model for stock compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation including the expected term (weighted average period of time that the options granted are expected to be outstanding); expected volatility of the Company’s common stock and an assumed risk-free interest rate. The Company used the following assumptions in its Black-Scholes option pricing model to determine the fair value of stock options and ESPP rights: Stock Options ESPP Rights Year Ended December 31, Year Ended December 31, 2021 2019 2021 2020 2019 Expected term (in years) 2.85 6.89 0.50 0.50 0.50 Expected volatility 42 % 40 % 43% 48% 45% Risk-free interest rate 0.38 % 1.82 % 0.10% 0.70% 2.30% Expected dividend yield — % — % 0% 0% 0% The Company did not grant stock options during the year ended December 31, 2020. All stock options granted by the Company during the year ended December 31, 2021, were granted as replacement stock options in connection with the Merger. Refer to Note “5. Business Combinations” for more information. Weighted Average Expected Term. The Company’s expected term for stock options and ESPP rights is based on historical data. Volatility. In 2021, 2020 and 2019, volatility assumptions used in the valuation of options and ESPP rights were calculated based on the historical volatility of the Company’s stock. Risk-Free Interest Rate. The risk-free interest rate is based upon U.S. Treasury zero-coupon issues with remaining terms similar to the expected term of the stock options or ESPP rights. Dividend Yield. The Company has never paid any dividends and does not plan to pay dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model. Forfeitures. The Company estimates forfeitures at the time of grant, and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting forfeitures and record stock-based compensation expense only for those awards that are expected to vest. To the extent actual forfeitures differ from the estimates, the difference will be recorded as a cumulative adjustment in the period that the estimates are revised. The following table sets forth the stock-based compensation expense included in the consolidated statements of operations (in thousands): Year Ended December 31, 2021 (1) 2020 2019 Cost of sales $ 2,898 $ 2,304 $ 1,396 Research and development 30,037 3,686 2,835 Sales, general and administrative 32,828 19,551 17,254 $ 65,763 $ 25,541 $ 21,485 (1) The Company recorded a $25.8 million charge to stock-based compensation related to the acceleration of vesting of all replacement stock options in connection with the Merger. Refer to Note “5. Business Combinations” for more information. As of December 31, 2021, total unrecognized compensation cost was $71.9 million related to unvested stock-based compensation arrangements which is expected to be recognized over a weighted average period of 3.1 years.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income	12. Accumulated Other Comprehensive Income Other comprehensive income (loss) consists of two components: unrealized gains or losses on the Company’s available-for-sale marketable investments and gains or losses from foreign currency translation adjustments. Until realized and reported as a component of consolidated net income, these comprehensive income (loss) items accumulate and are included within accumulated other comprehensive income (loss). Unrealized gains and losses on our marketable investments are reclassified from accumulated other comprehensive income (loss) into earnings when realized upon sale, and are determined based on specific identification of securities sold. Gains and losses from the translation of assets and liabilities denominated in non-U.S. dollar functional currencies are included in accumulated other comprehensive income (loss). The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of accumulated other comprehensive income (loss) into earnings affect our consolidated statements of comprehensive income (loss) (in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Marketable Currency Translation Total Marketable Currency Translation Total Balance, beginning of the year $ 647 $ 1,894 $ 2,541 $ 238 $ (2,562) $ (2,324) Other comprehensive income (loss) before reclassifications: Unrealized losses (gains) — marketable investments (1,437) — (1,437) 530 — 530 Foreign currency translation losses — (3,930) (3,930) — 4,458 4,458 Income tax effect — expense 195 1 196 (121) (2) (123) Net of tax (1,242) (3,929) (5,171) 409 4,456 4,865 Amounts reclassified from accumulated other comprehensive loss to consolidated net income: Realized (gain) loss — marketable investments — — — — — — Income tax effect — (expense) benefit — — — — — — Net of tax — — — — — — Net current-year other comprehensive income (loss) (1,242) (3,929) (5,171) 409 4,456 4,865 Balance, end of the year $ (595) $ (2,035) $ (2,630) $ 647 $ 1,894 $ 2,541

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plan	13. Employee Benefit Plan The Company offers a retirement savings plan under Section 401(k) of the Internal Revenue Code (“IRC”) to its eligible U.S. employees whereby they may contribute up to the maximum amount permitted by the IRC. The Company makes 401(k) matching contributions of eligible compensation under the plan, subject to a maximum dollar threshold. Contribution expense was $5.6 million

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The Company’s income tax (benefit) expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. The Company is subject to income taxes in both the United States and foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax (benefit) expense. The Company is incorporated in the United States and operates in various countries with different tax laws and rates. A portion of the Company’s income or (loss) before taxes and the (benefit from) provision for income taxes are generated from international operations. Income (loss) before income taxes and equity in losses of unconsolidated investee for the years ended December 31, 2021, 2020 and 2019 is summarized as follows (in thousands): Year Ended December 31, 2021 2020 2019 United States $ (15,155) $ (40,278) $ 46,859 Foreign 4,653 2,260 3,276 Total (loss) income before income taxes $ (10,502) $ (38,018) $ 50,135 Income tax (benefit) or provision in 2021, 2020 and 2019 is comprised of federal, state, and foreign taxes. The components of the (benefit from) provision for income taxes are summarized as follows (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ 44 $ (302) $ (738) State 439 357 34 Foreign 1,345 907 2,458 Total current $ 1,828 $ 962 $ 1,754 Deferred: Federal (13,698) (18,129) 1,556 State (1,131) (1,488) 295 Foreign (124) (106) (474) Total deferred $ (14,953) $ (19,723) $ 1,377 (Benefit from) provision for income taxes $ (13,125) $ (18,761) $ 3,131 The Company’s actual (benefit from) or provision for tax differed from the amounts computed by applying the Company’s U.S. federal statutory income tax rate to pretax income as a result of the following: Year Ended December 31, 2021 2020 (1) 2019 (1) Income tax at federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 7.6 3.2 0.4 Rate differential on foreign operations (2.7) (0.3) 1.5 Foreign taxes 1.3 (1.0) 0.7 Mutual agreement procedure adjustment 2.1 — — Prepaid tax ASC 810-10 (0.3) 0.8 (0.8) Stock-based compensation 86.1 26.8 (20.8) Global intangible low-taxed income (“GILTI”) (6.5) — 0.8 Non-deductible parking expenses (1.5) (0.4) — Permanent differences (1.2) (1.5) 2.6 Other 0.9 0.7 0.8 Change in valuation allowance 18.2 — — Effective tax rate 125.0 % 49.3 % 6.2 % (1) The 2019 and 2020 effective tax rate reconciliations have been updated to conform to the 2021 presentation. Deferred income tax assets and liabilities consist of the following (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 55,461 $ 36,236 Tax credits 31,969 22,955 Accruals and reserves 9,521 11,550 Stock-based compensation 21,886 4,558 Translation adjustment 173 154 UNICAP adjustments 8,715 9,923 ASC 842 Lease Liabilities 41,919 18,773 Other 1,688 430 Gross deferred tax assets 171,332 104,579 Valuation allowance (37,110) (28,768) Total deferred tax assets 134,222 75,811 Deferred tax liabilities: Depreciation and amortization (28,159) (7,622) Unrealized Gains — (195) ASC 842 Lease ROU Assets (40,645) (19,251) Other (1,171) (255) Total deferred tax liabilities (69,975) (27,323) Net deferred tax assets $ 64,247 $ 48,488 As of December 31, 2021, the Company had approximately $226.3 million and $127.2 million of federal and state net operating loss carryforwards, respectively, available to offset future taxable income. The federal net operating loss has an indefinite carryforward period but is limited to offset 80% of taxable income in the year utilized, except for $72.7 million that will begin to expire in 2036. The state net operating loss carryforwards have various carryover periods and will begin to expire as early as 2023. As of December 31, 2021, the Company had federal research credits of $20.1 million and California state tax credits of $19.7 million. The federal research credits are generally carried forward for 20 years. California state tax credits may be carried forward indefinitely. The Company maintains that all foreign earnings, with the exception of a portion of the earnings of its German subsidiary, are permanently reinvested outside the U.S. and therefore deferred taxes attributable to such are not provided for in the Company’s financial statements as of December 31, 2021. During the year ended December 31, 2021, the Company repatriated $7.3 million from its German subsidiary, which did not result in any material U.S. or foreign tax consequences. The Company generated significant domestic DTAs in recent years, primarily due to the excess tax benefits from stock option exercises and vesting of restricted stock. The Company assessed its ability to realize the benefits of its domestic DTAs by evaluating all available positive and negative evidence, objective and subjective in nature, including (1) cumulative results of operations in recent years, (2) sources of recent pre-tax income, (3) estimates of future taxable income, (4) respective carryback and/or carryforward periods of tax attributes available to date, and (5) limitations on net operating loss (“NOL”) utilization against taxable income. Despite the operational loss in the year ended December 31, 2021, the Company determined that it would be in a three-year cumulative adjusted taxable income position, had it not been for the impact of excess tax deductions from stock-based compensation. The Company also measured its current DTA balances against estimates of future income based on objectively verifiable operating results from the Company’s recent history. The Company considered its projections of future taxable income in conjunction with relevant provisions of the Tax Reform Act, including but not limited to, the indefinite carryforward period for NOLs generated in years beginning on or after January 1, 2018. After an evaluation of all available qualitative and quantitative evidence, both positive and negative in nature, the Company concluded that sufficient future taxable income will be generated to realize the benefits of its federal DTAs prior to expiration other than its federal research and development tax credit DTAs. The tax attribute ordering rules provide that net operating losses must be used to offset taxable income prior to the utilization of tax credits. Accordingly, the Company could not assert, at the required more-likely-than-not level of certainty, that it will be able to realize the benefit of its federal research and development tax credit DTAs, with a limited 20-year carryforward period, prior to expiration. As a result, as of December 31, 2021, the Company maintained a full valuation allowance against its federal research and development tax credit DTAs. For years ended December 31, 2021, 2020 and 2019, a full valuation allowance remains against the Company’s California DTA balances. As of December 31, 2021, the Company’s DTA balance included $3.1 million of tax attributes gained upon acquisition of a majority interest ownership in MVI. Due to the recent liquidation of MVI in the quarter ended December 31, 2021, the acquired DTAs are no longer subject to Separate Return Limitation Year (“SRLY”) rules which limits pre-acquisition tax attributes utilization to only offset against MVI taxable income. As a result, the Company released the valuation allowance against the MVI federal NOL DTAs and recorded a tax benefit of $1.9 million in the year ended December 31, 2021. The MVI pre-acquisition federal R&D credit DTAs and California DTAs are continued to be fully valued because the Company cannot conclude, at the required more-likely-than-not level of certainty, that it will generate sufficient taxable income to realize the benefit of those tax attributes prior to expiration. The change in the Company’s deferred tax valuation allowance against net DTAs from January 1, 2019 to December 31, 2021, is as follows (in thousands): Beginning Balance Additions Charged To Expenses or Other Accounts (1) Deductions Credited to Expenses or Other Accounts (2) Ending Balance For the year ended: December 31, 2019 $ 17,284 $ 4,395 $ (121) $ 21,558 December 31, 2020 21,558 7,322 (112) 28,768 December 31, 2021 28,768 10,386 (2,044) 37,110 (1) Additions include current year additions charged to expenses and current year build due to increases in net DTAs, return to provision true-ups, and other adjustments. (2) Deductions include current year releases credited to expenses and current year reductions due to decreases in net DTAs, return to provision true-ups, and other adjustments. The Company w ill continue to closely monitor the need for a valuation allowance against its existing domestic and foreign DTAs and any additional DTAs that are generated in each subsequent reporting period. The need for a valuation allowance can be impacted by actual operating results, forecasted financial performance, variances between the two, and the rate at which future DTAs are generated. IRC Sections 382 and 383 limit the use of net operating losses and business credits if there is a change in ownership. In 2009, the Company determined there were changes in ownership in 2004 and 2008, which did not cause any impairment of tax attributes. In 2021, the net operating losses and credits gained from the Sixense Acquisition would be subject to IRC Section 382 and 383 limitations. The Company does not believe such limitations would cause any impairment of those tax attributes. Their full tax benefit is anticipated to be realized in future years. A reconciliation of the change in the gross unrecognized tax benefits from January 1, 2019 to December 31, 2021, is as follows (in thousands): December 31, 2021 2020 2019 Beginning Balance $ 8,625 $ 6,075 $ 5,174 Gross increase for tax positions of current year 1,935 2,389 1,191 Gross increase for tax positions of prior years 216 304 386 Gross decrease for tax positions of prior years (1,411) (143) (565) Settlement with taxing authority (339) — — Lapse of statute of limitations — — (111) Ending Balance $ 9,026 $ 8,625 $ 6,075 The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2021, 2020 and 2019, the Company had approximately $0.2 million, $0.3 million, and $0.2 million, respectively, of accrued interest and penalties attributable to uncertain tax positions. Included in the $9.0 million balance of unrecognized tax benefits as of December 31, 2021 is $0.9 million of tax benefit that, if recognized, would affect the effective tax rate. The Company files U.S., state and foreign income tax returns in jurisdictions with varying statutes of limitations. Due to net operating loss and credit carryovers, the tax years ending December 31, 2004 through December 31, 2021 remain subject to examination by federal and state tax authorities. In Australia and Canada, tax years ending December 31, 2009 through December 31, 2021 generally remain subject to examination by tax authorities. In Germany, tax years ending December 31, 2017 through December 31, 2021 remain subject to examination by tax authorities. In the year ended December 31, 2021, the German tax authority completed its income tax audit for tax years ended December 31, 2014, 2015 and 2016. The final assessment did not result in material adverse tax effects to the current year financial statements because an adequate tax provision was made in prior tax periods.

