Penumbra, Inc. reported a revenue of $1,194.6 million for the fiscal year ending December 31, 2024, marking a 12.9% increase from $1,058.5 million in 2023 and a 25.0% increase from $847.1 million in 2022. The company generated an income from operations of $9.3 million in 2024, a decrease from $73.6 million in 2023, primarily due to a $115.3 million impairment charge related to the exit of its Immersive Healthcare business. This strategic decision led to the permanent cessation of sales and operations in that segment, which had been active since 2020.
The company's thrombectomy product line saw significant growth, with revenue increasing by 20.4% to $815.5 million in 2024, driven by higher sales volumes in the U.S. and the introduction of new products. In contrast, revenue from embolization and access products slightly declined by 0.5% to $379.1 million, primarily due to a decrease in international sales. Geographically, U.S. sales accounted for 75.5% of total revenue, reflecting a 19.1% increase, while international sales decreased by 2.9%.
Operationally, Penumbra's employee headcount reached approximately 4,500 as of December 31, 2024, with no employees represented by collective bargaining agreements. The company continues to focus on expanding its salesforce and enhancing product adoption among specialist physicians. The filing indicates that the company is committed to ongoing research and development, with R&D expenses rising to $94.8 million in 2024, up 12.3% from the previous year. This investment is aimed at maintaining its competitive edge in the medical device market, which is characterized by rapid technological advancements and intense competition.
Looking ahead, Penumbra anticipates continued growth driven by its innovative product portfolio and strategic market penetration efforts. However, the company acknowledges potential risks, including competition from larger firms, regulatory challenges, and the need for effective marketing and sales strategies to expand its customer base. The company’s management remains optimistic about its ability to navigate these challenges and achieve its growth objectives in the coming years.
About Penumbra Inc
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