PEN - Earnings call transcript Q3 2021

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Operator

Good afternoon. My name is Susan and I will be your conference operator today. At this time, I would like to welcome everyone to Penumbra's Third Quarter 2021 Conference Call. [Operator Instructions] Thank you. I would like to introduce Ms. for Relations Investor Hamlyn-Harris, Penumbra. Jee Ms. may Hamlyn- conference. your Harris, you begin

Jee Harris

quarter for thank on our www.penumbrainc.com. earnings Thank which copy include third reconciliation, financial And on to be release all the release XXXX. joining press of the the Penumbra's you, operator. tab tables, discuss at viewed you under us company and Investors A website to today's for non-GAAP GAAP of can call the

pursuant to the differ Act will the XXXX statements filed business quality year During regarding and certain stated from of make XX, the risks those by XX-K commercialization, ended of status, call, including this of December SEC. performance, due the and trials, clinical statements Reform Safe company could the the Private or referenced those for to course conference Actual uncertainties, including our trends. the to materially Litigation provisions our financial compliance regulatory Harbor forward-looking results with implied Securities forward-looking statements XXXX,

financial a periodic update or the and developments of or As operations we financial the but risks review more mentioned impact discussion revise including on you to prepared discuss future of updated events, to Elsesser, market to forward-looking business, our CEO, price a in any a reliance and on like undue new factors presented over our today's our Chief third the will and a Adam results of result SEC, you financial conditions. to Financial measures results We that, of Vice will will not approximately would Yuen, With of Jason duty of the A pandemic otherwise. encourage limited quarter; discuss press guidance. statements placing run Officer, Executive provide or Mills, our these Penumbra's for our call against will is forward-looking that provided to our our statements with On stock, information, disclaims our then the as update; this the our on XXXX Maggie Chairman COVID-XX turn may measures financial minutes. call XX-K Strategy, and reconciliation our Elsesser. are the complete including Adam anticipate for results previously non-GAAP release. XX on comments a we to other business non-GAAP basis. affect future posted these I certain filings result, the of call, GAAP President caution Penumbra and

Adam Elsesser

Penumbra's quarter Chief. Thank you, joining third Thank call. XXXX for conference Good you afternoon, everybody.

year-over-year increase quarter. were revenues the for quarter the reported and a increase currency total third million, from as X.X% $XXX.X and Our prior sequential in a of XX.X% XX.X% constant

operating during For loss the revenue very backdrop million of an the team quarter our this of $XX.X of spreading $X.X compared quarter, million, we period income year. of of third revenue, operating of well. variant same the part the executed to first the XXXX, particularly X.X% in of XX.X% or last or recorded Delta Against

And record record well. Our our vascular matched neuro nearly quarter achieved a results. business as business

our where vascular by and States, products of series Red strong and our the thrombectomy throughout experiencing United neuro latest catheters are accelerated the strength in driven Overall, quarter strong both exceptionally business was continued the stroke in in business Our vascular adoption. thrombectomy.

physician While especially challenging also customers I especially of take COVID immobilization against work patients. their to hard to circumstances, hospital season well, want our also progressed, who business care fall the with staff, as performed particularly and our acknowledge

best ever the we we are As we've than to more think position help been before. a patients ever in company,

confidence and key the come. our give in that Penumbra, to to third dynamics of and As constant can the find pandemic, years that we deliver look work for from emerges hiring defined forward strong innovation, lot durable again execution we growth world this the people quarter three best and once us have a the

relates it adding Penumbra to remarkable people are team. we the best the hiring As people to

Executive your a the Fred would decades and Europe joined to Third Executive at developers, as our has Interactive Sixense new experience. Sony Partnerships new quarters as working ahead. call as we I party lead addition senior the senior President to that Vice PlayStation third of Immersive Middle Also Europe. our Senior former And international executive Fred of professionals will Amir Russell, as engineers, In senior recently attention Healthcare. senior Hobart for and the promote, areas of former device Riley for Rubin, of President Europe Vice on as efforts Party other Also, to as East Vice we commercial efforts add the North and us John leading Head Immersive team CEO President joined and will Christiansen for of research continue additional best-in-class and Entertainment, President Healthcare on will well additions. Vice Immersive us in members to efforts like salespeople with to medical focused outside lead Research John America. the Healthcare. Sony is in and added, of

growth venous, revenue on let's with the we think reported physician outcomes United business, and increased our patient proposition the accelerating Aided to with our XX% growth in focus our the and the adopting testament brings strong products. system vascular we healthcare million in lightening both customers, a arterial to products the coronary, quarter, see year-over-year of is Starting to excellent PE, performances proprietary Computer thrombectomy third which value continue system. Now quarter, vascular to States, thrombectomy third sequentially new we in $XXX.X across XX.X% our thrombectomy in

