Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
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Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 862 | $ 2,092 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Income Statement [Abstract] | ||||
Revenue | $ 208,344 | $ 184,258 | $ 412,239 | $ 353,462 |
Cost of revenue | 74,309 | 65,572 | 150,786 | 123,439 |
Gross profit | 134,035 | 118,686 | 261,453 | 230,023 |
Operating expenses: | ||||
Research and development | 19,559 | 17,738 | 40,123 | 35,814 |
Sales, general and administrative | 114,615 | 90,636 | 225,515 | 170,434 |
Total operating expenses | 134,174 | 108,374 | 265,638 | 206,248 |
(Loss) income from operations | (139) | 10,312 | (4,185) | 23,775 |
Interest (expense) income, net | (72) | 299 | (119) | 779 |
Other expense, net | (956) | (408) | (1,967) | (1,884) |
(Loss) income before income taxes | (1,167) | 10,203 | (6,271) | 22,670 |
Provision for (benefit from) income taxes | 2,520 | 1,904 | (2,663) | 3,445 |
Consolidated net (loss) income | (3,687) | 8,299 | (3,608) | 19,225 |
Net loss attributable to non-controlling interest | 0 | (932) | 0 | (1,842) |
Net (loss) income attributable to Penumbra, Inc. | $ (3,687) | $ 9,231 | $ (3,608) | $ 21,067 |
Net (loss) income attributable to Penumbra, Inc. per share: | ||||
Basic (in dollars per share) | $ (0.10) | $ 0.25 | $ (0.10) | $ 0.58 |
Diluted (in dollars per share) | $ (0.10) | $ 0.25 | $ (0.10) | $ 0.56 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 37,767,519 | 36,523,011 | 37,707,156 | 36,489,548 |
Diluted (in shares) | 37,767,519 | 37,582,348 | 37,707,156 | 37,564,881 |
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Statement of Comprehensive Income [Abstract] | ||||
Consolidated net (loss) income | $ (3,687) | $ 8,299 | $ (3,608) | $ 19,225 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments, net of tax | (3,333) | 863 | (4,201) | (1,832) |
Net change in unrealized losses on available-for-sale securities, net of tax | (853) | (109) | (3,327) | (380) |
Total other comprehensive (loss) income, net of tax | (4,186) | 754 | (7,528) | (2,212) |
Consolidated comprehensive (loss) income | (7,873) | 9,053 | (11,136) | 17,013 |
Net loss attributable to non-controlling interest | 0 | (932) | 0 | (1,842) |
Comprehensive (loss) income attributable to Penumbra, Inc. | $ (7,873) | $ 9,985 | $ (11,136) | $ 18,855 |
Organization and Description of Business |
6 Months Ended |
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Jun. 30, 2022 | |
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. The Company focuses on developing, manufacturing and marketing novel products for use by specialist physicians and other healthcare providers to drive improved clinical and health outcomes. The Company believes that the cost-effectiveness of our products is attractive to our customers.
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Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive (loss) income, and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company’s financial position as of June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021, the changes in comprehensive income (loss) and stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the cash flows for the six months ended June 30, 2022 and 2021. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2022, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. 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, the amount of variable consideration included in the transaction price, warranty reserve, valuation of inventories, useful lives of property and equipment, operating and financing 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 products, and operates as one operating segment. The Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance.
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Investments and Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 following table presents the Company’s marketable investments as of June 30, 2022 and December 31, 2021 (in thousands):
As of June 30, 2022, the total amortized cost basis of the Company’s impaired available-for-sale securities exceeded its fair value by $3.9 million, which was primarily attributable to widening credit spreads and rising interest rates since purchase. The Company reviewed its impaired available-for-sale securities and concluded that the decline in fair value was not related to credit losses and that it is more likely than not that the entire amortized cost of each impaired security will be recoverable before the Company is required to sell them or when the security matures. Accordingly, during the three and six months ended June 30, 2022, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive (loss) income. 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 twelve months or for twelve months or more as of June 30, 2022 and December 31, 2021 (in thousands):
The following table presents the contractual maturities of the Company’s marketable investments as of June 30, 2022 (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 measurement 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 June 30, 2022 or December 31, 2021. During the six months ended June 30, 2022 and 2021, the Company did not have any transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy. Additionally, the Company did not have any financial assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2022 or December 31, 2021. The following tables set forth the Company’s financial assets measured at fair value by level within the fair value hierarchy as of June 30, 2022 and December 31, 2021 (in thousands):
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Balance Sheet Components |
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Balance Sheet Components | 4. Balance Sheet Components Inventories The following table shows the components of inventories as of June 30, 2022 and December 31, 2021 (in thousands):
