Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for doubtful accounts | $ 2,198 | $ 2,946 |
| Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
| Common stock, shares issued (in shares) | 36,414,732 | 35,001,581 |
| Common stock, shares outstanding (in shares) | 36,414,732 | 35,001,581 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net (loss) income | $ (19,257) | $ 47,004 | $ 2,910 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation adjustments, net of tax | 4,456 | (1,120) | (3,246) |
| Net change in unrealized gains (losses) on available-for-sale securities, net of tax | 409 | 738 | (265) |
| Total other comprehensive income (loss), net of tax | 4,865 | (382) | (3,511) |
| Consolidated comprehensive (loss) income | (14,392) | 46,622 | (601) |
| Net loss attributable to non-controlling interest | (3,555) | (1,454) | (3,691) |
| Comprehensive (loss) income attributable to Penumbra, Inc. | $ (10,837) | $ 48,076 | $ 3,090 |
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive (Loss) Income |
Retained Earnings (Accumulated Deficit) |
Retained Earnings (Accumulated Deficit)
Cumulative Effect, Period of Adoption, Adjustment
|
Total Penumbra, Inc. Stockholders’ Equity |
Total Penumbra, Inc. Stockholders’ Equity
Cumulative Effect, Period of Adoption, Adjustment
|
Non-Controlling Interest |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning balance (in shares) at Dec. 31, 2017 | 33,685,146 | ||||||||||||||||
| Beginning balance at Dec. 31, 2017 | $ 400,408 | $ 467 | [1] | $ 33 | $ 396,810 | $ 1,569 | $ 1,996 | $ 467 | [1] | $ 400,408 | $ 467 | [1] | $ 0 | ||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
| Issuance of common stock (in shares) | 774,475 | ||||||||||||||||
| Issuance of common stock | $ 5,064 | $ 1 | 5,063 | 5,064 | |||||||||||||
| Issuance of common stock under employee stock purchase plan (in shares) | 74,344 | 74,344 | |||||||||||||||
| Issuance of common stock under employee stock purchase plan | $ 7,231 | 7,231 | 7,231 | ||||||||||||||
| New issuance of common stock (in shares) | 53,256 | ||||||||||||||||
| New issuance of common stock | 5,256 | 5,256 | 5,256 | ||||||||||||||
| Shares held for tax withholdings (in shares) | (149,882) | ||||||||||||||||
| Shares held for tax withholding | (17,725) | (17,725) | (17,725) | ||||||||||||||
| Stock-based compensation | 18,449 | 18,449 | 18,449 | ||||||||||||||
| Asset acquisition date fair value of non-controlling interest | 3,366 | 3,366 | |||||||||||||||
| Capital contribution from non-controlling interest | 500 | 500 | |||||||||||||||
| Other comprehensive income (loss) | (3,511) | (3,511) | (3,511) | ||||||||||||||
| Net (loss) income | 2,910 | 6,601 | |||||||||||||||
| Net income (loss) attributable to Penumbra, Inc. | 6,601 | 6,601 | |||||||||||||||
| Net loss attributable to non-controlling interest | (3,691) | (3,691) | |||||||||||||||
| Ending balance (in shares) at Dec. 31, 2018 | 34,437,339 | ||||||||||||||||
| Ending balance at Dec. 31, 2018 | 422,415 | $ 34 | 415,084 | (1,942) | 9,064 | 422,240 | 175 | ||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
| Issuance of common stock (in shares) | 612,221 | ||||||||||||||||
| Issuance of common stock | $ 4,121 | $ 1 | 4,120 | 4,121 | |||||||||||||
| Issuance of common stock under employee stock purchase plan (in shares) | 81,644 | 81,644 | |||||||||||||||
| Issuance of common stock under employee stock purchase plan | $ 8,984 | 8,984 | 8,984 | ||||||||||||||
| Shares held for tax withholdings (in shares) | (129,623) | ||||||||||||||||
| Shares held for tax withholding | (18,535) | (18,535) | (18,535) | ||||||||||||||
| Stock-based compensation | $ 21,006 | 21,006 | 21,006 | ||||||||||||||
| Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||||
| Capital contribution from non-controlling interest | $ 1,000 | 1,000 | |||||||||||||||
| Other comprehensive income (loss) | (382) | (382) | (382) | ||||||||||||||
| Net (loss) income | 47,004 | 48,458 | |||||||||||||||
| Net income (loss) attributable to Penumbra, Inc. | 48,458 | 48,458 | |||||||||||||||
| Net loss attributable to non-controlling interest | (1,454) | (1,454) | |||||||||||||||
| Ending balance (in shares) at Dec. 31, 2019 | 35,001,581 | ||||||||||||||||
| Ending balance at Dec. 31, 2019 | 485,613 | $ (1,198) | [2] | $ 35 | 430,659 | (2,324) | 57,522 | $ (1,198) | [2] | 485,892 | $ (1,198) | [2] | (279) | ||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
| Issuance of common stock (in shares) | 520,185 | ||||||||||||||||
| Issuance of common stock | $ 5,239 | 5,115 | 5,115 | 124 | |||||||||||||
| Issuance of common stock under employee stock purchase plan (in shares) | 77,528 | 77,528 | |||||||||||||||
| Issuance of common stock under employee stock purchase plan | $ 11,300 | 11,300 | 11,300 | ||||||||||||||
| New issuance of common stock (in shares) | 865,963 | ||||||||||||||||
| New issuance of common stock | 134,759 | $ 1 | 134,758 | 134,759 | |||||||||||||
| Shares held for tax withholdings (in shares) | (50,525) | ||||||||||||||||
| Shares held for tax withholding | (10,066) | (10,066) | (10,066) | ||||||||||||||
| Stock-based compensation | 26,533 | 26,533 | 26,533 | ||||||||||||||
| Other comprehensive income (loss) | 4,865 | 4,865 | 4,865 | ||||||||||||||
| Net (loss) income | (19,257) | (15,702) | |||||||||||||||
| Net income (loss) attributable to Penumbra, Inc. | (15,702) | (15,702) | |||||||||||||||
| Net loss attributable to non-controlling interest | (3,555) | (3,555) | |||||||||||||||
| Ending balance (in shares) at Dec. 31, 2020 | 36,414,732 | ||||||||||||||||
| Ending balance at Dec. 31, 2020 | $ 637,788 | $ 36 | $ 598,299 | $ 2,541 | $ 40,622 | $ 641,498 | $ (3,710) | ||||||||||
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Organization and Description of Business |
12 Months Ended |
|---|---|
Dec. 31, 2020 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Description of Business | 1. Organization and Description of Business Penumbra, Inc. (the “Company”) is a global healthcare company focused on innovative therapies. The Company designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need.
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Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2020 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Certain changes in presentation were made in the consolidated financial statements for the year ended December 31, 2019 and 2018, to conform to the presentation for the year ended December 31, 2020. The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiary. The portion of equity not attributable to the Company is considered non-controlling interest and is classified separately in the consolidated financial statements. Any subsequent changes in the Company’s ownership interest while the Company retains its controlling interest in its majority-owned subsidiary will be accounted for as equity transactions. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity accounts; disclosure of contingent assets and liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to marketable investments, allowances for credit losses, standalone selling prices used to allocate revenue to performance obligations which are not directly observable, the amount of variable consideration included in the transaction price, warranty reserve, valuation of inventories, useful lives of property and equipment, operating and finance lease right-of-use (“ROU”) assets and liabilities, income taxes, contingent consideration and other contingencies, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other data. Actual results could differ from those estimates. Segments The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity: the design, development, manufacturing and marketing of innovative medical devices, and operates as one operating segment. The Company’s chief operating decision-maker (“CODM”), its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. The Company’s entity-wide disclosures are included in Note “17. Revenues.” Foreign Currency Translation The Company’s consolidated financial statements are prepared in United States Dollars (“USD”). Its foreign subsidiaries use their local currency as their functional currency and maintain their records in the local currency. Accordingly, the assets and liabilities of these subsidiaries are translated into USD using the current exchange rates in effect at the balance sheet date and equity accounts are translated into USD using historical rates. Revenues are translated using the exchange rate as of the date of transaction and expenses are translated using the average exchange rates in effect for the year involved. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. Transactions denominated in currencies other than the respective functional currencies are translated at exchange rates as of the date of transaction with foreign currency gains and losses recorded in other expense, net in the consolidated statements of operations. The Company realized net foreign currency transaction losses of a nominal amount, $0.8 million and $0.9 million during the years ended December 31, 2020, 2019 and 2018, respectively. As the Company’s international operations grow, its risks associated with fluctuation in currency rates will become greater, and the Company will continue to reassess its approach to managing this risk. In addition, currency fluctuations or a weakening USD can increase the costs of the Company’s international expansion. To date, the Company has not entered into any foreign currency hedging contracts. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, marketable investments (as described in greater detail in this footnote under the header “Cash, Cash Equivalents and Marketable Investments” below) and accounts receivable. The majority of the Company’s cash is held by one financial institution in the U.S. in excess of federally insured limits. The Company maintained investments in money market funds that were not federally insured during the year ended December 31, 2020 and held cash in foreign entities of approximately $17.4 million and $17.3 million at December 31, 2020 and 2019, respectively, which was not federally insured. The Company’s revenue has been derived from sales of its products in the United States and international markets. The Company uses both its own salesforce and independent distributors to sell its products. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of entities comprising the Company’s customer base. The Company performs ongoing credit evaluations of its customers, including its distributors, does not require collateral, and maintains allowances for potential credit losses on customer accounts when deemed necessary. During the year ended December 31, 2020, 2019, and 2018, no customer accounted for greater than 10% of the Company’s revenue. One customer accounted for greater than 10% of the Company’s accounts receivable balance as of December 31, 2020 and 2019. Significant Risks and Uncertainties The Company is subject to risks common to medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of products and the potential need to obtain additional financing. The Company is dependent on third party suppliers, in some cases single-source suppliers. There can be no assurance that the Company’s products will continue to be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed, if at all. The Company’s products require approval or clearance from the FDA prior to commencing commercial sales in the United States. There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company sells its products. If the Company is denied such approvals or clearances or such approvals or clearances are delayed, it may have a material adverse impact on the Company’s results of operations, financial position and liquidity. Fair Value of Financial Instruments Carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. Cash, Cash Equivalents and Marketable Investments The Company invests its cash primarily in highly liquid corporate debt securities, debt instruments of U.S. federal, state and municipal governments, and their agencies, in money market funds and in commercial paper. All highly liquid investments with stated maturities of three months or less from the date of purchase are classified as cash equivalents; all highly liquid investments with stated maturities of greater than three months are classified as marketable investments. The majority of the Company’s cash and investments are held in U.S. banks. The Company determines the appropriate classification of its investments in marketable investments at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable investments have been classified and accounted for as available-for-sale. Investments with remaining maturities of more than one year are viewed by the Company as available to support current operations and are classified as current assets under the caption marketable investments in the accompanying consolidated balance sheets. Investments in marketable investments are carried at fair value, with the unrealized gains and losses reported as a component of accumulated other comprehensive loss. Any realized gains or losses on the sale of marketable investments are determined on a specific identification method, and such gains and losses are reflected as a component of other income (expense), net. Impairment of Marketable Investments As a result of the of the adoption of the ASU 2016-13 during the year ended December 31, 2020, the Company is exposed to credit losses through its investments in available-for-sale securities. An investment is impaired if the fair value of the investment is less than its amortized cost basis. The Company reviews each impaired available-for-sale security held in its portfolio to determine whether the decline in fair value below its amortized cost basis is the result of credit losses or other factors. An allowance for credit losses is to be recorded as a charge to net income in an amount equal to the difference between the impaired security’s amortized cost basis and the amount expected to be collected over the lifetime of security, limited by the amount that the fair value is less than its amortized cost basis. Any remaining difference between its amortized cost basis and fair value is deemed not to be due to expected credit losses and is recorded as a component of accumulated other comprehensive loss. The Company’s impairment review considers several factors to determine if an expected credit loss is present including the discounted present value of expected cash flows of the security, the capacity to hold a security or sell a security before recovery of the decline in amortized cost, the credit rating of the security and forecasted and historical factors that affect the value of the security. In fiscal years prior to the adoption of ASU 2016-13, unrealized gains or losses on these securities were recorded to accumulated other comprehensive loss until either the security was sold or the Company determined that the decline in value was other-than-temporary. The primary differentiating factors the Company considered when classifying impairments as either temporary or other-than-temporary impairments was the intent and ability to retain the investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value, the length of the time and the extent to which the market value of the investment had been less than cost, the financial condition, and near-term prospects of the issuer. During the year ended December 31, 2020, the Company reviewed its impaired available-for-sale securities and concluded that the decline in fair value was not related to credit losses and is recoverable. Accordingly, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive loss. There were no other-than-temporary impairments for the years ended December 31, 2019 and 2018. Non-Marketable Equity Investments Entities in which the Company has at least a 20%, but not more than a 50%, interest are accounted for under the equity method unless it is determined that the Company has a controlling financial interest in the entity, in which case the entity would be consolidated. Non-marketable equity investments are classified as long-term investments on the consolidated balance sheet. The Company’s proportionate share of the operating results of its non-marketable equity method investments are recorded as profit or loss and presented in equity in losses of unconsolidated investee, in the consolidated statements of operations. See Note “6. Asset Acquisition” for further details. Accounts Receivable As a result of the adoption of ASU 2016-13 on January 1, 2020, accounts receivable are measured at amortized cost less the allowance for credit losses. The Company measures expected credit losses for its accounts receivables utilizing a loss-rate approach. The allowance for expected credit losses assessment requires a degree of estimation and judgement. The expected loss-rate is calculated by utilizing historical credit losses incurred as a percentage of the Company’s historical accounts receivable balances, pooled by customers with similar geographic credit risk characteristics. The loss-rate is adjusted for management’s expectations regarding current conditions and forecasts about future conditions which impact expected credit losses. The Company considers factors such as customers credit risk, geographic related risks and economic conditions that may affect a customer’s credit quality classification. Prior to the adoption of ASU 2016-13, the Company recognized losses when a loss was incurred or deemed probable by recording a specific allowance against amounts due, and thereby reducing the net recognized receivable to the amount reasonably believed to be collectible. In fiscal years prior to the adoption of ASU 2016-13, accounts receivable were stated at invoice value less estimated allowances for doubtful accounts. The Company recognized losses when a loss was incurred or deemed probable by recording a specific allowance against amounts due, and thereby reducing the net recognized receivable to the amount reasonably believed to be collectible. The Company monitored customer payments and maintained a reserve for estimated losses resulting from its customers’ inability to make required payments considering factors such as historical experience, credit quality, age of the accounts receivable balances, geographic related risks and economic conditions that may affect a customer’s ability to pay. Inventories Inventories are stated at the lower of cost (determined under the first-in first-out method) or net realizable value. Write-downs are provided for raw materials, components or finished goods that are determined to be excessive or obsolete. The Company regularly reviews inventory quantities in consideration of actual loss experience, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate. As a result of these evaluations, the Company recognized total write-offs and write-downs of $10.6 million, $4.4 million, and $1.7 million for the years ended December 31, 2020, 2019 and 2018. Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life. Machinery and equipment and furniture and fixtures are depreciated over a to period and computers and software are depreciated over to five years. Upon retirement or sale, the cost and the related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to consolidated statements of operations as incurred. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset group’s carrying value. If an asset is considered impaired, the asset is written down to fair value, which is determined based either on discounted cash flows or appraised value, depending on the nature of the asset. There was no impairment of long-lived assets during the years ended December 31, 2020, 2019 or 2018. Contingent Consideration Certain agreements the Company enters into involve the potential payment of future consideration that is contingent upon certain performance and revenue milestones being achieved. Contingent consideration obligations incurred in connection with a business combination are recorded at their fair values on the acquisition date and remeasured at their fair values each subsequent reporting period until the related contingencies are resolved. The resulting changes in fair values are recognized generally within sales, general and administrative expense, depending on the nature of the contingent consideration liability, in the consolidated statements of operations. Asset acquisitions are accounted for using a cost accumulation and allocation model and the cost of the acquisition is allocated to the assets acquired and liabilities assumed. Contingent consideration obligations incurred in connection with an asset acquisition are recorded when it is probable that they will occur and they can be reasonably estimated. Intangible Assets Intangible assets primarily consist of purchased rights to licensed technology, customer relationships, and trade secrets and processes. Indefinite-lived intangible assets consisted of an exclusive right to licensed technology. The acquired licensed technology was accounted for as an indefinite-lived intangible asset. Indefinite-lived intangible assets are tested for impairment at least annually, in the fourth quarter, or more frequently if events or circumstances indicate that it is more likely than not that the asset is impaired. If the fair value of the asset is less than the carrying amount, an impairment loss would be recognized in an amount equal to the difference between the carrying amount and the fair value. Refer to Note “7. Intangible Assets” for more information on the Company’s intangible assets. Finite-lived intangible assets are amortized over the estimated economic useful lives of the assets, which is the period during which expected cash flows support the fair value of such intangible assets. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets or asset group may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset group’s carrying value. Refer to Note “7. Intangible Assets” for more information on the Company’s intangible assets. Goodwill Goodwill represents the excess of the purchase price of an acquired business or assets over the fair value of the identifiable assets acquired and liabilities assumed. Goodwill is not amortized, but is tested for impairment annually in the fourth quarter, or more frequently if events or circumstances indicate the carrying value may no longer be recoverable and that an impairment loss may have occurred. The Company operates as one segment, which is considered to be the sole reporting unit, and therefore goodwill is tested for impairment at the consolidated level. Refer to Note “5. Business Combinations” and Note “8. Goodwill” for more information. Revenue Recognition Revenue is primarily comprised of product revenue net of returns, discounts, administration fees and sales rebates. The Company adopted the guidance under ASC 606 on January 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption. Under ASC 606, the Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenue from product sales is recognized either on the date of shipment or the date of receipt by the customer, but is deferred for certain transactions when control has not yet transferred. With respect to products that the Company consigns to hospitals, which primarily consist of coils, the Company recognizes revenue at the time hospitals utilize products in a procedure. Certain arrangements with customers contain multiple performance obligations. For these contracts, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling prices considering entity-specific factors including, but not limited to, the expected cost and margin of the products and services, geographies, and other market conditions. The use of alternative estimates could result in a different amount of revenue deferral. Deferred revenue represents amounts that the Company has already invoiced and are ultimately expected to be recognized as revenue, but for which not all revenue recognition criteria have been met. As of December 31, 2020 and December 31, 2019, respectively, the Company's deferred revenue balance was not material. Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns utilizing historical return rates, rebates, discounts, and other adjustments to net revenue. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price. Variable consideration is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company’s terms and conditions permit product returns and exchanges. The Company bases its estimates for sales returns on actual historical returns over the prior three years and they are recorded as reductions in revenue at the time of sale. Upon recognition, the Company reduces revenue and cost of revenue for the estimated return. Return rates can fluctuate over time, but are sufficiently predictable to allow the Company to estimate expected future product returns. For more information and disclosures on the Company’s revenue, refer to Note “17. Revenues.” Shipping Costs Shipping and handling costs charged to customers are recorded as revenue. Shipping and handling costs are included in cost of revenue. Research and Development (“R&D”) Costs R&D costs primarily consist of product development, clinical and regulatory expenses, materials, depreciation and other costs associated with the development of the Company’s products. R&D costs also include related personnel and consultants’ salaries, benefits and related costs, including stock-based compensation. The Company expenses R&D costs as they are incurred. The Company’s clinical trial accruals are based on estimates of patient enrollment and related costs at clinical investigator sites. The Company estimates preclinical and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on its behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of patient enrollment and activity expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Payments made to third parties under these arrangements in advance of the receipt of the related services are recorded as prepaid expenses until the services are rendered. Internal Use Software The Company capitalizes certain costs incurred for the development of computer software for internal use. These costs generally relate to third-party software as well as the internal development of software associated with our REAL Immersive System offerings. The Company capitalizes these costs when it is determined that it is probable that the project will be completed and the software will be used to perform the function intended, and the preliminary project stage is completed. Capitalized internal use software development costs are included in Property and equipment, net within the consolidated balance sheets. Capitalized internal use software is amortized on a straight-line basis over its estimated useful life. For software that supports our REAL Immersive System, the amortization expense is recorded in cost of revenue within the consolidated statements of operations. Costs related to the preliminary project stage, post-implementation, training and maintenance are expensed as incurred. Advertising Costs Advertising costs are included in sales, general and administrative expenses and are expensed as incurred. Advertising costs were $0.6 million, $0.5 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Stock-Based Compensation The Company recognizes the cost of stock-based compensation in the financial statements based upon fair value. The fair value of restricted stock and restricted stock unit (“RSU”) awards is determined based on the number of units granted and the closing price of the Company’s common stock as of the grant date. The fair value of each purchase under the employee stock purchase plan (“ESPP”) is estimated at the beginning of the offering period using the Black-Scholes option pricing model. The fair value of stock options is determined as of the grant date using the Black-Scholes option pricing model. The Company’s determination of the fair value of equity-settled awards is impacted by the price of the Company’s common stock as well as changes in assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, the expected term that awards will remain outstanding, expected common stock price volatility over the term of the awards, risk-free interest rates and expected dividends. The fair value of an award is recognized over the requisite service period (usually the vesting period) on a straight-line basis. Stock-based compensation expense recognized at fair value includes the impact of estimated forfeitures. The Company estimates future forfeitures at the date of grant and revises the estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. To the extent actual forfeiture results differ from the estimates, the difference is recorded as a cumulative adjustment in the period forfeiture estimates are revised. No compensation cost is recorded for awards that do not vest. Prior to the adoption of Accounting Standard Update (“ASU”) No. 2018-07, “Compensation – Stock Compensation,” the Company recorded its equity instruments issued to non-employees at their fair value on the measurement date and were subject to periodic adjustments as the Company remeasured the fair value of the non-employee awards at each reporting period prior to vesting and at the vesting dates of each non-employee award. In the third quarter of 2018, the Company adopted ASU 2018-07 and recognizes the fair value of non-employee awards over the requisite service period (usually the vesting period) on a straight-line basis. Therefore, equity instruments issued to non-employees are recorded at their fair value on the grant date in the same manner as employee awards. The fair value of these equity instruments is expensed over the service period. Estimates of the fair value of equity-settled awards as of the grant date using valuation models, such as the Black-Scholes option pricing model, are affected by assumptions regarding a number of complex variables. Changes in the assumptions can materially affect the fair value of the award and ultimately how much stock-based compensation expense is recognized. These inputs are subjective and generally require significant analysis and judgment to develop. For all stock options granted prior to the Company’s IPO, the Company estimated the volatility data based on a study of publicly traded industry peer companies. