Penumbra, Inc Reports Third Quarter 2022 Financial Results.

ALAMEDA, Calif: Penumbra, Inc. (NYSE: PEN), a global healthcare company focused on innovative therapies, today reported financial results for the third quarter ended September 30, 2022.

Revenue of $213.7 million in the third quarter of 2022, an increase of 12.4%, or 15.1% in constant currency1, compared to the third quarter of 2021.

Third Quarter 2022 Financial Results

Total revenue increased to $213.7 million for the third quarter of 2022 compared to $190.1 million for the third quarter of 2021, an increase of 12.4%, or 15.1% on a constant currency basis. The United States represented 70% of total revenue and international represented 30% of total revenue for the third quarter of 2022. Revenue from sales of vascular products grew to $123.4 million for the third quarter of 2022, an increase of 17.0%, or 18.8% on a constant currency basis. Revenue from sales of neuro products grew to $90.3 million for the third quarter of 2022, an increase of 6.7%, or 10.5% on a constant currency basis.

Gross profit was $135.3 million, or 63.3% of total revenue for the third quarter of 2022, compared to $119.9 million, or 63.1% of total revenue, for the third quarter of 2021. Gross margin is impacted by our ability to scale production capacity to support our expanding portfolio of products, which enabled us to navigate through some macroeconomic factors such as labor shortages, inflation and supply chain headwinds in the three months ended September 30, 2022, as well as our continued investments in COVID-19 related safety measures.

Total operating expenses were $129.9 million, or 60.8% of total revenue, for the third quarter of 2022, including a $2.4 million amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition. Excluding this charge, total non-GAAP operating expenses1 were $127.5 million...