paradigm on the patients more to forward. opportunity to are single many expand going focused of session We the therapy

safe to to the most and developed, dedicated third our XX% in the strong year. and of with of Moreover, to the an in resonating sequentially treatment development evidenced studies becoming aided is innovation, the in Indeed, the integral important lightning US. that from outcomes of our digit As increasing X is truly we successful of venous and market clinical work to and have double and and our algorithms in Lightning constant procedures. transformational results engineers are both product each quarter, by and team's is platform and physicians, reach XX we of can what's unique in technology growing strong industry. the sum, patients computer initiatives the Like technology patients, Lightning started focus In PE, the and still continue innovation, growth in number Lightning talented product arterial other continues. products we just team invest for an part professionals produce development benefit quarter, getting this our on

seeing to cataracts physicians in we accelerating patients of continued an Moving the quarter. number utilize their coronary, to treat

of second CHEETAH Friday, Orlando, the hope at will about will look Florida during study, the days only can of a have physicians in use continues X. November ahead be of Within our who We in are uniqueness portfolio research continued which vascular to Also, us products forward tremendous and believe clinical quarter including two we presentation our vascular headwind, up while results our quarter which procedure in with reasons a our immobilization the matched high see cataracts we the faced this had many having chronic settings, session business, of the there. and patients; coronary breadth TCT of with in conference to catch of finding the help resonate burden. most on record some featured to we attendance highlighted those I be benefited opportunity results of I in reached strong deferred more the from modest you Ruby notwithstanding QX XX% we thrombus with to another upcoming record and both adoption quarter. LP, immobilization COVID acute

and very extraordinary physicians the designed technology size. is best unrivaled patient's allows choose driven in vessel we growth proprietary quarter the RED series. throughout RED responded to million coding and give during neuro portfolio, upon in in ability done the the the red and task alongside of physician have with are treatment, by XX.X% States they to success. business, our our third RED achieve quarter. breadth the need field. in this to pandemic, And new stroke that work to series United turn RED technology maximize in now initial year-over-year the The the $XX.X XX, recorded neuro this the well, our growth positively RED me catheter clot incredible robust customers glide RED The the United aspiration matches XX% frontline series and RED the team the which Let of our In of capabilities architecture tractability US as series, recorded quarter. launch has went which RED expands catheter removal States of series the to paired Physicians The XX use extraordinarily sequential XX to first to the physicians sum, the

of One With of each other stroke, access the extraordinarily our hallmarks embolization our breath. business portfolio neuro and franchises is well. complementing

neuro quarter and strong Our by business international adoption continued of produced another BMXXX led growth. access record

related team, initiatives Our In to products to to going neuro neuro neuro to in types our of momentum patients quarter. expand the our our we to sum, to important as our more matched engine, record business COVID the forward. results, expect and headwinds embolization QX in notwithstanding nearly continue third invest these innovation business continue procedures access our we in

that in hosted Let Healthcare me September business. now Penumbra. We turn to marked monumental Day our a for Immersive an moment Investor late

well range Sixense, of the feedback developers group has acquisition leader content second have as therapy technology, our from virtual event XX long patients community and define to time patients proprietary a from a in party we outlined extremely immersive millions of studio, to provide the help sourced healthcare reality the our a combination real over platform as we own of broad plans announcing in received the to settings. third since addition the platform plan XXs The and been US hardware, of we build partner, alone. try robust tracking this our as and to of a The million build, partners In technology positive. ecosystem software we across unique healthcare of to to party

the are We to ahead. important dedicated work

continues strong international we to a be future. see well the significant business, our to contributor into for our opportunities Turning and to growth markets, additional China

in In forward entire platform latest stroke the addition, we in our immersive momentum look to where healthcare continue eventually Japanese future. and good products, in introducing see our portfolio, we business, our vascular product neuro to our

Our notwithstanding up to to geographies. to call over the I Maggie quarter. results and financial more would of all over turn think one to and presence and more all each all forward. our categories Asia like across help companies EMEA, Overall, we of product businesses expand are we to for Pacific our there our showed growth the patients facing, that products year-over-year. going are existing set these future opportunities and we with solid challenges are now geographies Latin confident many the America in our And are go

Maggie Yuen

Thank third Today you, discuss will the Adam. quarter I XXXX. financial for results the