Net Income (Loss) Attributable

Net Income (Loss) Attributable to Penumbra, Inc. Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Penumbra, Inc. Per Share	15. Net Income (Loss) Attributable to Penumbra, Inc. Per Share The Company computed basic net (loss) income attributable to Penumbra, Inc. per share based on the weighted average number of shares of common stock outstanding during the period. The Company computed diluted net (loss) income attributable to Penumbra, Inc. per share based on the weighted average number of shares of common stock outstanding plus potentially dilutive common stock equivalents outstanding during the period. For the purposes of this calculation, stock options, restricted stock, restricted stock units and stock sold through the ESPP are considered common stock equivalents. A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net (loss) income attributable to Penumbra, Inc. is as follows (in thousands, except share and per share amounts): Year Ended December 31, 2021 2020 2019 Numerator: Net (loss) income attributable to Penumbra, Inc. $ 5,284 $ (15,702) $ 48,458 Denominator: Weighted average shares used to compute net (loss) income attributable to common stockholders: Basic 36,764,290 35,766,892 34,750,706 Potential dilutive stock-based options and awards, as calculated using treasury stock method 1,116,890 — 1,515,293 Diluted 37,881,180 35,766,892 36,265,999 Net (loss) income attributable to Penumbra, Inc. per share from: Basic $ 0.14 $ (0.44) $ 1.39 Diluted $ 0.14 $ (0.44) $ 1.34 For the year ended December 31, 2021, outstanding stock-based awards of 15.0 thousand shares were excluded from the computation of diluted net income attributable to Penumbra, Inc. per share because their effect would have been anti-dilutive. For the years ended December 31, 2020 and 2019, outstanding stock-based awards of 2.0 million and 100 thousand shares, respectively, were excluded from the computation of diluted net income attributable to Penumbra, Inc. per share because their effect would have been anti-dilutive.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues	16. Revenues Revenue Recognition Revenue is recognized in an amount that reflects the consideration we expect to be entitled to in exchange for goods or services. All revenue recognized in the consolidated statements of operations is considered to be revenue from contracts with customers. The Company’s revenues, disaggregated by geography, based on the destination to which the Company ships its products, for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands): Year Ended December 31, 2021 2020 2019 United States $ 527,789 $ 400,270 $ 355,222 Other International 219,801 160,142 192,183 Total $ 747,590 $ 560,412 $ 547,405 The Company’s revenues disaggregated by product category, for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands): Year Ended December 31, 2021 2020 2019 Vascular $ 408,878 $ 267,783 $ 215,720 Neuro 338,712 292,629 331,685 Total $ 747,590 $ 560,412 $ 547,405 China Distribution and Technology Licensing Agreement In December 2020, the Company entered into a distribution and technology licensing arrangement (the “China Distribution and Technology Licensing Agreement”) with its existing distribution partner in China. In addition to modifying the Company’s standard distribution agreement with its Chinese partner, the Company agreed to license the technology for certain of its products to its Chinese partner to permit the manufacturing and commercialization of such products in China as well as provide certain regulatory support. Apart from the standard distribution agreement, the Company will receive fixed payments upon transferring its distinct licensed technology and providing related regulatory support and receive royalty payments on the downstream sales of the licensed products. During the years ended December 31, 2021 and 2020 the Company recognized $46.9 million and $12.7 million, respectively, under the China Distribution and Technology Licensing Agreement based on the relative standalone fair value of the performance obligations satisfied. Performance Obligations Delivery of products - The Company’s contracts with customers typically contain a single performance obligation, delivery of the Company’s products. Satisfaction of that performance obligation occurs when control of the promised goods transfers to the customer, which is generally upon shipment for non-consignment sale agreements and upon utilization for consignment sale agreements. Payment terms - Our payment terms vary by the type and location of our customer. The timing between fulfillment of performance obligations and when payment is due is not significant and does not give rise to financing transactions. The Company did not have any contracts with significant financing components as of December 31, 2021. Product returns - The Company may allow customers to return products purchased at the Company’s discretion. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period in which the related product revenue is recognized. The Company currently estimates product return liabilities using its own historic sales information, trends, industry data, and other relevant data points. Warranties - The Company offers its standard warranty to all customers and it is not available for sale on a standalone basis. The Company’s standard warranty represents its guarantee that its products function as intended, are free from defects, and comply with agreed-upon specifications and quality standards. This assurance does not constitute a service and is not a separate performance obligation. Transaction Price Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns utilizing historical return rates, rebates, discounts, and other adjustments to net revenue. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price. When determining if variable consideration should be constrained, management considers whether there are factors that could result in a significant reversal of revenue and the likelihood of a potential reversal. Variable consideration is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are reassessed each reporting period as required. During the year ended December 31, 2021, the Company made no material changes in estimates for variable consideration. When the Company performs shipping and handling activities after control of goods is transferred to the customer, they are considered as fulfillment activities, and costs are accrued for when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. Contract liabilities, net The following information summarizes the Company’s contract assets and liabilities (in thousands): December 31, 2021 2020 Contract liabilities, net $ 5,671 $ 274 Contract liabilities represents amounts that the Company has already invoiced and are ultimately expected to be recognized as revenue, but for which not all revenue recognition criteria have been met and is recognized as the associated performance obligations are satisfied. Contract assets for the periods presented primarily represent the difference between the revenue that was recognized based on the relative standalone selling price of the related performance obligations satisfied and the contractual billing terms in the arrangements.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	17. Selected Quarterly Financial Data (Unaudited) The following tables provide the selected quarterly financial data for 2021 and 2020 (in thousands, except share and per share amounts): 2021 Quarters Ended Selected Statement of Operations Data: March 31 (1) June 30 September 30 December 31 Revenue $ 169,204 $ 184,258 $ 190,117 $ 204,011 Cost of revenue 57,867 65,572 70,205 78,564 Gross profit 111,337 118,686 119,912 125,447 Total operating expenses 97,874 108,374 111,131 165,504 Loss before (benefit from) for income taxes 12,467 10,203 7,782 (40,954) Provision for (benefit from) income taxes 1,541 1,904 (249) (16,321) Consolidated net income (loss) 10,926 8,299 8,031 (24,633) Net loss attributable to non-controlling interest (910) (932) (819) — Net income (loss) attributable to Penumbra, Inc. $ 11,836 $ 9,231 $ 8,850 $ (24,633) Net income (loss) attributable to Penumbra, Inc. per share: Basic $ 0.32 $ 0.25 $ 0.24 $ (0.66) Diluted $ 0.32 $ 0.25 $ 0.24 $ (0.66) Weighted average shares used to compute net income (loss) per share: Basic 36,455,712 36,523,011 36,617,961 37,451,145 Diluted 37,533,520 37,582,348 37,611,355 37,451,145 2020 Quarters Ended Selected Statement of Operations Data: March 31 (1) June 30 September 30 December 31 Revenue $ 137,329 $ 105,109 $ 151,076 $ 166,898 Cost of revenue 49,320 40,179 60,153 72,585 Gross profit 88,009 64,930 90,923 94,313 Total operating expenses 87,399 82,579 111,081 96,058 Income before provision for (benefit from) income taxes (746) (17,030) (19,731) (511) (Benefit from) income taxes (1,634) (4,129) (9,855) (3,143) Consolidated net income 888 (12,901) (9,876) 2,632 Net loss attributable to non-controlling interest (537) (941) (1,061) (1,016) Net income attributable to Penumbra, Inc. $ 1,425 $ (11,960) $ (8,815) $ 3,648 Net income per share: Basic $ 0.04 $ (0.34) $ (0.24) $ 0.10 Diluted $ 0.04 $ (0.34) $ (0.24) $ 0.10 Weighted average shares used to compute net income (loss) per share: Basic 35,042,912 35,400,542 36,207,716 36,357,495 Diluted 36,362,726 35,400,542 36,207,716 37,453,842 (1) In the first quarter of 2020, the Company adopted Accounting Standard Update (“ASU”) ASU 2016-13, Credit Losses using the modified retrospective transition approach, with the impact upon adoption reflected in opening retained earnings. As a result of adoption, the cumulative impact related to accounts receivable expected credit losses to our opening retained earnings at January 1, 2020 was $1.2 million . The comparative prior year information has not been adjusted and continues to be reported under legacy GAAP. The standard significantly changed the impairment model for most financial assets and certain other instruments, including accounts receivable and available-for-sale securities. Refer to Note “2. Summary of Significant Accounting Policies,” Note “3. Investments and Fair Value of Financial Instruments” and Note “4. Balance Sheet Components” for more information.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and ConsolidationThe accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).
Consolidation	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity accounts; disclosure of contingent assets and liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to marketable investments, allowances for credit losses, standalone selling prices used to allocate revenue to performance obligations which are not directly observable, the amount of variable consideration included in the transaction price, warranty reserve, valuation of inventories, useful lives of property and equipment, operating and finance lease right-of-use (“ROU”) assets and liabilities, income taxes, contingent consideration and other contingencies, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other data. Actual results could differ from those estimates.
Segments	Segments The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity: the design, development, manufacturing and marketing of innovative medical products, and operates as one operating segment. The Company’s chief operating decision-maker (“CODM”), its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance.
Foreign Currency Translation	Foreign Currency Translation The Company’s consolidated financial statements are prepared in United States Dollars (“USD”). Its foreign subsidiaries use their local currency as their functional currency and maintain their records in the local currency. Accordingly, the assets and liabilities of these subsidiaries are translated into USD using the current exchange rates in effect at the balance sheet date and equity accounts are translated into USD using historical rates. Revenues are translated using the exchange rate as of the date of transaction and expenses are translated using the average exchange rates in effect for the year involved. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. Transactions denominated in currencies other than the respective functional currencies are translated at exchange rates as of the date of transaction with foreign currency gains and losses recorded in other expense, net in the consolidated statements of operations. The Company realized net foreign currency transaction losses of $0.5 million, a nominal amount and $0.8 million during the years ended December 31, 2021, 2020, and 2019, respectively. As the Company’s international operations grow, its risks associated with fluctuation in currency rates will become greater, and the Company will continue to reassess its approach to managing this risk. In addition, currency fluctuations or a weakening USD can increase the costs of the Company’s international expansion. To date, the Company has not entered into any foreign currency hedging contracts.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, marketable investments (as described in greater detail in this footnote under the header “Cash, Cash Equivalents and Marketable Investments” below) and accounts receivable. The majority of the Company’s cash is held by one financial institution in the U.S. in excess of federally insured limits. The Company maintained investments in money market funds that were not federally insured during the year ended December 31, 2021 and held cash in foreign entities of approximately $20.2 million and $17.4 million at December 31, 2021 and 2020, respectively, which was not federally insured.
Significant Risks and Uncertainties	Significant Risks and Uncertainties The Company is subject to risks common to medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of products and the potential need to obtain additional financing. The Company is dependent on third-party suppliers, in some cases single-source suppliers. There can be no assurance that the Company’s products will continue to be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed, if at all.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities.
Cash and Cash Equivalents	Cash, Cash Equivalents and Marketable Investments The Company invests its cash primarily in highly liquid corporate debt securities, debt instruments of U.S. federal, state and municipal governments, and their agencies, in money market funds and in commercial paper. All highly liquid investments with stated maturities of three months or less from the date of purchase are classified as cash equivalents; all highly liquid investments with stated maturities of greater than three months are classified as marketable investments. The majority of the Company’s cash and investments are held in U.S. banks.
Marketable Investments	The Company determines the appropriate classification of its investments in marketable investments at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable investments have been classified and accounted for as available-for-sale. Investments with remaining maturities of more than one year are viewed by the Company as available to support current operations and are classified as current assets under the caption marketable investments in the accompanying consolidated balance sheets. Investments in marketable investments are carried at fair value, with the unrealized gains and losses reported as a component of accumulated other comprehensive loss. Any realized gains or losses on the sale of marketable investments are determined on a specific identification method, and such gains and losses are reflected as a component of other income (expense), net. Impairment of Marketable Investments As a result of the of the adoption of the ASU 2016-13 during the year ended December 31, 2020, the Company is exposed to credit losses through its investments in available-for-sale securities. An investment is impaired if the fair value of the investment is less than its amortized cost basis. The Company reviews each impaired available-for-sale security held in its portfolio to determine whether the decline in fair value below its amortized cost basis is the result of credit losses or other factors. An allowance for credit losses is to be recorded as a charge to net income in an amount equal to the difference between the impaired security’s amortized cost basis and the amount expected to be collected over the lifetime of security, limited by the amount that the fair value is less than its amortized cost basis. Any remaining difference between its amortized cost basis and fair value is deemed not to be due to expected credit losses and is recorded as a component of accumulated other comprehensive loss. The Company’s impairment review considers several factors to determine if an expected credit loss is present including the discounted present value of expected cash flows of the security, the capacity to hold a security or sell a security before recovery of the decline in amortized cost, the credit rating of the security and forecasted and historical factors that affect the value of the security.
