Penumbra, Inc. (PEN) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 3, 2022 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon. My name is Julian, and I will be your conference operator today. At this time, I would like to welcome everyone to Penumbra's Third Quarter 2022 Conference Call. [Operator Instructions] Thank you.

I would now like to introduce Ms. Jee Hamlyn-Harris, Investor Relations for Penumbra. Ms. Hamlyn-Harris, you may begin your conference.

Jee Hamlyn-Harris

Thank you, operator, and thank you all for joining us on today's call to discuss Penumbra's earnings release for the third quarter of 2022.

A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation, can be viewed under the Investors tab on our company website at www.penumbrainc.com.

During the course of this conference call, the company will make forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial performance, commercialization, clinical trials, regulatory status, quality compliance and business trends.

Actual results could differ materially from those stated or implied by our forward-looking statements due to certain risks and uncertainties, including those referenced in our 10-K for the year ended December 31, 2021, filed with the SEC. As a result, we caution you against placing undue reliance on these forward-looking statements, and we encourage you to review our periodic filings with the SEC, including the 10-K previously mentioned, for a more complete discussion of these factors and other risks that may affect our future results or the market price of our stocks, including, but not limited to the impact of the COVID-19 pandemic on our business, results of operations and financial conditions. Penumbra disclaims any duty to update or revise our forward-looking statements as a result of new information, future events, developments or otherwise.

On this call, certain financial measures are presented on a non-GAAP basis. A reconciliation of GAAP to non-GAAP financial measures are provided in our posted press release.

Adam Elsesser, Penumbra's Chairman and CEO; and Sandra Lesenfants, our President of Interventional, will provide a business update. Maggie Yuen, our Chief Financial Officer, will then discuss our financial results for the third quarter. And Jason Mills, our Executive Vice President of Strategy, will discuss our guidance.

With that, I would like to turn over the call to Adam Elsesser.

Adam Elsesser

Thank you, Jee. Good afternoon. Thank you for joining Penumbra's third quarter 2022 conference call. Our total revenues for the third quarter were $213.7 million, a year-over-year increase of 12.4% as reported, and 15.1% in constant currency. Our global vascular revenue grew to $123.4 million, up 17% year-over-year, while our global neuro revenue increased to $90.3 million, growing 6.7% compared to the same quarter a year ago. Growth in our vascular business was driven by a peripheral thrombectomy franchise, which increased 19.8% year-over-year led by share gains in venous, while our peripheral embolization business grew 12.4% year-over-year.