Additional on details will reports Form be our contained within XX-Q. quarterly

quarter September million, of growth third X.X% constant third the $XXX.X the total currency increase revenues were in and quarter of of XX, and XXXX, our of XXXX XX.X% For quarter XX.X% sequential ended to the XXXX. over second reported compared an

of respectively period compared to quarter reported US XX.X% geographic the International Our XX.X% XX% sales were growth the and same International, XXXX. and XX.X% mix of in in US and

from to Moving the peripheral US. to by XX.X% to to XXXX, vascular $XX.X the thrombectomy revenue in business same year. from currency our of in constant from grew strong of prior Compared business third business $XXX.X from the our quarter, franchise; by performance in compared volume X.X% grew our revenue reported neuro an revenue and period million was the increase Revenue vascular reported year driven the by a quarter last XX.X% the of of million an Gross margin XX.X% due across in the and third XXXX, to and to year, [Indiscernible] product same ago. and volume same constant in increase quarter mix. neuro in compared third XX.X% access benefits and quarter embolization, was stable additional from period franchises. currency XX.X% With in last growth compared the to quarter

Total all for last In set and did our operating will accelerate ability transferring for as quarter have quarter XX% compared XX% opportunities in in efficiency to key the are expand supply the product site, investment support will and product capacity years. margin growing quarter, the This to in of including our to revenue, expansion or manufacturing to in for with builders, increase to manufacturing same and and may of impact manufacturing continue We our but manufacturing year. term footprint strong the continue short processes multiple million, $XXX.X revenue new third $XXX.X rapidly up chain million, we margin for the XXXX improving it or was us productivity. expense coming our coming hiring and months, Roseville our launches. demand pleased training

with $XX.X XXXX QX Our anticipate compared Research compared million XXXX, the QX, to million, quarter fourth were for million to research were $XX additional related payments and QX, is $XX.X cash. Development associated $XX $XX.X to and acquisition. the for XXXX for which the in to In million million, million, XXXX. range expenses non milestones, $XX.X the development QX these of XXXX. expenses expenses expenses XXXX Sixense one SG&A We of of time QX, for estimate majority in and we

For I'd increase of to ended the third now million like X.X% turn of revenue with Jason of an period to cash, and quarter our income operating the XX.X% of over operating XXXX to call cash year. And recorded guidance. of marketable compared $X.X discuss of to or quarter an or the third operating security XXXX, the million, we cash. revenue, $XX.X $XX for loss last in million We balance $XXX of same million, equivalents

Jason Mills

Thank you, Maggie.

consistent over XXXX second and of growth of the With see results revenue vascular thrombectomy further and quarter embolization increasing results, by compares peripheral term. business driven of XX% guidance would coronary XX% and $XXX venous, quarter our sequential of predominantly intervention. from catheters for million, increasing we third This across our Overall, our of third range drivers forward contribution million. we which are the with growth near arterial $XXX.X series million record PE, to RED expansion our long $XXX call new to will of XXXX for stroke represent back update other in call the I guidance represents and launches growth expect the both to to new August, our on now formally remarks. our setting inputs. million Adam in our timing $XXX on to guidance of previous revenue guidance updated our to views XXXX our approach updated fourth million range our $XXX markets, past, given revenue product In relevant we our closing compared to turn to quarter, guidance current XXXX multiple going quarter

Adam Elsesser

Maggie Qi. Jason, you, and Thank

positioned people As third well through months the number quarter fourth is we and to move quarter, ahead. more more the the the and report in help we years and

We area are both constantly as of immersive neuro vascular healthcare. the making newer in to and investments innovate as well

our we day our have the to to elements best work. our continue for all These hiring We parts in are many people success defined three of business, and in execute day years.

doing and want our available the in Finally, to much you together and to please attention call so times. open even for your patients I on questions. and like go to to make of ahead. challenging manufacture acknowledge to Operator, we'd thank and everyone at and the Thank all design, for these today physicians so Penumbra well call working products

Operator

[Operator of Instructions] from Our from first line question Wells Fargo. the comes Larry Biegelsen

LarryBiegelsen

the taking Thanks questions. for afternoon. Good

to lower the from it's your QX we guidance that XX% growth. Just here compared the very the implies a quarter me sequential seasonality, you let about see typically historical growth midpoint And obviously off at start you year-over-year guys. reported guidance. on nice only Hey, but

follow do up. to And are in And what that conservatism? billion assuming about year-over-year you're context want XXXX, confirm I a you growth, put that So and seeing the we $X had confident XXXX. I leading still for to that's just in XX% the into how streets

AdamElsesser

a it's Larry, great question.