Accrued Liabilities The following table shows the components of accrued liabilities as of June 30, 2022 and December 31, 2021 (in thousands):
The following table shows the changes in the Company’s estimated product warranty accrual, included in accrued liabilities, for the six months ended June 30, 2022 and twelve months ended December 31, 2021, respectively (in thousands):
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Business Combinations |
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Business Combinations | 5. Business Combinations Acquisition of Sixense Enterprises Inc. Transaction Overview On October 1, 2021 (the “Closing Date”), the Company closed the acquisition of Sixense Enterprises Inc. (“Sixense”) pursuant to the Agreement and Plan of Merger, dated September 17, 2021 (the “Merger Agreement”), among the Company, Sixense, Seychelles Merger Corporation, a wholly owned subsidiary of the Company, and a stockholders’ agent (the “Merger”). Sixense, a privately held company, specializes in enterprise use of virtual reality hardware and software and has been an integral partner on the development of the Company’s REAL Immersive System portfolio. The Merger allows the Company to streamline its efforts and collaborate more closely on its immersive healthcare offerings. The Company and Sixense formed a joint venture, MVI Health Inc. (“MVI”), in 2017 for the purpose of exploring healthcare applications of virtual reality technology. At the time of MVI’s formation, the Company contributed cash and in-kind services to MVI and Sixense contributed an exclusive license to use its technology for healthcare applications, each for a 50% equity interest in MVI. In 2018, the Company acquired 40% of the outstanding shares of MVI from Sixense and consolidated the financial results of MVI into the accompanying consolidated financial statements, with the amounts attributable to the non-controlling interest classified separately. As of the Closing Date, the Company and Sixense owned a 90% and 10% equity interest in MVI, respectively. As a result of the Merger, Sixense became a wholly owned subsidiary of the Company and the Company acquired, among other things, the remaining 10% equity interest in MVI held by Sixense. The Company accounted for the acquired assets and liabilities assumed from Sixense in accordance with ASC 805 and for its change in ownership interest in MVI as an equity transaction in accordance with ASC 810. The carrying amount of the noncontrolling interest was adjusted to zero, and the difference between the acquisition date fair value of the equity interest acquired of $4.2 million and its carrying amount of $(6.2) million was recognized within additional paid in capital. Fair Value of Consideration Transferred The following table summarizes the Closing Date fair value of the consideration transferred (in thousands):
(1) The fair value of the 661,877 shares of common stock issued as part of consideration transferred was determined based on the acquisition date closing market price of the Company’s common stock of $263.09. (2) Per ASC 805, the replacement of stock options or other share-based payment awards in conjunction with a business combination represents a modification of share-based payment awards that must be accounted for in accordance with ASC 718. As a result of the Company’s obligation to issue replacement awards, a portion of the fair-value-based measure of replacement awards is included in measuring the purchase consideration transferred in the business combination. To determine the portion of the replacement awards that is part of the purchase consideration, the Company measured the fair value of both the replacement awards and the historical awards as of the Closing Date, in accordance with ASC 718. The fair value of the replacement awards, whether vested or unvested, was included in the purchase consideration to the extent that pre-acquisition services had been rendered. The fair value of replacement stock options assumed for which pre-acquisition services were rendered of $80.7 million was allocated to the purchase consideration and $25.8 million was recognized immediately in the post-combination financial statements during the three months ended December 31, 2021, as pre-acquisition services were not rendered but the vesting of all stock options was accelerated in connection with the Merger. (3) In the connection with the Merger, the Company effectively settled pre-existing liabilities due to or on behalf of Sixense. Fair Value of Consideration Transferred The preliminary allocation of the purchase price was based upon a third party valuation and the Company’s estimates and assumptions are subject to change within the measurement period (generally one year from the Closing Date). The following table presents the preliminary allocation of the purchase price for Sixense as of June 30, 2022 (in thousands):
Further adjustments may be necessary as additional information related to the fair values of assets acquired and liabilities assumed is assessed during the measurement period, which may be up to one year from the acquisition date. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized with the corresponding offset to goodwill. Any adjustments required after the measurement period are recorded in the consolidated statement of operations. No measurement period adjustments were recorded during the three and six months ended June 30, 2022. The intangible assets acquired and the fair value of the privately-held subsidiary stock indirectly acquired are Level 3 fair value measurements for which fair value is derived from valuations using inputs that are unobservable and significant to the overall fair value measurement.