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the equity-settled award. For all stock options granted prior to the IPO, the Company used the Staff Accounting Bulletin, No. 110 (“SAB 110”) simplified method to calculate the expected term, which is the average of the contractual term and vesting period. For stock options granted post-IPO, the Company used its historical data to calculate the expected term and volatility used in the valuation of options. Income Taxes The Company accounts for income taxes using the asset and liability method, whereby deferred tax asset (“DTA”) and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance to reduce the net DTAs to their estimated realizable value. The calculation of the Company’s current provision for income taxes involves the use of estimates, assumptions and judgments while taking into account current tax laws, interpretation of current tax laws and possible outcomes of future tax audits. The Company has established reserves to address potential exposures related to tax positions that could be challenged by tax authorities. Although the Company believes its estimates, assumptions and judgments to be reasonable, any changes in tax law or its interpretation of tax laws and the resolutions of potential tax audits could significantly impact the amounts provided for income taxes in the Company’s consolidated financial statements. The calculation of the Company’s DTA balance involves the use of estimates, assumptions and judgments while taking into account estimates of the amounts and type of future taxable income. Actual future operating results and the underlying amount and type of income could differ materially from the Company’s estimates, assumptions and judgments thereby impacting the Company’s financial position and results of operations. The Company follows the guidance relating to accounting for uncertainty in income taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in the Company’s income tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. The Company includes interest and penalties related to unrecognized tax benefits within income tax expense in the accompanying consolidated statements of operations. Comprehensive Income Comprehensive income consists of net income, unrealized gains or losses on available-for-sale investments and the effects of foreign currency translation adjustments. The Company presents comprehensive income and its components in the consolidated statements of comprehensive (loss) income. Net (Loss) Income Per Share of Common Stock The Company’s basic net (loss) income attributable to Penumbra, Inc. per share is calculated by dividing the net (loss) income attributable to Penumbra, Inc. per share by the weighted average number of shares of common stock outstanding for the period. The diluted net (loss) income per share attributable to Penumbra, Inc. is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock and restricted stock units are considered common stock equivalents. Leases The Company adopted the guidance under ASC Topic 842, “Leases” ("ASC 842") on January 1, 2019 using the modified retrospective transition approach. There was no cumulative-effect adjustment recorded to retained earnings upon adoption. Under ASC 842, the Company determines if an arrangement is a lease at inception. In addition, the Company determines whether leases meet the classification criteria of a finance or operating lease at the lease commencement date considering: (1) whether the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, (2) whether the lease contains a bargain purchase option, (3) whether the lease term is for a major part of the remaining economic life of the underlying asset, (4) whether the present value of the sum of the lease payments and residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset, and (5) whether the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. As of December 31, 2020, the Company's lease population consisted of operating and finance real estate, equipment and vehicle leases. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities, and non-current operating lease liabilities in our consolidated balance sheet. Finance leases are included in finance lease right-of-use assets, current finance lease liabilities, and non-current finance lease liabilities in our consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate which requires management’s judgement as the rate implicit in the lease is generally not readily determinable. The determination of the Company’s incremental borrowing rate requires management judgment including, the development of a synthetic credit rating and cost of debt as the Company currently does not carry any debt. The operating lease ROU assets also include adjustments for prepayments, accrued lease payments and exclude lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating lease cost is recognized on a straight-line basis over the expected lease term. Finance lease cost is recognized as depreciation expense on a straight-line basis over the expected lease term and interest expense using the accelerated interest method of recognition. Lease agreements entered into after the adoption of ASC 842 that include lease and non-lease components are accounted for as a single lease component. Lease agreements with a non-cancelable term of less than 12 months are not recorded on the Company’s consolidated balance sheet. For more information about the impact of adoption and disclosures on the Company’s leases, refer to Note “10. Leases." Recent Accounting Guidance Recently Adopted Accounting Standards On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”) using the modified retrospective transition approach, with the impact upon adoption reflected in opening retained earnings. The comparative prior year information has not been adjusted and continues to be reported under legacy GAAP. The standard significantly changed the impairment model for most financial assets and certain other instruments, including accounts receivable and available-for-sale securities. For financial assets measured at amortized cost, including our accounts receivable, the standard requires an entity to (1) estimate its lifetime expected credit losses upon recognition of the financial assets and establish an allowance to present the net amount expected to be collected, (2) recognize this allowance and changes in the allowance during subsequent periods through net income and (3) consider relevant information about past events, current conditions and reasonable and supportable forecasts in assessing the lifetime expected credit losses. For available-for-sale debt securities, this standard made several targeted amendments to the existing other-than-temporary impairment model, including (1) requiring disclosure of the allowance for credit losses, (2) allowing reversals of the previously recognized credit losses until the entity has the intent to sell, is more-likely-than-not required to sell the securities or the maturity of the securities, (3) limiting impairment to the difference between the amortized cost basis and fair value and (4) not allowing entities to consider the length of time that fair value has been less than amortized cost as a factor in evaluating whether a credit loss exists. As a result of adoption, the cumulative impact related to accounts receivable expected credit losses to our opening retained earnings at January 1, 2020 was $1.2 million. As of the adoption date, the difference between the amortized cost basis and fair value of the Company’s impaired available-for-sale securities held was not material. Accordingly, upon adoption there was no impact to our opening retained earnings for credit losses related to available-for-sale securities. For additional information on the impact of the adoption and disclosures required by ASU 2016-13, refer to Note “3. Investments and Fair Value of Financial Instruments” and Note “4. Balance Sheet Components.” On January 1, 2020, the Company adopted ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The primary focus of the standard is to improve the effectiveness of the disclosure requirements for fair value measurements. The Company had no significant changes to the fair value measurement related disclosures due to the adoption of the standard. Recently Issued Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes— Simplifying the Accounting for Income Taxes. The standard intends to simplify and reduce the cost of accounting for income taxes. The new guidance removes certain exceptions for recognizing deferred taxes for foreign investments, the incremental approach to performing intraperiod allocation, and calculating income taxes in interim periods for year to date losses that exceed anticipated full year losses. The standard also adds guidance to reduce complexity in certain areas, including accounting for franchise taxes that are partially based on income, transactions with a government that result with a step up in the tax basis of goodwill, enacted changes in tax law during interim periods, and allocating taxes to members of a consolidated group which are not subject to tax. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted for all periods in which financial statements have not yet been issued, including interim periods. The Company does not expect the adoption of this standard will have a material impact on its consolidated financial statements and does not elect to early adopt as of December 31, 2020.
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| Investments and Fair Value of Financial Instruments | 3. Investments and Fair Value of Financial Instruments Marketable Investments The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of December 31, 2020 and 2019 were as follows (in thousands):
As of December 31, 2020, the total amortized cost basis of the Company’s impaired available-for-sale securities exceeded its fair value by a nominal amount. The Company reviewed its impaired available-for-sale securities and concluded that the decline in fair value was not related to credit losses and is recoverable. During the year ended December 31, 2020, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive loss. Prior to the adoption of ASU 2016-13, the Company recognized losses, if any, in consolidated net income when the security was sold. The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more than twelve months as of December 31, 2020 and 2019 (in thousands):
The contractual maturities of the Company’s marketable investments as of December 31, 2020 and 2019 were as follows (in thousands):
Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company classifies its cash equivalents and marketable investments within Level 1 and Level 2, as it uses quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company assesses the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The Company did not hold any Level 3 marketable investments as of December 31, 2020 or December 31, 2019. Additionally, the Company did not have any financial assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2020 and 2019. The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands):
Contingent Consideration Obligations As of December 31, 2020 and December 31, 2019, there were no contingent consideration liabilities classified as Level 3. As of December 31, 2019, the Company’s contingent consideration liability balance of $1.2 million related to milestone payments due in connection with the 2017 acquisition of Crossmed S.p.a. (“Crossmed”) which was based on actual revenue performance for the year ended December 31, 2019 and not based on unobservable inputs. The Company made this payment during the year ended December 31, 2020. For more information related to the payment of the contingent consideration liabilities refer to Note “5. Business Combinations.” The following table summarizes the changes in fair value of the contingent consideration obligation for the year ended December 31, 2020 (in thousands):
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance Sheet Components | 4. Balance Sheet Components Accounts Receivable, Net The Company’s allowance for doubtful accounts comprised of the following (in thousands):
(1) Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries. The Company’s allowance for credit losses related to accounts receivable balances was comprised of the following (in thousands):
(1) On January 1, 2020, the Company recorded a $1.3 million adjustment to opening retained earnings upon the adoption of ASU 2016-13. Inventories The components of inventories consisted of the following (in thousands):
In the fourth quarter of 2020, the Company reclassified $17.7 million of Real System products and components from Property and equipment, net to Inventories as a result of changes in its go to market strategy. The Company classified cash flows associated with its Real System prior to its change in its go to market strategy during the fourth quarter of 2020 as investing activities, which is consistent with the Company's intent when the cash flows occurred. As of December 31, 2020, the Company’s Inventories balance includes $31.1 million of inventory related to the Real System, whereas $6.2 million of Real System products and components are presented in Property and equipment, net as of December 31, 2019. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
Depreciation and amortization expense, excluding intangible assets and software, was $8.0 million, $5.9 million and $4.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Software amortization expense was $1.0 million, $0.9 million and $0.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company had accumulated software amortization of $3.7 million and $2.3 million for the years ended December 31, 2020 and 2019, respectively. Accrued Liabilities The following table shows the components of accrued liabilities as of December 31, 2020 and 2019 (in thousands):
(1) Amount consists primarily of a contingent liability related to an anti-dilution provision from the asset acquisition of MVI Health Inc. (“MVI”) in 2018. The following table shows the changes in the Company’s estimated product warranty accrual, included in accrued liabilities, as of December 31, 2020, 2019 and 2018 (in thousands):
Other Non-Current Liabilities The following table shows the components of other non-current liabilities as of December 31, 2020 and 2019 (in thousands):
(1) Amount relates to the non-current liability recorded for future milestone payments which were deemed probable to be made as of December 31, 2019, under the indefinite-lived intangible assets related to licensed technology described in Note “7. Intangible Assets.” Refer therein for more information.
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Business Combinations |
12 Months Ended |
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Dec. 31, 2020 | |
| Business Combinations [Abstract] | |
| Business Combinations | 5. Business Combinations On July 3, 2017 (the “Closing Date”), the Company completed the acquisition of Crossmed, a joint stock company organized under the laws of Italy. Crossmed is engaged in the business of distributing medical supplies and equipment in Italy, San Marino, Vatican City and Switzerland. Crossmed was the Company’s exclusive distributor in Italy, San Marino, and Vatican City and the acquisition provides the Company with a direct relationship with its customers in these regions. Payments Related to the 2017 Crossmed Acquisition The Company was obligated to pay additional consideration in the form of milestone payments based on Crossmed’s net revenue and incremental net revenue for each of the years ended December 31, 2017, 2018, and 2019. There was no limit on the milestone payments that could be paid out. As of December 31, 2019, the Company’s consolidated balance sheet included $1.2 million in current liabilities primarily related to the final milestone payment due which was paid during the first quarter of 2020. For more information with respect to the nature and fair value of the Company’s contingent consideration obligations, refer to Note “3. Investments and Fair Value of Financial Instruments.” During the year ended December 31, 2020, the Company made $1.2 million in milestone payments of which $0.5 million is presented in operating activities and $0.7 million is presented in financing activities in the consolidated statements of cash flows. During the year ended December 31, 2019, the Company made $1.3 million in milestone payments of which $0.6 million is presented in operating activities and $0.7 million is presented in financing activities in the consolidated statements of cash flows. During the year ended December 31, 2018, the Company made $4.5 million in cash payments to the Sellers, of which $3.0 million related to the achievement of the 2017 milestones and the remainder related to working capital and financial debt adjustments. These payments have been presented as a component of financing activities in the consolidated statements of cash flows due to the nature and timing of the payments.
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Asset Acquisition |
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Acquisition | 6. Asset Acquisition In the second quarter of 2017, the Company and Sixense Enterprises, Inc. (“Sixense”) formed MVI as a privately-held joint venture for the purpose of exploring healthcare applications of virtual reality technology, with each party holding 50% of the issued and outstanding equity of MVI. On August 31, 2018 (“Transfer Agreement Closing Date”), the Company entered into a Stock Transfer Agreement (the “Transfer Agreement”) between the Company, MVI and Sixense, to purchase an additional 40% of the equity interest in MVI from Sixense for an initial cash purchase price of $20.0 million, excluding the additional $4.5 million of probable future payments relating to an anti-dilution provision in the Transfer Agreement. Following the Transfer Agreement Closing Date, the Company owns a 90% controlling interest in MVI and Sixense retains the remaining 10% minority interest. Prior to the Transfer Agreement Closing Date, the Company accounted for its investment in MVI under the equity method and was not required to consolidate MVI and determined that MVI was not a variable interest entity (“VIE”). Furthermore, pursuant to agreements between the parties at the time of MVI’s formation, the Company was obligated to perform certain services or make additional cash contributions to MVI for no additional equity interest. These services included, but were not limited to, information technology, accounting, other administrative services and research and development. The Company’s contributions made prior to the Transfer Agreement Closing Date are presented as a component of the “Contributions to non-marketable investments” in the consolidated statements of cash flows. For the eight months ended August 31, 2018, prior to the Transfer Agreement Closing Date, MVI had no revenue and recorded a net loss of $6.2 million. The Company reflected its 50% share of MVI’s losses as equity in losses of unconsolidated investee in the consolidated statements of operations through the Transfer Agreement Closing Date. Prior to the Transfer Agreement Closing Date, the unconsolidated balance sheet of MVI had total assets of $5.2 million, total liabilities of $1.0 million and total equity of $4.2 million. Impact of Transfer Agreement on Non-Marketable Equity Investments The Company accounted for the Transfer Agreement as an asset acquisition, as it was determined that the transaction did not meet the definition of a business under the framework of the authoritative accounting guidance for business combinations. The total consideration transferred has been allocated to the non-monetary assets acquired and liabilities assumed based on their relative fair value. The following table presents the components of the consideration transferred at fair value as of the Transfer Agreement Closing Date (amounts presented in thousands):
In addition to the cash transferred, the consideration included a probable contingent liability related to an anti-dilution provision whereby the Company may be obligated to contribute funds for the issuance of additional shares of MVI to Sixense with an aggregate value of up to $4.5 million. The consideration transferred also included the $2.2 million carrying amount of the Company’s equity method investment in MVI as of the Transfer Agreement Closing Date, which was written-off as part of the accounting for the Transfer Agreement. The Company also recorded $3.4 million in non-controlling interest on the consolidated financial statements related to the fair value of the remaining minority interest held by Sixense as of the Transfer Agreement Closing Date. The primary asset acquired in the Transfer Agreement constitutes an in-process research and development asset (“IPR&D”). Due to the nature of the other assets acquired and liabilities assumed, the difference between the fair value of the consideration transferred and the fair value of the tangible net liabilities acquired was allocated solely to the IPR&D. The Company recorded a charge of $30.8 million to acquired in-process research and development expense in the consolidated statements of operations at the Transfer Agreement Closing Date because the Company determined that (1) the IPR&D asset had not yet reached technological feasibility and MVI had not yet obtained the appropriate regulatory approval for any products and (2) the asset had no alternative future use as of the Transfer Agreement Closing Date. Following the Transfer Agreement Closing Date, the financial results of MVI have been consolidated into the accompanying consolidated financial statements, with the amounts attributable to the non-controlling interest classified separately. Payments Related to the 2018 MVI Asset Acquisition During the year ended December 31, 2018, the Company contributed $0.5 million to MVI related to the anti-dilution provision. During the year ended December 31, 2019, the Company contributed $1.0 million to MVI related to the anti-dilution provision, $0.8 million relates to cash payments which is presented in financing activities in the consolidated statements of cash flows and $0.2 million relates to non-cash contributions primarily related to in-kind services and goods provided to MVI. As of December 31, 2019, the Company’s consolidated balance sheet included $3.0 million in liabilities related to the anti-dilution provision in the Transfer Agreement. During the year ended December 31, 2020, no contributions were made related to the anti-dilution provision and the Company’s consolidated balance sheet included $3.0 million in current liabilities related to the anti-dilution provision in the Transfer Agreement
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Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | 7. Intangible Assets The following table presents details of the Company’s acquired intangible assets as of December 31, 2020 and 2019 (in thousands, except weighted-average amortization period):
The gross carrying amount and accumulated amortization of the customer relationships and other intangible assets are subject to foreign currency translation effects. The Company’s $5.3 million trade secrets and processes intangible asset was recognized in connection with a royalty buyout agreement during the first quarter of 2018, which is discussed further in Note “11. Commitments and Contingencies” and Note “12. Stockholders’ Equity.” The following table presents the amortization recorded related to the Company’s finite-lived intangible assets for the years ended December 31, 2020, 2019 and 2018 (in thousands):
As of December 31, 2020, expected amortization expense for the unamortized acquired intangible assets for the next five years and thereafter is as follows (in thousands):
Licensed technology During 2017, the Company entered into an exclusive technology license agreement (the “License Agreement”) that required the Company to pay an upfront payment to the licensor of $2.5 million and future revenue milestone-based payments on sales of products covered by the licensed intellectual property. The Company accounted for the transaction as an asset acquisition and recorded an indefinite-lived intangible asset as it was determined to have alternative future use. The Company recorded an indefinite-lived intangible asset equal to the total payments made and expected to be made under the License Agreement and a corresponding contingent liability for the probable future milestone payments not yet paid. At the end of each reporting period the Company adjusted the contingent liability to reflect the amount of future milestone payments that were probable to be paid. Prior to the commercialization of products utilizing the underlying technology, any changes in the contingent liability were recorded as an adjustment between the liability balances and the gross carrying amount of the indefinite-lived intangible asset. As of December 31, 2020, there was no contingent liability balance related to probable future milestone payments under the License Agreement. As of December 31, 2019, the balance of the contingent liability related to probable future milestone payments under the License Agreement was $11.7 million, of which $0.8 million and $10.9 million were included in accrued liabilities and other non-current liabilities on the consolidated balance sheet, respectively. Indefinite-lived intangible assets are tested for impairment annually during the fourth quarter or more frequently if events or changes in circumstances between annual tests indicate that it is more likely than not that the asset is impaired. During the fourth quarter of 2019, the Company completed an annual impairment analysis of the indefinite-lived intangible asset and determined that there was no impairment. The Company determined that an impairment existed in the second quarter of 2020 as a result of a triggering event in July that provided additional information about a condition that existed as of the June 30, 2020 balance sheet date. As a result, in Q2 2020, the Company wrote-off the full carrying value of the indefinite-lived intangible asset and its related contingent liability, and recognized an impairment loss of $2.5 million in research and development expense in the consolidated statement of operations.