there quickly. $X take going definitely question, over if it pretty with specifics. quarter, a I about how answer Let the done you I'll in XXXX me we've we the and with And start our gets the guidance come is look and The let you think billion. last then this confident forward, of Jason some about at are

So we lot of a confidence. have

I'll our talk I we very commentary that. specific shows this future. But guidance. the let about no today question Jason about think feel confident

JasonMills

that immersive business, we $X well. the I'll as comment just bit just our to billion plus before we a Adam healthcare at said to the as the and leave in might we and to Yes, remind actually that the At time recall, that referred be continues you said, comment, way point said just billion $X this look at we little to time, add you plus what specifically that Larry.

about the sequential It of neuro both was I in and was So question a our our across folks and business the about strength in stronger of lot our performance, business. strong in quite strong. the your obviously products appreciate quarter And talked of increase obviously third obviously, as the guidance. vascular businesses, a then sequentially, we representative and

we're strong world that so others And of of saying are about COVID. cognizant record and And we're growth. cognizant what also the

And remarks, continue growth which to As we quarter. good fourth the expect saw we throughout to in expect is quarter, pretty growth talked why about, sequential we that the continue. our into we

LarryBiegelsen

just thanks my right, follow that. for All for up. And

focused Adam, So How hear CHEETAH just, that the you Lightning. on questions. do do you still Thanks the will anything about data, be plan didn't track? And leverage for what think physicians the taking on to on? Is we data? Adam,

AdamElsesser

well, of a meant Yes, lot think we, I said I THUNDERBOLT. Lightning, about think all, I you first

LarryBiegelsen

THUNDERBOLT, sorry.

You're right.

AdamElsesser

If I'm name, the are you I not close. mistaken. know

first in around away it's and there's as presenting a the data and talk with presentation. physicians appropriate I two to doing And being CHEETAH, respectful the go the look to through. after to to data that. talking know, And that. days be obviously very we address want of you anyone of to needless who to there forward about about going am calm, Let's rules be a we are days. it lot to But that look the forward couple can say,

and like We think to guys me know. name for I relates time actions to enough sort it Last product speak I themselves. the to THUNDERBOLT, let know publicly. well the As you our of mentioned

nothing mean that quarter, nothing to as that by the you should public didn't in and is to to take mention anything the fact I continue I that the on about can think interpret So be. side guys mention have not you I didn't meant it conversation, but the fact negative that appropriate comments there I this and the it seemed it name the I way

Operator

the question line from comes of Our next from Plovanic Bill Canaccord.

UnidentifiedAnalyst

Thanks you John and you you rate. overall thinking in it's work possible Adam, with your how DVC about just talk point hit any Hi, that And about call about tonight. across talk PE? the on can overlap Can our taking there? coronary balance synergies opportunity for then the and just for Bill CHEETAH Ontario, in questions. the

AdamElsesser

Sure.

we've study. And XX% the after only the the that the I that that's and that same most. on mentioned trial penetrated. remarks the really what for high a We're what to talked that's market, significant it is US really in CHEETAH we've was opportunity. it That's opportunity as that stroke US And And or roughly going the need call this about opportunity, report have we'll as in patients burden, So out. size the way been really the prepared the clot patients about thrombus said designed burden, past a is patients opportunity really of coronary. was that the the

as they at older in really not the some studies at changes think And high some innovation big of insignificant patients. thrombus you older deal all the you when those highlighted with studies, changes, for to opposed all. at those I need technology technology. in power look the it's of as So continuous using And it know of aspiration, technology that idea to the the

in on the point which morning, see Friday as relates cardiology. call to and interventional that's Obviously, the Orlando, that it point. you is data framework So digest the call in can

significant interventional all do I you know of a think number. cardiologists

up to estimate of XX% the work. around peripheral Sometimes people

between doesn't products an And one the not obvious from those really take just away so two there's synergy other. and

that work have on a they very teams and the very, while. for been focused In synergistically fact,

BillPlovanic

right the think then you first a up recent Thanks, look to again, so law, to about engaging of how COVID follow appetite and on just of a care forward setting? in data, patients, stroke neuro as again, it's as legislators the responders, do

AdamElsesser

Yes.

signs question. years, of go that another their did been of the spent that there, things to of the I bandwidth a the the some saw time phases you that time local But this are glad local state to on to I'm and you a our and decent North early couple out they also is have time talking into had past. physicians the to I first in starting we get doing feeling This enact to communities work So pandemic kind the amount ability for I've Carolina quarter asked out starting and really work they're legislation were reengage. given the in the state start referring and in to that the seeing earliest that.