Accounts Receivable	Accounts Receivable As a result of the adoption of ASU 2016-13 on January 1, 2020, accounts receivable are measured at amortized cost less the allowance for credit losses. The Company measures expected credit losses for its accounts receivables utilizing a loss-rate approach. The allowance for expected credit losses assessment requires a degree of estimation and judgement. The expected loss-rate is calculated by utilizing historical credit losses incurred as a percentage of the Company’s historical accounts receivable balances, pooled by customers with similar geographic credit risk characteristics. The loss-rate is adjusted for management’s expectations regarding current conditions and forecasts about future conditions which impact expected credit losses. The Company considers factors such as customers credit risk, geographic related risks and economic conditions that may affect a customer’s credit quality classification. Prior to the adoption of ASU 2016-13, the Company recognized losses when a loss was incurred or deemed probable by recording a specific allowance against amounts due, and thereby reducing the net recognized receivable to the amount reasonably believed to be collectible. In fiscal years prior to the adoption of ASU 2016-13, accounts receivable were stated at invoice value less estimated allowances for doubtful accounts. The Company recognized losses when a loss was incurred or deemed probable by recording a specific allowance against amounts due, and thereby reducing the net recognized receivable to the amount reasonably believed to be collectible. The Company monitored customer payments and maintained a reserve for estimated losses resulting from its customers’ inability to make required payments considering factors such as historical experience, credit quality, age of the accounts receivable balances, geographic related risks and economic conditions that may affect a customer’s ability to pay.
Inventories	InventoriesInventories are stated at the lower of cost (determined under the first-in first-out method) or net realizable value. Write-downs are provided for raw materials, components or finished goods that are determined to be excessive or obsolete. The Company regularly reviews inventory quantities in consideration of actual loss experience, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate.
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life. Machinery and equipment and furniture and fixtures are depreciated over a five ten year two
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset group’s carrying value. If an asset is considered impaired, the asset is written down to fair value, which is determined based either on discounted cash flows or appraised value, depending on the nature of the asset.
Contingent Consideration	Contingent Consideration Certain agreements the Company enters into involve the potential payment of future consideration that is contingent upon certain performance and revenue milestones being achieved. Contingent consideration obligations incurred in connection with a business combination are recorded at their fair values on the acquisition date and remeasured at their fair values each subsequent reporting period until the related contingencies are resolved. The resulting changes in fair values are recognized generally within sales, general and administrative expense, depending on the nature of the contingent consideration liability, in the consolidated statements of operations. Asset acquisitions are accounted for using a cost accumulation and allocation model and the cost of the acquisition is allocated to the assets acquired and liabilities assumed. Contingent consideration obligations incurred in connection with an asset acquisition are recorded when it is probable that they will occur and they can be reasonably estimated.
Intangible Assets	Intangible Asset s Intangible assets primarily consist of developed technology, in-process research and development, purchased rights to licensed technology, customer relationships, and trade secrets and processes. Indefinite-lived intangible assets consist of in-process research and development and an exclusive right to licensed technology during the years ended December 31, 2021 and 2020. Indefinite-lived intangible assets are tested for impairment at least annually, in the fourth quarter, or more frequently if events or circumstances indicate that it is more likely than not that the asset is impaired. If the fair value of the asset is less than the carrying amount, an impairment loss would be recognized in an amount equal to the difference between the carrying amount and the fair value. Due to a triggering event in the second quarter of 2020, the acquired exclusive right to licensed technology indefinite-lived intangible asset determined be impaired and the Company wrote-off the full carrying amount of the asset. The in-process research and development indefinite-lived intangible asset was acquired in fourth quarter of 2021 and will be tested for impairment at least annually, beginning in the fourth quarter of 2022, or more frequently if events or circumstances indicate that it is more likely than not that the asset is impaired. Refer to Note “6. Intangible Assets” for more information on the Company’s intangible assets.
Goodwill	Goodwill Goodwill represents the excess of the purchase price of an acquired business or assets over the fair value of the identifiable assets acquired and liabilities assumed. Goodwill is not amortized, but is tested for impairment annually in the fourth quarter, or more frequently if events or circumstances indicate the carrying value may no longer be recoverable and that an impairment
Revenue Recognition	Revenue Recognition Revenue is primarily comprised of product revenue net of returns, discounts, administration fees and sales rebates. The Company adopted the guidance under ASC 606 on January 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption. Under ASC 606, the Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenue from product sales is recognized either on the date of shipment or the date of receipt by the customer, but is deferred for certain transactions when control has not yet transferred. With respect to products that the Company consigns to hospitals, which primarily consist of coils, the Company recognizes revenue at the time hospitals utilize products in a procedure. Certain arrangements with customers contain multiple performance obligations. For these contracts, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling prices considering entity-specific factors including, but not limited to, the expected cost and margin of the products and services, geographies, and other market conditions. The use of alternative estimates could result in a different amount of revenue deferral. Deferred revenue represents amounts that the Company has already invoiced and are ultimately expected to be recognized as revenue, but for which not all revenue recognition criteria have been met. As of December 31, 2021 and December 31, 2020, respectively, the Company's deferred revenue balance was not material. Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns utilizing historical return rates, rebates, discounts, and other adjustments to net revenue. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price. Variable consideration is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
Shipping Costs	Shipping Costs Shipping and handling costs charged to customers are recorded as revenue. Shipping and handling costs are included in cost of revenue.
Research and Development (R&D) Costs	Research and Development (“R&D”) Costs R&D costs primarily consist of product development, clinical and regulatory expenses, materials, depreciation and other costs associated with the development of the Company’s products. R&D costs also include related personnel and consultants’ salaries, benefits and related costs, including stock-based compensation. The Company expenses R&D costs as they are incurred. The Company’s clinical trial accruals are based on estimates of patient enrollment and related costs at clinical investigator sites. The Company estimates preclinical and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on its behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of patient enrollment and activity expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Payments made to third parties under these arrangements in advance of the receipt of the related services are recorded as prepaid expenses until the services are rendered. Internal Use Software The Company capitalizes certain costs incurred for the development of computer software for internal use. These costs generally relate to third-party software as well as the internal development of software associated with our REAL Immersive System offerings. The Company capitalizes these costs when it is determined that it is probable that the project will be completed and the software will be used to perform the function intended, and the preliminary project stage is completed. Capitalized internal use software development costs are included in Property and equipment, net within the consolidated balance sheets. Capitalized internal use software is amortized on a straight-line basis over its estimated useful life. For software that supports our REAL Immersive System, the amortization expense is recorded in cost of revenue within the consolidated statements of operations. Costs related to the preliminary project stage, post-implementation, training and maintenance are expensed as incurred.
Cloud Computing Arrangements	Cloud Computing ArrangementsThe Company capitalizes certain implementation costs incurred in agreements that qualify as cloud computing arrangements. The cost expenditures for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor are capitalized and are recorded in prepaid expenses and other current assets and other non-current assets in our consolidated balance sheets. Such costs are amortized over the life of the related cloud computing arrangement.
Advertising Costs	Advertising CostsAdvertising costs are included in sales, general and administrative expenses and are expensed as incurred.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes the cost of stock-based compensation in the financial statements based upon fair value. The fair value of restricted stock and restricted stock unit (“RSU”) awards is determined based on the number of units granted and the closing price of the Company’s common stock as of the grant date. The fair value of each purchase under the employee stock purchase plan (“ESPP”) is estimated at the beginning of the offering period using the Black-Scholes option pricing model. The fair value of stock options is determined as of the grant date using the Black-Scholes option pricing model. The Company’s determination of the fair value of equity-settled awards is impacted by the price of the Company’s common stock as well as changes in assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, the expected term that awards will remain outstanding, expected common stock price volatility over the term of the awards, risk-free interest rates and expected dividends. The fair value of an award is recognized over the requisite service period (usually the vesting period) on a straight-line basis. Stock-based compensation expense recognized at fair value includes the impact of estimated forfeitures. The Company estimates future forfeitures at the date of grant and revises the estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. To the extent actual forfeiture results differ from the estimates, the difference is recorded as a cumulative adjustment in the period forfeiture estimates are revised. No compensation cost is recorded for awards that do not vest. The Company accounts for stock-based compensation issued to non-employees by recognizing the fair value of non-employee awards over the requisite service period (usually the vesting period) on a straight-line basis. Therefore, equity instruments issued to non-employees are recorded at their fair value on the grant date in the same manner as employee awards. The fair value of these equity instruments is expensed over the service period. Estimates of the fair value of equity-settled awards as of the grant date using valuation models, such as the Black-Scholes option pricing model, are affected by assumptions regarding a number of complex variables. Changes in the assumptions can materially affect the fair value of the award and ultimately how much stock-based compensation expense is recognized. These inputs are subjective and generally require significant analysis and judgment to develop. For all stock options granted prior to the Company’s IPO, the Company estimated the volatility data based on a study of publicly traded industry peer companies. For
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, whereby deferred tax asset (“DTA”) and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance to reduce the net DTAs to their estimated realizable value. The calculation of the Company’s current provision for income taxes involves the use of estimates, assumptions and judgments while taking into account current tax laws, interpretation of current tax laws and possible outcomes of future tax audits. The Company has established reserves to address potential exposures related to tax positions that could be challenged by tax authorities. Although the Company believes its estimates, assumptions and judgments to be reasonable, any changes in tax law or its interpretation of tax laws and the resolutions of potential tax audits could significantly impact the amounts provided for income taxes in the Company’s consolidated financial statements. The calculation of the Company’s DTA balance involves the use of estimates, assumptions and judgments while taking into account estimates of the amounts and type of future taxable income. Actual future operating results and the underlying amount and type of income could differ materially from the Company’s estimates, assumptions and judgments thereby impacting the Company’s financial position and results of operations. The Company follows the guidance relating to accounting for uncertainty in income taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in the Company’s income tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. The Company includes interest and penalties related to unrecognized tax benefits within income tax expense in the accompanying consolidated statements of operations.
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income, unrealized gains or losses on available-for-sale investments and the effects of foreign currency translation adjustments. The Company presents comprehensive income and its components in the consolidated statements of comprehensive income (loss).
Net (Loss) Income Per Share of Common Stock	Net (Loss) Income Per Share of Common Stock The Company’s basic net (loss) income attributable to Penumbra, Inc. per share is calculated by dividing the net (loss) income attributable to Penumbra, Inc. per share by the weighted average number of shares of common stock outstanding for the period. The diluted net (loss) income per share attributable to Penumbra, Inc. is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock and restricted stock units are considered common stock equivalents.
Leases	Leases The Company adopted the guidance under ASC Topic 842, “Leases” ("ASC 842") on January 1, 2019 using the modified retrospective transition approach. There was no cumulative-effect adjustment recorded to retained earnings upon adoption. Under ASC 842, the Company determines if an arrangement is a lease at inception. In addition, the Company determines whether leases meet the classification criteria of a finance or operating lease at the lease commencement date considering: (1) whether the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, (2) whether the lease contains a bargain purchase option, (3) whether the lease term is for a major part of the remaining economic life of the underlying asset, (4) whether the present value of the sum of the lease payments and residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset, and (5) whether the underlying asset is of
Recent Accounting Guidance and Recently Issued Accounting Standards	Recent Accounting Guidance Recently Adopted Accounting Standards On January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes— Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This new standard removes certain exceptions for recognizing deferred taxes of foreign investments, the incremental approach to performing intraperiod allocation, and calculating income taxes for year-to-date interim period losses when such losses exceed anticipated full year losses. The standard also adds guidance to reduce complexity in certain areas, including accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in goodwill tax basis, enacted tax law changes impact during interim periods, and allocation of taxes to members of a consolidated group which are not subject to tax. The adoption of ASU 2019-12 did not have a material impact on the consolidated financial statements.