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Goodwill |
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | 8. Goodwill The following table presents the changes in goodwill during the year ended December 31, 2020 (in thousands):
Goodwill Impairment Review The Company reviews goodwill for impairment annually during the fourth quarter, or more frequently if events or circumstances indicate that an impairment loss may have occurred. During the fourth quarter of 2020 and 2019, the Company reviewed goodwill for impairment and no impairment was identified.
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Indebtedness |
12 Months Ended |
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Dec. 31, 2020 | |
| Debt Disclosure [Abstract] | |
| Indebtedness | 9. Indebtedness Credit Agreement On April 24, 2020, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and lender, and Bank of America, N.A. and Citibank, N.A. as lenders. The Credit Agreement is secured and provides for up to $100 million in available revolving borrowing capacity with an option, subject to certain conditions, for the Company to increase the aggregate borrowing capacity to up to $150 million, and matures on April 23, 2021. The revolving loans under the Credit Agreement will be available for general corporate purposes, including working capital and capital expenditures. In addition to allowing borrowings in US dollars, the Credit Agreement provides for borrowings in euros, Pounds Sterling and any other currency that is subsequently approved by JPMorgan and each lender. The initial commitment of the lenders under the Credit Agreement is $100 million. Subject to customary conditions and the approval of any lender whose commitment would be increased, the Company has the option to increase the maximum principal amount available under the Credit Agreement by up to an additional $50 million, resulting in a maximum available principal amount under the Credit Agreement of $150 million. The Credit Agreement provides a sublimit of up to $10 million for letters of credit, a sublimit of up to $10 million for swing-line loans, and a sublimit of up to $15 million for borrowings in available foreign currencies. The Credit Agreement requires the Company to maintain a minimum fixed charge coverage ratio and to not exceed a maximum leverage ratio. As of December 31, 2020, the Company was not in compliance with the minimum fixed charge coverage ratio requirement. The Company subsequently entered into an amended one-year credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and lender, and Bank of America, N.A. and Citibank, N.A. as lenders. The amended Credit Agreement extended the maturity date from April 23, 2021 to February 21, 2022 and has substantially the same terms and conditions as the prior credit agreement with certain changes including the exclusion of certain one-time charges and expenses incurred during the fiscal quarters ended September 30, 2020 and December 31, 2020 from the calculation of the financial covenants, reductions in interest rate floors applicable to revolving loans and other changes to borrowing mechanics under the Credit Agreement. The Company is now in compliance with the requirements in the amended Credit Agreement. As of December 31, 2020, there were no borrowings outstanding under the Credit Agreement. Refer to Part II, Item 9B “Other Information” in this Annual Report on Form 10-K for more information.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 10. Leases Adoption of ASC Topic 842, “Leases” The Company adopted the guidance under ASC 842 on January 1, 2019 using the modified retrospective transition approach. Therefore the comparative prior year information has not been adjusted and continues to be reported under ASC 840. The impact of the adoption of ASC 842 on the Company’s consolidated balance sheet as of January 1, 2019 was as follows (in thousands):
(1) Upon the adoption of ASC 842, prepaid rent is included in the operating lease right-of-use assets. (2) Upon the adoption of ASC 842, current and non-current deferred rent is included in the current and non-current operating lease liabilities. Lease Overview As of December 31, 2019 and December 31, 2020, the Company’s contracts that contained a lease consisted of real estate, equipment and vehicle leases. The Company leases real estate for office and warehouse space under non-cancelable operating and finance leases that expire at various dates through 2035 , subject to the Company’s option to renew certain leases for an additional to fifteen years. The Company also leases other equipment and vehicles primarily under non-cancelable operating leases that expire at various dates through 2025. The following table presents the components of the Company’s lease cost, lease term and discount rate during the year ended December 31, 2020 (in thousands, except years and percentages):
(1) Variable lease costs represent payments that are dependent on usage, a rate or index. Variable lease cost primarily relates to common area maintenance charges for its real estate leases as the Company elected not to separate non-lease components from lease components upon adoption of ASC 842. Prior to January 1, 2019, the Company recorded operating lease rent expense under ASC 840 on a straight-line basis over the non-cancelable lease term. Rent expense for the year ended December 31, 2018 was $5.8 million. During the third quarter of 2019, the Company signed a fifteen year lease for additional space at the Company’s headquarters located at 1310 Harbor Bay Business Park, Alameda, California (the “1310 Harbor Bay Lease”) which has not yet commenced as of December 31, 2020. The 1310 Harbor Bay Lease is expected to commence upon substantial completion of lessor owned improvements in connection with the development of the building, which the Company anticipates will occur by the end of 2021. In the fourth quarter of 2019, the fifteen year term Roseville lease commenced once the building was made ready and available for its intended use. The Company determined that the Roseville lease is a non-cancelable finance lease which will expire in 2035. The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of December 31, 2020 (in thousands):
(1) The table above excludes the estimated future minimum lease payment for the 1310 Harbor Bay Lease due to uncertainty around the timing of when the 1310 Harbor Bay Lease will commence and payments will be due. The total estimated lease payments over the fifteen year lease term will be calculated based on the total development costs incurred in connection with the development of the building which will be determined upon substantial completion of the building. Supplemental cash flow information related to leases during the years ended December 31, 2020 and 2019 are as follows (in thousands):
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| Leases | 10. Leases Adoption of ASC Topic 842, “Leases” The Company adopted the guidance under ASC 842 on January 1, 2019 using the modified retrospective transition approach. Therefore the comparative prior year information has not been adjusted and continues to be reported under ASC 840. The impact of the adoption of ASC 842 on the Company’s consolidated balance sheet as of January 1, 2019 was as follows (in thousands):
(1) Upon the adoption of ASC 842, prepaid rent is included in the operating lease right-of-use assets. (2) Upon the adoption of ASC 842, current and non-current deferred rent is included in the current and non-current operating lease liabilities. Lease Overview As of December 31, 2019 and December 31, 2020, the Company’s contracts that contained a lease consisted of real estate, equipment and vehicle leases. The Company leases real estate for office and warehouse space under non-cancelable operating and finance leases that expire at various dates through 2035 , subject to the Company’s option to renew certain leases for an additional to fifteen years. The Company also leases other equipment and vehicles primarily under non-cancelable operating leases that expire at various dates through 2025. The following table presents the components of the Company’s lease cost, lease term and discount rate during the year ended December 31, 2020 (in thousands, except years and percentages):
(1) Variable lease costs represent payments that are dependent on usage, a rate or index. Variable lease cost primarily relates to common area maintenance charges for its real estate leases as the Company elected not to separate non-lease components from lease components upon adoption of ASC 842. Prior to January 1, 2019, the Company recorded operating lease rent expense under ASC 840 on a straight-line basis over the non-cancelable lease term. Rent expense for the year ended December 31, 2018 was $5.8 million. During the third quarter of 2019, the Company signed a fifteen year lease for additional space at the Company’s headquarters located at 1310 Harbor Bay Business Park, Alameda, California (the “1310 Harbor Bay Lease”) which has not yet commenced as of December 31, 2020. The 1310 Harbor Bay Lease is expected to commence upon substantial completion of lessor owned improvements in connection with the development of the building, which the Company anticipates will occur by the end of 2021. In the fourth quarter of 2019, the fifteen year term Roseville lease commenced once the building was made ready and available for its intended use. The Company determined that the Roseville lease is a non-cancelable finance lease which will expire in 2035. The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of December 31, 2020 (in thousands):
(1) The table above excludes the estimated future minimum lease payment for the 1310 Harbor Bay Lease due to uncertainty around the timing of when the 1310 Harbor Bay Lease will commence and payments will be due. The total estimated lease payments over the fifteen year lease term will be calculated based on the total development costs incurred in connection with the development of the building which will be determined upon substantial completion of the building. Supplemental cash flow information related to leases during the years ended December 31, 2020 and 2019 are as follows (in thousands):
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2020 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 11. Commitments and Contingencies Purchase Commitments As of December 31, 2020, the Company had non-cancelable purchase obligations to suppliers of $14.1 million. Royalty Obligations In March 2005, the Company entered into a license agreement that requires the Company to make minimum royalty payments to the licensor on a quarterly basis. As of December 31, 2018, the license agreement requires minimum annual royalty payments of $0.1 million in equal quarterly installments. In July 2019, the Company amended the license agreement to extend its term for an additional ten years and to increase the required minimum annual royalty payments by $0.2 million. As of both December 31, 2020 and December 31, 2019, the amended license agreement required minimum annual royalty payments of $0.3 million payable in equal quarterly installments. On each January 1, the quarterly calendar year minimum royalty shall be adjusted to equal the prior year’s minimum royalty adjusted by a percentage equal to the percentage change in the “consumer price index for all urban consumers” for the prior calendar year as reported by the U.S. Department of Labor. Unless terminated earlier, the term of the amended license agreement shall expire June 30, 2029. In April 2012, the Company entered into an agreement that requires the Company to pay, on a quarterly basis, a 5% royalty on sales of products covered under applicable patents. The first commercial sale of covered products occurred in April 2014. Unless terminated earlier, the royalty term for each applicable product shall continue for fifteen years following the first commercial sale of such patented product, or when the applicable patent covering such product has expired, whichever is sooner. In November 2013, the Company entered into an agreement that requires the Company to pay, on a quarterly basis, a 3% royalty on the first $5 million in sales and a 1% royalty on sales thereafter of products covered under applicable patents. The agreement was terminated effective January 1, 2018. In April 2015, the Company entered into a royalty agreement that required the Company to pay a 2% royalty on sales of certain products covered by the agreement, on a quarterly basis, in exchange for certain trade secrets and processes which were used to develop such covered products. The Company began the first commercial sale of the covered products in July 2015. In the first quarter of 2018, the Company entered into a buyout of this agreement (the “Buyout Agreement”) in which future royalty payments were canceled in exchange for shares of the Company’s common stock with a fair value of $5.3 million. The Company recorded an intangible asset equal to the $5.3 million buyout amount which will be amortized into cost of revenue over the period in which the Company receives future economic benefit. After determining that the pattern of future cash flows associated with this intangible asset could not be reliably estimated with a high level of precision, the Company concluded that the intangible asset will be amortized on a straight-line basis over its estimated useful life. For more information refer to Note “12. Stockholders’ Equity.” Royalty expense included in cost of sales for the years ended December 31, 2020, 2019 and 2018 was $2.5 million, $3.8 million and $3.4 million, respectively. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Refer to Note “3. Investments and Fair Value of Financial Instruments,” Note “5. Business Combinations” and Note “7. Intangible Assets” for more information on contingent liabilities recorded on the consolidated balance sheet. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. In many such arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third-party with respect to the Company’s technology. The Company also agrees to indemnify many indemnified parties for product defect and similar claims. The term of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with any of these indemnification requirements has been recorded to date. Litigation From time to time, the Company is subject to other claims and assessments in the ordinary course of business. On January 15, 2021, a putative securities class action complaint was filed against the Company and its CEO, Adam Elsesser, and Executive Vice President, Global Marketing and Public Relations, Gita Barry, on behalf of a single shareholder in the U.S. District Court for the Northern District of California, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint seeks unspecified damages on behalf of a purported class that would comprise all individuals who purchased or otherwise acquired the Company's common stock between August 3, 2020 and December 15, 2020. The complaint alleges securities law violations based on allegedly misleading statements and/or omissions made in connection with the Company’s JET 7 Xtra Flex product. The case is in the initial pleadings stage. The Company believes the claim lacks merit, and intends to defend itself vigorously. Given the early stage of these proceedings, it is not yet possible to reliably determine any potential liability that could result from this matter. Accordingly, the Company has not accrued any amount for potential loss associated with this matter.
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Stockholders' Equity |
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| Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | 12. Stockholders’ Equity Stockholders’ Equity Preferred Stock The Company has 5,000,000 of authorized preferred stock issuable. There is no preferred stock outstanding as of December 31, 2020 and 2019. Common Stock Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. In the first quarter of 2018, the Company issued 53,256 fully vested restricted stock units with a fair value of $5.3 million in connection with the Buyout Agreement, as discussed in Note “11. Commitments and Contingencies.” The Company recorded the $5.3 million fair value of the shares issued to additional-paid in capital on the consolidated balance sheet upon the issuance of the awards, with the associated expense being amortized into cost of sales over the period in which the Company receives future economic benefit from the buyout. Issuance of Common Stock in Public Offerings In June 2020, the Company issued and sold an aggregate of 865,963 shares of common stock at a public offering price of $166.00 per share, less the underwriters’ discounts and commissions, pursuant to an underwritten public offering. The Company received approximately $134.8 million in net cash proceeds after deducting underwriting discounts and commissions of $8.6 million and other offering expenses of $0.4 million. Stock-Based Benefit Plans 2005 Stock Plan The Company adopted the Penumbra, Inc. 2005 Stock Plan (the “2005 Plan”) in January 2005. The 2005 Plan was subsequently amended and restated in 2006, 2007, 2008 and 2010. Under the 2005 Plan, the board of directors could grant incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), and/or stock awards to eligible persons, including employees, non-employees, directors, consultants and other independent advisors who provide services to the Company. Stock purchase rights could also be granted under the 2005 Plan. The board of directors had the authority to determine to whom options would be granted, the number of options, the term and the exercise price. ISOs could only be granted to Company employees, which include officers and directors of the Company. NSOs and stock purchase rights could be granted to employees and consultants. For individuals holding more than 10% of the voting rights of all classes of stock, the exercise price for an ISO could not be less than 110% of the fair market value of a share of common stock on the date of grant. Options granted under the 2005 Plan permitted an optionee to exercise options immediately upon grant irrespective of the vesting term. Options generally vest annually at a rate of 1/4 after the first year and 1/48 per month thereafter. The term of the options is no longer than five years for ISOs, for which the grantee owns greater than 10% of the voting power of all classes of stock and no longer than 10 years for all other options. On September 17, 2015, the Penumbra, Inc. 2014 Equity Incentive Plan (as amended and restated, the “2014 Plan”) replaced the 2005 Plan and no further equity awards may be granted under the 2005 Plan. The remaining 564 shares of common stock available for issuance from the 2005 Plan were transferred to and may be granted under the 2014 Plan. As of December 31, 2020, 50,274 shares of common stock were reserved for issuance under the 2005 Plan. 2011 Equity Incentive Plan The Company adopted the Penumbra, Inc. 2011 Equity Incentive Plan (the “2011 Plan”) in October 2011. Under the 2011 Plan, the board of directors could grant ISOs, NSOs, restricted stock, and/or RSUs to eligible persons, including employees, directors and consultants who provide services to the Company. Stock Appreciation Rights (“SAR”) could also be granted under the 2011 Plan. The board of directors had the authority to determine to whom options would be granted, the number of options, the term and the exercise price. ISOs could only be granted to Company employees, which include officers and directors of the Company. NSOs, SARs, restricted stock and RSUs could be granted to employees and consultants. For individuals holding more than 10% of the voting rights of all classes of stock, the exercise price for an ISO could not be less than 110% of the fair market value of a share of common stock on the date of grant. Stock options granted under the 2011 Plan generally have a contractual life of ten years, and generally vest over a period of four years. On September 17, 2015, the 2014 Plan replaced the 2011 Plan and no further equity awards may be granted under the 2011 Plan. The remaining 89,559 shares of common stock available for issuance under the 2011 Plan were transferred to and may be granted under the 2014 Plan. As of December 31, 2020, 145,000 shares of common stock were reserved for issuance under the 2011 Plan. Amended and Restated 2014 Equity Incentive Plan The Company adopted the Penumbra, Inc. 2014 Equity Incentive Plan in May 2014. The plan was amended and restated as of September 17, 2015 (as amended and restated, the “2014 Plan”). The 2014 Plan replaced the 2011 Plan and the 2005 Plan and no further equity awards may be granted under the 2011 Plan or the 2005 Plan. As of December 31, 2020, 8,044,802 shares of common stock were reserved for issuance and 6,849,469 shares of common stock were available for grant under the 2014 Plan. Employee Stock Purchase Plan The Penumbra, Inc. Employee Stock Purchase Plan (the “ESPP”), became effective on September 17, 2015. The ESPP initially reserved 600,000 shares of common stock for purchase under the ESPP, with the number of shares reserved for purchase increasing each year pursuant to an “evergreen” provision set forth in the ESPP. As of December 31, 2020, 1,018,167 shares of common stock were reserved and available for issuance under the plan. All qualifying employees of the Company and its designated subsidiaries are eligible to participate in the ESPP. Each offering to the Company’s employees to purchase stock under the ESPP will begin on each May 20 and November 20 and will end on the following November 19 and May 19, respectively, each referred to as offering periods except that the first offering period under the ESPP began on September 17, 2015 and ended on May 19, 2016. Under the ESPP, each employee may purchase shares by authorizing payroll deductions at a minimum of 1% and up to 15% of his or her eligible compensation for each pay period during the offering period. Unless the participating employee withdraws from the offering, his or her accumulated payroll deductions will be used to purchase the Company’s common stock on the last business day of the offering period at a price equal to 85% of the fair market value of the common stock on either the first or the last day of the offering period, whichever is lower, provided that no more than 2,000 shares of the Company’s common stock or such other lesser maximum number established by the ESPP administrator may be purchased by any one employee during each offering period. Under applicable tax rules, an employee may purchase no more than $25,000 worth of common stock, valued at the start of the purchase period (corresponding to an offering period), under the ESPP in any calendar year. Early Exercises The 2005 Plan and 2011 Plan allow the board of directors to grant stock options that provide employee option holders the right to elect to exercise unvested options in exchange for restricted common stock. As of December 31, 2020 and 2019, there were no such early exercised unvested shares. Stock-Based Benefit Plan Activity and Stock-Based Compensation Stock Options Activity of stock options under the 2005 Plan, 2011 Plan and 2014 Plan (collectively, the "Plans") is set forth below:
The total intrinsic value of stock options exercised during the years ended December 31, 2020, 2019 and 2018 was $70.1 million, $46.1 million and $49.1 million, respectively. The intrinsic value is calculated as the difference between the estimated fair value of the Company’s common stock at the exercise date and the exercise price of the stock option. The weighted average grant date fair value of stock options was $69.73 per share for the year ended December 31, 2019, respectively. The Company did not grant stock options during the years ended December 31, 2020 and 2018. Restricted Stock and Restricted Stock Units The activity of unvested restricted stock and restricted stock units ("RSU") under the Plans is set forth below:
The fair value of the restricted stock and RSUs that vested during the years ended December 31, 2020, 2019 and 2018 was $32.1 million, $42.7 million and $47.0 million, respectively. As of December 31, 2020, 348,564 RSUs are expected to vest. Employee Stock Purchase Plan Under the ESPP, employees purchased 77,528 shares, 81,644 shares, and 74,344 shares for $11.3 million, $9.0 million, and $7.2 million during the years ended December 31, 2020, 2019, and 2018, respectively. Stock-based Compensation The Company uses the Black-Scholes option pricing model to determine the fair value of stock options and ESPP rights. The valuation model for stock compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation including the expected term (weighted average period of time that the options granted are expected to be outstanding); expected volatility of the Company’s common stock and an assumed risk-free interest rate. The Company used the following assumptions in its Black-Scholes option pricing model to determine the fair value of stock options and ESPP rights:
The Company did not grant stock options during the years ended December 31, 2020 and 2018. Weighted Average Expected Term. The Company’s expected term for stock options and ESPP rights is based on historical data. Volatility. In 2020, 2019 and 2018, volatility assumptions used in the valuation of options and ESPP rights were calculated based on the historical volatility of the Company’s stock. Risk-Free Interest Rate. The risk-free interest rate is based upon U.S. Treasury zero-coupon issues with remaining terms similar to the expected term of the stock options or ESPP rights. Dividend Yield. The Company has never paid any dividends and does not plan to pay dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model. Forfeitures. The Company estimates forfeitures at the time of grant, and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting forfeitures and record stock-based compensation expense only for those awards that are expected to vest. To the extent actual forfeitures differ from the estimates, the difference will be recorded as a cumulative adjustment in the period that the estimates are revised. The following table sets forth the stock-based compensation expense included in the consolidated statements of operations (in thousands):
As of December 31, 2020, total unrecognized compensation cost was $51.1 million related to unvested stock-based compensation arrangements which is expected to be recognized over a weighted average period of 2.9 years. The total stock-based compensation cost capitalized in inventory was $1.2 million, $0.8 million and $0.4 million as of December 31, 2020, 2019 and 2018, respectively.