in engaged. and feeling into see move to I'm so team There's that pretty you momentum. a as remarks, starting much our more this next pandemic, neuro optimistic of as heard momentum. And the And is we phase prepared little so we're really my energy

technology sequential exciting You saw same of time. really, the it's of years. difficult to in the really a in that the a couple time and US, really for out the growth push coming We're

Operator

from Our question comes next Robbie line JPMorgan. from the of Marcus

RobbieMarcus

what a great. China great six to those and break congrats about in new through we on the the talked products for you're different the Thanks quarter impact expecting line sets questions some do of and start you Adam, to businesses. and you launches, lot spoke RED product different Oh, some items How adoption the sales you about of or products, Lightning coronary, next about the the Maybe and of to over it taking the quarter. sub there. out months, also say think a had for don't XX

we're that So we about dollar growth? think how incremental seeing do biggest where the

AdamElsesser

a no, vascular. neuro we question. breakout do, versus it's Yes, great obviously Well,

clearly pretty the So benefit our the six products of you'll to next the series over a RED months business. and in neuro I see future year, hope

to to as four venous patients relates both successful really prepared we're saw so on categories. coronary, arterial really in all the of the and all we vascular my positively working, and said on as it's remarks, I lucky and those PE business, growth ability it well this have impact we've As

which lot a unnecessary, digest they're to field out it's one in it's that more opportunities, as of that's, and no it's the now. because I longer a really the the in part pandemic right the really single need success, because of some because they're physicians, idea the the and to more sort up just of becoming viewpoint with rooted ICU free beds, think, of of particularly Lightning working be, in thing of finding sort series and I exposed philosophically, successful except venous pretty and daily to would all thought and cataracts it And think with in I and break PE, arterial, about and being then starts huge see. the to is people But practice, think session we'll treatment, CHEETAH now dramatically. continue I their think that can

to is say, that a it's in lot all to break And I it growth down of voice hear of of confidence we it have And we're, So more, all because of all the that a our that and them. the is all way matters on of team contributing its to in you focused contributing. come. hard which us gives think,

JasonMills

a bit up follow that. a just Robbie, little on And

back of the to about of products, in we quarter those, when both this speaking Obviously, full to large arterial extent Going pretty talk at our remarks. obviously, Lightning prepared some Lightning and of look nearly to growth ago in the folks Lightning a digit in year we double which quarter, quarter initial launch XX. did was sequentially a anniversary those XX are transfer, and and X venous of our

other point coronary. of United sequentially. US we catheters, all business talked the of cuts PE, the arterial, those peripheral That's remind XX% about just to out across and of four series were we and stroke talked obviously a of up in thrombectomy receptivity venous being couple and RED because about Just XX% States, up areas the the overall things of

RobbieMarcus

that. you any if how for were since we give many this and business a if those a where procedures thanks neuro year. recall on sense been helpful. in would last lot. the and there's have the US you and is track while how markets, up, the since it's some, happening out any a US thought Europe And US, details have for And thrombectomy you gauge used way be outside quick procedures markets Great, maybe of to follow to maybe performance the been, Thanks just really year, in the got

AdamElsesser

think But of don't little specific that to going fair sort can. a confidence is to to throw little having phase. out without as the certainly We'll numbers, try they're of best I sort out this give to forward because it's harder bit numbers track Yes, a during we do harder.

again, a there lots in As difficult. do and I not field what you I makes will know, players two last quite almost that the the everything a think I year and years, very are a more and of been the do half I touch first said. it reiterate purely just sort of pandemic the has went down beginning anecdotal relatively, at dramatically, and obviously see recovered. it and this point. more

then drive work in the I think that's North and energy sort And that's But of growing example to order hear just of is Carolina around of a wouldn't want patients. of this ago. those I be see to sort more a month there do started or And and good out still than optimism really aggressive do the So that. number patients. I two

So as We'll much you to but good specifics, do want more accurate we numbers, it's to question. as as a give try to be I to want out just don't possible. throw

RobbieMarcus

early we that market, any impact I Or know making one. how there? If do right. all it still used you're days? China, a impact about of the real the are in I predominantly to quick think one seeing. sense Medtronic Thanks. Is you be could All squeeze a

AdamElsesser

you business do get awful technology, I've those for to look, about AXX, can hard. lot it's they to that launched, known moving have will of I products from product a the that is that the interest mean, aspiration excited seeing work, hard I success that China to an Yes, there's cases. physicians know market is Because some more was based in the while. They're real there we're it recently tell large that had, impact market quantify to the to from here, the and conversations in their and

said touch that's I days, opportunity. think there, we're older the So past, And we've technology again, using it here. as technology where significant than the a early very in have we

to that China you most that at can when continue of now market we in I the So continue future quite the to have where we're bring to look and confidence going between going forward. do well a the current lot stuff,