Investments and Fair Value of_2

Investments and Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Marketable Investments	The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of December 31, 2021 and 2020 were as follows (in thousands): December 31, 2021 Securities with net gains or losses in accumulated other comprehensive income (loss) Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss Fair Value Commercial paper $ 20,286 $ — $ (10) $ — $ 20,276 U.S. treasury 14,464 — (77) — 14,387 U.S. agency and government sponsored securities 11,553 1 (19) — 11,535 U.S. states and municipalities 39,436 39 (89) — 39,386 Corporate bonds 110,354 49 (491) — 109,912 Total $ 196,093 $ 89 $ (686) $ — $ 195,496 December 31, 2020 Securities with net gains or losses in accumulated other comprehensive income (loss) Cost Gross Unrealized Gross Unrealized Allowance for Credit Loss Fair Value Commercial paper $ 4,242 $ 4 $ — $ — $ 4,246 U.S. agency securities and government sponsored securities 7,846 11 — — 7,857 U.S. states and municipalities 47,934 162 (1) — 48,095 Corporate bonds 134,298 669 (3) — 134,964 Total $ 194,320 $ 846 $ (4) $ — $ 195,162
Schedule of the Fair Value of Marketable Investments in an Unrealized Loss Position for Less than Twelve Months	The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more than twelve months as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Less than 12 months More than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Commercial paper $ 16,977 $ (10) $ — $ — $ 16,977 $ (10) U.S. treasury 14,387 (77) — — 14,387 (77) U.S. agency securities and government sponsored securities 6,985 (19) — — 6,985 (19) U.S. states and municipalities 21,924 (89) — — 21,924 (89) Corporate bonds 85,513 (491) — — 85,513 (491) Total $ 145,786 $ (686) $ — $ — $ 145,786 $ (686) December 31, 2020 Less than 12 months More than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. states and municipalities $ 1,408 $ (1) $ — $ — $ 1,408 $ (1) Corporate bonds 12,552 (3) — — 12,552 (3) Total $ 13,960 $ (4) $ — $ — $ 13,960 $ (4)
Schedule of Contractual Maturities of Marketable Investments	The contractual maturities of the Company’s marketable investments as of December 31, 2021 were as follows (in thousands): December 31, 2021 Marketable Investments Amortized Cost Fair Value Due in one year $ 75,595 $ 75,634 Due in one to five years 120,498 119,862 Total $ 196,093 $ 195,496
Schedule of Fair Value of Assets and Liabilities	The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands): As of December 31, 2021 Level 1 Level 2 Level 3 Fair Value Financial Assets Cash equivalents: Money market funds $ 10,509 $ — $ — $ 10,509 Marketable investments: Commercial paper — 20,276 — 20,276 U.S. treasury 14,387 — — 14,387 U.S. agency and government sponsored securities — 11,535 — 11,535 U.S. states and municipalities — 39,386 — 39,386 Corporate bonds — 109,912 — 109,912 Total $ 24,896 $ 181,109 $ — $ 206,005 As of December 31, 2020 Level 1 Level 2 Level 3 Fair Value Financial Assets Cash equivalents: Commercial paper $ — $ — $ — $ — Money market funds 33,054 — — 33,054 Marketable investments: Commercial paper — 4,246 — 4,246 U.S. treasury — — — — U.S. agency and government sponsored securities — 7,857 — 7,857 U.S. states and municipalities — 48,095 — 48,095 Corporate bonds — 134,964 — 134,964 Total $ 33,054 $ 195,162 $ — $ 228,216
Schedule of Contingent Consideration Obligation	The following table summarizes the changes in fair value of the contingent consideration obligation for the years ended December 31, 2020 and December 31, 2019 (in thousands): Fair Value of Contingent Consideration Balance at December 31, 2019 $ 1,206 Payments of contingent consideration liabilities (1,186) Changes in fair value — Foreign currency remeasurement (20) Balance at December 31, 2020 $ — Fair Value of Contingent Consideration Balance at December 31, 2018 $ 2,571 Payments of contingent consideration liabilities (1,296) Changes in fair value (35) Foreign currency remeasurement (34) Balance at December 31, 2019 $ 1,206

Balance Sheet Components (Table

Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Allowance for Doubtful Accounts	The Company’s allowance for doubtful accounts comprised of the following (in thousands): Balance At Charged To Costs And Expenses Deductions (1) Recoveries Balance At For the year ended: December 31, 2019 $ 2,782 $ 656 $ (492) — $ 2,946 (1) Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries. The Company’s allowance for credit losses related to accounts receivable balances was comprised of the following (in thousands): Balance At Write-offs Provision for Credit loss (1) Recoveries Balance At For the year ended: December 31, 2020 2,946 (2,361) $ 1,613 — 2,198 December 31, 2021 2,198 — $ — (106) 2,092 (1 ) On January 1, 2020, the Company recorded a $1.3 million adjustment to opening retained earnings upon the adoption of ASU 2016-13.
Schedule of Inventories	The components of inventories consisted of the following (in thousands): December 31, 2021 2020 Raw materials $ 68,374 $ 45,341 Work in process 18,678 22,099 Finished goods 176,452 152,087 Inventories $ 263,504 $ 219,527
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): December 31, 2021 2020 Machinery and equipment $ 30,429 $ 26,300 Furniture and fixtures 14,360 10,000 Leasehold improvements 23,934 20,945 Software 7,989 8,623 Computers 9,457 7,298 Construction in progress 11,101 4,946 Total property and equipment 97,270 78,112 Less: Accumulated depreciation and amortization (38,414) (29,943) Property and equipment, net $ 58,856 $ 48,169
Schedule of Accrued Liabilities	The following table shows the components of accrued liabilities as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Payroll and employee-related expenses $ 60,015 $ 50,083 Accrued expenses 12,245 9,246 Sales return reserve 1,780 9,812 Other acquisition-related costs (1) — 3,000 Other accrued liabilities 25,756 13,654 Total accrued liabilities $ 99,796 $ 85,795 (1) Amount consists primarily of a contingent liability related to an anti-dilution provision from the asset acquisition of MVI Health Inc. (“MVI”) in 2018. Refer to “Note 5. Business Combinations” for more information about the effective settlement of this liability.
Schedule of Estimated Product Warranty Accrual	The following table shows the changes in the Company’s estimated product warranty accrual, included in accrued liabilities, as of December 31, 2021, 2020 and 2019 (in thousands): December 31, 2021 2020 2019 Balance at the beginning of the year $ 2,896 $ 2,318 $ 1,875 Accruals of warranties issued 2,973 1,589 1,065 Settlements of warranty claims (1,559) (1,011) (622) Balance at the end of the year $ 4,310 $ 2,896 $ 2,318

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The following table presents the preliminary allocation of the purchase price for Sixense (in thousands): Acquisition-Date Fair Value Estimated Useful Life of Finite-Lived Intangible Assets Tangible assets acquired and (liabilities) assumed: Cash and cash equivalents $ 2,919 Prepaid expenses and other current and non-current assets 2,063 Deferred tax assets 20,678 Deferred tax liabilities (19,398) Accrued liabilities and other current liabilities (1,341) Intangible assets acquired: Developed technology 62,466 8.75 years In-process research and development 20,823 Net assets acquired 88,210 Fair value of subsidiary stock indirectly acquired through the Merger 4,161 Total net assets acquired 92,371 Goodwill 158,645 Total purchase price $ 251,016
Schedule of Business Acquisition Consideration Transferred	The following table summarizes the Closing Date fair value of the consideration transferred (in thousands): Fair value of common stock issued (1) $ 174,133 Fair value of replacement stock options (2) 80,693 Consideration for settlement of pre-existing liabilities due to Sixense (3) (3,810) Total purchase price $ 251,016 (1) The fair value of the 661,877 shares of common stock issued as part of consideration transferred was determined based on the acquisition date closing market price of the Company’s common stock of $263.09. (2) Per ASC 805, the replacement of stock options or other share-based payment awards in conjunction with a business combination represents a modification of share-based payment awards that must be accounted for in accordance with ASC 718. As a result of the Company’s obligation to issue replacement awards, a portion of the fair-value-based measure of replacement awards is included in measuring the purchase consideration transferred in the business combination. To determine the portion of the replacement awards that is part of the purchase consideration, the Company measured the fair value of both the replacement awards and the historical awards as of the Closing Date, in accordance with ASC 718. The fair value of the replacement awards, whether vested or unvested, was included in the purchase consideration to the extent that pre-acquisition services had been rendered. The fair value of replacement stock options assumed for which pre-acquisition services were rendered of $80.7 million was allocated to the purchase consideration and $25.8 million was recognized immediately in the post-combination financial statements as pre-acquisition services were not rendered but the vesting of all stock options was accelerated in connection with the Merger. Refer to Note “11. Stockholders’ Equity” for more information. (3) In the connection with the Merger, the Company effectively settled pre-existing liabilities due to or on behalf of Sixense.
Pro Forma Information	The unaudited pro forma information is presented below (unaudited, in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 (unaudited, in thousands) Pro forma revenues $ 747,840 $ 560,779 Proforma net income (loss) attributable to Penumbra, Inc. $ 17,552 $ (30,188) Proforma net loss attributable to non-controlling interest $ — $ —

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-lived Intangible Assets	The following table presents details of the Company’s acquired intangible assets as of December 31, 2021 and 2020 (in thousands, except weighted-average amortization period): As of December 31, 2021 Weighted-Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets: Developed technology 8.8 years $ 62,466 $ (1,784) $ 60,682 Customer relationships 15.0 years 6,762 (2,029) 4,733 Trade secrets and processes 20.0 years 5,256 (1,051) 4,205 Other 5.0 years 1,744 (1,569) 175 Total intangible assets subject to amortization 9.8 years $ 76,228 $ (6,433) $ 69,795 Indefinite-lived intangible assets: In-process research and development $ 20,823 $ — $ 20,823 Total intangible assets $ 97,051 $ (6,433) $ 90,618 As of December 31, 2020 Weighted-Average Gross Carrying Amount Accumulated Amortization Net Customer relationships 15.0 years $ 7,311 $ (1,706) $ 5,605 Trade secrets and processes 20.0 years 5,256 (788) 4,468 Other 5.0 years 1,885 (1,319) 566 Total intangible assets subject to amortization 16.6 years $ 14,452 $ (3,813) $ 10,639
Schedule of Indefinite-lived Intangible Assets	The following table presents details of the Company’s acquired intangible assets as of December 31, 2021 and 2020 (in thousands, except weighted-average amortization period): As of December 31, 2021 Weighted-Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets: Developed technology 8.8 years $ 62,466 $ (1,784) $ 60,682 Customer relationships 15.0 years 6,762 (2,029) 4,733 Trade secrets and processes 20.0 years 5,256 (1,051) 4,205 Other 5.0 years 1,744 (1,569) 175 Total intangible assets subject to amortization 9.8 years $ 76,228 $ (6,433) $ 69,795 Indefinite-lived intangible assets: In-process research and development $ 20,823 $ — $ 20,823 Total intangible assets $ 97,051 $ (6,433) $ 90,618 As of December 31, 2020 Weighted-Average Gross Carrying Amount Accumulated Amortization Net Customer relationships 15.0 years $ 7,311 $ (1,706) $ 5,605 Trade secrets and processes 20.0 years 5,256 (788) 4,468 Other 5.0 years 1,885 (1,319) 566 Total intangible assets subject to amortization 16.6 years $ 14,452 $ (3,813) $ 10,639
Finite-lived Intangible Assets Amortization Expense	The following table presents the amortization recorded related to the Company’s finite-lived intangible assets for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 263 $ 263 $ 263 Sales, general and administrative 2,618 804 789 Total $ 2,881 $ 1,067 $ 1,052
Schedule of Future Amortization Expense	As of December 31, 2021, expected amortization expense for the unamortized acquired intangible assets for the next five years and thereafter is as follows (in thousands): Amortization Expense 2022 $ 8,027 2023 7,853 2024 7,853 2025 7,853 2026 7,853 Thereafter 30,356 Total amortization $ 69,795

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents the changes in goodwill during the year ended December 31, 2021 (in thousands): Total Company Balance as of December 31, 2020 $ 8,372 Acquisition of Sixense 158,645 Foreign currency translation adjustments (629) Balance as of December 31, 2021 $ 166,388

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Lease Cost	The following table presents the components of the Company’s lease cost, lease term and discount rate during the year ended December 31, 2021 (in thousands, except years and percentages): Year Ended December 31, 2021 Year Ended December 31, 2020 Lease Cost Operating lease cost $ 11,646 $ 7,602 Finance lease cost: Amortization of right-of-use assets 3,082 2,787 Interest on lease liabilities 1,495 1,517 Variable lease cost (1) 6,699 5,139 Total lease costs $ 22,922 $ 17,045 Weighted Average Remaining Lease Term Operating leases 13.1 years 9.1 years Finance leases 12.2 years 13.5 years Weighted Average Discount Rate Operating leases 4.92 % 6.16 % Finance leases 5.30 % 5.36 %
Schedule of Maturities of Operating Lease Liabilities	The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of December 31, 2021 (in thousands): Operating Lease Payments (1) Finance Lease Payments Year Ending December 31: 2022 $ 15,190 $ 3,149 2023 14,933 3,198 2024 14,578 3,231 2025 14,334 3,160 2026 14,405 2,791 Thereafter 126,993 23,515 Total undiscounted lease payments 200,433 39,044 Less imputed interest (55,121) (10,808) Present value of lease liabilities $ 145,312 $ 28,236 (1) The table above excludes the estimated future minimum lease payment for the 620 Roseville Parkway Lease due to uncertainty around when the 620 Roseville Parkway Lease will commence and payments will be due. The total estimated lease payments over the thirteen
Schedule of Maturities of Finance Lease Liabilities	The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of December 31, 2021 (in thousands): Operating Lease Payments (1) Finance Lease Payments Year Ending December 31: 2022 $ 15,190 $ 3,149 2023 14,933 3,198 2024 14,578 3,231 2025 14,334 3,160 2026 14,405 2,791 Thereafter 126,993 23,515 Total undiscounted lease payments 200,433 39,044 Less imputed interest (55,121) (10,808) Present value of lease liabilities $ 145,312 $ 28,236 (1) The table above excludes the estimated future minimum lease payment for the 620 Roseville Parkway Lease due to uncertainty around when the 620 Roseville Parkway Lease will commence and payments will be due. The total estimated lease payments over the thirteen
Schedule of Supplemental Cash Flow Disclosures	Supplemental cash flow information related to leases during the years ended December 31, 2021 and 2020 are as follows (in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,690 $ 7,561 Financing cash flows from finance leases $ 1,451 $ 3,418 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 101,510 $ 1,515 Finance leases $ 1,346 $ 1,632