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive (Loss) Income | 13. Accumulated Other Comprehensive (Loss) Income Other comprehensive income (loss) consists of two components: unrealized gains or losses on the Company’s available-for-sale marketable investments and gains or losses from foreign currency translation adjustments. Until realized and reported as a component of consolidated net income, these comprehensive income (loss) items accumulate and are included within accumulated other comprehensive income (loss). Unrealized gains and losses on our marketable investments are reclassified from accumulated other comprehensive income (loss) into earnings when realized upon sale, and are determined based on specific identification of securities sold. Gains and losses from the translation of assets and liabilities denominated in non-U.S. dollar functional currencies are included in accumulated other comprehensive income (loss). The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of accumulated other comprehensive income (loss) into earnings affect our consolidated statements of comprehensive (loss) income (in thousands):
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Employee Benefit Plan |
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| Retirement Benefits [Abstract] | |
| Employee Benefit Plan | 14. Employee Benefit Plan The Company offers a retirement savings plan under Section 401(k) of the Internal Revenue Code (“IRC”) to its eligible U.S. employees whereby they may contribute up to the maximum amount permitted by the IRC. The Company makes 401(k) matching contributions of eligible compensation under the plan, subject to a maximum dollar threshold. Contribution expense was $4.5 million, $3.2 million, and $1.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 15. Income Taxes The Company’s income tax (benefit) expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. The Company is subject to income taxes in both the United States and foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax (benefit) expense. The Company is incorporated in the United States and operates in various countries with different tax laws and rates. A portion of the Company’s income or (loss) before taxes and the (benefit from) provision for income taxes are generated from international operations. Income (loss) before income taxes and equity in losses of unconsolidated investee for the years ended December 31, 2020, 2019 and 2018 is summarized as follows (in thousands):
Income tax (benefit) or provision in 2020, 2019 and 2018 is comprised of federal, state, and foreign taxes. The components of the (benefit from) provision for income taxes are summarized as follows (in thousands):
The Company’s actual (benefit from) or provision for tax differed from the amounts computed by applying the Company’s U.S. federal statutory income tax rate to pretax income as a result of the following:
Deferred income tax assets and liabilities consist of the following (in thousands):
As of December 31, 2020, the Company had approximately $142.3 million, $93.1 million and $0.2 million of federal, state and foreign net operating loss carryforwards, respectively, available to offset future taxable income. The federal net operating loss will begin to expire in 2036, except for $70.7 million that has an indefinite carryforward period but is limited to offset 80% of taxable income in the year utilized. The state net operating loss carryforwards will expire from 2021. As of December 31, 2020, the Company had federal research credits of $14.1 million and California state tax credits of $14.5 million. The federal research credits are generally carried forward for 20 years. California state tax credits may be carried forward indefinitely. During the year ended December 31, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and the Consolidated Appropriations Act (the “CAA”) were enacted, which provides certain tax relief to business taxpayers. Both Acts did not have a material impact to the income tax provision of the Company for the year ended December 31, 2020. The Company maintains that all foreign earnings, with the exception of a portion of the earnings of its German subsidiary, are permanently reinvested outside the U.S. and therefore deferred taxes attributable to such are not provided for in the Company’s financial statements as of December 31, 2020. During the year ended December 31, 2020, the Company repatriated $11.3 million from its German subsidiary, which did not result in any material U.S. and foreign tax consequences. The Company generated significant domestic DTAs in recent years, primarily due to the excess tax benefits from stock option exercises and vesting of restricted stock. The Company assessed its ability to realize the benefits of its domestic DTAs by evaluating all available positive and negative evidence, objective and subjective in nature, including (1) cumulative results of operations in recent years, (2) sources of recent pre-tax income, (3) estimates of future taxable income, (4) respective carryback and/or carryforward periods of tax attributes available to date, and (5) limitations on net operating loss (“NOL”) utilization against taxable income. Despite the operational loss in the year ended December 31, 2020 primarily due to the COVID-19 pandemic, the Company determined that it would be in a three-year cumulative taxable income position, had it not been for the impact of excess tax deductions from stock-based compensation. The Company also measured its current DTA balances against estimates of future income based on objectively verifiable operating results from the Company’s recent history. The Company considered its projections of future taxable income in conjunction with relevant provisions of the Tax Reform Act, including but not limited to, the indefinite carryforward period for NOLs generated in years beginning on or after January 1, 2018. After an evaluation of all available qualitative and quantitative evidence, both positive and negative in nature, the Company concluded that sufficient future taxable income will be generated to realize the benefits of its federal DTAs prior to expiration other than its federal research and development tax credit DTAs. The tax attribute ordering rules provide that net operating losses must be used to offset taxable income prior to the utilization of tax credits. Accordingly, the Company could not assert, at the required more-likely-than-not level of certainty, that it will be able to realize the benefit of its federal research and development tax credit DTAs, with a limited 20 year carryforward period, prior to expiration. As a result, as of December 31, 2020, the Company maintained a full valuation allowance against its federal research and development tax credit DTAs. For years ended December 31, 2020, 2019 and 2018, a full valuation allowance remains against the Company’s California DTA balances. As of December 31, 2020, the Company’s DTA balance included $3.1 million of tax attributes gained upon acquisition of a majority interest ownership in MVI. The acquired DTAs are subject to Separate Return Limitation Year (“SRLY”) rules which will limit the utilization of the pre-acquisition tax attributes to offset future taxable income solely generated by MVI. As of December 31, 2020, the Company could not conclude, at the required more-likely-than-not level of certainty, that MVI will generate sufficient taxable income to realize the benefit of its tax attributes prior to expiration. As a result, a $3.1 million valuation allowance is maintained against the DTAs acquired from MVI. The change in the Company’s deferred tax valuation allowance against net DTAs from January 1, 2018 to December 31, 2020, is as follows (in thousands):
(1) Additions include current year additions charged to expenses and current year build due to increases in net DTAs, return to provision true-ups, and other adjustments. (2) Deductions include current year releases credited to expenses and current year reductions due to decreases in net DTAs, return to provision true-ups, and other adjustments. The Company will continue to closely monitor the need for a valuation allowance against its existing domestic and foreign DTAs and any additional DTAs that are generated in each subsequent reporting period. The need for a valuation allowance can be impacted by actual operating results, forecasted financial performance, variances between the two, and the rate at which future DTAs are generated. IRC Sections 382 and 383 limit the use of net operating losses and business credits if there is a change in ownership. In 2009, the Company determined there were changes in ownership in 2004 and 2008, which did not cause any impairment of tax attributes. A reconciliation of the change in the gross unrecognized tax benefits from January 1, 2018 to December 31, 2020, is as follows (in thousands):
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2020, 2019 and 2018, the Company had approximately $0.3 million, $0.2 million, and $0.2 million, respectively, of accrued interest and penalties attributable to uncertain tax positions. Included in the $8.6 million balance of unrecognized tax benefits as of December 31, 2020 is $2.5 million of tax benefit that, if recognized, would affect the effective tax rate. The Company files U.S., state and foreign income tax returns in jurisdictions with varying statutes of limitations. Due to net operating loss and credit carryovers, the tax years ending December 31, 2004 through December 31, 2020 remain subject to examination by federal and state tax authorities. In Australia and Canada, tax years ending December 31, 2009 through December 31, 2020 generally remain subject to examination by tax authorities. In Germany, tax years ending December 31, 2014 through December 31, 2020 remain subject to examination by tax authorities. In the year ended December 31, 2018, the German tax authority initiated an income tax audit for tax years ended December 31, 2014, 2015 and 2016. The Company believes that an adequate provision has been made for any adjustments that may result from the tax examination, however, the audit is in progress and so the outcome and timing of resolution is uncertain.The Company does not anticipate significant changes in the balance of gross unrecognized tax benefits over the next 12 months.
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Net (Loss) Income Attributable to Penumbra, Inc. Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net (Loss) Income Attributable to Penumbra, Inc. Per Share | 16. Net (Loss) Income Attributable to Penumbra, Inc. Per Share The Company computed basic net (loss) income attributable to Penumbra, Inc. per share based on the weighted average number of shares of common stock outstanding during the period. The Company computed diluted net (loss) income attributable to Penumbra, Inc. per share based on the weighted average number of shares of common stock outstanding plus potentially dilutive common stock equivalents outstanding during the period. For the purposes of this calculation, stock options, restricted stock, restricted stock units and stock sold through the ESPP are considered common stock equivalents. A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net (loss) income attributable to Penumbra, Inc. is as follows (in thousands, except share and per share amounts):
For the year ended December 31, 2020, outstanding stock-based awards of 2.0 million shares were excluded from the computation of diluted net (loss) attributable to Penumbra, Inc. per share as the Company was in a net loss position and their effect would have been anti-dilutive. For the years ended December 31, 2019 and 2018, outstanding stock-based awards of 100 thousand and 49 thousand shares, respectively, were excluded from the computation of diluted net income attributable to Penumbra, Inc. per share because their effect would have been anti-dilutive.
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | 17. Revenues Revenue Recognition Revenue is recognized in an amount that reflects the consideration we expect to be entitled to in exchange for goods or services. All revenue recognized in the income statement is considered to be revenue from contracts with customers. The Company’s revenues, disaggregated by geography, based on the destination to which the Company ships its products, for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands):
The Company’s revenues disaggregated by product category, for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands):
China Distribution and Technology Licensing Agreement In December 2020, the Company entered into a distribution and technology licensing arrangement (the “China Distribution and Technology Licensing Agreement”) with its existing distribution partner in China. In addition to modifying the Company’s standard distribution agreement with its Chinese partner, the Company agreed to license the technology for certain of its products to its Chinese partner to permit the manufacturing and commercialization of such products in China as well as provide certain regulatory support. Apart from the standard distribution agreement, the Company will receive fixed payments upon transferring its distinct licensed technology and providing related regulatory support and receive royalty payments on the downstream sales of the licensed products. During the year ended December 31, 2020, the Company recognized $12.7 million under the China Distribution and Technology Licensing Agreement based on the relative standalone fair value of the performance obligations satisfied. Performance Obligations Delivery of products - The Company’s contracts with customers typically contain a single performance obligation, delivery of the Company’s products. Satisfaction of that performance obligation occurs when control of the promised goods transfers to the customer, which is generally upon shipment for non-consignment sale agreements and upon utilization for consignment sale agreements. Payment terms - Our payment terms vary by the type and location of our customer. The timing between fulfillment of performance obligations and when payment is due is not significant and does not give rise to financing transactions. The Company did not have any contracts with significant financing components as of December 31, 2020. Product returns - The Company may allow customers to return products purchased at the Company’s discretion. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period in which the related product revenue is recognized. The Company currently estimates product return liabilities using its own historic sales information, trends, industry data, and other relevant data points. Warranties - The Company offers its standard warranty to all customers and it is not available for sale on a standalone basis. The Company’s standard warranty represents its guarantee that its products function as intended, are free from defects, and comply with agreed-upon specifications and quality standards. This assurance does not constitute a service and is not a separate performance obligation. Transaction Price Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns utilizing historical return rates, rebates, discounts, and other adjustments to net revenue. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price. When determining if variable consideration should be constrained, management considers whether there are factors that could result in a significant reversal of revenue and the likelihood of a potential reversal. Variable consideration is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are reassessed each reporting period as required. During the year ended December 31, 2020, the Company made no material changes in estimates for variable consideration. When the Company performs shipping and handling activities after control of goods is transferred to the customer, they are considered as fulfillment activities, and costs are accrued for when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues.
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selected Quarterly Financial Data (Unaudited) | 18. Selected Quarterly Financial Data (Unaudited) The following tables provide the selected quarterly financial data for 2020 and 2019 (in thousands, except share and per share amounts):
(1) In the first quarter of 2020, the Company adopted Accounting Standard Update (“ASU”) ASU 2016-13, Credit Losses using the modified retrospective transition approach, with the impact upon adoption reflected in opening retained earnings. As a result of adoption, the cumulative impact related to accounts receivable expected credit losses to our opening retained earnings at January 1, 2020 was $1.2 million. The comparative prior year information has not been adjusted and continues to be reported under legacy GAAP. The standard significantly changed the impairment model for most financial assets and certain other instruments, including accounts receivable and available-for-sale securities. Refer to Note “2. Summary of Significant Accounting Policies,” Note “3. Investments and Fair Value of Financial Instruments” and Note “4. Balance Sheet Components” for more information. (2) In first quarter of 2019, the Company adopted ASU 2016-02, Leases (Topic 842), and its associated amendments. Under the standard, a lessee will be required to recognize a lease liability and right-of-use asset for all leases with terms in excess of twelve months. The Company elected to apply the modified retrospective transition approach to all leases existing at the date of initial application and not restate comparative periods. In addition, the Company elected the following transitional practical expedients: (1) the short-term lease exception and (2) to not separate its non-lease components for its real estate, vehicle and equipment leases. As a result of the adoption, there was no cumulative-effect adjustment recorded to retained earnings upon adoption. Refer to Note “2. Summary of Significant Accounting Policies” and Note “10. Leases” for more information.
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2020 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation and Consolidation | Basis of Presentation and ConsolidationThe accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Certain changes in presentation were made in the consolidated financial statements for the year ended December 31, 2019 and 2018, to conform to the presentation for the year ended December 31, 2020 |
| Consolidation | The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiary. The portion of equity not attributable to the Company is considered non-controlling interest and is classified separately in the consolidated financial statements. Any subsequent changes in the Company’s ownership interest while the Company retains its controlling interest in its majority-owned subsidiary will be accounted for as equity transactions. All intercompany balances and transactions have been eliminated in consolidation. |
| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity accounts; disclosure of contingent assets and liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to marketable investments, allowances for credit losses, standalone selling prices used to allocate revenue to performance obligations which are not directly observable, the amount of variable consideration included in the transaction price, warranty reserve, valuation of inventories, useful lives of property and equipment, operating and finance lease right-of-use (“ROU”) assets and liabilities, income taxes, contingent consideration and other contingencies, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other data. Actual results could differ from those estimates.
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| Segments | Segments The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity: the design, development, manufacturing and marketing of innovative medical devices, and operates as one operating segment. The Company’s chief operating decision-maker (“CODM”), its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. |
| Foreign Currency Translation | Foreign Currency Translation The Company’s consolidated financial statements are prepared in United States Dollars (“USD”). Its foreign subsidiaries use their local currency as their functional currency and maintain their records in the local currency. Accordingly, the assets and liabilities of these subsidiaries are translated into USD using the current exchange rates in effect at the balance sheet date and equity accounts are translated into USD using historical rates. Revenues are translated using the exchange rate as of the date of transaction and expenses are translated using the average exchange rates in effect for the year involved. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. Transactions denominated in currencies other than the respective functional currencies are translated at exchange rates as of the date of transaction with foreign currency gains and losses recorded in other expense, net in the consolidated statements of operations. The Company realized net foreign currency transaction losses of a nominal amount, $0.8 million and $0.9 million during the years ended December 31, 2020, 2019 and 2018, respectively. As the Company’s international operations grow, its risks associated with fluctuation in currency rates will become greater, and the Company will continue to reassess its approach to managing this risk. In addition, currency fluctuations or a weakening USD can increase the costs of the Company’s international expansion. To date, the Company has not entered into any foreign currency hedging contracts.
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| Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, marketable investments (as described in greater detail in this footnote under the header “Cash, Cash Equivalents and Marketable Investments” below) and accounts receivable. The majority of the Company’s cash is held by one financial institution in the U.S. in excess of federally insured limits. The Company maintained investments in money market funds that were not federally insured during the year ended December 31, 2020 and held cash in foreign entities of approximately $17.4 million and $17.3 million at December 31, 2020 and 2019, respectively, which was not federally insured. The Company’s revenue has been derived from sales of its products in the United States and international markets. The Company uses both its own salesforce and independent distributors to sell its products. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of entities comprising the Company’s customer base. The Company performs ongoing credit evaluations of its customers, including its distributors, does not require collateral, and maintains allowances for potential credit losses on customer accounts when deemed necessary.