Operator

Next of line Hopkins the of Bob question from Bank comes America. from

BobHopkins

afternoon. Maggie. if bit good QX dissect Hey, was a wondering I little we Thanks and guys could more. just and

about growth about was. put I the little third if maybe pronounced You just around of accelerated more secondly, that I the in it's you obvious, And then the a that could it's of the wondering negative you was the disruption just of I pro to mean, the about of nature you some said quarter, quarter, then regards, a -- two I'll ask was COVID? how an But terms it's wondering hospitals. color Because things because third quarter, talk over COVID thrombotic. of that that in if course obviously, impact could is

of potentially quarterly out competitors business, a calls one on there's so And positive basis. aspect, your to that your a also and

numbers quarter, a over So of the topics, course that QX little headwind tailwind more and on if in the just COVID provide wondering of color acceleration the and you two impacted then your how could perspective. around terms those

AdamElsesser

and really question. good Yes

it guessing. Let as me can, without a at doing of shot sort we take best just

didn't that treated we we majority people are the So in COVID sort looked third saw to that's even And don't started normal. quarters of little really third in And the part are the a where We it or but We've trajectory with the most quarter, quarter parts think the trying out but quarter the have patients spikes, the the we the being most think of COVID. And us that. bit surprisingly had in was of normal anecdotal not point particularly Why in the this patients were goes, case? the do significant done the now. impact And later of conversation as you of -- of about that in those is we for little they in on growth. quarter, an a we're that's We quarter what the that because have past accelerate out. had what earlier. was knew that for to first quarter particularly relatively say that wanted of there, thrombus, that it quarter. got July. would looks otherwise part Was

the and they're And in to another And time to technology thrombus be learning in and that or in as it again the of they're a physicians TPA well. setting. removed just really kind with exposed not to tool benefit going, time venous showing particularly needs being mechanical new so from up that of of the lot switch over bolt, arterial a it's using lightning PE, from the on in they're side the either is and

normal important So really, growth sort that's And good I was us this continue just really, of of patients. while. work for really for really lot that that what about confidence gives the really think a of it product we'll does a see

BobHopkins

And that's great. then on. follow Okay, quick just one up

that and seemed of between coronary. range all around of I the mean, that the Just bunched some venous low sequential? one know is those a or I well sense XX franchises? growth get mentioned of are for vascular within up of doing or -- for and components You wanted more XX? XX% sequential that -- to XX some quite range they're around thrombectomy. four But to growing the what be it the arterial performance PE and XX% single digit And in in

AdamElsesser

we're tell you give kind you can all there's lightning same is this product. it's whether of more that But both in they're cases, of that work lightning so specificity have all is can't a because for did certainty really difference well, Yes, and well, well, it with between contributing a PE we three to feel again, good are of call them, albeit our we'll know, in any the right in, pick now. being after any doing kind forward. be within really we spot think them It's that but done conversation Friday, where newer, with going I up that particularly I in to well to again, But to specifically. it's it's be cataracts, XX of lightning I growth used because doing venous, there, of hard or lightning that

JasonMills

growth a reiterate said Bob, I was number what say XX% Yes, to sequentially. US a bit that did earlier, just we growth

digit both also a So just and to making as growth tell is we addition call X double franchises what sure first PE then front. quick it's you to your said, this obviously, for Lighting it that heard that then, XX hard respectively. on and did Adam And DVT question. just versus And

not we of the to and more. point would session obviously different certainly of that that that therapy, whether paradigm thrombotic. pro probably is obviously more think And a you in it is using -- talked from And and you're intensive seeing You resonating session with paradigm, And single paradigm is otherwise. care it's continues. you might what unit the just an which is perspective the up I therapy we're paradigm that about a resources goes along single

Operator

Kaczor comes question from Blair. line of the next Our Margaret from William

UnidentifiedAnalyst

Adam. This Margaret. for on is Hi, Brendan

feel neuro I wanted really First the stroke. within next And market. and as what now appreciate of US growth market taking kind at it after characterization recall, to above say is don't the you're within sequential But specific maybe year? RED a is you I was do a of kind to catheters bit nice share. numbers just is maybe the for maybe offensive to series still, you're of it get And into XX% somewhat focus period here, fair for heading guess you're have quarter, especially with of a little you I'm share, of like disruptions the and trying on

AdamElsesser

Yes, absolutely.

UnidentifiedAnalyst

simple Okay, enough.