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	Activity of stock options under the 2005 Plan, 2011 Plan and 2014 Plan (collectively, the “Plans”) is set forth below: Number of Shares Weighted-Average Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Balance at December 31, 2020 1,020,978 $ 23.38 Grants 447,017 $ 25.71 Exercised (326,031) $ 13.82 Canceled/Forfeited (150) $ 19.07 Balance at December 31, 2021 1,141,814 $ 27.02 Vested and expected to vest—December 31, 2021 1,141,659 $ 27.01 4.12 $ 297,190 Exercisable—December 31, 2021 1,137,864 $ 26.57 4.11 $ 296,701
Summary of Unvested Restricted Stock Activity	The activity of unvested restricted stock and restricted stock units (“RSU”) under the Plans is set forth below: Number Weighted Average Unvested at December 31, 2020 369,629 $ 163.03 Granted 231,684 258.62 Released/Vested - Restricted Stock/RSUs (171,824) 175.29 Canceled/Forfeited (20,007) 194.90 Unvested at December 31, 2021 409,482 $ 210.41
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The Company used the following assumptions in its Black-Scholes option pricing model to determine the fair value of stock options and ESPP rights: Stock Options ESPP Rights Year Ended December 31, Year Ended December 31, 2021 2019 2021 2020 2019 Expected term (in years) 2.85 6.89 0.50 0.50 0.50 Expected volatility 42 % 40 % 43% 48% 45% Risk-free interest rate 0.38 % 1.82 % 0.10% 0.70% 2.30% Expected dividend yield — % — % 0% 0% 0%
Schedule of Stock-based Compensation Expense	The following table sets forth the stock-based compensation expense included in the consolidated statements of operations (in thousands): Year Ended December 31, 2021 (1) 2020 2019 Cost of sales $ 2,898 $ 2,304 $ 1,396 Research and development 30,037 3,686 2,835 Sales, general and administrative 32,828 19,551 17,254 $ 65,763 $ 25,541 $ 21,485 (1) The Company recorded a $25.8 million charge to stock-based compensation related to the acceleration of vesting of all replacement stock options in connection with the Merger. Refer to Note “5. Business Combinations” for more information.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive (Loss) Income	The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of accumulated other comprehensive income (loss) into earnings affect our consolidated statements of comprehensive income (loss) (in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Marketable Currency Translation Total Marketable Currency Translation Total Balance, beginning of the year $ 647 $ 1,894 $ 2,541 $ 238 $ (2,562) $ (2,324) Other comprehensive income (loss) before reclassifications: Unrealized losses (gains) — marketable investments (1,437) — (1,437) 530 — 530 Foreign currency translation losses — (3,930) (3,930) — 4,458 4,458 Income tax effect — expense 195 1 196 (121) (2) (123) Net of tax (1,242) (3,929) (5,171) 409 4,456 4,865 Amounts reclassified from accumulated other comprehensive loss to consolidated net income: Realized (gain) loss — marketable investments — — — — — — Income tax effect — (expense) benefit — — — — — — Net of tax — — — — — — Net current-year other comprehensive income (loss) (1,242) (3,929) (5,171) 409 4,456 4,865 Balance, end of the year $ (595) $ (2,035) $ (2,630) $ 647 $ 1,894 $ 2,541

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Income or (Loss) before Income Taxes	Income (loss) before income taxes and equity in losses of unconsolidated investee for the years ended December 31, 2021, 2020 and 2019 is summarized as follows (in thousands): Year Ended December 31, 2021 2020 2019 United States $ (15,155) $ (40,278) $ 46,859 Foreign 4,653 2,260 3,276 Total (loss) income before income taxes $ (10,502) $ (38,018) $ 50,135
Components of the (Benefit from) Provision for Income Taxes	The components of the (benefit from) provision for income taxes are summarized as follows (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ 44 $ (302) $ (738) State 439 357 34 Foreign 1,345 907 2,458 Total current $ 1,828 $ 962 $ 1,754 Deferred: Federal (13,698) (18,129) 1,556 State (1,131) (1,488) 295 Foreign (124) (106) (474) Total deferred $ (14,953) $ (19,723) $ 1,377 (Benefit from) provision for income taxes $ (13,125) $ (18,761) $ 3,131
Schedule of Effective Income Tax Reconciliation	The Company’s actual (benefit from) or provision for tax differed from the amounts computed by applying the Company’s U.S. federal statutory income tax rate to pretax income as a result of the following: Year Ended December 31, 2021 2020 (1) 2019 (1) Income tax at federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 7.6 3.2 0.4 Rate differential on foreign operations (2.7) (0.3) 1.5 Foreign taxes 1.3 (1.0) 0.7 Mutual agreement procedure adjustment 2.1 — — Prepaid tax ASC 810-10 (0.3) 0.8 (0.8) Stock-based compensation 86.1 26.8 (20.8) Global intangible low-taxed income (“GILTI”) (6.5) — 0.8 Non-deductible parking expenses (1.5) (0.4) — Permanent differences (1.2) (1.5) 2.6 Other 0.9 0.7 0.8 Change in valuation allowance 18.2 — — Effective tax rate 125.0 % 49.3 % 6.2 % (1) The 2019 and 2020 effective tax rate reconciliations have been updated to conform to the 2021 presentation.
Schedule of Deferred Tax Assets and Liabilities	Deferred income tax assets and liabilities consist of the following (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 55,461 $ 36,236 Tax credits 31,969 22,955 Accruals and reserves 9,521 11,550 Stock-based compensation 21,886 4,558 Translation adjustment 173 154 UNICAP adjustments 8,715 9,923 ASC 842 Lease Liabilities 41,919 18,773 Other 1,688 430 Gross deferred tax assets 171,332 104,579 Valuation allowance (37,110) (28,768) Total deferred tax assets 134,222 75,811 Deferred tax liabilities: Depreciation and amortization (28,159) (7,622) Unrealized Gains — (195) ASC 842 Lease ROU Assets (40,645) (19,251) Other (1,171) (255) Total deferred tax liabilities (69,975) (27,323) Net deferred tax assets $ 64,247 $ 48,488
Summary of Valuation Allowance	The change in the Company’s deferred tax valuation allowance against net DTAs from January 1, 2019 to December 31, 2021, is as follows (in thousands): Beginning Balance Additions Charged To Expenses or Other Accounts (1) Deductions Credited to Expenses or Other Accounts (2) Ending Balance For the year ended: December 31, 2019 $ 17,284 $ 4,395 $ (121) $ 21,558 December 31, 2020 21,558 7,322 (112) 28,768 December 31, 2021 28,768 10,386 (2,044) 37,110 (1) Additions include current year additions charged to expenses and current year build due to increases in net DTAs, return to provision true-ups, and other adjustments. (2) Deductions include current year releases credited to expenses and current year reductions due to decreases in net DTAs, return to provision true-ups, and other adjustments.
Schedule of Unrecognized Tax Benefits	A reconciliation of the change in the gross unrecognized tax benefits from January 1, 2019 to December 31, 2021, is as follows (in thousands): December 31, 2021 2020 2019 Beginning Balance $ 8,625 $ 6,075 $ 5,174 Gross increase for tax positions of current year 1,935 2,389 1,191 Gross increase for tax positions of prior years 216 304 386 Gross decrease for tax positions of prior years (1,411) (143) (565) Settlement with taxing authority (339) — — Lapse of statute of limitations — — (111) Ending Balance $ 9,026 $ 8,625 $ 6,075

Net Income (Loss) Attributabl_2

Net Income (Loss) Attributable to Penumbra, Inc. Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator used in the Calculation of the Basic and Diluted Earnings per Share	A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net (loss) income attributable to Penumbra, Inc. is as follows (in thousands, except share and per share amounts): Year Ended December 31, 2021 2020 2019 Numerator: Net (loss) income attributable to Penumbra, Inc. $ 5,284 $ (15,702) $ 48,458 Denominator: Weighted average shares used to compute net (loss) income attributable to common stockholders: Basic 36,764,290 35,766,892 34,750,706 Potential dilutive stock-based options and awards, as calculated using treasury stock method 1,116,890 — 1,515,293 Diluted 37,881,180 35,766,892 36,265,999 Net (loss) income attributable to Penumbra, Inc. per share from: Basic $ 0.14 $ (0.44) $ 1.39 Diluted $ 0.14 $ (0.44) $ 1.34

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company’s revenues, disaggregated by geography, based on the destination to which the Company ships its products, for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands): Year Ended December 31, 2021 2020 2019 United States $ 527,789 $ 400,270 $ 355,222 Other International 219,801 160,142 192,183 Total $ 747,590 $ 560,412 $ 547,405 The Company’s revenues disaggregated by product category, for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands): Year Ended December 31, 2021 2020 2019 Vascular $ 408,878 $ 267,783 $ 215,720 Neuro 338,712 292,629 331,685 Total $ 747,590 $ 560,412 $ 547,405
Summary of Contract Assets and Liabilities	The following information summarizes the Company’s contract assets and liabilities (in thousands): December 31, 2021 2020 Contract liabilities, net $ 5,671 $ 274

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following tables provide the selected quarterly financial data for 2021 and 2020 (in thousands, except share and per share amounts): 2021 Quarters Ended Selected Statement of Operations Data: March 31 (1) June 30 September 30 December 31 Revenue $ 169,204 $ 184,258 $ 190,117 $ 204,011 Cost of revenue 57,867 65,572 70,205 78,564 Gross profit 111,337 118,686 119,912 125,447 Total operating expenses 97,874 108,374 111,131 165,504 Loss before (benefit from) for income taxes 12,467 10,203 7,782 (40,954) Provision for (benefit from) income taxes 1,541 1,904 (249) (16,321) Consolidated net income (loss) 10,926 8,299 8,031 (24,633) Net loss attributable to non-controlling interest (910) (932) (819) — Net income (loss) attributable to Penumbra, Inc. $ 11,836 $ 9,231 $ 8,850 $ (24,633) Net income (loss) attributable to Penumbra, Inc. per share: Basic $ 0.32 $ 0.25 $ 0.24 $ (0.66) Diluted $ 0.32 $ 0.25 $ 0.24 $ (0.66) Weighted average shares used to compute net income (loss) per share: Basic 36,455,712 36,523,011 36,617,961 37,451,145 Diluted 37,533,520 37,582,348 37,611,355 37,451,145 2020 Quarters Ended Selected Statement of Operations Data: March 31 (1) June 30 September 30 December 31 Revenue $ 137,329 $ 105,109 $ 151,076 $ 166,898 Cost of revenue 49,320 40,179 60,153 72,585 Gross profit 88,009 64,930 90,923 94,313 Total operating expenses 87,399 82,579 111,081 96,058 Income before provision for (benefit from) income taxes (746) (17,030) (19,731) (511) (Benefit from) income taxes (1,634) (4,129) (9,855) (3,143) Consolidated net income 888 (12,901) (9,876) 2,632 Net loss attributable to non-controlling interest (537) (941) (1,061) (1,016) Net income attributable to Penumbra, Inc. $ 1,425 $ (11,960) $ (8,815) $ 3,648 Net income per share: Basic $ 0.04 $ (0.34) $ (0.24) $ 0.10 Diluted $ 0.04 $ (0.34) $ (0.24) $ 0.10 Weighted average shares used to compute net income (loss) per share: Basic 35,042,912 35,400,542 36,207,716 36,357,495 Diluted 36,362,726 35,400,542 36,207,716 37,453,842 (1) In the first quarter of 2020, the Company adopted Accounting Standard Update (“ASU”) ASU 2016-13, Credit Losses using the modified retrospective transition approach, with the impact upon adoption reflected in opening retained earnings. As a result of adoption, the cumulative impact related to accounts receivable expected credit losses to our opening retained earnings at January 1, 2020 was $1.2 million . The comparative prior year information has not been adjusted and continues to be reported under legacy GAAP. The standard significantly changed the impairment model for most financial assets and certain other instruments, including accounts receivable and available-for-sale securities. Refer to Note “2. Summary of Significant Accounting Policies,” Note “3. Investments and Fair Value of Financial Instruments” and Note “4. Balance Sheet Components” for more information.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)		12 Months Ended
		Dec. 31, 2021USD ($)financial_instituionsegmentcustomeractivity	Dec. 31, 2020USD ($)customer	Dec. 31, 2019USD ($)		Jan. 01, 2020USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Number of business activities | activity		1
Number of operating segments | segment		1
Foreign currency transaction losses		$ 500,000	$ 0	$ 800,000
Allowance for Credit Loss		0	0
Other-than-temporary impairments for marketable investments				0
Inventory write-offs and write-downs		2,818,000	10,571,000	4,411,000
Impairment of long-lived assets		$ 0	0	0
Sales returns on actual historical returns, period		3 years
Advertising expense		$ 1,100,000	600,000	500,000
Cumulative-effective adjustment recorded to retained earnings		953,927,000	637,788,000	485,613,000				$ 422,415,000
Prepaid Expenses and Other Current Assets
Schedule of Equity Method Investments [Line Items]
Capitalized cloud computing arrangement costs		2,400,000
Other Assets
Schedule of Equity Method Investments [Line Items]
Capitalized cloud computing arrangement costs		5,800,000
Retained Earnings (Accumulated Deficit)
Schedule of Equity Method Investments [Line Items]
Cumulative-effective adjustment recorded to retained earnings		$ 45,906,000	$ 40,622,000	57,522,000				$ 9,064,000
Cumulative Effect, Period of Adoption, Adjustment
Schedule of Equity Method Investments [Line Items]
Cumulative-effective adjustment recorded to retained earnings	[1]			(1,198,000)
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings (Accumulated Deficit)
Schedule of Equity Method Investments [Line Items]
Cumulative-effective adjustment recorded to retained earnings				$ (1,198,000)	[1]	$ 1,200,000	$ 0
Accounts Receivable | Customer Concentration Risk | One Customer
Schedule of Equity Method Investments [Line Items]
Concentration risk number of customers that accounted for greater than specified benchmark | customer		0	1
United States
Schedule of Equity Method Investments [Line Items]
Number of financial institutions holding cash in excess of federally insured limits | financial_instituion		1
Other International
Schedule of Equity Method Investments [Line Items]
Cash that is not federally insured		$ 20,200,000	$ 17,400,000
Machinery and Equipment and Furniture and Fixtures | Minimum
Schedule of Equity Method Investments [Line Items]
Useful life of property and equipment		5 years
Machinery and Equipment and Furniture and Fixtures | Maximum
Schedule of Equity Method Investments [Line Items]
Useful life of property and equipment		10 years
Computers and Software | Minimum
Schedule of Equity Method Investments [Line Items]
Useful life of property and equipment		2 years
Computers and Software | Maximum
Schedule of Equity Method Investments [Line Items]
Useful life of property and equipment		5 years
[1]	(1) Cumulative effect adjustments relate to the adoption of Accounting Standard Update (“ASU”) No. 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Refer to Note “2. Summary of Significant Accounting Policies” for more information.

