Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

17. Selected Quarterly Financial Data (Unaudited)

The following tables provide the selected quarterly financial data for 2021 and 2020 (in thousands, except share and per share amounts):

	2021 Quarters Ended
Selected Statement of Operations Data:	March 31(1)		June 30		September 30		December 31
Revenue	$	169,204	$	184,258	$	190,117	$	204,011
Cost of revenue	57,867		65,572		70,205		78,564
Gross profit	111,337		118,686		119,912		125,447
Total operating expenses	97,874		108,374		111,131		165,504
Loss before (benefit from) for income taxes	12,467		10,203		7,782		(40,954)
Provision for (benefit from) income taxes	1,541		1,904		(249)		(16,321)
Consolidated net income (loss)	10,926		8,299		8,031		(24,633)
Net loss attributable to non-controlling interest	(910)		(932)		(819)		—
Net income (loss) attributable to Penumbra, Inc.	$	11,836	$	9,231	$	8,850	$	(24,633)
Net income (loss) attributable to Penumbra, Inc. per share:
Basic	$	0.32	$	0.25	$	0.24	$	(0.66)
Diluted	$	0.32	$	0.25	$	0.24	$	(0.66)
Weighted average shares used to compute net income (loss) per share:
Basic	36,455,712		36,523,011		36,617,961		37,451,145
Diluted	37,533,520		37,582,348		37,611,355		37,451,145

	2020 Quarters Ended
Selected Statement of Operations Data:	March 31(1)		June 30		September 30		December 31
Revenue	$	137,329	$	105,109	$	151,076	$	166,898
Cost of revenue	49,320		40,179		60,153		72,585
Gross profit	88,009		64,930		90,923		94,313
Total operating expenses	87,399		82,579		111,081		96,058
Income before provision for (benefit from) income taxes	(746)		(17,030)		(19,731)		(511)
(Benefit from) income taxes	(1,634)		(4,129)		(9,855)		(3,143)
Consolidated net income	888		(12,901)		(9,876)		2,632
Net loss attributable to non-controlling interest	(537)		(941)		(1,061)		(1,016)
Net income attributable to Penumbra, Inc.	$	1,425	$	(11,960)	$	(8,815)	$	3,648
Net income per share:
Basic	$	0.04	$	(0.34)	$	(0.24)	$	0.10
Diluted	$	0.04	$	(0.34)	$	(0.24)	$	0.10
Weighted average shares used to compute net income (loss) per share:
Basic	35,042,912		35,400,542		36,207,716		36,357,495
Diluted	36,362,726		35,400,542		36,207,716		37,453,842

(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.