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Intangible Assets |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | 6. Intangible Assets Acquired Intangible Assets The following tables present details of the Company’s acquired finite-lived intangible assets as of June 30, 2022 and December 31, 2021 (in thousands, except weighted-average amortization period):
The customer relationships and intangible assets classified as “Other” subject to amortization relate to the acquisition of Crossmed S.p.A., the Company’s wholly-owned subsidiary in Italy, during the third quarter of 2017. The gross carrying amount and accumulated amortization of these intangible assets are subject to foreign currency translation effects. The Company reviews indefinite-lived intangible assets for impairment annually during the fourth quarter or more frequently if events or circumstances indicate that an impairment loss may have occurred. The Company determined that there were no impairment indicators as of June 30, 2022. The following table presents the amortization expense recorded related to the Company’s finite-lived intangible assets for the three and six months ended June 30, 2022 and 2021 (in thousands):
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Goodwill |
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 7. Goodwill The following table presents the changes in goodwill during the six months ended June 30, 2022 (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. The Company determined there were no impairment indicators as of June 30, 2022.
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Debt |
6 Months Ended |
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Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Indebtedness | 8. 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 was set to mature on April 23, 2021. The Company 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 during the three months ended March 31, 2021, which extended the maturity date from April 23, 2021 to February 21, 2022 and had 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. In the first quarter of 2022, the Company entered into a further 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 February 21, 2022 to February 17, 2023 and has substantially the same terms and conditions as the prior credit agreement with certain changes to the reference benchmark interest rates, applicable margins and borrowing mechanics under the Credit Agreement, having the overall effect of lowering the interest rates payable by the Company on amounts borrowed under the Credit Agreement, and a reduction of the commitment fee payable on the average daily unused amount under the Credit Agreement to 0.25% per annum. The Credit Agreement requires the Company to maintain a minimum fixed charge coverage ratio and to not exceed a maximum leverage ratio. As of June 30, 2022, the Company was in compliance with these requirements. As of June 30, 2022 and December 31, 2021, there were no borrowings outstanding under the amended Credit Agreement.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 9. Leases Lease Overview As of December 31, 2021 and June 30, 2022, 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 2036, subject to the Company’s option to renew certain leases for an additional to 15 years. The Company also leases other equipment and vehicles under noncancelable operating and finance leases that expire at various dates through 2026. The following table presents the components of the Company’s lease cost, lease term and discount rate during the three and six months ended June 30, 2022 and 2021 (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 the Company’s real estate leases. During the third quarter of 2021, the Company signed a lease for approximately thirteen years for additional space located at 620 Roseville Parkway, Roseville, California (the “620 Roseville Parkway Lease”). Per the terms of the lease, improvements will be constructed and permanently affixed to the property in two phases. The first phase (“Phase 1”) of the 620 Roseville Parkway Lease commenced once the Phase 1 premises were made ready and available for their intended use, which occurred during the first quarter of 2022. The Company determined that the 620 Roseville Parkway Lease is a non-cancelable operating lease which will expire in 2035. Upon completion of the second phase (“Phase 2”) of improvements, the Phase 2 premises will be added to the 620 Roseville Parkway Lease. Phase 2 is not anticipated to be completed in 2022. Additionally, during the three and six months ended June 30, 2022, the Company modified existing leases for certain properties that resulted in an increase of right-of-use (“ROU”) assets in exchange for operating leases liabilities. The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of June 30, 2022 (in thousands): Supplemental cash flow information related to leases during the six months ended June 30, 2022 and 2021 are as follows (in thousands):
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Leases | 9. Leases Lease Overview As of December 31, 2021 and June 30, 2022, 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 2036, subject to the Company’s option to renew certain leases for an additional to 15 years. The Company also leases other equipment and vehicles under noncancelable operating and finance leases that expire at various dates through 2026. The following table presents the components of the Company’s lease cost, lease term and discount rate during the three and six months ended June 30, 2022 and 2021 (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 the Company’s real estate leases. During the third quarter of 2021, the Company signed a lease for approximately thirteen years for additional space located at 620 Roseville Parkway, Roseville, California (the “620 Roseville Parkway Lease”). Per the terms of the lease, improvements will be constructed and permanently affixed to the property in two phases. The first phase (“Phase 1”) of the 620 Roseville Parkway Lease commenced once the Phase 1 premises were made ready and available for their intended use, which occurred during the first quarter of 2022. The Company determined that the 620 Roseville Parkway Lease is a non-cancelable operating lease which will expire in 2035. Upon completion of the second phase (“Phase 2”) of improvements, the Phase 2 premises will be added to the 620 Roseville Parkway Lease. Phase 2 is not anticipated to be completed in 2022. Additionally, during the three and six months ended June 30, 2022, the Company modified existing leases for certain properties that resulted in an increase of right-of-use (“ROU”) assets in exchange for operating leases liabilities. The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of June 30, 2022 (in thousands): Supplemental cash flow information related to leases during the six months ended June 30, 2022 and 2021 are as follows (in thousands):
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies 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. 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 June 30, 2022 and December 31, 2021, the amended license agreement required minimum quarterly royalty payments of $0.3 million. 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. Royalty expense included in cost of revenue for the three months ended June 30, 2022 and 2021 was $0.6 million and $0.6 million, respectively, and for the six months ended June 30, 2022 and 2021, was $1.2 million and $1.1 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. 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. The Company is not currently a party to any such litigation matter that, individually or in the aggregate, is expected to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.
