Penumbra, Inc. (NYSE:PEN) Q2 2023 Earnings Call Transcript

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Robert Marcus: And then maybe to just hit on some of the sequencing. You gave us, I believe it was 23% to 25% growth in third quarter, correct me if I’m wrong, and greater than 30%, in fourth quarter. That’s lower and higher than what the Street has for third and fourth quarter. So maybe just walk us through some of the puts and takes there and your confidence in that greater than 30% number in fourth quarter? Thanks a lot.

Jason Mills: Yes. Thanks for the question, Robbie. And we did point that out. As you know, we don’t typically guide quarterly, but we thought it was important to recognize the third quarter, I think the way that the third quarter had been sort of modeled from a consensus perspective, underappreciated the momentum in the United States, and the international markets was just a little bit too high. So, that’s the put and the take in the third quarter. I think where – we expect to get the growth, not just next quarter, but for a while as the United States market, I think that’s where folks want to see our growth, because that’s where Flash and Bolt are exclusively at this point. And in the fourth quarter, the comps on a year-over-year basis internationally are just not the same as they are in the third.

So as we mentioned, expect double-digit growth. So again, that’s compounded with the U.S. business that we’ll still have plenty of momentum, obviously, as we’ve said coming out of the second and the third quarters.

Robert Marcus: Great. Thanks for taking my questions.

Jason Mills: Thanks Robbie.

Operator: Your next question is from the line of Larry Biegelsen with Wells Fargo. Your line is open.

Larry Biegelsen: Good afternoon. Thanks for taking my question and congrats on a nice quarter here. Adam, just two clarification questions upfront. The Thunder delay of 12 months, what’s the basis there? So filing – was it filing by the end of ’23, does that pushed out to filing now end of ’24?

Adam Elsesser: Yes. We’ll get all the specifics – timing of that out when I told you when finished up with the – but generally, I wanted to quantify it with the extended of about 12 months. The most important thing, again, really, really want to stress this. We are not with – the performance, and you can see it in our numbers for the second quarter in a row, the performance of our neuro business is not waiting for Thunderbolt. We have this unbelievable premium product that is capturing share. It is the talk of SNIS that we were just at. So, we are in really, really good shape. And then on top of that, when Thunderbolt comes, we get to deal with the other part of the procedure, not just getting there, but making sure that in every case, we can get the clot out.

So I want everyone to be very, very clear. And I’m – appreciate your question, Larry, that the setup for us the ability to go after both parts of this procedure now are critical. And I think everyone knows how important trackability is. It was a topic for quite a while around us in our stroke gathers. So, the fact that we have a product that is doing such an amazing job in taking such share leading to my comment, that I think we’ll get the dominant share is great. And then to add Thunderbolt on top and to see how that will continue the growth curve of our stroke businesses is a great sign. So, thank you for the question.

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