Short answer
Penumbra Inc (PEN) filed its fiscal 2017 10-K annual report with the SEC on Feb 27, 2018. It reported revenue of $334M (+26.8% year over year) and net income of $5M.
- Top risk flagged: FDA QSR, MDR and 510(k) compliance failures: recalls, clearance withdrawals, fines or production restrictions
FY2017 key financial metrics · XBRL
- Revenue
- $334M
- +26.8% YoY
- Net income
- $5M
- −68.6% YoY
- Operating margin
- 0.3%
- +0.9 pp YoY
- Gross margin
- 65.1%
- +0.2 pp YoY
- EPS (diluted)
- $0.13
- −70.5% YoY
- ROE
- 1.2%
- −4.4 pp YoY
- Operating cash flow
- $13M
- +199.1% YoY
Source: XBRL data from the Penumbra Inc (PEN) FY2017 10-K on SEC EDGAR. USD.
Penumbra Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global medical-device model: in-house design, manufacturing and specialist-physician sales across neurovascular and peripheral vascular markets
- 2017 launch: first revascularization device combining direct aspiration with stent-retriever technology
- Strategic expansion: broader thrombectomy platform through Indigo peripheral applications and 3D neurovascular revascularization
- Revenue $333.8M, up 26.8%; neuro $232.4M and peripheral vascular $101.3M
- R&D investment rose to $31.7M from $23.9M; workforce reached approximately 1,700 employees worldwide
Management Discussion & Analysis
- Revenue $333.8M, up 26.8% YoY from $263.3M, driven by neuro and peripheral vascular products
- Gross margin 65.1% vs 64.9%; operating margin 0.3% vs (0.5%), net margin 1.4% vs 5.6%
- Best segment peripheral vascular: $101.3M, up 30.3%; neuro: $232.4M, up 25.3%
- Operating cash flow $12.7M; capex $12.5M; investing outflow $77.7M; equity offering proceeds $106.3M
- Outlook: higher R&D, SG&A, manufacturing and international investment; risks from competition, product launches and foreign exchange variability
Risk Factors
- FDA QSR, MDR and 510(k) compliance failures: recalls, clearance withdrawals, fines or production restrictions
- International sales 34.3% of revenue, with Brexit negotiations threatening European trade, regulation and currency stability
- Alameda campus supplies substantially all products without redundant facilities, creating earthquake-related production interruption risk
- Boston Scientific, Johnson & Johnson, Medtronic, Stryker and Terumo possess substantially greater resources and established distribution
- Japanese distributor Medico’s Hirata represented 10.1% of 2017 revenue, creating material distributor concentration risk
Generated from the filing text; verify against the original. How to read a 10-K
Other Penumbra Inc annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.