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Stockholder's Equity |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholder's Equity | 11. Stockholders’ Equity Equity Incentive Plans Stock Options Activity of stock options under the Company’s 2005 Stock Plan, 2011 Equity Incentive Plan and Amended and Restated 2014 Equity Incentive Plan (collectively, the "Plans") during the six months ended June 30, 2022 is set forth below:
Restricted Stock Units Activity of unvested restricted stock units under the Plans during the six months ended June 30, 2022 is set forth below:
As of June 30, 2022, 440,842 restricted stock units are expected to vest. Stock-based Compensation The following table sets forth the stock-based compensation expense included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 (in thousands):
As of June 30, 2022, total unrecognized compensation cost was $76.5 million related to unvested share-based compensation arrangements which is expected to be recognized over a weighted average period of 3.0 years. The total stock-based compensation cost capitalized in inventory was $2.0 million and $1.8 million as of June 30, 2022 and December 31, 2021, respectively.
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Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | 12. Accumulated Other Comprehensive (Loss) Income Other comprehensive (loss) income 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 (loss) income, these comprehensive (loss) income items accumulate and are included within accumulated other comprehensive (loss) income. Unrealized gains and losses on the Company’s marketable investments are reclassified from accumulated other comprehensive (loss) income 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 (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 (loss) income into earnings affect the Company’s condensed consolidated statements of operations and condensed consolidated statements of comprehensive (loss) income (in thousands):
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Income Taxes |
6 Months Ended |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company’s income tax expense (benefit), 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 judgment and estimates are required in determining the consolidated income tax expense. During interim periods, the Company generally utilizes the estimated annual effective tax rate (“AETR”) method which involves the use of forecasted information. Under the AETR method, the provision is calculated by applying the estimated AETR for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. Jurisdictions with tax assets for which the Company believes a tax benefit cannot be realized are excluded from the computation of its AETR. The Company’s provision for income taxes for the three months ended June 30, 2022 was $2.5 million, which was primarily due to tax deficiencies (shortfalls) expenses from stock-based compensation attributable to its U.S. jurisdiction as a result of stock price fluctuation, offset by tax benefits attributable to its worldwide losses. The Company’s provision for income taxes for the three months ended June 30, 2021 was $1.9 million, which was primarily due to tax expenses attributable to its worldwide profits, offset by excess tax benefits from stock-based compensation attributable to its U.S. jurisdiction. The Company’s benefit from income taxes for the six months ended June 30, 2022 was $2.7 million, which was primarily due to tax benefits attributable to its worldwide losses, offset by tax deficiencies (shortfalls) expenses from stock-based compensation attributable to its U.S. jurisdiction as a result of stock price fluctuation. The Company’s provision for income taxes for the six months ended June 30, 2021 was $3.4 million, which was primarily due to tax expenses attributable to its worldwide profits, offset by excess tax benefits from stock-based compensation attributable to its U.S. jurisdiction. The Company’s effective tax rate was (215.9)% for the three months ended June 30, 2022, compared to 18.7% for the three months ended June 30, 2021. The Company’s change in effective tax rate was primarily attributable to large tax expenses over relatively small worldwide losses for the three months ended June 30, 2022, when compared to small tax expenses over relatively large worldwide profits for the three months ended June 30, 2021. The Company’s effective tax rate was 42.5% for the six months ended June 30, 2022, compared to 15.2% for the six months ended June 30, 2021. The Company’s change in effective tax rate was primarily attributable to large tax benefits over relatively small worldwide losses for the six months ended June 30, 2022, when compared to small tax expenses over relatively large worldwide profits for the six months ended June 30, 2021. Significant domestic deferred tax assets (“DTAs”) were generated in recent years, primarily due to excess tax benefits from stock option exercises and vesting of restricted stock units. The Company evaluates all available positive and negative evidence, objective and subjective in nature, in each reporting period to determine if sufficient taxable income will be generated to realize the benefits of its DTAs and, if not, a valuation allowance to reduce the DTAs is recorded. As of June 30, 2022 and 2021, the Company maintains a valuation allowance against its Federal Research and Development Tax Credit and California DTAs as the Company could not conclude at the required more-likely-than-not level of certainty, that the benefit of these tax attributes would be realized prior to expiration. 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 United States and therefore deferred taxes attributable to such are not provided for in the Company’s condensed consolidated financial statements as of June 30, 2022.