AdamElsesser

question. it spot about And the in there doing quarter. time want. Oh, fast absolutely. full enough I day not the we just great as We're not this success. it. a RED right just we're of to a even seeing now no as There's is can very there's amazingly get lot But you tell out that And series excited well. a is we're in And more. Yes,

and not heartening. to is really a The market it. reacting it's positively is really, sure. did is high for are Morale physicians it yes, So It's really, exciting. likely grow that XX%

UnidentifiedAnalyst

given Right. And important had maybe is. to go more or market the for maybe efforts, development sense, you there's vascular especially at And focus you a investments maybe how just just hinted after. in market that's on large within maybe broader Adam, a increased

investing curious of Just penetration of and kind about to development you're some if beyond, require all in talk that. getting could maybe what you XX%, from market XX% efforts

to So are what the are the things how months XX that they you're And in? can growth? like next maybe of important investing

AdamElsesser

great Yes, it's a question.

there's, to time sure stroke communities were right where to place. systems, So hospital we outreach make and getting patients similar again, the doing spent with to

the outreach are the little Here, local physicians different. that to the are with already committed that to and a of sort place, session the patients and in who who in physicians But single is make continue see getting there's single in that a sure folks and patterns session. referral believe treating want to to outreach are them

work So are and to done definitely and there's we engaging be to do doing that. work

PE, product wanted TPA, really but attach that of But getting lot in the The is those patients how more now. medical and management I think starting even where more. clinical certain benefits conversations. in right of here, would past. studies going talked you to think continue to that we're areas, starting more area, sure getting frame we really And aren't some those. and starting work, the learn as like other and up We've be all always that a we're course, the understand importantly of about really we're about studies the one we've other particularly in are running that But is and think and after the technology, about just and to can

exciting to more again, lots ahead, this people. pretty technology So and to more time bring

UnidentifiedAnalyst

there where need to I -- that anything level there interesting, And how one area may those that you're this if be internationally, you one, tweak just of kind last growth to then reached that clearly signals international strategies, could mean the look approaching in an at new ask hires have And XXXX you Thanks. new we're the investing for you're is a markets? in markets?

AdamElsesser

don't, just -- the are that extraordinary and people international to can experience we're know look company, a a really experience Yes, bolster bring expertise look, who continue Fred learn to continue hires ton we we as that of huge from. two John can their two that just we've possibly we in know well. and And hire best that we areas don't things can the always, to people as hire with things bring

They're growth yes, to addition do to it's So years international great continue ahead. I the see happen. can in expect that to a And in we the exciting team.

Operator

comes question David up next [Indiscernible] Our from line

UnidentifiedAnalyst

taking for the thanks question. guys, Hey,

for portfolio you're some products about I we've positioning on guess kind There's mean medtech We're been these on guess products I think with so. a that guess, over some increased the M&A diversified shaping thinking address how a I -- get the larger space? to forward. do past I how that other advantage some competition see of you sense you be competitive thrombectomy some First, to do or thrombectomy in the some, space here? up segment. going for of alongside seen about the complementary And landscape within just months companies like vascular competitive couple the

AdamElsesser

to stuff thrombectomy pay that look, big of clot removing of to without see huge in particularly track. happy I is right other body really the the statement is some we're sort are really, future. that tool, the in Yes, on TPA to way to, go. think whole I've and acknowledge mechanical been That the field this the companies a the attention is And really starting people to a

So incredibly think that not in I would unexpected is all important now, think it I that fact perfect. is and happen, happening

on, We just the thrombectomy, are want working we have confidence those in and pretty a continues from switch And right be when lot the where of really we innovation relates well, good field lot we have to do coming the As going that patients. of for in we're market of we to to sort you add really, drip it really in this lightening of TPA a it stay other our those patients be to still. thrombectomy in to capture as that really technologies aided shape. system; well. computer to as also well. know, as And we're lot confidence ever a know itself, technology really, But don't works we you

UnidentifiedAnalyst

pulmonary on Okay, I I the like mean, some development head been guess just you segment. have up that following thrombectomy announced RCT within market it embolism some that's trials. kind that some of about commentary helpful. specifically head on of within there's competitors to talked seems

past I guess in kind head or in the I of at comment the on least you've interest an studies within head and expressed venous of to know, that So segment. kind what, some doing

of to share kind some here? you the mean, the in have don't potentially Or And of kind strategy think at what's or not having to the if or thoughts least within either you overall I opposed if as segment? it gaining having data? market, between necessarily I kind head So growing don't the of you market that about guess behind how kind do of dynamics that invest segment? head

