Delaware | 001-37557 | 05-0605598 |
(State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. employer identification number) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit Number | Description | |
99.1 | Press release of Penumbra, Inc. dated March 8, 2016. |
Penumbra, Inc. | ||
Date: March 8, 2016 | By: | /s/ Sri Kosaraju |
Sri Kosaraju | ||
Chief Financial Officer and Head of Strategy |
Exhibit Number | Description | |
99.1 | Press release of Penumbra, Inc. dated March 8, 2016. |
• | Revenue of $54.4 million in the fourth quarter of 2015, an increase of 53.7%, or 58.5% in constant currency1, over the fourth quarter of 2014. |
• | Revenue of $186.1 million in 2015, an increase of 48.3%, or 53.9% in constant currency1, over the prior year. |
December 31, | ||||||||
2015 | 2014 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 19,547 | $ | 3,290 | ||||
Marketable investments | 129,257 | 48,253 | ||||||
Accounts receivable, net of doubtful accounts of $589 and $602 | 29,444 | 18,912 | ||||||
Inventories | 56,761 | 33,451 | ||||||
Deferred taxes | — | 6,280 | ||||||
Prepaid expenses and other current assets | 9,352 | 5,115 | ||||||
Total current assets | 244,361 | 115,301 | ||||||
Property and Equipment, net | 8,951 | 5,181 | ||||||
Deferred taxes | 10,143 | 571 | ||||||
Other non-current assets | 393 | 328 | ||||||
Total assets | $ | 263,848 | $ | 121,381 | ||||
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 2,567 | $ | 2,348 | ||||
Accrued liabilities | 25,581 | 18,475 | ||||||
Total current liabilities | 28,148 | 20,823 | ||||||
Other non-current liabilities | 3,178 | 1,461 | ||||||
Total liabilities | 31,326 | 22,284 | ||||||
Convertible preferred stock | — | 111,467 | ||||||
Stockholders’ Equity (Deficit): | ||||||||
Common stock | 30 | 5 | ||||||
Additional paid-in capital | 252,087 | 8,446 | ||||||
Notes receivable from stockholders | (5 | ) | (117 | ) | ||||
Accumulated other comprehensive loss | (2,115 | ) | (864 | ) | ||||
Accumulated deficit | (17,475 | ) | (19,840 | ) | ||||
Total stockholders’ equity (deficit) | 232,522 | (12,370 | ) | |||||
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ | 263,848 | $ | 121,381 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue | $ | 54,416 | $ | 35,403 | $ | 186,095 | $ | 125,510 | ||||||||
Cost of revenue | 17,958 | 11,512 | 62,037 | 42,668 | ||||||||||||
Gross profit | 36,458 | 23,891 | 124,058 | 82,842 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 5,484 | 4,140 | 18,027 | 15,575 | ||||||||||||
Sales, general and administrative | 29,154 | 19,429 | 101,852 | 64,258 | ||||||||||||
Total operating expenses | 34,638 | 23,569 | 119,879 | 79,833 | ||||||||||||
Income from operations | 1,820 | 322 | 4,179 | 3,009 | ||||||||||||
Interest income (expense), net | 139 | 256 | 541 | 439 | ||||||||||||
Other income (expense), net | (83 | ) | (161 | ) | (696 | ) | (309 | ) | ||||||||
Income before provision for income taxes | 1,876 | 417 | 4,024 | 3,139 | ||||||||||||
Provision for income taxes | 243 | 1 | 1,659 | 894 | ||||||||||||
Net income | $ | 1,633 | $ | 416 | $ | 2,365 | $ | 2,245 | ||||||||
Net income (loss) attributable to common stockholders | $ | 1,633 | $ | 81 | $ | 1,084 | $ | (833 | ) | |||||||
Net income (loss) per share attributable to common stockholders —Basic | $ | 0.05 | $ | 0.02 | $ | 0.09 | $ | (0.18 | ) | |||||||
—Diluted | $ | 0.05 | $ | 0.01 | $ | 0.08 | $ | (0.18 | ) | |||||||
Weighted average shares used to compute net income (loss) per share attributable to common stockholders —Basic | 29,890,944 | 4,701,999 | 11,993,429 | 4,609,375 | ||||||||||||
—Diluted | 32,321,410 | 7,102,885 | 14,219,650 | 4,609,375 |