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Net Income Attributable to Penumbra, Inc. Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Penumbra, Inc. Per Share | 14. Net 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 using the treasury stock method. For the purposes of this calculation, stock options, restricted stock units and stock sold through the Company’s employee stock purchase plan 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. per share is as follows (in thousands, except share and per share amounts):
For the three months ended June 30, 2022 and 2021, outstanding stock-based awards of 1,766 thousand and 28 thousand shares, respectively, and for the six months ended June 30, 2022 and 2021, outstanding stock-based awards of 1,878 thousand and 37 thousand shares, respectively, were excluded from the computation of diluted net (loss) income attributable to Penumbra, Inc. per share because their effect would have been anti-dilutive.
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Revenues |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 15. Revenues Revenue Recognition Revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. All revenue recognized in the condensed consolidated statements of operations is considered to be revenue from contracts with customers. The following table presents the Company’s revenues disaggregated by geography, based on the destination to which the Company ships its products, for the three and six months ended June 30, 2022 and 2021 (in thousands):
The following table presents the Company’s revenues disaggregated by product category for the three and six months ended June 30, 2022 and 2021 (in thousands):
China Distribution and Technology Licensing Agreement In December 2020, the Company entered into a distribution and technology licensing arrangement 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 products to its Chinese partner to permit the manufacturing and commercialization of such products in China as well as provide certain regulatory support. During the three months ended March 31, 2022, the Company further amended the distribution agreement and entered into an additional license agreement, pursuant to which the Company agreed to license the technology for additional products to its Chinese partner on substantially the same terms as the existing license agreement. Apart from the standard distribution agreement, the Company will receive fixed payments upon transferring its distinct licensed technology and providing related regulatory support and royalty payments on the down-stream sale of the licensed products. 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 - The Company’s 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 June 30, 2022. 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. During the three and six months ended June 30, 2022, 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. Contract liabilities, net The following information summarizes the Company’s contract assets and liabilities, net as of June 30, 2022 and December 31, 2021 (in thousands):
Contract liabilities 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 and is recognized as the associated performance obligations are satisfied. Contract assets for the periods presented primarily represent the difference between the revenue that was recognized based on the relative standalone selling price of the related performance obligations satisfied and the contractual billing terms in the arrangements. Revenue recognized during the three and six months ended June 30, 2022 relating to contract liabilities as of March 31, 2022 and December 31, 2021 was $7.5 million and $5.7 million, respectively.
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Consolidation The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive (loss) income, and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company’s financial position as of June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021, the changes in comprehensive income (loss) and stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the cash flows for the six months ended June 30, 2022 and 2021. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2022, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
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Consolidation | The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of EstimatesThe 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, the amount of variable consideration included in the transaction price, warranty reserve, valuation of inventories, useful lives of property and equipment, operating and financing 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 | 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 products, and operates as one operating segment. The Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. |
Marketable Investments | Marketable InvestmentsThe Company’s marketable investments have been classified and accounted for as available-for-sale. |
Investments and Fair Value of Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Investments | The following table presents the Company’s marketable investments as of June 30, 2022 and December 31, 2021 (in thousands):
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 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 twelve months or for twelve months or more as of June 30, 2022 and December 31, 2021 (in thousands):
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Schedule of Contractual Maturities of Marketable Investments | The following table presents the contractual maturities of the Company’s marketable investments as of June 30, 2022 (in thousands):
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Schedule of Fair Value of Assets and Liabilities | The following tables set forth the Company’s financial assets measured at fair value by level within the fair value hierarchy as of June 30, 2022 and December 31, 2021 (in thousands):
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Balance Sheet Components Balance Sheet Components (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | The following table shows the components of inventories as of June 30, 2022 and December 31, 2021 (in thousands):
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Schedule of Accrued Liabilities | The following table shows the components of accrued liabilities as of June 30, 2022 and December 31, 2021 (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, for the six months ended June 30, 2022 and twelve months ended December 31, 2021, respectively (in thousands):
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Business Combinations (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisition Consideration Transferred | The following table summarizes the Closing Date fair value of the consideration transferred (in thousands):
(1) The fair value of the 661,877 shares of common stock issued as part of consideration transferred was determined based on the acquisition date closing market price of the Company’s common stock of $263.09. (2) Per ASC 805, the replacement of stock options or other share-based payment awards in conjunction with a business combination represents a modification of share-based payment awards that must be accounted for in accordance with ASC 718. As a result of the Company’s obligation to issue replacement awards, a portion of the fair-value-based measure of replacement awards is included in measuring the purchase consideration transferred in the business combination. To determine the portion of the replacement awards that is part of the purchase consideration, the Company measured the fair value of both the replacement awards and the historical awards as of the Closing Date, in accordance with ASC 718. The fair value of the replacement awards, whether vested or unvested, was included in the purchase consideration to the extent that pre-acquisition services had been rendered. The fair value of replacement stock options assumed for which pre-acquisition services were rendered of $80.7 million was allocated to the purchase consideration and $25.8 million was recognized immediately in the post-combination financial statements during the three months ended December 31, 2021, as pre-acquisition services were not rendered but the vesting of all stock options was accelerated in connection with the Merger. (3) In the connection with the Merger, the Company effectively settled pre-existing liabilities due to or on behalf of Sixense.