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| Significant Risks and Uncertainties | Significant Risks and Uncertainties The Company is subject to risks common to medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of products and the potential need to obtain additional financing. The Company is dependent on third party suppliers, in some cases single-source suppliers. There can be no assurance that the Company’s products will continue to be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed, if at all. The Company’s products require approval or clearance from the FDA prior to commencing commercial sales in the United States. There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company sells its products. If the Company is denied such approvals or clearances or such approvals or clearances are delayed, it may have a material adverse impact on the Company’s results of operations, financial position and liquidity.
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| Fair Value of Financial Instruments | Fair Value of Financial Instruments Carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. |
| Cash and Cash Equivalents | Cash, Cash Equivalents and Marketable Investments The Company invests its cash primarily in highly liquid corporate debt securities, debt instruments of U.S. federal, state and municipal governments, and their agencies, in money market funds and in commercial paper. All highly liquid investments with stated maturities of three months or less from the date of purchase are classified as cash equivalents; all highly liquid investments with stated maturities of greater than three months are classified as marketable investments. The majority of the Company’s cash and investments are held in U.S. banks. |
| Marketable Investments | The Company determines the appropriate classification of its investments in marketable investments at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable investments have been classified and accounted for as available-for-sale. Investments with remaining maturities of more than one year are viewed by the Company as available to support current operations and are classified as current assets under the caption marketable investments in the accompanying consolidated balance sheets. Investments in marketable investments are carried at fair value, with the unrealized gains and losses reported as a component of accumulated other comprehensive loss. Any realized gains or losses on the sale of marketable investments are determined on a specific identification method, and such gains and losses are reflected as a component of other income (expense), net. Impairment of Marketable Investments As a result of the of the adoption of the ASU 2016-13 during the year ended December 31, 2020, the Company is exposed to credit losses through its investments in available-for-sale securities. An investment is impaired if the fair value of the investment is less than its amortized cost basis. The Company reviews each impaired available-for-sale security held in its portfolio to determine whether the decline in fair value below its amortized cost basis is the result of credit losses or other factors. An allowance for credit losses is to be recorded as a charge to net income in an amount equal to the difference between the impaired security’s amortized cost basis and the amount expected to be collected over the lifetime of security, limited by the amount that the fair value is less than its amortized cost basis. Any remaining difference between its amortized cost basis and fair value is deemed not to be due to expected credit losses and is recorded as a component of accumulated other comprehensive loss. The Company’s impairment review considers several factors to determine if an expected credit loss is present including the discounted present value of expected cash flows of the security, the capacity to hold a security or sell a security before recovery of the decline in amortized cost, the credit rating of the security and forecasted and historical factors that affect the value of the security. In fiscal years prior to the adoption of ASU 2016-13, unrealized gains or losses on these securities were recorded to accumulated other comprehensive loss until either the security was sold or the Company determined that the decline in value was other-than-temporary. The primary differentiating factors the Company considered when classifying impairments as either temporary or other-than-temporary impairments was the intent and ability to retain the investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value, the length of the time and the extent to which the market value of the investment had been less than cost, the financial condition, and near-term prospects of the issuer.
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| Non-Marketable Equity Investments | Non-Marketable Equity InvestmentsEntities in which the Company has at least a 20%, but not more than a 50%, interest are accounted for under the equity method unless it is determined that the Company has a controlling financial interest in the entity, in which case the entity would be consolidated. Non-marketable equity investments are classified as long-term investments on the consolidated balance sheet. The Company’s proportionate share of the operating results of its non-marketable equity method investments are recorded as profit or loss and presented in equity in losses of unconsolidated investee, in the consolidated statements of operations. |
| Accounts Receivable | Accounts Receivable As a result of the adoption of ASU 2016-13 on January 1, 2020, accounts receivable are measured at amortized cost less the allowance for credit losses. The Company measures expected credit losses for its accounts receivables utilizing a loss-rate approach. The allowance for expected credit losses assessment requires a degree of estimation and judgement. The expected loss-rate is calculated by utilizing historical credit losses incurred as a percentage of the Company’s historical accounts receivable balances, pooled by customers with similar geographic credit risk characteristics. The loss-rate is adjusted for management’s expectations regarding current conditions and forecasts about future conditions which impact expected credit losses. The Company considers factors such as customers credit risk, geographic related risks and economic conditions that may affect a customer’s credit quality classification. Prior to the adoption of ASU 2016-13, the Company recognized losses when a loss was incurred or deemed probable by recording a specific allowance against amounts due, and thereby reducing the net recognized receivable to the amount reasonably believed to be collectible. In fiscal years prior to the adoption of ASU 2016-13, accounts receivable were stated at invoice value less estimated allowances for doubtful accounts. The Company recognized losses when a loss was incurred or deemed probable by recording a specific allowance against amounts due, and thereby reducing the net recognized receivable to the amount reasonably believed to be collectible. The Company monitored customer payments and maintained a reserve for estimated losses resulting from its customers’ inability to make required payments considering factors such as historical experience, credit quality, age of the accounts receivable balances, geographic related risks and economic conditions that may affect a customer’s ability to pay.
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| Inventories | Inventories Inventories are stated at the lower of cost (determined under the first-in first-out method) or net realizable value. Write-downs are provided for raw materials, components or finished goods that are determined to be excessive or obsolete. The Company regularly reviews inventory quantities in consideration of actual loss experience, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate. |
| Property and Equipment, net | Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life. Machinery and equipment and furniture and fixtures are depreciated over a to period and computers and software are depreciated over to five years. Upon retirement or sale, the cost and the related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to consolidated statements of operations as incurred. |
| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset group’s carrying value. If an asset is considered impaired, the asset is written down to fair value, which is determined based either on discounted cash flows or appraised value, depending on the nature of the asset. |
| Contingent Consideration | Contingent Consideration Certain agreements the Company enters into involve the potential payment of future consideration that is contingent upon certain performance and revenue milestones being achieved. Contingent consideration obligations incurred in connection with a business combination are recorded at their fair values on the acquisition date and remeasured at their fair values each subsequent reporting period until the related contingencies are resolved. The resulting changes in fair values are recognized generally within sales, general and administrative expense, depending on the nature of the contingent consideration liability, in the consolidated statements of operations. Asset acquisitions are accounted for using a cost accumulation and allocation model and the cost of the acquisition is allocated to the assets acquired and liabilities assumed. Contingent consideration obligations incurred in connection with an asset acquisition are recorded when it is probable that they will occur and they can be reasonably estimated.
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| Intangible Assets | Intangible Assets Intangible assets primarily consist of purchased rights to licensed technology, customer relationships, and trade secrets and processes. Indefinite-lived intangible assets consisted of an exclusive right to licensed technology. The acquired licensed technology was accounted for as an indefinite-lived intangible asset. Indefinite-lived intangible assets are tested for impairment at least annually, in the fourth quarter, or more frequently if events or circumstances indicate that it is more likely than not that the asset is impaired. If the fair value of the asset is less than the carrying amount, an impairment loss would be recognized in an amount equal to the difference between the carrying amount and the fair value. Refer to Note “7. Intangible Assets” for more information on the Company’s intangible assets. Finite-lived intangible assets are amortized over the estimated economic useful lives of the assets, which is the period during which expected cash flows support the fair value of such intangible assets. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets or asset group may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset group’s carrying value. Refer to Note “7. Intangible Assets” for more information on the Company’s intangible assets.
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| Goodwill | Goodwill Goodwill represents the excess of the purchase price of an acquired business or assets over the fair value of the identifiable assets acquired and liabilities assumed. Goodwill is not amortized, but is tested for impairment annually in the fourth quarter, or more frequently if events or circumstances indicate the carrying value may no longer be recoverable and that an impairment loss may have occurred. The Company operates as one segment, which is considered to be the sole reporting unit, and therefore goodwill is tested for impairment at the consolidated level.
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| Revenue Recognition | Revenue Recognition Revenue is primarily comprised of product revenue net of returns, discounts, administration fees and sales rebates. The Company adopted the guidance under ASC 606 on January 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption. Under ASC 606, the Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenue from product sales is recognized either on the date of shipment or the date of receipt by the customer, but is deferred for certain transactions when control has not yet transferred. With respect to products that the Company consigns to hospitals, which primarily consist of coils, the Company recognizes revenue at the time hospitals utilize products in a procedure. Certain arrangements with customers contain multiple performance obligations. For these contracts, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling prices considering entity-specific factors including, but not limited to, the expected cost and margin of the products and services, geographies, and other market conditions. The use of alternative estimates could result in a different amount of revenue deferral. Deferred revenue represents amounts that the Company has already invoiced and are ultimately expected to be recognized as revenue, but for which not all revenue recognition criteria have been met. As of December 31, 2020 and December 31, 2019, respectively, the Company's deferred revenue balance was not material. Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns utilizing historical return rates, rebates, discounts, and other adjustments to net revenue. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price. Variable consideration is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company’s terms and conditions permit product returns and exchanges. The Company bases its estimates for sales returns on actual historical returns over the prior three years and they are recorded as reductions in revenue at the time of sale. Upon recognition, the Company reduces revenue and cost of revenue for the estimated return. Return rates can fluctuate over time, but are sufficiently predictable to allow the Company to estimate expected future product returns.
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| Shipping Costs | Shipping Costs Shipping and handling costs charged to customers are recorded as revenue. Shipping and handling costs are included in cost of revenue. |
| Research and Development (R&D) Costs | Research and Development (“R&D”) Costs R&D costs primarily consist of product development, clinical and regulatory expenses, materials, depreciation and other costs associated with the development of the Company’s products. R&D costs also include related personnel and consultants’ salaries, benefits and related costs, including stock-based compensation. The Company expenses R&D costs as they are incurred. The Company’s clinical trial accruals are based on estimates of patient enrollment and related costs at clinical investigator sites. The Company estimates preclinical and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on its behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of patient enrollment and activity expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Payments made to third parties under these arrangements in advance of the receipt of the related services are recorded as prepaid expenses until the services are rendered. Internal Use Software The Company capitalizes certain costs incurred for the development of computer software for internal use. These costs generally relate to third-party software as well as the internal development of software associated with our REAL Immersive System offerings. The Company capitalizes these costs when it is determined that it is probable that the project will be completed and the software will be used to perform the function intended, and the preliminary project stage is completed. Capitalized internal use software development costs are included in Property and equipment, net within the consolidated balance sheets. Capitalized internal use software is amortized on a straight-line basis over its estimated useful life. For software that supports our REAL Immersive System, the amortization expense is recorded in cost of revenue within the consolidated statements of operations. Costs related to the preliminary project stage, post-implementation, training and maintenance are expensed as incurred.
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| Advertising Costs | Advertising CostsAdvertising costs are included in sales, general and administrative expenses and are expensed as incurred. |
| Stock-Based Compensation | Stock-Based Compensation The Company recognizes the cost of stock-based compensation in the financial statements based upon fair value. The fair value of restricted stock and restricted stock unit (“RSU”) awards is determined based on the number of units granted and the closing price of the Company’s common stock as of the grant date. The fair value of each purchase under the employee stock purchase plan (“ESPP”) is estimated at the beginning of the offering period using the Black-Scholes option pricing model. The fair value of stock options is determined as of the grant date using the Black-Scholes option pricing model. The Company’s determination of the fair value of equity-settled awards is impacted by the price of the Company’s common stock as well as changes in assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, the expected term that awards will remain outstanding, expected common stock price volatility over the term of the awards, risk-free interest rates and expected dividends. The fair value of an award is recognized over the requisite service period (usually the vesting period) on a straight-line basis. Stock-based compensation expense recognized at fair value includes the impact of estimated forfeitures. The Company estimates future forfeitures at the date of grant and revises the estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. To the extent actual forfeiture results differ from the estimates, the difference is recorded as a cumulative adjustment in the period forfeiture estimates are revised. No compensation cost is recorded for awards that do not vest. Prior to the adoption of Accounting Standard Update (“ASU”) No. 2018-07, “Compensation – Stock Compensation,” the Company recorded its equity instruments issued to non-employees at their fair value on the measurement date and were subject to periodic adjustments as the Company remeasured the fair value of the non-employee awards at each reporting period prior to vesting and at the vesting dates of each non-employee award. In the third quarter of 2018, the Company adopted ASU 2018-07 and recognizes the fair value of non-employee awards over the requisite service period (usually the vesting period) on a straight-line basis. Therefore, equity instruments issued to non-employees are recorded at their fair value on the grant date in the same manner as employee awards. The fair value of these equity instruments is expensed over the service period. Estimates of the fair value of equity-settled awards as of the grant date using valuation models, such as the Black-Scholes option pricing model, are affected by assumptions regarding a number of complex variables. Changes in the assumptions can materially affect the fair value of the award and ultimately how much stock-based compensation expense is recognized. These inputs are subjective and generally require significant analysis and judgment to develop. For all stock options granted prior to the Company’s IPO, the Company estimated the volatility data based on a study of publicly traded industry peer companies. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the equity-settled award. For all stock options granted prior to the IPO, the Company used the Staff Accounting Bulletin, No. 110 (“SAB 110”) simplified method to calculate the expected term, which is the average of the contractual term and vesting period. For stock options granted post-IPO, the Company used its historical data to calculate the expected term and volatility used in the valuation of options.
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| Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method, whereby deferred tax asset (“DTA”) and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance to reduce the net DTAs to their estimated realizable value. The calculation of the Company’s current provision for income taxes involves the use of estimates, assumptions and judgments while taking into account current tax laws, interpretation of current tax laws and possible outcomes of future tax audits. The Company has established reserves to address potential exposures related to tax positions that could be challenged by tax authorities. Although the Company believes its estimates, assumptions and judgments to be reasonable, any changes in tax law or its interpretation of tax laws and the resolutions of potential tax audits could significantly impact the amounts provided for income taxes in the Company’s consolidated financial statements. The calculation of the Company’s DTA balance involves the use of estimates, assumptions and judgments while taking into account estimates of the amounts and type of future taxable income. Actual future operating results and the underlying amount and type of income could differ materially from the Company’s estimates, assumptions and judgments thereby impacting the Company’s financial position and results of operations. The Company follows the guidance relating to accounting for uncertainty in income taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in the Company’s income tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. The Company includes interest and penalties related to unrecognized tax benefits within income tax expense in the accompanying consolidated statements of operations.
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| Comprehensive Income | Comprehensive Income Comprehensive income consists of net income, unrealized gains or losses on available-for-sale investments and the effects of foreign currency translation adjustments. The Company presents comprehensive income and its components in the consolidated statements of comprehensive (loss) income. |
| Net (Loss) Income Per Share of Common Stock | Net (Loss) Income Per Share of Common Stock The Company’s basic net (loss) income attributable to Penumbra, Inc. per share is calculated by dividing the net (loss) income attributable to Penumbra, Inc. per share by the weighted average number of shares of common stock outstanding for the period. The diluted net (loss) income per share attributable to Penumbra, Inc. is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock and restricted stock units are considered common stock equivalents.
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| Leases | Leases The Company adopted the guidance under ASC Topic 842, “Leases” ("ASC 842") on January 1, 2019 using the modified retrospective transition approach. There was no cumulative-effect adjustment recorded to retained earnings upon adoption. Under ASC 842, the Company determines if an arrangement is a lease at inception. In addition, the Company determines whether leases meet the classification criteria of a finance or operating lease at the lease commencement date considering: (1) whether the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, (2) whether the lease contains a bargain purchase option, (3) whether the lease term is for a major part of the remaining economic life of the underlying asset, (4) whether the present value of the sum of the lease payments and residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset, and (5) whether the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. As of December 31, 2020, the Company's lease population consisted of operating and finance real estate, equipment and vehicle leases. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities, and non-current operating lease liabilities in our consolidated balance sheet. Finance leases are included in finance lease right-of-use assets, current finance lease liabilities, and non-current finance lease liabilities in our consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate which requires management’s judgement as the rate implicit in the lease is generally not readily determinable. The determination of the Company’s incremental borrowing rate requires management judgment including, the development of a synthetic credit rating and cost of debt as the Company currently does not carry any debt. The operating lease ROU assets also include adjustments for prepayments, accrued lease payments and exclude lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating lease cost is recognized on a straight-line basis over the expected lease term. Finance lease cost is recognized as depreciation expense on a straight-line basis over the expected lease term and interest expense using the accelerated interest method of recognition. Lease agreements entered into after the adoption of ASC 842 that include lease and non-lease components are accounted for as a single lease component. Lease agreements with a non-cancelable term of less than 12 months are not recorded on the Company’s consolidated balance sheet.
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| Recent Accounting Guidance and Recently Issued Accounting Standards | Recent Accounting Guidance Recently Adopted Accounting Standards On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”) using the modified retrospective transition approach, with the impact upon adoption reflected in opening retained earnings. The comparative prior year information has not been adjusted and continues to be reported under legacy GAAP. The standard significantly changed the impairment model for most financial assets and certain other instruments, including accounts receivable and available-for-sale securities. For financial assets measured at amortized cost, including our accounts receivable, the standard requires an entity to (1) estimate its lifetime expected credit losses upon recognition of the financial assets and establish an allowance to present the net amount expected to be collected, (2) recognize this allowance and changes in the allowance during subsequent periods through net income and (3) consider relevant information about past events, current conditions and reasonable and supportable forecasts in assessing the lifetime expected credit losses. For available-for-sale debt securities, this standard made several targeted amendments to the existing other-than-temporary impairment model, including (1) requiring disclosure of the allowance for credit losses, (2) allowing reversals of the previously recognized credit losses until the entity has the intent to sell, is more-likely-than-not required to sell the securities or the maturity of the securities, (3) limiting impairment to the difference between the amortized cost basis and fair value and (4) not allowing entities to consider the length of time that fair value has been less than amortized cost as a factor in evaluating whether a credit loss exists. As a result of adoption, the cumulative impact related to accounts receivable expected credit losses to our opening retained earnings at January 1, 2020 was $1.2 million. As of the adoption date, the difference between the amortized cost basis and fair value of the Company’s impaired available-for-sale securities held was not material. Accordingly, upon adoption there was no impact to our opening retained earnings for credit losses related to available-for-sale securities. For additional information on the impact of the adoption and disclosures required by ASU 2016-13, refer to Note “3. Investments and Fair Value of Financial Instruments” and Note “4. Balance Sheet Components.” On January 1, 2020, the Company adopted ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The primary focus of the standard is to improve the effectiveness of the disclosure requirements for fair value measurements. The Company had no significant changes to the fair value measurement related disclosures due to the adoption of the standard. Recently Issued Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes— Simplifying the Accounting for Income Taxes. The standard intends to simplify and reduce the cost of accounting for income taxes. The new guidance removes certain exceptions for recognizing deferred taxes for foreign investments, the incremental approach to performing intraperiod allocation, and calculating income taxes in interim periods for year to date losses that exceed anticipated full year losses. The standard also adds guidance to reduce complexity in certain areas, including accounting for franchise taxes that are partially based on income, transactions with a government that result with a step up in the tax basis of goodwill, enacted changes in tax law during interim periods, and allocating taxes to members of a consolidated group which are not subject to tax. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted for all periods in which financial statements have not yet been issued, including interim periods. The Company does not expect the adoption of this standard will have a material impact on its consolidated financial statements and does not elect to early adopt as of December 31, 2020.
