Penumbra, Inc. (NYSE:PEN) Q4 2023 Earnings Call Transcript

Unidentified Analyst: Hi everyone. This is McCoy [ph] on for Margaret. I appreciate you squeezing me in here. Just to kind of put two questions into one. I know you mentioned the 20% growth in U.S. stroke large part of that obviously SENDit. But as we look towards 2024, do you expect SENDit to be able to bridge that gap within neuro or I guess, how should we think about the rollout in terms of adoption compared to Flash and Bolt, which to your point, might have a longer tailwind? And then to throw in the second? Just any update in terms of Thunder time line on the trial, on the Thunder trial?

Adam Elsesser: Yes. So let me – I’ll start with the last one. I sort of answered that question around the Thunderbolt trial. It’s going well. Enrollment continued. We aren’t counting any of that revenue until 2026. So we’ve got a ways off, but the trial is going well. So what we did is greater than 20%, not 20%. That business is really strong. And we don’t yet have 100% of the market. And so we’re going to continue to go after those physicians. Word of mouth is now really strong as people more and more physicians have used it and the platform to get the face of clot. We’re seeing more and more conversion to it. So yes, I think 2024 is going to be a good year for our stroke business and so we’re going to continue to see some growth there.

Obviously, that will continue and get even more when Thunderbolt comes. But in the meantime, it stands as an anticipation of Thunderbolt because, again, you’ve got to have the gap [ph] there first, then you can use Thunderbolt. So the setup is really kind of perfect for us.

Unidentified Analyst: Appreciate it. Thanks for filling me in again.

Adam Elsesser: Yes, thanks.

Jason Mills: Thanks.

Operator: And that does conclude the question-and-answer session. I’ll turn the conference back over to Ms. Hamlyn-Harris.

Jee Hamlyn-Harris: Thank you, operator. On behalf of our management team, thank you all again for joining us today and for your interest in Penumbra. We look forward to updating you on our first quarter call.

Operator: And this concludes today’s conference call. Thank you for your participation. You may now disconnect.