Penumbra, Inc. (NYSE:PEN) Q3 2024 Earnings Conference Call October 30, 2024 4:30 PM ET
Company Participants
Cecilia Furlong - Director of Business Development and Investor Relations
Adam Elsesser - Chairman and Chief Executive Officer
Maggie Yuen - Chief Financial Officer
Jason Mills - Executive Vice President of Strategy
Conference Call Participants
Richard Newitter - Truist Securities
Robert Marcus - JPMorgan
Joanne Wuensch - Citi
Michael Sarcone - Jefferies
Samantha Kurtz - Piper Sandler
Michael Kratky - Leerink
Pito Chickering - Deutsche Bank
Michael Matson - Needham
Operator
Good afternoon. My name is Jeremy, and I will be your conference operator today. At this time, I would like to welcome everybody to Penumbra's Third Quarter 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
With that, I would like to introduce Ms. Cecilia Furlong, Business Development and Investor Relations for Penumbra. Ms. Furlong, you may now begin your conference.
Cecilia Furlong
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 2024. 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@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, 2023 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 stock. Penumbra disclaims any need to update or revise our forward-looking statements as a result of new information, future events, developments or otherwise.
On this call, financial results for revenue and gross margin are presented on a GAAP basis while operating expenses, operating income and adjusted EBITDA are presented on a non-GAAP basis. The corresponding GAAP measures and a reconciliation of GAAP to non-GAAP financial measures are provided in our posted press release. Non-GAAP operating expenses and operating income exclude expenses related to the wind down of our Immersive Healthcare business in the third quarter of 2024 of $5 million, a onetime expense associated with the acquisition of IPR&D of $18.2 million in the third quarter of 2023 and amortization of acquired intangible assets of $2.4 million in the third quarter of 2023.