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Investments and Fair Value of Financial Instruments (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Marketable Investments | The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of December 31, 2020 and 2019 were as follows (in thousands):
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| Schedule of the Fair Value of Marketable Investments in an Unrealized Loss Position for Less than Twelve Months | The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more than twelve months as of December 31, 2020 and 2019 (in thousands):
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| Schedule of Contractual Maturities of Marketable Investments | The contractual maturities of the Company’s marketable investments as of December 31, 2020 and 2019 were as follows (in thousands):
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| Schedule of Fair Value of Assets and Liabilities | The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands):
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| Schedule of Contingent Consideration Obligation | The following table summarizes the changes in fair value of the contingent consideration obligation for the year ended December 31, 2020 (in thousands):
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Balance Sheet Components (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Allowance for Doubtful Accounts | The Company’s allowance for doubtful accounts comprised of the following (in thousands):
(1) Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries. The Company’s allowance for credit losses related to accounts receivable balances was comprised of the following (in thousands):
(1) On January 1, 2020, the Company recorded a $1.3 million adjustment to opening retained earnings upon the adoption of ASU 2016-13.
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| Schedule of Inventories | The components of inventories consisted of the following (in thousands):
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| Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands):
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| Schedule of Accrued Liabilities | The following table shows the components of accrued liabilities as of December 31, 2020 and 2019 (in thousands):
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| Schedule of Estimated Product Warranty Accrual | The following table shows the changes in the Company’s estimated product warranty accrual, included in accrued liabilities, as of December 31, 2020, 2019 and 2018 (in thousands):
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| Other Noncurrent Liabilities | The following table shows the components of other non-current liabilities as of December 31, 2020 and 2019 (in thousands):
(1) Amount relates to the non-current liability recorded for future milestone payments which were deemed probable to be made as of December 31, 2019, under the indefinite-lived intangible assets related to licensed technology described in Note “7. Intangible Assets.” Refer therein for more information.
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Asset Acquisition (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Consideration Transferred in Asset Acquisition | The following table presents the components of the consideration transferred at fair value as of the Transfer Agreement Closing Date (amounts presented in thousands):
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Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-lived Intangible Assets | The following table presents details of the Company’s acquired intangible assets as of December 31, 2020 and 2019 (in thousands, except weighted-average amortization period):
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| Schedule of Indefinite-lived Intangible Assets | The following table presents details of the Company’s acquired intangible assets as of December 31, 2020 and 2019 (in thousands, except weighted-average amortization period):
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| Finite-lived Intangible Assets Amortization Expense | The following table presents the amortization recorded related to the Company’s finite-lived intangible assets for the years ended December 31, 2020, 2019 and 2018 (in thousands):
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| Schedule of Future Amortization Expense | As of December 31, 2020, expected amortization expense for the unamortized acquired intangible assets for the next five years and thereafter is as follows (in thousands):
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Goodwill (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | The following table presents the changes in goodwill during the year ended December 31, 2020 (in thousands):
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of the adoption of ASC 842 on the Company’s consolidated balance sheet as of January 1, 2019 was as follows (in thousands):
(1) Upon the adoption of ASC 842, prepaid rent is included in the operating lease right-of-use assets. (2) Upon the adoption of ASC 842, current and non-current deferred rent is included in the current and non-current operating lease liabilities.
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| Lease, Cost | The following table presents the components of the Company’s lease cost, lease term and discount rate during the year ended December 31, 2020 (in thousands, except years and percentages):
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| Lessee, Operating Lease, Liability, Maturity | The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of December 31, 2020 (in thousands):
(1) The table above excludes the estimated future minimum lease payment for the 1310 Harbor Bay Lease due to uncertainty around the timing of when the 1310 Harbor Bay Lease will commence and payments will be due. The total estimated lease payments over the fifteen year lease term will be calculated based on the total development costs incurred in connection with the development of the building which will be determined upon substantial completion of the building.
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| Finance Lease, Liability, Maturity | The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of December 31, 2020 (in thousands):
(1) The table above excludes the estimated future minimum lease payment for the 1310 Harbor Bay Lease due to uncertainty around the timing of when the 1310 Harbor Bay Lease will commence and payments will be due. The total estimated lease payments over the fifteen year lease term will be calculated based on the total development costs incurred in connection with the development of the building which will be determined upon substantial completion of the building.
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| Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information related to leases during the years ended December 31, 2020 and 2019 are as follows (in thousands):
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Stockholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Stock Option Activity | Activity of stock options under the 2005 Plan, 2011 Plan and 2014 Plan (collectively, the "Plans") is set forth below:
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| Summary of Unvested Restricted Stock Activity | The activity of unvested restricted stock and restricted stock units ("RSU") under the Plans is set forth below:
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company used the following assumptions in its Black-Scholes option pricing model to determine the fair value of stock options and ESPP rights:
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| Schedule of Stock-based Compensation Expense | The following table sets forth the stock-based compensation expense included in the consolidated statements of operations (in thousands):
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Accumulated Other Comprehensive (Loss) Income (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive (Loss) Income | The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of accumulated other comprehensive income (loss) into earnings affect our consolidated statements of comprehensive (loss) income (in thousands):
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income or (Loss) before Income Taxes | Income (loss) before income taxes and equity in losses of unconsolidated investee for the years ended December 31, 2020, 2019 and 2018 is summarized as follows (in thousands):
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| Components of the Provision for (Benefit from) Income Taxes | The components of the (benefit from) provision for income taxes are summarized as follows (in thousands):
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| Schedule of Effective Income Tax Reconciliation | The Company’s actual (benefit from) or provision for tax differed from the amounts computed by applying the Company’s U.S. federal statutory income tax rate to pretax income as a result of the following:
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| Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities consist of the following (in thousands):
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| Summary of Valuation Allowance | The change in the Company’s deferred tax valuation allowance against net DTAs from January 1, 2018 to December 31, 2020, is as follows (in thousands):
(1) Additions include current year additions charged to expenses and current year build due to increases in net DTAs, return to provision true-ups, and other adjustments. (2) Deductions include current year releases credited to expenses and current year reductions due to decreases in net DTAs, return to provision true-ups, and other adjustments.
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| Schedule of Unrecognized Tax Benefits | A reconciliation of the change in the gross unrecognized tax benefits from January 1, 2018 to December 31, 2020, is as follows (in thousands):
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Net (Loss) Income Attributable to Penumbra, Inc. Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of the Numerator and Denominator used in the Calculation of the Basic and Diluted Earnings per Share | A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net (loss) income attributable to Penumbra, Inc. is as follows (in thousands, except share and per share amounts):
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Revenues (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | The Company’s revenues, disaggregated by geography, based on the destination to which the Company ships its products, for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands):
The Company’s revenues disaggregated by product category, for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands):
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Selected Quarterly Financial Data (Unaudited) (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Quarterly Financial Information | The following tables provide the selected quarterly financial data for 2020 and 2019 (in thousands, except share and per share amounts):
(1) In the first quarter of 2020, the Company adopted Accounting Standard Update (“ASU”) ASU 2016-13, Credit Losses using the modified retrospective transition approach, with the impact upon adoption reflected in opening retained earnings. As a result of adoption, the cumulative impact related to accounts receivable expected credit losses to our opening retained earnings at January 1, 2020 was $1.2 million. The comparative prior year information has not been adjusted and continues to be reported under legacy GAAP. The standard significantly changed the impairment model for most financial assets and certain other instruments, including accounts receivable and available-for-sale securities. Refer to Note “2. Summary of Significant Accounting Policies,” Note “3. Investments and Fair Value of Financial Instruments” and Note “4. Balance Sheet Components” for more information. (2) In first quarter of 2019, the Company adopted ASU 2016-02, Leases (Topic 842), and its associated amendments. Under the standard, a lessee will be required to recognize a lease liability and right-of-use asset for all leases with terms in excess of twelve months. The Company elected to apply the modified retrospective transition approach to all leases existing at the date of initial application and not restate comparative periods. In addition, the Company elected the following transitional practical expedients: (1) the short-term lease exception and (2) to not separate its non-lease components for its real estate, vehicle and equipment leases. As a result of the adoption, there was no cumulative-effect adjustment recorded to retained earnings upon adoption. Refer to Note “2. Summary of Significant Accounting Policies” and Note “10. Leases” for more information.
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Investments and Fair Value of Financial Instruments - Gains and Losses of Marketable Investments (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Schedule of Available-for-sale Securities [Line Items] | ||
| Cost | $ 194,320 | $ 116,300 |
| Gross Unrealized Gains | 846 | 313 |
| Gross Unrealized Losses | (4) | (3) |
| Allowance for Credit Loss | 0 | |
| Fair Value | 195,162 | 116,610 |
| Commercial paper | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Cost | 4,242 | 7,456 |
| Gross Unrealized Gains | 4 | 1 |
| Gross Unrealized Losses | 0 | 0 |
| Allowance for Credit Loss | 0 | |
| Fair Value | 4,246 | 7,457 |
| U.S. treasury | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Cost | 4,972 | |
| Gross Unrealized Gains | 7 | |
| Gross Unrealized Losses | 0 | |
| Fair Value | 4,979 | |
| U.S. agency and government sponsored securities | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Cost | 7,846 | 2,499 |
| Gross Unrealized Gains | 11 | 19 |
| Gross Unrealized Losses | 0 | 0 |
| Allowance for Credit Loss | 0 | |
| Fair Value | 7,857 | 2,518 |
| U.S. states and municipalities | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Cost | 47,934 | 4,889 |
| Gross Unrealized Gains | 162 | 4 |
| Gross Unrealized Losses | (1) | 0 |
| Allowance for Credit Loss | 0 | |
| Fair Value | 48,095 | 4,893 |
| Corporate bonds | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Cost | 134,298 | 96,484 |
| Gross Unrealized Gains | 669 | 282 |
| Gross Unrealized Losses | (3) | (3) |
| Allowance for Credit Loss | 0 | |
| Fair Value | $ 134,964 | $ 96,763 |
Investments and Fair Value of Financial Instruments - Narrative (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Gross unrealized losses | $ 4,000 | $ 3,000 |
| Allowance for credit losses | $ 0 | |
| Crossmed | Measurement Input, Actual Revenue Results | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value of revenue based milestones | $ 1,200,000 |
Investments and Fair Value of Financial Instruments - Marketable Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less than 12 months: Fair Value | $ 13,960 | $ 7,875 |
| Less than 12 months: Gross Unrealized Losses | (4) | (3) |
| 12 Months of more: Fair Value | 0 | 0 |
| 12 months or more: Gross Unrealized Losses | 0 | 0 |
| Total: Fair Value | 13,960 | 7,875 |
| Total: Gross Unrealized Losses | (4) | (3) |
| U.S. states and municipalities | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less than 12 months: Fair Value | 1,408 | |
| Less than 12 months: Gross Unrealized Losses | (1) | |
| 12 Months of more: Fair Value | 0 | |
| 12 months or more: Gross Unrealized Losses | 0 | |
| Total: Fair Value | 1,408 | |
| Total: Gross Unrealized Losses | (1) | |
| Corporate bonds | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less than 12 months: Fair Value | 12,552 | 7,875 |
| Less than 12 months: Gross Unrealized Losses | (3) | (3) |
| 12 Months of more: Fair Value | 0 | 0 |
| 12 months or more: Gross Unrealized Losses | 0 | 0 |
| Total: Fair Value | 12,552 | 7,875 |
| Total: Gross Unrealized Losses | $ (3) | $ (3) |
Investments and Fair Value of Financial Instruments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Fair Value Disclosures [Abstract] | ||
| Due in one year | $ 120,487 | $ 51,990 |
| Due in one to five years | 74,675 | 64,620 |
| Total | $ 195,162 | $ 116,610 |
Investments and Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Financial Assets | ||
| Total | $ 228,216 | $ 150,138 |
| Commercial paper | ||
| Financial Assets | ||
| Marketable investments | 4,246 | 7,457 |
| U.S. treasury | ||
| Financial Assets | ||
| Marketable investments | 4,979 | |
| U.S. agency and government sponsored securities | ||
| Financial Assets | ||
| Marketable investments | 7,857 | 2,518 |
| U.S. states and municipalities | ||
| Financial Assets | ||
| Marketable investments | 48,095 | 4,893 |
| Corporate bonds | ||
| Financial Assets | ||
| Marketable investments | 134,964 | 96,763 |
| Commercial paper | ||
| Financial Assets | ||
| Cash equivalents | 9,474 | |
| Money market funds | ||
| Financial Assets | ||
| Cash equivalents | 33,054 | 24,054 |
| Fair Value, Inputs, Level 1 | ||
| Financial Assets | ||
| Total | 33,054 | 29,033 |
| Fair Value, Inputs, Level 1 | Commercial paper | ||
| Financial Assets | ||
| Marketable investments | 0 | 0 |
| Fair Value, Inputs, Level 1 | U.S. treasury | ||
| Financial Assets | ||
| Marketable investments | 4,979 | |
| Fair Value, Inputs, Level 1 | U.S. agency and government sponsored securities | ||
| Financial Assets | ||
| Marketable investments | 0 | 0 |
| Fair Value, Inputs, Level 1 | U.S. states and municipalities | ||
| Financial Assets | ||
| Marketable investments | 0 | 0 |
| Fair Value, Inputs, Level 1 | Corporate bonds | ||
| Financial Assets | ||
| Marketable investments | 0 | 0 |
| Fair Value, Inputs, Level 1 | Commercial paper | ||
| Financial Assets | ||
| Cash equivalents | 0 | |
| Fair Value, Inputs, Level 1 | Money market funds | ||
| Financial Assets | ||
| Cash equivalents | 33,054 | 24,054 |
| Fair Value, Inputs, Level 2 | ||
| Financial Assets | ||
| Total | 195,162 | 121,105 |
| Fair Value, Inputs, Level 2 | Commercial paper | ||
| Financial Assets | ||
| Marketable investments | 4,246 | 7,457 |
| Fair Value, Inputs, Level 2 | U.S. treasury | ||
| Financial Assets | ||
| Marketable investments | 0 | |
| Fair Value, Inputs, Level 2 | U.S. agency and government sponsored securities | ||
| Financial Assets | ||
| Marketable investments | 7,857 | 2,518 |
| Fair Value, Inputs, Level 2 | U.S. states and municipalities | ||
| Financial Assets | ||
| Marketable investments | 48,095 | 4,893 |
| Fair Value, Inputs, Level 2 | Corporate bonds | ||
| Financial Assets | ||
| Marketable investments | 134,964 | 96,763 |
| Fair Value, Inputs, Level 2 | Commercial paper | ||
| Financial Assets | ||
| Cash equivalents | 9,474 | |
| Fair Value, Inputs, Level 2 | Money market funds | ||
| Financial Assets | ||
| Cash equivalents | 0 | 0 |
| Fair Value, Inputs, Level 3 | ||
| Financial Assets | ||
| Total | 0 | 0 |
| Fair Value, Inputs, Level 3 | Commercial paper | ||
| Financial Assets | ||
| Marketable investments | 0 | 0 |
| Fair Value, Inputs, Level 3 | U.S. treasury | ||
| Financial Assets | ||
| Marketable investments | 0 | |
| Fair Value, Inputs, Level 3 | U.S. agency and government sponsored securities | ||
| Financial Assets | ||
| Marketable investments | 0 | 0 |
| Fair Value, Inputs, Level 3 | U.S. states and municipalities | ||
| Financial Assets | ||
| Marketable investments | 0 | 0 |
| Fair Value, Inputs, Level 3 | Corporate bonds | ||
| Financial Assets | ||
| Marketable investments | 0 | 0 |
| Fair Value, Inputs, Level 3 | Commercial paper | ||
| Financial Assets | ||
| Cash equivalents | 0 | |
| Fair Value, Inputs, Level 3 | Money market funds | ||
| Financial Assets | ||
| Cash equivalents | $ 0 | $ 0 |
Investments and Fair Value of Financial Instruments - Contingent Consideration (Details) - Crossmed - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Beginning balance | $ 1,206 | $ 2,571 |
| Payments of contingent consideration liabilities | (1,186) | (1,296) |