Investments and Fair Value of_3

Investments and Fair Value of Financial Instruments - Gains and Losses of Marketable Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 196,093	$ 194,320
Gross Unrealized Gains	89	846
Gross Unrealized Losses	(686)	(4)
Allowance for Credit Loss	0	0
Fair Value	195,496	195,162
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Cost	20,286	4,242
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(10)	0
Allowance for Credit Loss	0
Fair Value	20,276	4,246
U.S. treasury
Schedule of Available-for-sale Securities [Line Items]
Cost	14,464
Gross Unrealized Gains	0
Gross Unrealized Losses	(77)
Allowance for Credit Loss	0
Fair Value	14,387
U.S. agency and government sponsored securities
Schedule of Available-for-sale Securities [Line Items]
Cost	11,553	7,846
Gross Unrealized Gains	1	11
Gross Unrealized Losses	(19)	0
Allowance for Credit Loss	0
Fair Value	11,535	7,857
U.S. states and municipalities
Schedule of Available-for-sale Securities [Line Items]
Cost	39,436	47,934
Gross Unrealized Gains	39	162
Gross Unrealized Losses	(89)	(1)
Allowance for Credit Loss	0
Fair Value	39,386	48,095
Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Cost	110,354	134,298
Gross Unrealized Gains	49	669
Gross Unrealized Losses	(491)	(3)
Allowance for Credit Loss	0
Fair Value	$ 109,912	$ 134,964

Investments and Fair Value of_4

Investments and Fair Value of Financial Instruments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Unrealized Losses	$ 686,000	$ 4,000
Allowance for credit losses	$ 0
Crossmed | Measurement Input, Actual Revenue Results
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of revenue based milestones			$ 1,200,000

Investments and Fair Value of_5

Investments and Fair Value of Financial Instruments - Marketable Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months: Fair Value	$ 145,786	$ 13,960
Less than 12 months: Gross Unrealized Losses	(686)	(4)
12 months or more: Fair Value	0	0
12 months or more: Gross Unrealized Losses	0	0
Total: Fair Value	145,786	13,960
Total: Gross Unrealized Losses	(686)	(4)
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months: Fair Value	16,977
Less than 12 months: Gross Unrealized Losses	(10)
12 months or more: Fair Value	0
12 months or more: Gross Unrealized Losses	0
Total: Fair Value	16,977
Total: Gross Unrealized Losses	(10)
U.S. treasury
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months: Fair Value	14,387
Less than 12 months: Gross Unrealized Losses	(77)
12 months or more: Fair Value	0
12 months or more: Gross Unrealized Losses	0
Total: Fair Value	14,387
Total: Gross Unrealized Losses	(77)
U.S. agency and government sponsored securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months: Fair Value	6,985
Less than 12 months: Gross Unrealized Losses	(19)
12 months or more: Fair Value	0
12 months or more: Gross Unrealized Losses	0
Total: Fair Value	6,985
Total: Gross Unrealized Losses	(19)
U.S. states and municipalities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months: Fair Value	21,924	1,408
Less than 12 months: Gross Unrealized Losses	(89)	(1)
12 months or more: Fair Value	0	0
12 months or more: Gross Unrealized Losses	0	0
Total: Fair Value	21,924	1,408
Total: Gross Unrealized Losses	(89)	(1)
Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months: Fair Value	85,513	12,552
Less than 12 months: Gross Unrealized Losses	(491)	(3)
12 months or more: Fair Value	0	0
12 months or more: Gross Unrealized Losses	0	0
Total: Fair Value	85,513	12,552
Total: Gross Unrealized Losses	$ (491)	$ (3)

Investments and Fair Value of_6

Investments and Fair Value of Financial Instruments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year	$ 75,595
Due in one to five years	120,498
Cost	196,093	$ 194,320
Fair Value
Due in one year	75,634
Due in one to five years	119,862
Total	$ 195,496	$ 195,162

Investments and Fair Value of_7

Investments and Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Assets
Total	$ 206,005	$ 228,216
Commercial paper
Financial Assets
Marketable investments:	20,276	4,246
U.S. treasury
Financial Assets
Marketable investments:	14,387	0
U.S. agency and government sponsored securities
Financial Assets
Marketable investments:	11,535	7,857
U.S. states and municipalities
Financial Assets
Marketable investments:	39,386	48,095
Corporate bonds
Financial Assets
Marketable investments:	109,912	134,964
Commercial paper
Financial Assets
Cash equivalents:		0
Money market funds
Financial Assets
Cash equivalents:	10,509	33,054
Fair Value, Inputs, Level 1
Financial Assets
Total	24,896	33,054
Fair Value, Inputs, Level 1 | Commercial paper
Financial Assets
Marketable investments:	0	0
Fair Value, Inputs, Level 1 | U.S. treasury
Financial Assets
Marketable investments:	14,387	0
Fair Value, Inputs, Level 1 | U.S. agency and government sponsored securities
Financial Assets
Marketable investments:	0	0
Fair Value, Inputs, Level 1 | U.S. states and municipalities
Financial Assets
Marketable investments:	0	0
Fair Value, Inputs, Level 1 | Corporate bonds
Financial Assets
Marketable investments:	0	0
Fair Value, Inputs, Level 1 | Commercial paper
Financial Assets
Cash equivalents:		0
Fair Value, Inputs, Level 1 | Money market funds
Financial Assets
Cash equivalents:	10,509	33,054
Fair Value, Inputs, Level 2
Financial Assets
Total	181,109	195,162
Fair Value, Inputs, Level 2 | Commercial paper
Financial Assets
Marketable investments:	20,276	4,246
Fair Value, Inputs, Level 2 | U.S. treasury
Financial Assets
Marketable investments:	0	0
Fair Value, Inputs, Level 2 | U.S. agency and government sponsored securities
Financial Assets
Marketable investments:	11,535	7,857
Fair Value, Inputs, Level 2 | U.S. states and municipalities
Financial Assets
Marketable investments:	39,386	48,095
Fair Value, Inputs, Level 2 | Corporate bonds
Financial Assets
Marketable investments:	109,912	134,964
Fair Value, Inputs, Level 2 | Commercial paper
Financial Assets
Cash equivalents:		0
Fair Value, Inputs, Level 2 | Money market funds
Financial Assets
Cash equivalents:	0	0
Fair Value, Inputs, Level 3
Financial Assets
Total	0	0
Fair Value, Inputs, Level 3 | Commercial paper
Financial Assets
Marketable investments:	0	0
Fair Value, Inputs, Level 3 | U.S. treasury
Financial Assets
Marketable investments:	0	0
Fair Value, Inputs, Level 3 | U.S. agency and government sponsored securities
Financial Assets
Marketable investments:	0	0
Fair Value, Inputs, Level 3 | U.S. states and municipalities
Financial Assets
Marketable investments:	0	0
Fair Value, Inputs, Level 3 | Corporate bonds
Financial Assets
Marketable investments:	0	0
Fair Value, Inputs, Level 3 | Commercial paper
Financial Assets
Cash equivalents:		0
Fair Value, Inputs, Level 3 | Money market funds
Financial Assets
Cash equivalents:	$ 0	$ 0

Investments and Fair Value of_8

Investments and Fair Value of Financial Instruments - Contingent Consideration (Details) - Crossmed - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,206	$ 2,571
Payments of contingent consideration liabilities	(1,186)	(1,296)
Changes in fair value	0	(35)
Foreign currency remeasurement	(20)	(34)
Ending balance	$ 0	$ 1,206

Balance Sheet Components - Acco

Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance At Beginning Of Year	$ 2,946	$ 2,198	$ 2,946	$ 2,782
Charged to costs and expenses, provision for credit loss	$ 1,300	0	1,613	656
Deductions and write offs		0	(2,361)	(492)
Recoveries		(106)	0	0
Balance At End Of Year		$ 2,092	$ 2,198	$ 2,946

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 68,374	$ 45,341
Work in process	18,678	22,099
Finished goods	176,452	152,087
Inventories	$ 263,504	$ 219,527

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information, Inventories (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Product Information [Line Items]
Inventories	$ 219,527	$ 263,504
Property and equipment, net	48,169	58,856
Real System
Product Information [Line Items]
Property and equipment reclassified as inventory	$ 17,700
Inventories		$ 43,400

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 97,270	$ 78,112
Less: Accumulated depreciation and amortization	(38,414)	(29,943)
Property and equipment, net	58,856	48,169
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	30,429	26,300
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	14,360	10,000
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	23,934	20,945
Software
Property, Plant and Equipment [Line Items]
Total property and equipment	7,989	8,623
Less: Accumulated depreciation and amortization	(4,900)	(3,700)
Computers
Property, Plant and Equipment [Line Items]
Total property and equipment	9,457	7,298
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 11,101	$ 4,946

Balance Sheet Components - Ad_2

Balance Sheet Components - Additional Information, Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 16,408	$ 12,891	$ 8,104
Accumulated amortization	38,414	29,943
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	9,300	8,000	5,900
Software
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,000	1,000	$ 900
Accumulated amortization	$ 4,900	$ 3,700

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payroll and employee-related expenses	$ 60,015	$ 50,083
Accrued expenses	12,245	9,246
Sales return reserve	1,780	9,812
Other acquisition-related costs	0	3,000
Other accrued liabilities	25,756	13,654
Total accrued liabilities	$ 99,796	$ 85,795

Balance Sheet Components - Prod

Balance Sheet Components - Product Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Product Warranty, Increase (Decrease) [Roll Forward]
Balance at the beginning of the year	$ 2,896	$ 2,318	$ 1,875
Accruals of warranties issued	2,973	1,589	1,065
Settlements of warranty claims	(1,559)	(1,011)	(622)
Balance at the end of the year	$ 4,310	$ 2,896	$ 2,318

Business Combinations - Acquisi

Business Combinations - Acquisition of Sixense Enterprises, Inc. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2021	Oct. 01, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2018
Business Acquisition [Line Items]
Non-controlling interest		$ 0	$ 0	$ (6,200)	$ (3,710)
MVI Health Inc.
Business Acquisition [Line Items]
Percentage of voting interests acquired						40.00%
MVI Health Inc.
Business Acquisition [Line Items]
Ownership interest	50.00%
Ownership by parent			90.00%
MVI Health Inc. | Sixense Enterprises Inc.
Business Acquisition [Line Items]
Ownership by noncontrolling owners			10.00%
MVI Health Inc. | Sixense Enterprises Inc.
Business Acquisition [Line Items]
Percentage of voting interests acquired			10.00%

Business Combinations - Schedul

Business Combinations - Schedule of Consideration Transferred (Details) - USD ($) $ / shares in Units, $ in Thousands		Oct. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition, Contingent Consideration [Line Items]
Replacement share-based awards issued in connection with Sixense acquisition	[1]		$ 80,693
Stock-based compensation expense			$ 65,763	$ 25,541	$ 21,485
Sixense Enterprises Inc.
Business Acquisition, Contingent Consideration [Line Items]
Consideration for settlement of pre-existing liabilities due to Sixense		$ (3,810)
Total purchase price		$ 251,016
Shares issued for acquisition (in shares)		661,877
Business acquisition, share price		$ 263.09
Stock-based compensation expense		$ 25,800
Sixense Enterprises Inc. | Shares
Business Acquisition, Contingent Consideration [Line Items]
Fair value of common stock and replacement stock options issued		174,133
Sixense Enterprises Inc. | Stock Options
Business Acquisition, Contingent Consideration [Line Items]
Replacement share-based awards issued in connection with Sixense acquisition		$ 80,693
[1]	(2) Refer to Note "5. Business Combinations” and “11. Stockholders’ Equity” for more information on the impact of the acquisition of Sixense Enterprises Inc. during the year ended December 31, 2021.