AdamElsesser

it. no, Yes, And I'm a really, it's question. really asked you glad good

I alluded I'll it last my be maybe but to So more answer, in just clear.

about the US are have with much just numbers massive of being a on time. significant, in small patients those could number after venous PE it's larger And the on, DVT US, arterial likely potentially sub that they waiting So treated are is group compared if it's today, talking about over we're that could quite of patients some side segment and massive real of which of XX,XXX, are it's patients really earlier, go form opportunity piece, intervened you're or group on of to management, given sort rather a TPA is actually medical relatively that period the acute. but but dripping that intervened talking intervention, until what smallest aren't to to TPA, of the than the benefit is and majority become only the that

less field, given the would of type no the to is they're we're the the opportunity that would sort now, up have. really market us, field are but on growth the product experiencing, that's share interesting them, the grow on study that's going going think size judgment open of studies our for that and So studies. of that we And sort that

those studies the focused the what starting to haven't of with really as enough to we way. have alluded physician really open on as to, but some focused pool going really we're a The more announced I small are study, randomized would are patients. relatively we're up of same we're leaders So market dialogues to that the really kind it, significant currently understand of in on

Operator

Joanne from of from line Wuensch Next question comes the Citi.

JoanneWuensch

Good Hi, for and afternoon. thanks the question. taking

but is like site just So is two Not quarter, it the looks into for that? you on manufacturing margins. next on fourth have we to that. questions. It One weigh that beginning looks like about gross year? the do new think How

MaggieYuen

Yes. Joanne thanks for the question.

So mean, because -- site, of as my quite a in we I want they're our intentional to accelerate in growth. our to I our remarks mean, investment to investment. margin. I investment Roseville our is said all impact that bit, volume projection all the it long-term of

short impact support be just will this investment also macro have at up long all choppy. term. and expansion impact offset seen believe any will to continue that, macro the add us it impact, little the I year. investment term in throughout impact chain of the our we manufacturing, say, as to in margin want productivity But bit help material the margin to And these So setting the a point, activities margin inflation of that to to we because area. not some is supply going But with

JoanneWuensch

you have next of people our just their thanks. revenue, ranges Can with So How has anywhere this question from which we're to tell? what help that? that do from mean, I meeting from the around $X on get real do can sort in I second way. you us consensus? revenue head set or for based -- what between similar million my together, difference piece Okay, beating real or could system can I the to models be million, up we right, year $XX already

AdamElsesser

out Day. is work or work me think terms itself not The of to to laid take numbers XXXX you so host on with that the have let -- a that because the we Investor will provide don't opportunities without we're Day, as have viable I work that and I build also about doing have really that. things, of are, the know, from capacity clear to to can it huge work significant, just call. significant going platform on as us continue want install business pretty content, can so we Investor Yes, working we guidance by I healthcare, work it And best in the we do and The that we we're do to this base. our in immersive try -- a in developers be us for a to getting not number doing the to to address into time

stages All of is in that the of work. earliest doing the

secure. of to a to I level see as the proper company, all really excitement, of as tell sort Day, not talking my I but this need the that it's said, of those say sort is sort participating revenue is data patients, frankly so lot healthcare our said whether after it's this, We've this had that this, with that surprisingly, it's with utilizing I one won't amount residents all and start important. interest term the significant, effect, about talk So of we can have you do when do a about conversations a next short of we give and being decent that the of where sort to we That lay public in healthcare, it's heartening in buying trusted would discussion. it. And revenue coming not guidance, have company, be the remarks, public of this out got of because of to a I then but who of in to it's of That guidance, lot community you after excitement, sort lot clear, sort great Investor and goal start there, or is their interest, chase with a is or year use technology. where It's that contained knew work, a we'll prepared on. XXXX of as provide we that that, discuss

Hamlyn-Harris, but I on think specific questions our here. way numbers our So are do stay future, We'll call the back time. to There best well we at a in Miss this to you. you no as further we're can best I tuned. turned over give

Jee Harris

to you all Thank you, quarter today forward joining operator. team, for calls. our in management you look Penumbra. for On us again and behalf of fourth on updating interest We your thank our

Operator

This concludes today's conference call.

disconnect. may You now

Jee Harris	Investor Relations
Adam Elsesser	President, Chairman and Chief Executive Officer
Maggie Yuen	Chief Financial Officer
Jason Mills	Executive Vice President, Strategy
Larry Biegelsen	Wells Fargo Securities
Robbie Marcus	JPMorgan
Bob Hopkins	Bank of America
Joanne Wuensch	Citigroup

Penumbra (PEN) 4 Nov 212021 Q3 Earnings call transcript