Penumbra (PEN) The Baird 2024 Global Healthcare Conference summary

Key product launches and innovation

• Recent launches of Lightning Bolt 7, Lightning Flash, and Flash 2.0 have significantly improved clot removal speed and safety, opening new patient segments and driving market expansion.

• A new below-the-knee arterial thrombectomy product is set to launch around mid-October, targeting a large, previously underserved patient group.

• Additional CAVT products are in the pipeline, with two more expected within the next nine months, broadening the suite and market reach.

• The company’s technology is recognized for its ability to access challenging anatomies, supporting expansion into new vascular beds.

• Product innovation is expected to drive both share gains and overall market growth, especially in underpenetrated segments.

Market strategy and growth outlook

• Achieved $1 billion revenue target by 2023; next billion projected by 2028, implying a 14% CAGR.

• Focus is on expanding treatment to the remaining 90% of eligible patients in the U.S., with a multi-year strategy underway.

• Market expansion is prioritized over price increases, with volume growth as the main driver.

• International and U.S. access and embolization businesses are expected to grow steadily, though at a slower pace than thrombectomy.

• Exiting unprofitable international markets in 2024 is expected to remove headwinds and support growth in 2025 and beyond.

Competitive landscape and clinical positioning

• Products offer faster clot removal and improved safety compared to competitors, with fewer label warnings and contraindications.

• Significant share gains in DVT; PE segment share is growing, with the goal to match DVT share levels.

• Upcoming clinical trials, especially those comparing devices to anticoagulation, are expected to shape future adoption.

• The neurovascular segment is outperforming expectations, with Thunderbolt and SENDit products positioned for above-market growth.

• Continued innovation and clinical data are expected to reinforce leadership in both neuro and peripheral markets.