| Changes in fair value | 0 | (35) |
| Foreign currency remeasurement | (20) | (34) |
| Ending balance | $ 0 | $ 1,206 |
Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Jan. 01, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
| Balance At Beginning Of Year | $ 2,946 | $ 2,946 | $ 2,782 | $ 1,290 |
| Balance At Beginning Of Year | 2,946 | 2,946 | ||
| Charged To Costs And Expenses | $ 1,300 | 1,613 | 656 | 1,563 |
| Deductions | (2,361) | (492) | (71) | |
| Balance At End Of Year | 2,198 | 2,946 | $ 2,782 | |
| Balance At End Of Year | $ 2,198 | $ 2,946 | ||
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Product Information [Line Items] | ||
| Raw materials | $ 45,341 | $ 21,646 |
| Work in process | 22,099 | 21,651 |
| Finished goods | 152,087 | 109,695 |
| Inventories | 219,527 | 152,992 |
| Property and equipment, net | 48,169 | 51,812 |
| Real System | ||
| Product Information [Line Items] | ||
| Inventories | 31,100 | |
| Property and equipment, net | $ 6,200 | |
| Property and equipment reclassified as inventory | $ 17,700 |
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | $ 78,112 | $ 73,227 | |
| Less: Accumulated depreciation and amortization | (29,943) | (21,415) | |
| Property and equipment, net | 48,169 | 51,812 | |
| Depreciation and amortization expense | 12,891 | 8,104 | $ 6,168 |
| Accumulated amortization | 29,943 | 21,415 | |
| Property, Plant and Equipment | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciation and amortization expense | 8,000 | 5,900 | 4,400 |
| Machinery and equipment | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | 26,300 | 20,959 | |
| Furniture and fixtures | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | 10,000 | 9,307 | |
| Leasehold improvements | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | 20,945 | 20,283 | |
| Software | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | 8,623 | 5,830 | |
| Less: Accumulated depreciation and amortization | (3,700) | (2,300) | |
| Depreciation and amortization expense | 1,000 | 900 | $ 700 |
| Accumulated amortization | 3,700 | 2,300 | |
| Computers | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | 7,298 | 5,702 | |
| Construction in progress | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment | $ 4,946 | $ 11,146 | |
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|---|---|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
| Payroll and employee-related expenses | $ 50,083 | $ 37,727 | ||
| Accrued expenses | 9,246 | 7,811 | ||
| Sales return reserve | 9,812 | 1,821 | ||
| Product warranty | 2,896 | 2,318 | ||
| Other acquisition-related costs | 3,000 | 4,291 | ||
| Other accrued liabilities | 10,758 | 13,662 | ||
| Total accrued liabilities | $ 85,795 | $ 67,630 | $ 57,754 | $ 57,886 |
Balance Sheet Components - Product Warranty (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Product Warranty, Increase (Decrease) [Roll Forward] | |||
| Balance at the beginning of the year | $ 2,318 | $ 1,875 | $ 1,088 |
| Accruals of warranties issued | 1,589 | 1,065 | 1,336 |
| Settlements of warranty claims | (1,011) | (622) | (549) |
| Balance at the end of the year | $ 2,896 | $ 2,318 | $ 1,875 |
Balance Sheet Components - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Deferred tax liabilities | $ 4,781 | $ 4,005 |
| Licensing-related cost | 0 | 10,878 |
| Other non-current liabilities | 3,233 | 367 |
| Total other non-current liabilities | $ 8,014 | $ 15,250 |
Business Combinations - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Business Acquisition [Line Items] | ||||
| Payment of milestone payments, financing activities | $ 683 | $ 1,758 | $ 4,481 | |
| Crossmed | ||||
| Business Acquisition [Line Items] | ||||
| Limit on milestone payments | 0 | 0 | $ 0 | |
| Payments of milestone payments | 1,200 | 1,300 | ||
| Payment of milestone payments, operating activities | 500 | 600 | ||
| Payment of milestone payments, financing activities | $ 700 | 700 | 4,500 | |
| Current Liabilities | Crossmed | ||||
| Business Acquisition [Line Items] | ||||
| Contingent consideration for milestone payments | $ 1,200 | |||
| Milestone Achievement Payment | Crossmed | ||||
| Business Acquisition [Line Items] | ||||
| Payment of milestone payments, financing activities | $ 3,000 | |||
Asset Acquisition (Details) - USD ($) |
3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2018 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Aug. 31, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Jan. 01, 2019 |
|
| Schedule of Asset Acquisition [Line Items] | ||||||||||||||
| Revenue | $ 166,898,000 | $ 151,076,000 | $ 105,109,000 | $ 137,329,000 | $ 145,263,000 | $ 139,502,000 | $ 134,201,000 | $ 128,439,000 | $ 560,412,000 | $ 547,405,000 | $ 444,938,000 | |||
| Net loss attributable to non-controlling interest | (1,016,000) | $ (1,061,000) | $ (941,000) | $ (537,000) | (388,000) | $ (483,000) | $ (339,000) | $ (244,000) | (3,555,000) | (1,454,000) | (3,691,000) | |||
| Total assets | 822,983,000 | 665,901,000 | 822,983,000 | 665,901,000 | 515,006,000 | $ 557,859,000 | ||||||||
| Liabilities | 185,195,000 | 180,288,000 | 185,195,000 | 180,288,000 | 92,591,000 | $ 135,444,000 | ||||||||
| Non-controlling interest | (3,710,000) | (279,000) | (3,710,000) | (279,000) | ||||||||||
| Asset acquisition date fair value of non-controlling interest | 3,366,000 | |||||||||||||
| Acquired in-process research and development | 0 | 0 | 30,835,000 | |||||||||||
| MVI Health Inc. | ||||||||||||||
| Schedule of Asset Acquisition [Line Items] | ||||||||||||||
| Net loss attributable to non-controlling interest | $ (6,200,000) | |||||||||||||
| Total assets | $ 5,200,000 | 5,200,000 | ||||||||||||
| Liabilities | 1,000,000.0 | 1,000,000.0 | ||||||||||||
| Non-controlling interest | $ 4,200,000 | $ 4,200,000 | ||||||||||||
| MVI Health Inc. | ||||||||||||||
| Schedule of Asset Acquisition [Line Items] | ||||||||||||||
| Asset acquisition, percentage of additional interest acquired | 40.00% | 40.00% | ||||||||||||
| Cash transferred | $ 20,000,000 | |||||||||||||
| Loss contingency accrual | $ 4,500,000 | $ 4,500,000 | ||||||||||||
| Asset acquisition, ownership percentage | 90.00% | 90.00% | ||||||||||||
| Remaining equity interest | 10.00% | 10.00% | ||||||||||||
| Carrying amount of Penumbra’s equity method investment in MVI | $ 2,202,000 | $ 2,202,000 | ||||||||||||
| Asset acquisition date fair value of non-controlling interest | 3,365,000 | |||||||||||||
| Acquired in-process research and development | $ 30,800,000 | |||||||||||||
| MVI Health Inc. | ||||||||||||||
| Schedule of Asset Acquisition [Line Items] | ||||||||||||||
| Equity method ownership percentage | 50.00% | 50.00% | ||||||||||||
| Revenue | $ 0 | |||||||||||||
| MVI Asset Acquisition | ||||||||||||||
| Schedule of Asset Acquisition [Line Items] | ||||||||||||||
| Payments made for anti-dilution provision | 0 | 1,000,000.0 | 0 | 1,000,000.0 | $ 500,000 | |||||||||
| Cash payments made | 800,000 | |||||||||||||
| Noncash payments made for anti-dilution provision | 200,000 | |||||||||||||
| Current loss contingency accrual | $ 3,000,000.0 | $ 3,000,000.0 | $ 3,000,000.0 | $ 3,000,000.0 | ||||||||||
Asset Acquisition - Fair Value of Consideration Transferred (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Aug. 31, 2018 |
Dec. 31, 2018 |
|
| Schedule of Asset Acquisition [Line Items] | ||
| Fair value of the remaining non-controlling interest | $ 3,366 | |
| MVI Health Inc. | ||
| Schedule of Asset Acquisition [Line Items] | ||
| Cash transferred | $ 20,000 | |
| Anti-dilution protection at Transfer Agreement Closing Date | 4,500 | |
| Carrying amount of Penumbra’s equity method investment in MVI | 2,202 | |
| Fair value of the remaining non-controlling interest | 3,365 | |
| Asset Acquisition, Consideration Transferred, Total | $ 30,067 |
Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2018 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Weighted-Average Amortization Period (in years) | 16 years 7 months 6 days | 16 years 4 months 24 days | |
| Gross Carrying Amount | $ 14,452 | $ 13,666 | |
| Accumulated Amortization | (3,813) | (2,502) | |
| Total amortization | 10,639 | 11,164 | |
| Intangible assets, gross | 27,909 | ||
| Intangible assets, net | $ 10,639 | $ 25,407 | |
| Customer relationships | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Weighted-Average Amortization Period (in years) | 15 years | 15 years | |
| Gross Carrying Amount | $ 7,311 | $ 6,686 | |
| Accumulated Amortization | (1,706) | (1,114) | |
| Total amortization | $ 5,605 | $ 5,572 | |
| Trade secrets and processes | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Weighted-Average Amortization Period (in years) | 20 years | 20 years | |
| Gross Carrying Amount | $ 5,256 | $ 5,256 | $ 5,300 |
| Accumulated Amortization | (788) | (526) | |
| Total amortization | $ 4,468 | $ 4,730 | |
| Other | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Weighted-Average Amortization Period (in years) | 5 years | 5 years | |
| Gross Carrying Amount | $ 1,885 | $ 1,724 | |
| Accumulated Amortization | (1,319) | (862) | |
| Total amortization | $ 566 | 862 | |
| Intangible assets related to licensed technology | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets related to licensed technology | $ 14,243 | ||
Intangible Assets - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2017 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
|
| Finite-Lived Intangible Assets [Line Items] | |||||||
| Gross Carrying Amount | $ 13,666,000 | $ 14,452,000 | $ 13,666,000 | ||||
| Payments to acquire intangible assets | $ 2,500,000 | ||||||
| Impairment of intangible asset | $ 2,500,000 | 0 | 2,500,000 | 0 | $ 0 | ||
| Trade secrets and processes | |||||||
| Finite-Lived Intangible Assets [Line Items] | |||||||
| Gross Carrying Amount | 5,256,000 | 5,256,000 | 5,256,000 | $ 5,300,000 | |||
| Intangible assets related to licensed technology | |||||||
| Finite-Lived Intangible Assets [Line Items] | |||||||
| Loss contingency accrual | 11,700,000 | $ 0 | 11,700,000 | ||||
| Intangible assets related to licensed technology | Accrued Liabilities | |||||||
| Finite-Lived Intangible Assets [Line Items] | |||||||
| Loss contingency accrual | 800,000 | 800,000 | |||||
| Intangible assets related to licensed technology | Noncurrent Liabilities | |||||||
| Finite-Lived Intangible Assets [Line Items] | |||||||
| Loss contingency accrual | $ 10,900,000 | $ 10,900,000 | |||||
Intangible Assets - Amortization (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Amortization of intangible assets | $ 1,067 | $ 1,052 | $ 1,095 |
| Cost of revenue | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Amortization of intangible assets | 263 | 263 | 263 |
| Sales, general and administrative | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Amortization of intangible assets | $ 804 | $ 789 | $ 832 |
Intangible Assets - Future Amortization (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| 2021 | $ 1,127 | |
| 2022 | 939 | |
| 2023 | 750 | |
| 2024 | 750 | |
| 2025 | 750 | |
| Thereafter | 6,323 | |
| Total amortization | $ 10,639 | $ 11,164 |
Goodwill (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
|
| Goodwill [Roll Forward] | |||
| Balance as of December 31, 2019 | $ 7,656,000 | ||
| Foreign currency translation adjustments | 716,000 | ||
| Balance as of December 31, 2020 | $ 8,372,000 | $ 7,656,000 | $ 8,372,000 |
| Goodwill impairment | $ 0 | $ 0 | |
Indebtedness (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Apr. 24, 2020 |
|
| Revolving credit facility | ||
| Line of Credit Facility [Line Items] | ||
| Maximum borrowing capacity | $ 100,000,000 | |
| Line of credit, increase limit | 150,000,000 | |
| Line of credit, maximum principal increase limit | 50,000,000 | |
| Borrowings outstanding | $ 0 | |
| Revolving credit facility | Bank Of America And Citibank | Line of Credit | ||
| Line of Credit Facility [Line Items] | ||
| Debt instrument, term | 1 year | |
| Letter of Credit | Bank Of America And Citibank | Line of Credit | ||
| Line of Credit Facility [Line Items] | ||
| Maximum borrowing capacity | 10,000,000 | |
| Bridge Loan | Bank Of America And Citibank | Line of Credit | ||
| Line of Credit Facility [Line Items] | ||
| Maximum borrowing capacity | 10,000,000 | |
| Foreign Line of Credit | Bank Of America And Citibank | Line of Credit | ||
| Line of Credit Facility [Line Items] | ||
| Maximum borrowing capacity | $ 15,000,000 |
Leases - Schedule of Impact on Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|---|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Prepaid expenses and other current assets | $ 18,735 | $ 14,852 | $ 11,776 | $ 12,200 |
| Total current assets | 617,702 | 463,134 | 410,302 | 410,726 |
| Operating lease right-of-use assets | 41,192 | 43,717 | 43,277 | |
| Total assets | 822,983 | 665,901 | 557,859 | 515,006 |
| Accrued liabilities | 85,795 | 67,630 | 57,754 | 57,886 |
| Current operating lease liabilities | 4,697 | 4,142 | 3,608 | |
| Total current liabilities | 105,932 | 91,048 | 69,538 | 66,062 |
| Deferred rent | 0 | 7,586 | ||
| Non-current operating lease liabilities | 44,183 | 47,242 | 46,963 | |
| Liabilities | 185,195 | 180,288 | 135,444 | 92,591 |
| Liabilities and Equity | $ 822,983 | $ 665,901 | 557,859 | $ 515,006 |
| Accounting Standards Update 2016-02 | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Prepaid expenses and other current assets | (424) | |||
| Total current assets | (424) | |||
| Operating lease right-of-use assets | 43,277 | |||
| Total assets | 42,853 | |||
| Accrued liabilities | (132) | |||
| Current operating lease liabilities | 3,608 | |||
| Total current liabilities | 3,476 | |||
| Deferred rent | (7,586) | |||
| Non-current operating lease liabilities | 46,963 | |||
| Liabilities | 42,853 | |||
| Liabilities and Equity | $ 42,853 |
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Lessee, Lease, Description [Line Items] | ||||
| Rent expense | $ 5.8 | |||
| 1310 Harbor Bay Lease | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Operating lease, lease not yet commenced, term of contract | 15 years | |||
| Roseville Lease | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Operating lease, lease not yet commenced, term of contract | 15 years | |||
| Minimum | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Lease, renewal term | 5 years | |||
| Maximum | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Lease, renewal term | 15 years |
Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Leases [Abstract] | ||
| Operating lease cost | $ 7,602 | $ 7,293 |
| Amortization of right-of-use assets | 2,787 | 284 |
| Interest on lease liabilities | 1,517 | 186 |
| Variable lease cost | 5,139 | 3,570 |
| Total lease costs | $ 17,045 | $ 11,333 |
| Operating lease, weighted average remaining lease term | 9 years 1 month 6 days | 10 years |
| Finance lease, weighted average remaining lease term | 13 years 6 months | 15 years |
| Operating lease, weighted average discount rate | 6.16% | 6.20% |
| Finance lease, weighted average discount rate | 5.36% | 5.42% |
Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
|---|---|
| Lessee, Operating Lease, Description [Abstract] | |
| 2021 | $ 7,538 |
| 2022 | 7,157 |
| 2023 | 6,739 |
| 2024 | 6,459 |
| 2025 | 6,271 |
| Thereafter | 30,277 |
| Total undiscounted lease payments | 64,441 |
| Less imputed interest | (15,561) |
| Present value of lease liabilities | 48,880 |
| Lessee, Finance Lease, Description [Abstract] | |
| 2021 | 2,805 |
| 2022 | 2,853 |
| 2023 | 2,902 |
| 2024 | 2,952 |
| 2025 | 2,877 |
| Thereafter | 26,219 |
| Total undiscounted lease payments | 40,608 |
| Less imputed interest | (12,211) |
| Present value of lease liabilities | $ 28,397 |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Leases [Abstract] | |||
| Operating cash flows from operating leases | $ 7,561 | $ 6,829 | |
| Financing cash flows from finance leases | 3,418 | 2,570 | $ 0 |
| Right-of-use asset obtained in exchange for lease obligations, operating leases | 1,515 | 4,261 | |
| Right-of-use asset obtained in exchange for lease obligations, finance leases | $ 1,632 | $ 33,283 | |
Commitments and Contingencies - Royalty Obligations (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jul. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
|
| Other Commitments [Line Items] | |||||
| Purchase obligations | $ 14,100,000 | ||||
| Gross Carrying Amount | 14,452,000 | $ 13,666,000 | |||
| Cost of revenue | |||||
| Other Commitments [Line Items] | |||||
| Royalty expense | 2,500,000 | 3,800,000 | $ 3,400,000 | ||
| Royalty Agreement, March 2005 | |||||
| Other Commitments [Line Items] | |||||
| Minimum annual royalty payments | $ 100,000 | ||||
| Extended term of agreement (in years) | 10 years | ||||
| Increase in minimum annual royalty payments | $ 200,000 | ||||
| Minimum quarterly royalty payments | $ 300,000 | 300,000 | |||
| Royalty Agreement, April 2012 | |||||
| Other Commitments [Line Items] | |||||
| Royalty as a percent of sales | 5.00% | ||||
| Term of royalty agreement (in years) | 15 years | ||||
| Royalty Agreement, November 2013, Less than $5 Million in Sales | |||||
| Other Commitments [Line Items] | |||||
| Royalty as a percent of sales | 3.00% | ||||
| Royalty Agreement, November 2013, Greater than $5 Million in Sales | |||||
| Other Commitments [Line Items] | |||||
| Royalty as a percent of sales | 1.00% | ||||
| Royalty agreement, threshold | $ 5,000,000 | ||||
| Royalty Agreement, April 2015 | |||||
| Other Commitments [Line Items] | |||||
| Royalty as a percent of sales | 2.00% | ||||
| Trade secrets and processes | |||||
| Other Commitments [Line Items] | |||||
| Gross Carrying Amount | $ 5,256,000 | $ 5,256,000 | $ 5,300,000 | ||
Stockholders' Equity - Preferred Stock and Common Stock (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Mar. 31, 2018
USD ($)
shares
|
Dec. 31, 2020
vote
shares
|
Dec. 31, 2019
shares
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |
| Preferred stock, shares outstanding (in shares) | 0 | 0 | |
| Common stock, number of votes per share | vote | 1 | ||
| Restricted Stock Units (RSUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Shares issued in connection with Buyout Agreement | 53,256 | ||
| Fair value of shares issued | $ | $ 5.3 |
Stockholders' Equity - Issuance of Stock (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2018 |
|
| Class of Stock [Line Items] | |||
| Net cash proceeds from shares issued and sold | $ 134,759 | $ 5,256 | |
| Public Stock Offering | |||
| Class of Stock [Line Items] | |||
| Shares issued (in shares) | 865,963 | ||
| Shares issued, price per share (in dollars per share) | $ 166.00 | ||
| Net cash proceeds from shares issued and sold | $ 134,800 | ||
| Underwriting discounts and commissions | 8,600 | ||
| Other issuance costs | $ 400 | ||
Stockholders' Equity - Stock Plans Narrative (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Sep. 17, 2015 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Number of options unvested and subject to repurchase (in shares) | 0 | 0 | ||
| Intrinsic value of options exercised in period | $ 70,100,000 | $ 46,100,000 | $ 49,100,000 | |
| Issuance of common stock under employee stock purchase plan (in shares) | 77,528 | 81,644 | 74,344 | |
| Issuance of common stock under employee stock purchase plan | $ 11,300,000 | $ 8,984,000 | $ 7,231,000 | |
| Unrecognized compensation cost related to unvested share-based compensation arrangements | $ 51,100,000 | |||
| Unrecognized compensation cost, expected recognition period | 2 years 10 months 24 days | |||
| Share-based compensation expense capitalized in inventory | $ 1,200,000 | $ 800,000 | 400,000 | |
| Stock Options | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Weighted average grant date fair value of stock options (in dollars per share) | $ 69.73 | |||
| Restricted Stock and Restricted Stock Units (RSUs) | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Fair value of restricted stock vested | $ 32,100,000 | $ 42,700,000 | $ 47,000,000.0 | |
| Expected to vest (in shares) | 348,564 | |||
