Penumbra (PEN) Q4 FY2023 earnings: revenue $285 million, up 28.7% on the year

Penumbra Inc. (PEN) reported revenue of $285 million for Q4 FY2023, the quarter ended 31 December 2023, up 28.7% on the same quarter a year earlier. Net income was $54 million, up 1298.5% on the year, and diluted earnings per share $1.38. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$285 millionup 28.7%

Net income$54 millionup 1298.5%

Diluted EPS$1.38

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	285	271	n/a	n/a
Cost of revenue	97.7	93.2	n/a	n/a
Gross profit	187	178	n/a	n/a
Gross margin	65.7%	65.6%	n/a
Research and development	21.9	21.0	n/a	n/a
Selling, general and administrative	130	126	n/a	n/a
Operating income	35.0	12.6	n/a	n/a
Operating margin	12.3%	4.7%	n/a
Interest expense	0.4	0.4	n/a	n/a
Pre-tax income	38.2	13.3	n/a	n/a
Income tax	-16.1	4.1	n/a	n/a
Effective tax rate	-42.1%	30.7%	n/a
Net income	54.2	9.2	n/a	n/a
Net margin	19.0%	3.4%	n/a
Diluted EPS	$1.38	$0.23	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	36.3	30.8	n/a	n/a
Capital expenditure	3.6	3.3	n/a	n/a
Free cash flow	32.6	27.5	n/a	n/a
Free cash flow margin	11.5%	10.2%	n/a
Cash from investing	24.3	-44.4	n/a	n/a
Cash from financing	5.9	0.2	n/a	n/a
Depreciation and amortisation	7.0	6.9	n/a	n/a
Share-based compensation	10.8	14.1	n/a	n/a
Diluted shares, weighted	39m	39m	n/a	n/a
Shares outstanding at period end	39m	39m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,179	1,104	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	197	192	n/a	n/a
Finance lease liabilities	23.7	23.8	n/a	n/a
Other liabilities	156	148	n/a	n/a
Total liabilities and equity	1,556	1,468	n/a	n/a
Fixed assets	72.7	65.6	n/a	n/a
Goodwill	166	166	n/a	n/a
Intangible assets	71.1	73.5	n/a	n/a
Investments	122	148	n/a	n/a
Cash and equivalents	167	101	n/a	n/a
Receivables	202	207	n/a	n/a
Inventory	388	374	n/a	n/a
Other assets	367	334	n/a	n/a
Total assets	1,556	1,468	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	271	285	279	299	301	316	324	339	355	385	375	390
Cost of revenue	93.2	97.7	97.5	137	101	105	108	115	114	123	121	125
Gross profit	178	187	181	163	200	211	216	224	240	262	253	265
Gross margin	66%	66%	65%	54%	67%	67%	67%	66%	68%	68%	68%	68%
R&D	21.0	21.9	24.6	24.9	25.2	20.0	22.1	23.2	22.7	21.8	22.4	25.4
SG&A	126	130	144	142	140	148	153	160	169	181	193	199
Operating income	12.6	35.0	12.1	-81.0	35.4	42.8	40.4	40.8	48.8	59.2	38.2	41.0
Operating margin	5%	12%	4%	-27%	12%	14%	12%	12%	14%	15%	10%	11%
Interest expense	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Pre-tax income	13.3	38.2	14.6	-77.9	39.8	44.3	43.9	45.3	52.3	63.6	41.7	46.2
Tax rate	31%	-42%	25%	n/a	26%	24%	11%	0%	12%	26%	22%	25%
Net income	9.2	54.2	11.0	-60.2	29.5	33.7	39.2	45.3	45.9	47.3	32.6	34.8
Net margin	3%	19%	4%	-20%	10%	11%	12%	13%	13%	12%	9%	9%
Diluted EPS	$0.23	$1.38	$0.28	-$1.55	$0.75	$0.86	$1.00	$1.15	$1.17	$1.20	$0.82	$0.88
Operating cash flow	30.8	36.3	38.3	22.6	56.5	51.1	49.0	44.9	58.3	86.5	87.0	46.1
Capital expenditure	3.3	3.6	5.8	4.5	5.5	5.4	13.5	15.6	16.2	18.4	13.7	13.5
Free cash flow	27.5	32.6	32.5	18.1	51.0	45.7	35.5	29.4	42.0	68.0	73.3	32.5
Shares outstanding	39m	39m	39m	39m	38m	38m	39m	39m	39m	39m	39m	39m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0001321732-24-000025: the filing on EDGAR. All of Penumbra Inc.'s filings: EDGAR company page.

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