Three Months Ended December 31, | Reported Change | FX Impact | Constant Currency Change | |||||||||||||||||||||||
2015 | 2014 | $ | % | $ | $ | % | ||||||||||||||||||||
United States | $ | 37,947 | $ | 23,684 | $ | 14,263 | 60.2 | % | $ | — | $ | 14,263 | 60.2 | % | ||||||||||||
International | 16,469 | 11,719 | 4,750 | 40.5 | % | 1,706 | 6,456 | 55.1 | % | |||||||||||||||||
Total | $ | 54,416 | $ | 35,403 | $ | 19,013 | 53.7 | % | $ | 1,706 | $ | 20,719 | 58.5 | % |
Three Months Ended December 31, | Reported Change | FX Impact | Constant Currency Change | |||||||||||||||||||||||
2015 | 2014 | $ | % | $ | $ | % | ||||||||||||||||||||
Neuro | $ | 39,047 | $ | 29,186 | $ | 9,861 | 33.8 | % | $ | 1,504 | $ | 11,365 | 38.9 | % | ||||||||||||
Peripheral Vascular | 15,369 | 6,217 | 9,152 | 147.2 | % | 202 | 9,354 | 150.5 | % | |||||||||||||||||
Total | $ | 54,416 | $ | 35,403 | $ | 19,013 | 53.7 | % | $ | 1,706 | $ | 20,719 | 58.5 | % |
Year Ended December 31, | Reported Change | FX Impact | Constant Currency Change | |||||||||||||||||||||||
2015 | 2014 | $ | % | $ | $ | % | ||||||||||||||||||||
United States | $ | 127,311 | $ | 82,965 | $ | 44,346 | 53.5 | % | $ | — | $ | 44,346 | 53.5 | % | ||||||||||||
International | 58,784 | 42,545 | 16,239 | 38.2 | % | 7,065 | 23,304 | 54.8 | % | |||||||||||||||||
Total | $ | 186,095 | $ | 125,510 | $ | 60,585 | 48.3 | % | $ | 7,065 | $ | 67,650 | 53.9 | % |
Year Ended December 31, | Reported Change | FX Impact | Constant Currency Change | |||||||||||||||||||||||
2015 | 2014 | $ | % | $ | $ | % | ||||||||||||||||||||
Neuro | $ | 141,410 | $ | 106,242 | $ | 35,168 | 33.1 | % | $ | 6,496 | $ | 41,664 | 39.2 | % | ||||||||||||
Peripheral Vascular | 44,685 | 19,268 | 25,417 | 131.9 | % | 569 | 25,986 | 134.9 | % | |||||||||||||||||
Total | $ | 186,095 | $ | 125,510 | $ | 60,585 | 48.3 | % | $ | 7,065 | $ | 67,650 | 53.9 | % |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income (loss) attributable to common stockholders3 | $ | 1,633 | $ | 81 | $ | 1,084 | $ | (833 | ) | |||||||
Add: Deemed dividend paid to preferred stockholders upon redemption | — | — | — | 6,344 | ||||||||||||
Undistributed income attributable to preferred stockholders | — | 335 | 1,281 | — | ||||||||||||
Less: Undistributed loss attributable to preferred stockholders | — | — | — | (3,266 | ) | |||||||||||
Net income attributable to common stockholders—Non-GAAP | $ | 1,633 | $ | 416 | $ | 2,365 | $ | 2,245 | ||||||||
Basic net income per share—Non-GAAP | $ | 0.05 | $ | 0.02 | $ | 0.09 | $ | 0.09 | ||||||||
Diluted net income per share—Non-GAAP | $ | 0.05 | $ | 0.02 | $ | 0.08 | $ | 0.08 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Weighted average shares used to compute basic net income (loss) per share | 29,890,944 | 4,701,999 | 11,993,429 | 4,609,375 | ||||||||
Less: Conversion of preferred shares on a weighted average basis upon closing of IPO | — | — | (5,345,318 | ) | — | |||||||
Add: Conversion of preferred shares on a one-for-one basis at the beginning of the period | — | 19,510,410 | 19,510,410 | 19,510,410 | ||||||||
Weighted average shares used to compute non-GAAP net income per share—Basic | 29,890,944 | 24,212,409 | 26,158,521 | 24,119,785 | ||||||||
Potential dilutive options | 2,033,521 | 2,177,861 | 1,959,226 | 2,161,246 | ||||||||
Potential dilutive restricted stock and restricted stock units | 396,945 | 149,599 | 266,995 | 118,897 | ||||||||
Potential dilutive common warrants | — | 73,426 | — | 76,611 | ||||||||
Weighted average shares used to compute non-GAAP net income per share—Diluted | 32,321,410 | 26,613,295 | 28,384,742 | 26,476,539 |
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