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Schedule of Purchase Price Allocation | The following table presents the preliminary allocation of the purchase price for Sixense as of June 30, 2022 (in thousands):
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Intangible Assets Intangible Assets (Tables) |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of indefinite-lived intangible assets | The following tables present details of the Company’s acquired finite-lived intangible assets as of June 30, 2022 and December 31, 2021 (in thousands, except weighted-average amortization period):
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Schedule of finite-lived intangible assets | The following tables present details of the Company’s acquired finite-lived intangible assets as of June 30, 2022 and December 31, 2021 (in thousands, except weighted-average amortization period):
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Finite-lived Intangible Assets Amortization Expense | The following table presents the amortization expense recorded related to the Company’s finite-lived intangible assets for the three and six months ended June 30, 2022 and 2021 (in thousands):
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Goodwill Goodwill (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill | The following table presents the changes in goodwill during the six months ended June 30, 2022 (in thousands):
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The following table presents the components of the Company’s lease cost, lease term and discount rate during the three and six months ended June 30, 2022 and 2021 (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 the Company’s real estate leases.
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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 June 30, 2022 (in thousands):
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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 June 30, 2022 (in thousands):
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Schedule of Supplemental Cash Flow Disclosures | Supplemental cash flow information related to leases during the six months ended June 30, 2022 and 2021 are as follows (in thousands):
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Stockholder's Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | Activity of stock options under the Company’s 2005 Stock Plan, 2011 Equity Incentive Plan and Amended and Restated 2014 Equity Incentive Plan (collectively, the "Plans") during the six months ended June 30, 2022 is set forth below:
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Summary of Unvested Restricted Stock and Restricted Stock Unit Activity | Activity of unvested restricted stock units under the Plans during the six months ended June 30, 2022 is set forth below:
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Schedule of Stock-based Compensation Expense | The following table sets forth the stock-based compensation expense included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 (in thousands):
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Accumulated Other Comprehensive (Loss) Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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 (loss) income into earnings affect the Company’s condensed consolidated statements of operations and condensed consolidated statements of comprehensive (loss) income (in thousands):
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Net Income Attributable to Penumbra, Inc. Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. per share is as follows (in thousands, except share and per share amounts):
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Revenues Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by geography, based on the destination to which the Company ships its products, for the three and six months ended June 30, 2022 and 2021 (in thousands):
The following table presents the Company’s revenues disaggregated by product category for the three and six months ended June 30, 2022 and 2021 (in thousands):
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Summary of Contract Assets and Liabilities | The following information summarizes the Company’s contract assets and liabilities, net as of June 30, 2022 and December 31, 2021 (in thousands):
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Summary of Significant Accounting Policies - Additional Disclosures (Details) |
6 Months Ended |
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Jun. 30, 2022
activity
segment
| |
Accounting Policies [Abstract] | |
Number of business activities | activity | 1 |
Number of operating segments | segment | 1 |
Investments and Fair Value of Financial Instruments - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
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Jun. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
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Fair Value Disclosures [Abstract] | |||