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 166,388	$ 8,372
Estimated Useful Life of Finite-Lived Intangible Assets		9 years 9 months 18 days	16 years 7 months 6 days
Sixense Enterprises Inc.
Business Acquisition [Line Items]
Cash and cash equivalents	$ 2,919
Prepaid expenses and other current and non-current assets	2,063
Deferred tax assets	20,678
Deferred tax liabilities	(19,398)
Accrued liabilities and other current liabilities	(1,341)
Net assets acquired	88,210
Fair value of subsidiary stock indirectly acquired through the Merger	4,161
Total net assets acquired	92,371
Goodwill	158,645
Total purchase price	251,016
Sixense Enterprises Inc. | In-process research and development
Business Acquisition [Line Items]
In-process research and development	20,823
Developed technology
Business Acquisition [Line Items]
Estimated Useful Life of Finite-Lived Intangible Assets		8 years 9 months 18 days
Developed technology | Sixense Enterprises Inc.
Business Acquisition [Line Items]
Developed technology	$ 62,466
Estimated Useful Life of Finite-Lived Intangible Assets	8 years 9 months

Business Combinations - Pro For

Business Combinations - Pro Forma (Details) - Sixense Enterprises Inc. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Pro forma revenues	$ 747,840	$ 560,779
Proforma net income (loss) attributable to Penumbra, Inc.	17,552	(30,188)
Proforma net loss attributable to non-controlling interest	$ 0	$ 0

Business Combinations - Payment

Business Combinations - Payments Related to the 2017 Crossmed Acquisition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Payment of milestone payments, financing activities	$ 0	$ 683	$ 1,758
Crossmed
Business Acquisition [Line Items]
Payments of milestone payments		1,200	1,300
Payment of milestone payments, operating activities		500	600
Payment of milestone payments, financing activities		$ 700	700
Current Liabilities | Crossmed
Business Acquisition [Line Items]
Contingent consideration for milestone payments			$ 1,200

Intangible Assets - Intangible

Intangible Assets - Intangible Assets, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period (in years)	9 years 9 months 18 days	16 years 7 months 6 days
Gross Carrying Amount	$ 76,228,000	$ 14,452,000
Accumulated Amortization	(6,433,000)	(3,813,000)
Total amortization	69,795,000	10,639,000
Intangible assets, gross	97,051,000
Intangible assets, net	90,618,000	$ 10,639,000
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Intangible assets related to licensed technology	$ 20,823,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period (in years)	8 years 9 months 18 days
Gross Carrying Amount	$ 62,466,000
Accumulated Amortization	(1,784,000)
Total amortization	$ 60,682,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period (in years)	15 years	15 years
Gross Carrying Amount	$ 6,762,000	$ 7,311,000
Accumulated Amortization	(2,029,000)	(1,706,000)
Total amortization	$ 4,733,000	$ 5,605,000
Trade secrets and processes
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period (in years)	20 years	20 years
Gross Carrying Amount	$ 5,256,000	$ 5,256,000	$ 5,300,000
Accumulated Amortization	(1,051,000)	(788,000)
Total amortization	$ 4,205,000	$ 4,468,000
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period (in years)	5 years	5 years
Gross Carrying Amount	$ 1,744,000	$ 1,885,000
Accumulated Amortization	(1,569,000)	(1,319,000)
Total amortization	$ 175,000	$ 566,000

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 76,228,000	$ 14,452,000
Payments to acquire intangible assets						$ 2,500,000
Impairment of intangible asset	$ 2,500,000	$ 0	0	2,500,000	$ 0
Trade secrets and processes
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 5,256,000	5,256,000			$ 5,300,000
Intangible assets related to licensed technology
Finite-Lived Intangible Assets [Line Items]
Loss contingency accrual		11,700,000		$ 0	11,700,000
Intangible assets related to licensed technology | Accrued Liabilities
Finite-Lived Intangible Assets [Line Items]
Loss contingency accrual		800,000			800,000
Intangible assets related to licensed technology | Noncurrent Liabilities
Finite-Lived Intangible Assets [Line Items]
Loss contingency accrual		$ 10,900,000			$ 10,900,000

Intangible Assets - Amortizatio

Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2,881	$ 1,067	$ 1,052
Cost of revenue
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	263	263	263
Sales, general and administrative
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2,618	$ 804	$ 789

Intangible Assets - Future Amor

Intangible Assets - Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 8,027
2023	7,853
2024	7,853
2025	7,853
2026	7,853
Thereafter	30,356
Total amortization	$ 69,795	$ 10,639

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2020	$ 8,372
Acquisition of Sixense	158,645
Foreign currency translation adjustments	(629)
Balance as of December 31, 2021	$ 166,388

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0

Indebtedness (Details)

Indebtedness (Details) - USD ($)	2 Months Ended	3 Months Ended
	Feb. 22, 2022	Mar. 31, 2021	Dec. 31, 2021	Apr. 24, 2020
Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 100,000,000
Line of credit, increase limit				150,000,000
Line of credit, maximum principal increase limit				50,000,000
Borrowings outstanding			$ 0
Revolving credit facility | Bank Of America And Citibank | Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, term		1 year
Revolving credit facility | Bank Of America And Citibank | Line of Credit | Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, term	1 year
Line of credit facility, unused capacity, commitment fee percentage	0.25%
Letter of Credit | Bank Of America And Citibank | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				10,000,000
Bridge Loan | Bank Of America And Citibank | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				10,000,000
Foreign Line of Credit | Bank Of America And Citibank | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 15,000,000

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
1310 Harbor Bay Lease
Lessee, Lease, Description [Line Items]
Operating lease, term of contract			15 years
Roseville Lease
Lessee, Lease, Description [Line Items]
Operating lease, lease not yet commenced, term of contract		13 years
Minimum
Lessee, Lease, Description [Line Items]
Lease, renewal term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Lease, renewal term	15 years

Leases - Summary of Lease Cost

Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease Cost
Operating lease cost	$ 11,646	$ 7,602
Amortization of right-of-use assets	3,082	2,787
Interest on lease liabilities	1,495	1,517
Variable lease cost	6,699	5,139
Total lease costs	$ 22,922	$ 17,045
Operating lease, weighted average remaining lease term	13 years 1 month 6 days	9 years 1 month 6 days
Finance lease, weighted average remaining lease term	12 years 2 months 12 days	13 years 6 months
Operating lease, weighted average discount rate	4.92%	6.16%
Finance lease, weighted average discount rate	5.30%	5.36%

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Lessee, Operating Lease, Description [Abstract]
2022	$ 15,190
2023	14,933
2024	14,578
2025	14,334
2026	14,405
Thereafter	126,993
Total undiscounted lease payments	200,433
Less imputed interest	(55,121)
Present value of lease liabilities	145,312
Lessee, Finance Lease, Description [Abstract]
2022	3,149
2023	3,198
2024	3,231
2025	3,160
2026	2,791
Thereafter	23,515
Total undiscounted lease payments	39,044
Less imputed interest	(10,808)
Present value of lease liabilities	28,236
Roseville Lease
Lessee, Lease, Description [Line Items]
Operating lease, lease not yet commenced, term of contract		13 years
Lease not yet commenced, estimated payments	$ 20,600

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 9,690	$ 7,561
Financing cash flows from finance leases	1,451	3,418	$ 2,570
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	101,510	1,515	4,261
Finance leases	$ 1,346	$ 1,632	$ 33,283

Commitments and Contingencies -

Commitments and Contingencies - Royalty Obligations (Details) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Jul. 31, 2019	Apr. 30, 2015	Nov. 30, 2013	Apr. 30, 2012	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Other Commitments [Line Items]
Purchase obligations					$ 6,400
Purchase obligation due within one year					2,600
Total undiscounted lease payments					200,433
Gross Carrying Amount					76,228	$ 14,452
Cost of revenue
Other Commitments [Line Items]
Royalty expense					2,300	2,500	$ 3,800
Royalty Agreement March 2005
Other Commitments [Line Items]
Minimum annual royalty payments								$ 100
Extended term of agreement	10 years
Increase in minimum annual royalty payments	$ 200
Minimum quarterly royalty payments					300		$ 300
Royalty Agreement, April 2012
Other Commitments [Line Items]
Royalty as a percent of sales				5.00%
Term of royalty agreement (in years)				15 years
Royalty Agreement, November 2013, Less than $5 Million in Sales
Other Commitments [Line Items]
Royalty as a percent of sales			3.00%
Royalty Agreement, November 2013, Greater than $5 Million in Sales
Other Commitments [Line Items]
Royalty as a percent of sales			1.00%
Royalty agreement, threshold			$ 5,000
Royalty Agreement, April 2015
Other Commitments [Line Items]
Royalty as a percent of sales		2.00%
Trade secrets and processes
Other Commitments [Line Items]
Gross Carrying Amount					$ 5,256	$ 5,256			$ 5,300

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock and Common Stock Narrative (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2018USD ($)shares	Dec. 31, 2021USD ($)voteshares	Dec. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)			5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)			0	0
Common stock, number of votes per share | vote			1
Fair value of shares issued | $	[1]		$ 174,134
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in connection with Buyout Agreement (in shares)		53,256
Fair value of shares issued | $		$ 5,300
[1]	(2) Refer to Note "5. Business Combinations” and “11. Stockholders’ Equity” for more information on the impact of the acquisition of Sixense Enterprises Inc. during the year ended December 31, 2021.

Stockholders' Equity - Issuance

Stockholders' Equity - Issuance of Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 01, 2021	Jun. 30, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Net cash proceeds from shares issued and sold			$ 134,759
Sixense Enterprises Inc.
Class of Stock [Line Items]
Shares issued for acquisition (in shares)	661,877
Options issued in connections with acquisition (in shares)	447,017
Public Stock Offering
Class of Stock [Line Items]
Shares issued (in shares)		865,963
Shares issued, price per share (in dollars per share)		$ 166
Net cash proceeds from shares issued and sold		$ 134,800
Underwriting discounts and commissions		8,600
Other issuance costs		$ 400

Stockholders' Equity - Stock Pl

Stockholders' Equity - Stock Plans Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 17, 2015	Oct. 31, 2011	Jan. 31, 2005	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options unvested and subject to repurchase (in shares)				0	0
Intrinsic value of options exercised in period				$ 81,100	$ 70,100	$ 46,100
Issuance of common stock under employee stock purchase plan (in shares)				64,852	77,528	81,644
Issuance of common stock under employee stock purchase plan				$ 13,705	$ 11,300	$ 8,984
Unrecognized compensation cost related to unvested share-based compensation arrangements				$ 71,900
Unrecognized compensation cost, expected recognition period				3 years 1 month 6 days
Share-based compensation expense capitalized in inventory				$ 1,800	1,200	$ 800
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of stock options (in dollars per share)				$ 263.09		$ 69.73
Restricted Stock and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock vested				$ 44,500	$ 32,100	$ 42,700
Expected to vest (in shares)				390,058
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)	600,000			953,315
Minimum percent of eligible compensation per pay period to be used to purchase shares under plan	1.00%
Maximum percent of eligible compensation per pay period to be used to purchase shares under plan	15.00%
Purchase price of common stock, percent of fair market value	85.00%
Maximum number of shares that may be purchased by any one employee (in shares)	2,000
Maximum value of shares that may be purchased by any one employee	$ 25
2005 Stock Plan | Stock Options | Vesting after 1 year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rate				25.00%
2005 Stock Plan | Stock Options | Vesting thereafter, per month
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rate				2.00%
2005 Stock Plan | Other Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award (in years)			10 years
2005 Stock Plan | Incentive Stock Options (ISO)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum voting rights for determination of exercise price, percent			10.00%
Minimum exercise price, percent over fair market value			110.00%
Shares transferred to different plan (in shares)	564
Shares of common stock reserved for future issuance (in shares)				16,531
2005 Stock Plan | Incentive Stock Options (ISO) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award (in years)			5 years
2011 Equity Incentive Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award (in years)		10 years
Shares transferred to different plan (in shares)	89,559
Shares of common stock reserved for future issuance (in shares)				72,500
Award vesting period (in years)		4 years
2011 Equity Incentive Plan | Incentive Stock Options (ISO)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum voting rights for determination of exercise price, percent		10.00%
Minimum exercise price, percent over fair market value		110.00%
2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)				7,714,353
Number of shares available for grant (in shares)				6,161,965

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	1,020,978
Exercised (in shares)	(326,031)
Cancelled/Forfeited (in shares)	(150)
Ending balance (in shares)	1,141,814	1,020,978
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (in dollars per share)	$ 23.38
Grants (in dollars per share)	25.71
Exercised (in dollars per share)	13.82
Cancelled/Forfeited (in dollars per share)	19.07
Ending balance (in dollars per share)	$ 27.02	$ 23.38
Options Vested and Expected to Vest
Vested and expected to vest (in shares)	1,141,659
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share)	$ 27.01
Vested and expected to vest, Weighted average remaining contractual life (in years)	4 years 1 month 13 days
Vested and expected to vest, aggregate intrinsic value	$ 297,190
Exercisable (in shares)	1,137,864
Exercisable, weighted average exercise price (in dollars per share)	$ 26.57
Exercisable, weighted average remaining contractual life (in years)	4 years 1 month 9 days
Exercisable, aggregate intrinsic value	$ 296,701
2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Grants (in shares)	447,017	0

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of Shares
Unvested beginning balance (in shares) | shares	369,629
Granted (in shares) | shares	231,684
Vested (in shares) | shares	(171,824)
Cancelled/Forfeited (in shares) | shares	(20,007)
Unvested ending balance (in shares) | shares	409,482
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share) | $ / shares	$ 163.03
Granted (in dollars per share) | $ / shares	258.62
Vested (in dollars per share) | $ / shares	175.29
Cancelled/Forfeited (in dollars per share) | $ / shares	194.90
Unvested ending balance (in dollars per share) | $ / shares	$ 210.41

Stockholders' Equity - Stock _2

Stockholders' Equity - Stock Options Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years 10 months 6 days		6 years 10 months 20 days
Expected volatility (percent)	42.00%		40.00%
Risk-free interest rate	0.38%		1.82%
Expected dividend rate (percent)	0.00%		0.00%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months
Expected volatility (percent)	43.00%	48.00%	45.00%
Risk-free interest rate	0.10%	0.70%	2.30%
Expected dividend rate (percent)	0.00%	0.00%	0.00%