| Employee Stock Purchase Plan | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Shares of common stock reserved for future issuance (in shares) | 600,000 | 1,018,167 | ||
| Minimum percent of eligible compensation per pay period to be used to purchase shares under plan | 1.00% | |||
| Maximum percent of eligible compensation per pay period to be used to purchase shares under plan | 15.00% | |||
| Purchase price of common stock, percent of fair market value | 85.00% | |||
| Maximum number of shares that may be purchased by any one employee (in shares) | 2,000 | |||
| Maximum value of shares that may be purchased by any one employee | $ 25,000 | |||
| 2005 Stock Plan | Stock Options | Vesting, First Year | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Award vesting rate | 25.00% | |||
| 2005 Stock Plan | Stock Options | Vesting, After First Year, Monthly Vesting Rate | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Award vesting rate | 2.00% | |||
| 2005 Stock Plan | Other Options | Maximum | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Term of award (in years) | 10 years | |||
| 2005 Stock Plan | Incentive Stock Options (ISO) | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Minimum voting rights for determination of exercise price, percent | 10.00% | |||
| Minimum exercise price, percent over fair market value | 110.00% | |||
| Shares transferred to different plan (in shares) | 564 | |||
| Shares of common stock reserved for future issuance (in shares) | 50,274 | |||
| 2005 Stock Plan | Incentive Stock Options (ISO) | Maximum | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Term of award (in years) | 5 years | |||
| 2011 Equity Incentive Plan | Stock Options | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Term of award (in years) | 10 years | |||
| Shares transferred to different plan (in shares) | 89,559 | |||
| Shares of common stock reserved for future issuance (in shares) | 145,000 | |||
| Award vesting period (in years) | 4 years | |||
| 2011 Equity Incentive Plan | Incentive Stock Options (ISO) | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Minimum voting rights for determination of exercise price, percent | 10.00% | |||
| Minimum exercise price, percent over fair market value | 110.00% | |||
| 2014 Equity Incentive Plan | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Shares of common stock reserved for future issuance (in shares) | 8,044,802 | |||
| Number of shares available for grant (in shares) | 6,849,469 | |||
Stockholders' Equity - Stock Option Activity (Details) $ / shares in Units, $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2020
USD ($)
$ / shares
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
| Beginning balance (in shares) | shares | 1,379,075 |
| Exercised (in shares) | shares | (358,097) |
| Cancelled/Forfeited (in shares) | shares | 0 |
| Ending balance (in shares) | shares | 1,020,978 |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
| Beginning balance (in dollars per share) | $ / shares | $ 21.02 |
| Grants (in dollars per share) | $ / shares | 0 |
| Exercised (in dollars per share) | $ / shares | 14.28 |
| Cancelled/Forfeited (in dollars per share) | $ / shares | 0 |
| Ending balance (in dollars per share) | $ / shares | $ 23.38 |
| Options Vested and Expected to Vest | |
| Vested and expected to vest (in shares) | shares | 1,020,659 |
| Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 23.34 |
| Vested and expected to vest, Weighted average remaining contractual life (in years) | 4 years 3 months 25 days |
| Vested and expected to vest, aggregate intrinsic value | $ | $ 154,795 |
| Exercisable (in shares) | shares | 1,015,053 |
| Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 22.59 |
| Exercisable, weighted average remaining contractual life (in years) | 4 years 3 months 18 days |
| Exercisable, aggregate intrinsic value | $ | $ 154,701 |
| 2014 Equity Incentive Plan | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
| Grants (in shares) | shares | 0 |
Stockholders' Equity - Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units (RSUs) |
12 Months Ended |
|---|---|
|
Dec. 31, 2020
$ / shares
shares
| |
| Number of Shares | |
| Unvested beginning balance (in shares) | shares | 371,206 |
| Granted (in shares) | shares | 172,204 |
| Vested (in shares) | shares | (162,088) |
| Cancelled/Forfeited (in shares) | shares | (11,693) |
| Unvested ending balance (in shares) | shares | 369,629 |
| Weighted Average Grant Date Fair Value | |
| Unvested beginning balance (in dollars per share) | $ / shares | $ 130.47 |
| Granted (in dollars per share) | $ / shares | 189.62 |
| Vested (in dollars per share) | $ / shares | 118.15 |
| Cancelled/Forfeited (in dollars per share) | $ / shares | 143.21 |
| Unvested ending balance (in dollars per share) | $ / shares | $ 163.03 |
Stockholders' Equity - Stock Options Assumptions (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Stock Options | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Expected term (in years) | 6 years 10 months 20 days | ||
| Expected volatility (percent) | 40.00% | ||
| Risk-free interest rate | 1.82% | ||
| Expected dividend rate (percent) | 0.00% | ||
| Employee Stock Purchase Plan | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Expected term (in years) | 6 months | 6 months | 6 months |
| Expected volatility (percent) | 48.00% | 45.00% | 42.00% |
| Risk-free interest rate | 0.70% | 2.30% | 2.36% |
| Expected dividend rate (percent) | 0.00% | 0.00% | 0.00% |
Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
| Stock-based compensation expense | $ 25,541 | $ 21,485 | $ 18,422 |
| Cost of sales | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
| Stock-based compensation expense | 2,304 | 1,396 | 1,004 |
| Research and development | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
| Stock-based compensation expense | 3,686 | 2,835 | 1,597 |
| Sales, general and administrative | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
| Stock-based compensation expense | $ 19,551 | $ 17,254 | $ 15,821 |
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
| Beginning balance | $ 485,892 | $ 485,892 | ||
| Amounts reclassified from accumulated other comprehensive loss to consolidated net income: | ||||
| Net current-year other comprehensive income (loss) | 4,865 | $ (382) | $ (3,511) | |
| Ending balance | 641,498 | 485,892 | ||
| Marketable Investments | ||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
| Beginning balance | 238 | 238 | (500) | |
| Other comprehensive income (loss) before reclassifications: | ||||
| OCI, before reclassifications, before tax, attributable to parent | 530 | 811 | ||
| Income tax effect — expense | (121) | (73) | ||
| Net of tax | 409 | 738 | ||
| Amounts reclassified from accumulated other comprehensive loss to consolidated net income: | ||||
| Realized (gain) loss — marketable investments | 0 | 0 | ||
| Income tax effect — (expense) benefit | 0 | 0 | ||
| Net of tax | 0 | 0 | ||
| Net current-year other comprehensive income (loss) | 409 | 738 | ||
| Ending balance | 647 | 238 | (500) | |
| Currency Translation Adjustments | ||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
| Beginning balance | (2,562) | (2,562) | (1,442) | |
| Other comprehensive income (loss) before reclassifications: | ||||
| OCI, before reclassifications, before tax, attributable to parent | 4,458 | (1,120) | ||
| Income tax effect — expense | (2) | 0 | ||
| Net of tax | 4,456 | (1,120) | ||
| Amounts reclassified from accumulated other comprehensive loss to consolidated net income: | ||||
| Realized (gain) loss — marketable investments | 0 | 0 | ||
| Income tax effect — (expense) benefit | 0 | 0 | ||
| Net of tax | 0 | 0 | ||
| Net current-year other comprehensive income (loss) | 4,456 | (1,120) | ||
| Ending balance | 1,894 | (2,562) | (1,442) | |
| Accumulated Other Comprehensive (Loss) Income | ||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
| Beginning balance | (2,324) | (2,324) | (1,942) | |
| Other comprehensive income (loss) before reclassifications: | ||||
| Income tax effect — expense | (123) | (73) | ||
| Net of tax | 4,865 | (382) | ||
| Amounts reclassified from accumulated other comprehensive loss to consolidated net income: | ||||
| Realized (gain) loss — marketable investments | $ 0 | 0 | ||
| Income tax effect — (expense) benefit | 0 | 0 | ||
| Net of tax | 0 | 0 | ||
| Net current-year other comprehensive income (loss) | 4,865 | (382) | (3,511) | |
| Ending balance | $ 2,541 | $ (2,324) | $ (1,942) | |
Employee Benefit Plan (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Retirement Benefits [Abstract] | |||
| Employer contribution cost | $ 4.5 | $ 3.2 | $ 1.6 |
Income Taxes - Income (Loss) before Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Income Tax Disclosure [Abstract] | |||||||||||
| United States | $ (40,278) | $ 46,859 | $ (2,790) | ||||||||
| Foreign | 2,260 | 3,276 | 4,398 | ||||||||
| Total (loss) income before income taxes and equity in losses of unconsolidated investee | $ (511) | $ (19,731) | $ (17,030) | $ (746) | $ 11,749 | $ 12,963 | $ 13,514 | $ 11,909 | $ (38,018) | $ 50,135 | $ 1,608 |
Income Taxes - Provision for (Benefit from) for Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Current: | |||||||||||
| Federal | $ (302) | $ (738) | $ 290 | ||||||||
| State | 357 | 34 | 183 | ||||||||
| Foreign | 907 | 2,458 | 1,689 | ||||||||
| Total current | 962 | 1,754 | 2,162 | ||||||||
| Deferred: | |||||||||||
| Federal | (18,129) | 1,556 | (5,436) | ||||||||
| State | (1,488) | 295 | (770) | ||||||||
| Foreign | (106) | (474) | (359) | ||||||||
| Total deferred | (19,723) | 1,377 | (6,565) | ||||||||
| (Benefit from) Provision for Income Taxes | $ (3,143) | $ (9,855) | $ (4,129) | $ (1,634) | $ 2,448 | $ 1,963 | $ (2,735) | $ 1,455 | $ (18,761) | $ 3,131 | $ (4,403) |
Income Taxes - Effective Income Tax Reconciliation (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Income Tax Disclosure [Abstract] | |||
| Income tax at federal statutory rate | 21.00% | 21.00% | 21.00% |
| State income taxes, net of federal benefit | 3.20% | 0.40% | (33.10%) |
| Foreign taxes differential | (1.30%) | 2.20% | 37.20% |
| Prepaid tax ASC 810-10 | 0.80% | (0.80%) | 5.00% |
| IPR&D charge | 0.00% | 0.00% | 402.50% |
| Stock-based compensation | 26.80% | (20.80%) | (809.60%) |
| Non-deductible meals and entertainment | (1.30%) | 1.60% | 31.30% |
| Imputed interest | (0.10%) | 0.60% | 19.80% |
| Global intangible low-taxed income ("GILTI") | 0.00% | 0.80% | 14.00% |
| Contingent liabilities | 0.00% | 0.00% | 12.40% |
| Executive compensation | (0.10%) | 0.40% | 6.50% |
| Non-deductible expenses | 0.00% | 0.00% | 15.30% |
| Other | 0.30% | 0.80% | 3.90% |
| Effective tax rate | 49.30% | 6.20% | (273.80%) |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|---|---|
| Deferred tax assets: | ||||
| Net operating loss carryforwards | $ 36,236 | $ 24,470 | ||
| Tax credits | 22,955 | 15,992 | ||
| Accruals and reserves | 11,550 | 4,700 | ||
| Stock-based compensation | 4,558 | 4,252 | ||
| Translation adjustment | 154 | 155 | ||
| UNICAP adjustments | 9,923 | 6,816 | ||
| ASC 842 Lease Liabilities | 18,773 | 20,183 | ||
| Other | 430 | 471 | ||
| Gross deferred tax assets | 104,579 | 77,039 | ||
| Valuation allowance | (28,768) | (21,558) | $ (17,284) | $ (10,295) |
| Total deferred tax assets | 75,811 | 55,481 | ||
| Deferred tax liabilities: | ||||
| Depreciation and amortization | (7,622) | (5,550) | ||
| Unrealized Gains | (195) | (73) | ||
| ASC 842 Lease ROU Assets | (19,251) | (20,394) | ||
| Other | (255) | 0 | ||
| Total deferred tax liabilities | (27,323) | (26,017) | ||
| Net deferred tax assets | $ 48,488 | $ 29,464 |
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
|---|---|
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards, limited to offset taxable income in year utilized, percent | 80.00% |
| Federal | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | $ 142.3 |
| Operating loss carryforward not subject to expiration | 70.7 |
| State | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | 93.1 |
| Foreign | |
| Operating Loss Carryforwards [Line Items] | |
| Operating loss carryforwards | $ 0.2 |
Income Taxes - Tax Credit Carryforwards (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Tax Credit Carryforward [Line Items] | ||
| Foreign earnings repatriated | $ 11.3 | |
| MVI Health Inc. | ||
| Tax Credit Carryforward [Line Items] | ||
| Asset Acquisition MVI DTA | 3.1 | |
| Research Tax Credit | Federal | ||
| Tax Credit Carryforward [Line Items] | ||
| Tax credit carryforwards | $ 14.1 | |
| Period for which credits are carried forward | 20 years | |
| Research Tax Credit | State | ||
| Tax Credit Carryforward [Line Items] | ||
| Tax credit carryforwards | $ 14.5 | |
| Federal | ||
| Tax Credit Carryforward [Line Items] | ||
| Operating loss carryforwards, carryforward period | 20 years | |
Income Taxes - Valuation Allowance (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Reconciliation of valuation allowance | |||
| Beginning Balance | $ 21,558 | $ 17,284 | $ 10,295 |
| Additions Charged To Expenses or Other Accounts | 7,322 | 4,395 | 6,989 |
| Deductions Credited to Expenses or Other Accounts | (112) | (121) | 0 |
| Ending Balance | $ 28,768 | $ 21,558 | $ 17,284 |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Reconciliation of the change in gross unrecognized tax benefits | ||||||
| Beginning balance | $ 6,075 | $ 5,174 | $ 4,152 | |||
| Gross increase for tax positions of current year | 2,389 | 1,191 | 1,421 | |||
| Gross increase for tax positions of prior years | 304 | 386 | 238 | |||
| Gross decrease for tax positions of prior years | (143) | (565) | (616) | |||
| Lapse of statute of limitations | 0 | (111) | (21) | |||
| Ending balance | 8,625 | 6,075 | 5,174 | |||
| Accrued interest and penalties related to uncertain tax positions | $ 300 | $ 200 | $ 200 | |||
| Unrecognized tax benefits | $ 8,625 | $ 5,174 | $ 5,174 | 8,625 | $ 6,075 | $ 5,174 |
| Unrecognized tax benefits that would affect the effective tax rate if recognized | $ 2,500 | |||||
Net (Loss) Income Attributable to Penumbra, Inc. Per Share - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Numerator: | |||||||||||
| Net income (loss) attributable to Penumbra, Inc. | $ 3,648 | $ (8,815) | $ (11,960) | $ 1,425 | $ 9,689 | $ 11,483 | $ 16,588 | $ 10,698 | $ (15,702) | $ 48,458 | $ 6,601 |
| Denominator: | |||||||||||
| Weighted average shares outstanding: Basic (in shares) | 36,357,495 | 36,207,716 | 35,400,542 | 35,042,912 | 34,955,043 | 34,840,370 | 34,694,228 | 34,507,279 | 35,766,892 | 34,750,706 | 34,138,176 |
| Potential dilutive stock-based options and awards, as calculated using treasury stock method (in shares) | 0 | 1,515,293 | 1,948,645 | ||||||||
| Weighted average shares outstanding: Diluted (in shares) | 37,453,842 | 36,207,716 | 35,400,542 | 36,362,726 | 36,312,471 | 36,271,394 | 36,214,321 | 36,213,164 | 35,766,892 | 36,265,999 | 36,086,821 |
| Net income (loss) attributable to Penumbra, Inc. per share: Basic (in dollars per share) | $ 0.10 | $ (0.24) | $ (0.34) | $ 0.04 | $ 0.28 | $ 0.33 | $ 0.48 | $ 0.31 | $ (0.44) | $ 1.39 | $ 0.19 |
| Net income (loss) attributable to Penumbra, Inc. per share: Diluted (in dollars per share) | $ 0.10 | $ (0.24) | $ (0.34) | $ 0.04 | $ 0.27 | $ 0.32 | $ 0.46 | $ 0.30 | $ (0.44) | $ 1.34 | $ 0.18 |
Net (Loss) Income Attributable to Penumbra, Inc. Per Share - Antidilutive Securities (Details) - shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Class of Stock [Line Items] | |||
| Antidilutive securities excluded from the computation of earnings per share (in shares) | 100 | 49 | |
| Employee Stock Purchase Plan | |||
| Class of Stock [Line Items] | |||
| Antidilutive securities excluded from the computation of earnings per share (in shares) | 2,000 | ||
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Disaggregation of Revenue [Line Items] | |||||||||||
| Revenue | $ 166,898 | $ 151,076 | $ 105,109 | $ 137,329 | $ 145,263 | $ 139,502 | $ 134,201 | $ 128,439 | $ 560,412 | $ 547,405 | $ 444,938 |
| China Distribution and Technology Licensing Agreement | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Revenue | 12,700 | ||||||||||
| Vascular | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Revenue | 267,783 | 215,720 | 150,605 | ||||||||
| Neuro | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Revenue | 292,629 | 331,685 | 294,333 | ||||||||
| United States | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Revenue | 400,270 | 355,222 | 290,716 | ||||||||
| Other International | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Revenue | $ 160,142 | $ 192,183 | $ 154,222 | ||||||||
Selected Quarterly Financial Data (Unaudited) - Selected Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Quarterly Financial Information Disclosure [Abstract] | |||||||||||
| Revenue | $ 166,898 | $ 151,076 | $ 105,109 | $ 137,329 | $ 145,263 | $ 139,502 | $ 134,201 | $ 128,439 | $ 560,412 | $ 547,405 | $ 444,938 |
| Cost of revenue | 72,585 | 60,153 | 40,179 | 49,320 | 47,135 | 43,504 | 40,273 | 44,529 | 222,237 | 175,441 | 152,405 |
| Gross profit | 94,313 | 90,923 | 64,930 | 88,009 | 98,128 | 95,998 | 93,928 | 83,910 | 338,175 | 371,964 | 292,533 |
| Total operating expenses | 96,058 | 111,081 | 82,579 | 87,399 | 87,549 | 83,022 | 81,127 | 72,758 | 377,117 | 324,456 | 293,385 |
| Loss before (benefit from) for income taxes | (511) | (19,731) | (17,030) | (746) | 11,749 | 12,963 | 13,514 | 11,909 | (38,018) | 50,135 | 1,608 |
| (Benefit from) income taxes | (3,143) | (9,855) | (4,129) | (1,634) | 2,448 | 1,963 | (2,735) | 1,455 | (18,761) | 3,131 | (4,403) |
| Consolidated net income (loss) | 2,632 | (9,876) | (12,901) | 888 | 9,301 | 11,000 | 16,249 | 10,454 | (19,257) | 47,004 | 2,910 |
| Net loss attributable to non-controlling interest | (1,016) | (1,061) | (941) | (537) | (388) | (483) | (339) | (244) | (3,555) | (1,454) | (3,691) |
| Net (loss) income attributable to Penumbra, Inc. | $ 3,648 | $ (8,815) | $ (11,960) | $ 1,425 | $ 9,689 | $ 11,483 | $ 16,588 | $ 10,698 | $ (15,702) | $ 48,458 | $ 6,601 |
| Net income (loss) attributable to Penumbra, Inc. per share: Basic (in dollars per share) | $ 0.10 | $ (0.24) | $ (0.34) | $ 0.04 | $ 0.28 | $ 0.33 | $ 0.48 | $ 0.31 | $ (0.44) | $ 1.39 | $ 0.19 |
| Net income (loss) attributable to Penumbra, Inc. per share: Diluted (in dollars per share) | $ 0.10 | $ (0.24) | $ (0.34) | $ 0.04 | $ 0.27 | $ 0.32 | $ 0.46 | $ 0.30 | $ (0.44) | $ 1.34 | $ 0.18 |
| Weighted average shares outstanding: Basic (in shares) | 36,357,495 | 36,207,716 | 35,400,542 | 35,042,912 | 34,955,043 | 34,840,370 | 34,694,228 | 34,507,279 | 35,766,892 | 34,750,706 | 34,138,176 |
| Weighted average shares outstanding: Diluted (in shares) | 37,453,842 | 36,207,716 | 35,400,542 | 36,362,726 | 36,312,471 | 36,271,394 | 36,214,321 | 36,213,164 | 35,766,892 | 36,265,999 | 36,086,821 |
Selected Quarterly Financial Data (Unaudited) - Additional Information (Details) - USD ($) |
Dec. 31, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
| Cumulative-effective adjustment recorded to retained earnings | $ (637,788,000) | $ (485,613,000) | $ (422,415,000) | $ (400,408,000) | ||||||||
| Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
| Cumulative-effective adjustment recorded to retained earnings | 1,198,000 | [1] | (467,000) | [2] | ||||||||
| Retained Earnings (Accumulated Deficit) | ||||||||||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
| Cumulative-effective adjustment recorded to retained earnings | $ (40,622,000) | (57,522,000) | $ (9,064,000) | (1,996,000) | ||||||||
| Retained Earnings (Accumulated Deficit) | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
| Cumulative-effective adjustment recorded to retained earnings | $ 1,200,000 | $ 1,198,000 | [1] | $ 0 | $ (467,000) | [2] | ||||||
| ||||||||||||
| Label | Element | Value |
|---|---|---|
| Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201409Member us-gaap:AccountingStandardsUpdate201616Member us-gaap:AccountingStandardsUpdate201802Member |