Gross Unrealized Losses | $ (3,920,000) | $ (3,920,000) | $ (686,000) |
Allowance for credit loss | $ 0 | $ 0 |
Investments and Fair Value of Financial Instruments - Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Amortized Cost | ||
Due in less than one year | $ 51,834 | |
Due in one to five years | 98,221 | |
Total | 150,055 | $ 196,093 |
Fair Value | ||
Due in less than one year | 51,254 | |
Due in one to five years | 94,881 | |
Total | $ 146,135 | $ 195,496 |
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 75,484 | $ 68,374 |
Work in process | 33,902 | 18,678 |
Finished goods | 186,497 | 176,452 |
Inventories | $ 295,883 | $ 263,504 |
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Payroll and employee-related cost | $ 58,388 | $ 60,015 |
Accrued expenses | 19,900 | 12,245 |
Deferred revenue | 9,959 | 5,671 |
Other accrued liabilities | 23,158 | 21,865 |
Total accrued liabilities | $ 111,405 | $ 99,796 |
Balance Sheet Components - Product Warranty (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at the beginning of the period | $ 4,310 | $ 2,896 |
Accruals of warranties issued | 1,407 | 2,973 |
Settlements of warranty claims | (771) | (1,559) |
Balance at the end of the period | $ 4,946 | $ 4,310 |
Business Combinations - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2018 |
Oct. 01, 2021 |
Sep. 30, 2021 |
Dec. 31, 2019 |
|
Business Acquisition [Line Items] | ||||
Non-controlling interest | $ 0 | $ (6,200) | ||
MVI Health Inc. | ||||
Business Acquisition [Line Items] | ||||
Ownership interest | 50.00% | |||
Ownership by parent | 90.00% | |||
MVI Health Inc. | Sixense Enterprises Inc. | ||||
Business Acquisition [Line Items] | ||||
Ownership by noncontrolling owners | 10.00% | |||
MVI Health Inc. | ||||
Business Acquisition [Line Items] | ||||
Percentage of voting interests acquired | 40.00% | |||
Sixense Enterprises Inc. | ||||
Business Acquisition [Line Items] | ||||
Fair value of subsidiary stock indirectly acquired through the Merger | $ 4,161 | |||
Sixense Enterprises Inc. | MVI Health Inc. | ||||
Business Acquisition [Line Items] | ||||
Percentage of voting interests acquired | 10.00% |
Business Combinations - Schedule of Consideration Transferred (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Oct. 01, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Business Acquisition, Contingent Consideration [Line Items] | |||||
Stock-based compensation expense | $ 8,786 | $ 9,803 | $ 17,679 | $ 16,198 | |
Sixense Enterprises Inc. | |||||
Business Acquisition, Contingent Consideration [Line Items] | |||||
Consideration for settlement of pre-existing liabilities due to Sixense | $ (3,810) | ||||
Purchase price | $ 251,016 | ||||
Shares issued for acquisition (in shares) | 661,877 | ||||
Business acquisition, share price | $ 263.09 | ||||
Stock-based compensation expense | $ 25,800 | ||||
Sixense Enterprises Inc. | Common Stock | |||||
Business Acquisition, Contingent Consideration [Line Items] | |||||
Fair value of common stock issued | 174,133 | ||||
Sixense Enterprises Inc. | Share-based Payment Arrangement, Option | |||||
Business Acquisition, Contingent Consideration [Line Items] | |||||
Fair value of replacement stock options | $ 80,693 |
Goodwill (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill | $ 166,388,000 |
Foreign currency translation | (609,000) |
Goodwill | 165,779,000 |
Goodwill impairment | $ 0 |
Debt (Details) - Revolving Credit Facility - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Apr. 24, 2020 |
|
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | $ 100,000,000 | |||
Line of credit, increase limit | $ 150,000,000 | |||
Borrowings outstanding | $ 0 | $ 0 | $ 0 | |
Bank Of America And Citibank | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, term (in years) | 1 year | 1 year | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% |
Leases - Narrative (Details) |
Jun. 30, 2022 |
---|---|
Lessee, Lease, Description [Line Items] | |
Operating lease term, lease not yet commenced | 13 years |
5 year renewal term | |
Lessee, Lease, Description [Line Items] | |
Operating lease, renewal term (in years) | 5 years |
15 year renewal term | |
Lessee, Lease, Description [Line Items] | |
Operating lease, renewal term (in years) | 15 years |
Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Lease Cost | ||||
Operating lease cost | $ 5,034 | $ 1,959 | $ 9,916 | $ 3,879 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 810 | 760 | 1,616 | 1,506 |
Interest on lease liabilities | 361 | 374 | 723 | 745 |
Variable lease cost | 2,568 | 1,356 | 4,931 | 2,826 |
Total lease costs | $ 8,773 | $ 4,449 | $ 17,186 | $ 8,956 |
Weighted Average Remaining Lease Term | ||||
Operating leases | 13 years 9 months 18 days | 12 years 1 month 6 days | 13 years 9 months 18 days | 12 years 1 month 6 days |
Finance leases | 11 years 9 months 18 days | 12 years 10 months 24 days | 11 years 9 months 18 days | 12 years 10 months 24 days |
Weighted Average Discount Rate | ||||
Operating leases | 4.61% | 5.33% | 4.61% | 5.33% |
Finance leases | 5.30% | 5.34% | 5.30% | 5.34% |
Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
|
---|---|
Operating Lease Payments | |
2022 (excluding the six months ended June 30, 2022) | $ 9,046 |
2023 | 17,807 |
2024 | 17,682 |
2025 | 17,527 |
2026 | 17,673 |
Thereafter | 186,197 |
Total undiscounted lease payments | 265,932 |
Less imputed interest | (73,480) |
Present value of lease liabilities | 192,452 |
Finance Lease Payments | |
2022 (excluding the six months ended June 30, 2022) | 1,591 |
2023 | 3,226 |
2024 | 3,242 |
2025 | 3,170 |
2026 | 2,803 |
Thereafter | 23,518 |
Total undiscounted lease payments | 37,550 |
Less imputed interest | (10,090) |
Present value of lease liabilities | $ 27,460 |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 8,458 | $ 3,914 |
Financing cash flows from finance leases | 858 | 692 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Right-of-use assets obtained in exchange for lease obligations | 51,191 | 54,444 |
Right-of-use assets obtained in exchange for finance lease obligations | $ 89 | $ 520 |
Commitments and Contingencies - Royalty Obligations (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Jul. 31, 2019 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Cost of revenue | |||||
Other Commitments [Line Items] | |||||
Royalty expense | $ 0.6 | $ 0.6 | $ 1.2 | $ 1.1 | |
Royalty Agreement, March 2005 | |||||
Other Commitments [Line Items] | |||||
Extended term of agreement | 10 years | ||||
Increase in minimum annual royalty payments | $ 0.2 | ||||
Minimum quarterly royalty payments | $ 0.3 | $ 0.3 | |||
Royalty Agreement, April 2012 | |||||
Other Commitments [Line Items] | |||||
Royalty as a percent of sales | 5.00% | ||||
Term of agreement | 15 years |
Stockholder's Equity - Stock Option Activity (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022
$ / shares
shares
| |
Number of Shares | |
Beginning balance (in shares) | shares | 1,141,814 |
Options granted (in shares) | shares | 10,120 |
Options exercised (in shares) | shares | (187,856) |
Options cancelled (in shares) | shares | (1,000) |
Ending balance (in shares) | shares | 963,078 |
Weighted-Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 27.02 |
Options granted (in dollars per share) | $ / shares | 197.74 |
Options exercised (in dollars per share) | $ / shares | 24.32 |
Options cancelled (in dollars per share) | $ / shares | 22.04 |
Ending balance (in dollars per share) | $ / shares | $ 29.35 |
Stockholder's Equity - Restricted Stock and Restricted Stock Units Activity (Details) - Restricted stock and restricted stock units |
6 Months Ended |
---|---|
Jun. 30, 2022
$ / shares
shares
| |
Number of Shares | |
Unvested beginning balance (in shares) | 409,482 |
Granted (in shares) | 146,540 |
Vested (in shares) | (74,863) |
Canceled/Forfeited (in shares) | (15,712) |
Unvested and expected to vest ending balance (in shares) | 465,447 |
Weighted -Average Grant Date Fair Value | |
Unvested beginning balance (in dollars per share) | $ / shares | $ 210.41 |
Granted (in dollars per share) | $ / shares | 187.06 |
Vested (in dollars per share) | $ / shares | 176.49 |
Canceled/Forfeited (in dollars per share) | $ / shares | 223.95 |
Unvested and expected to vest ending balance (in dollars per share) | $ / shares | $ 208.05 |
Restricted stock and RSUs expected to vest (shares) | 440,842 |
Income Taxes Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for (benefit from) income taxes | $ 2,520 | $ 1,904 | $ (2,663) | $ 3,445 |
Effective tax rate | 215.90% | 18.70% | 42.50% | 15.20% |
Net Income Attributable to Penumbra, Inc. Per Share - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Numerator: | ||||
Net (loss) income attributable to Penumbra, Inc. | $ (3,687) | $ 9,231 | $ (3,608) | $ 21,067 |
Weighted average shares used to compute net (loss) income attributable to common stockholders: | ||||
Basic (in shares) | 37,767,519 | 36,523,011 | 37,707,156 | 36,489,548 |
Potential dilutive stock-based options and awards (in shares) | 0 | 1,059,337 | 0 | 1,075,333 |
Diluted (in shares) | 37,767,519 | 37,582,348 | 37,707,156 | 37,564,881 |
Net (loss) income attributable to Penumbra, Inc. per share: | ||||
Basic (in dollars per share) | $ (0.10) | $ 0.25 | $ (0.10) | $ 0.58 |
Diluted (in dollars per share) | $ (0.10) | $ 0.25 | $ (0.10) | $ 0.56 |
Net Income Attributable to Penumbra, Inc. Per Share - Antidilutive Securities (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 1,766 | 28 | 1,878 | 37 |
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 208,344 | $ 184,258 | $ 412,239 | $ 353,462 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 141,456 | 128,402 | 285,764 | 248,472 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 66,888 | 55,856 | 126,475 | 104,990 |
Neuro | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 84,801 | 83,574 | 165,887 | 163,613 |
Vascular | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 123,543 | $ 100,684 | $ 246,352 | $ 189,849 |
Revenues - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Revenue from Contract with Customer [Abstract] | |||
Contract liabilities, net | $ 9,646 | $ 7,500 | $ 5,671 |