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 65,763	$ 25,541	$ 21,485
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,898	2,304	1,396
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	30,037	3,686	2,835
Sales, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 32,828	$ 19,551	$ 17,254

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 641,498
Amounts reclassified from accumulated other comprehensive loss to consolidated net income:
Total other comprehensive (loss) income, net of tax	(5,171)	$ 4,865	$ (382)
Ending balance	953,927	641,498
Marketable Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	647	238
Other comprehensive income (loss) before reclassifications:
OCI, before reclassifications, before tax, attributable to parent	(1,437)	530
Income tax effect — expense	195	(121)
Net of tax	(1,242)	409
Amounts reclassified from accumulated other comprehensive loss to consolidated net income:
Realized (gain) loss — marketable investments	0	0
Income tax effect — (expense) benefit	0	0
Net of tax	0	0
Total other comprehensive (loss) income, net of tax	(1,242)	409
Ending balance	(595)	647	238
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,894	(2,562)
Other comprehensive income (loss) before reclassifications:
OCI, before reclassifications, before tax, attributable to parent	(3,930)	4,458
Income tax effect — expense	1	(2)
Net of tax	(3,929)	4,456
Amounts reclassified from accumulated other comprehensive loss to consolidated net income:
Realized (gain) loss — marketable investments	0	0
Income tax effect — (expense) benefit	0	0
Net of tax	0	0
Total other comprehensive (loss) income, net of tax	(3,929)	4,456
Ending balance	(2,035)	1,894	(2,562)
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2,541	(2,324)
Other comprehensive income (loss) before reclassifications:
Income tax effect — expense	196	(123)
Net of tax	(5,171)	4,865
Amounts reclassified from accumulated other comprehensive loss to consolidated net income:
Realized (gain) loss — marketable investments	0	0
Income tax effect — (expense) benefit	0	0
Net of tax	0	0
Total other comprehensive (loss) income, net of tax	(5,171)	4,865	(382)
Ending balance	$ (2,630)	$ 2,541	$ (2,324)

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Employer contribution cost	$ 5.6	$ 4.5	$ 3.2

Income Taxes - Income (Loss) be

Income Taxes - Income (Loss) before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States									$ (15,155)	$ (40,278)	$ 46,859
Foreign									4,653	2,260	3,276
Total (loss) income before income taxes	$ (40,954)	$ 7,782	$ 10,203	$ 12,467	$ (511)	$ (19,731)	$ (17,030)	$ (746)	$ (10,502)	$ (38,018)	$ 50,135

Income Taxes - Provision for (B

Income Taxes - Provision for (Benefit from) for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal									$ 44	$ (302)	$ (738)
State									439	357	34
Foreign									1,345	907	2,458
Total current									1,828	962	1,754
Deferred:
Federal									(13,698)	(18,129)	1,556
State									(1,131)	(1,488)	295
Foreign									(124)	(106)	(474)
Total deferred									(14,953)	(19,723)	1,377
(Benefit from) provision for income taxes	$ (16,321)	$ (249)	$ 1,904	$ 1,541	$ (3,143)	$ (9,855)	$ (4,129)	$ (1,634)	$ (13,125)	$ (18,761)	$ 3,131

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax at federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	7.60%	3.20%	0.40%
Rate differential on foreign operations	(2.70%)	(0.30%)	1.50%
Foreign taxes	1.30%	(1.00%)	0.70%
Mutual agreement procedure adjustment	2.10%	0.00%	0.00%
Prepaid tax ASC 810-10	(0.30%)	0.80%	(0.80%)
Stock-based compensation	86.10%	26.80%	(20.80%)
Global intangible low-taxed income (“GILTI”)	(6.50%)	0.00%	0.80%
Non-deductible parking expenses	(1.50%)	(0.40%)	0.00%
Permanent differences	(1.20%)	(1.50%)	2.60%
Other	0.90%	0.70%	0.80%
Change in valuation allowance	18.20%	0.00%	0.00%
Effective tax rate	125.00%	49.30%	6.20%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 55,461	$ 36,236
Tax credits	31,969	22,955
Accruals and reserves	9,521	11,550
Stock-based compensation	21,886	4,558
Translation adjustment	173	154
UNICAP adjustments	8,715	9,923
ASC 842 Lease Liabilities	41,919	18,773
Other	1,688	430
Gross deferred tax assets	171,332	104,579
Valuation allowance	(37,110)	(28,768)	$ (21,558)	$ (17,284)
Total deferred tax assets	134,222	75,811
Deferred tax liabilities:
Depreciation and amortization	(28,159)	(7,622)
Unrealized Gains	0	(195)
ASC 842 Lease ROU Assets	(40,645)	(19,251)
Other	(1,171)	(255)
Total deferred tax liabilities	(69,975)	(27,323)
Net deferred tax assets	$ 64,247	$ 48,488

Income Taxes - Operating Loss C

Income Taxes - Operating Loss Carryforwards Narrative (Details) $ in Millions	Dec. 31, 2021USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, limited to offset taxable income in year utilized, percent	80.00%
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 226.3
Operating loss carryforward subject to expiration	72.7
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 127.2

Income Taxes - Tax Credit Carry

Income Taxes - Tax Credit Carryforwards Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Foreign earnings repatriated	$ 7,300
Adjustment of deferred tax (asset) liability	(1,900)
MVI Health Inc.
Tax Credit Carryforward [Line Items]
Asset Acquisition MVI DTA	3,100
Research Tax Credit | Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 20,100
Period for which credits are carried forward	20 years
Research Tax Credit | State
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 19,700
Federal
Tax Credit Carryforward [Line Items]
Operating loss carryforwards, carryforward period		20 years

Income Taxes - Valuation Allowa

Income Taxes - Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of valuation allowance
Beginning Balance	$ 28,768	$ 21,558	$ 17,284
Additions Charged To Expenses or Other Accounts	10,386	7,322	4,395
Deductions Credited to Expenses or Other Accounts	(2,044)	(112)	(121)
Ending Balance	$ 37,110	$ 28,768	$ 21,558

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the change in gross unrecognized tax benefits
Beginning balance	$ 8,625	$ 6,075	$ 5,174
Gross increase for tax positions of current year	1,935	2,389	1,191
Gross increase for tax positions of prior years	216	304	386
Gross decrease for tax positions of prior years	(1,411)	(143)	(565)
Settlement with taxing authority	(339)	0	0
Lapse of statute of limitations	0	0	(111)
Ending balance	$ 9,026	$ 8,625	$ 6,075

Income Taxes - Unrecognized T_2

Income Taxes - Unrecognized Tax Benefits Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Accrued interest and penalties related to uncertain tax positions	$ 200	$ 300	$ 200
Unrecognized tax benefits	9,026	$ 8,625	$ 6,075	$ 5,174
Unrecognized tax benefits that would affect the effective tax rate if recognized	$ 900

Net Income (Loss) Attributabl_3

Net Income (Loss) Attributable to Penumbra, Inc. Per Share - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income (loss) attributable to Penumbra, Inc.	$ (24,633)	$ 8,850	$ 9,231	$ 11,836	$ 3,648	$ (8,815)	$ (11,960)	$ 1,425	$ 5,284	$ (15,702)	$ 48,458
Denominator:
Weighted average shares outstanding: Basic (in shares)	37,451,145	36,617,961	36,523,011	36,455,712	36,357,495	36,207,716	35,400,542	35,042,912	36,764,290	35,766,892	34,750,706
Potential dilutive stock-based options and awards, as calculated using treasury stock method (in shares)									1,116,890	0	1,515,293
Weighted average shares outstanding: Diluted (in shares)	37,451,145	37,611,355	37,582,348	37,533,520	37,453,842	36,207,716	35,400,542	36,362,726	37,881,180	35,766,892	36,265,999
Net income (loss) attributable to Penumbra, Inc. per share: Basic (in dollars per share)	$ (0.66)	$ 0.24	$ 0.25	$ 0.32	$ 0.10	$ (0.24)	$ (0.34)	$ 0.04	$ 0.14	$ (0.44)	$ 1.39
Net income (loss) attributable to Penumbra, Inc. per share: Diluted (in dollars per share)	$ (0.66)	$ 0.24	$ 0.25	$ 0.32	$ 0.10	$ (0.24)	$ (0.34)	$ 0.04	$ 0.14	$ (0.44)	$ 1.34

Net (Loss) Income Attributable

Net (Loss) Income Attributable to Penumbra, Inc. Per Share - Antidilutive Securities Narrative (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)		2,000	100
Employee Stock Purchase Plan
Class of Stock [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	15

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 204,011	$ 190,117	$ 184,258	$ 169,204	$ 166,898	$ 151,076	$ 105,109	$ 137,329	$ 747,590	$ 560,412	$ 547,405
Vascular
Disaggregation of Revenue [Line Items]
Revenue									408,878	267,783	215,720
Neuro
Disaggregation of Revenue [Line Items]
Revenue									338,712	292,629	331,685
United States
Disaggregation of Revenue [Line Items]
Revenue									527,789	400,270	355,222
Other International
Disaggregation of Revenue [Line Items]
Revenue									$ 219,801	$ 160,142	$ 192,183

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 204,011	$ 190,117	$ 184,258	$ 169,204	$ 166,898	$ 151,076	$ 105,109	$ 137,329	$ 747,590	$ 560,412	$ 547,405
China Distribution and Technology Licensing Agreement
Disaggregation of Revenue [Line Items]
Revenue									$ 46,900	$ 12,700

Revenues - Summary of Contract

Revenues - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract liabilities, net	$ 5,671	$ 274

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) - Selected Statement of Operations (Details) - USD ($)		3 Months Ended								12 Months Ended
		Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019		Jan. 01, 2020	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		$ 204,011,000	$ 190,117,000	$ 184,258,000	$ 169,204,000	$ 166,898,000	$ 151,076,000	$ 105,109,000	$ 137,329,000	$ 747,590,000	$ 560,412,000	$ 547,405,000
Cost of revenue		78,564,000	70,205,000	65,572,000	57,867,000	72,585,000	60,153,000	40,179,000	49,320,000	272,208,000	222,237,000	175,441,000
Gross profit		125,447,000	119,912,000	118,686,000	111,337,000	94,313,000	90,923,000	64,930,000	88,009,000	475,382,000	338,175,000	371,964,000
Total operating expenses		165,504,000	111,131,000	108,374,000	97,874,000	96,058,000	111,081,000	82,579,000	87,399,000	482,883,000	377,117,000	324,456,000
Loss before (benefit from) for income taxes		(40,954,000)	7,782,000	10,203,000	12,467,000	(511,000)	(19,731,000)	(17,030,000)	(746,000)	(10,502,000)	(38,018,000)	50,135,000
(Benefit from) provision for income taxes		(16,321,000)	(249,000)	1,904,000	1,541,000	(3,143,000)	(9,855,000)	(4,129,000)	(1,634,000)	(13,125,000)	(18,761,000)	3,131,000
Consolidated net income (loss)		(24,633,000)	8,031,000	8,299,000	10,926,000	2,632,000	(9,876,000)	(12,901,000)	888,000	2,623,000	(19,257,000)	47,004,000
Net loss attributable to non-controlling interest		0	(819,000)	(932,000)	(910,000)	(1,016,000)	(1,061,000)	(941,000)	(537,000)	(2,661,000)	(3,555,000)	(1,454,000)
Net income (loss) attributable to Penumbra, Inc.		$ (24,633,000)	$ 8,850,000	$ 9,231,000	$ 11,836,000	$ 3,648,000	$ (8,815,000)	$ (11,960,000)	$ 1,425,000	$ 5,284,000	$ (15,702,000)	$ 48,458,000
Net income (loss) attributable to Penumbra, Inc. per share: Basic (in dollars per share)		$ (0.66)	$ 0.24	$ 0.25	$ 0.32	$ 0.10	$ (0.24)	$ (0.34)	$ 0.04	$ 0.14	$ (0.44)	$ 1.39
Net income (loss) attributable to Penumbra, Inc. per share: Diluted (in dollars per share)		$ (0.66)	$ 0.24	$ 0.25	$ 0.32	$ 0.10	$ (0.24)	$ (0.34)	$ 0.04	$ 0.14	$ (0.44)	$ 1.34
Weighted average shares outstanding: Basic (in shares)		37,451,145	36,617,961	36,523,011	36,455,712	36,357,495	36,207,716	35,400,542	35,042,912	36,764,290	35,766,892	34,750,706
Weighted average shares outstanding: Diluted (in shares)		37,451,145	37,611,355	37,582,348	37,533,520	37,453,842	36,207,716	35,400,542	36,362,726	37,881,180	35,766,892	36,265,999
Cumulative-effective adjustment recorded to retained earnings		$ 953,927,000				$ 637,788,000				$ 953,927,000	$ 637,788,000	$ 485,613,000				$ 422,415,000
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effective adjustment recorded to retained earnings	[1]											(1,198,000)
Retained Earnings (Accumulated Deficit)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Consolidated net income (loss)										5,284,000	(15,702,000)	48,458,000
Cumulative-effective adjustment recorded to retained earnings		$ 45,906,000				$ 40,622,000				$ 45,906,000	$ 40,622,000	57,522,000				$ 9,064,000
Retained Earnings (Accumulated Deficit) | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effective adjustment recorded to retained earnings												$ (1,198,000)	[1]	$ 1,200,000	$ 0
[1]	(1) Cumulative effect adjustments relate to the adoption of Accounting Standard Update (“ASU”) No. 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Refer to Note “2. Summary of Significant Accounting Policies” for more information.