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(in thousands)March 31,
2019December 31,
2018AssetsCurrent assets:Cash and cash equivalentsMarketable investmentsAccounts receivable, net of doubtful accounts of $2,877 and $2,782 at March 31, 2019 and December 31, 2018, respectivelyInventoriesPrepaid expenses and other current assetsTotal current assetsProperty and equipment, netOperating lease right-of-use assets—Intangible assets, netGoodwillDeferred taxesOther non-current assetsTotal assetsLiabilities and Stockholders’ EquityCurrent liabilities:Accounts payableAccrued liabilitiesCurrent operating lease liabilitiesTotal current liabilitiesDeferred rentNon-current operating lease liabilitiesOther non-current liabilitiesTotal liabilitiesCommitments and contingencies (Note 9)Stockholders’ equity:Common stockAdditional paid-in capitalAccumulated other comprehensive lossRetained earningsTotal Penumbra, Inc. stockholders’ equityNon-controlling interestTotal stockholders’ equityTotal liabilities and stockholders’ equity (in thousands, except share and per share amounts)Three Months Ended March 31,20192018RevenueCost of revenueGross profitOperating expenses:Research and developmentSales, general and administrativeTotal operating expensesIncome from operationsInterest income, netOther income (expense), netIncome before income taxes and equity in losses of unconsolidated investeeProvision for (benefit from) income taxesIncome before equity in losses of unconsolidated investeeEquity in losses of unconsolidated investeeConsolidated net incomeNet loss attributable to non-controlling interestNet income attributable to Penumbra, Inc.Net income attributable to Penumbra, Inc. per share:BasicDilutedWeighted average shares outstanding:Other comprehensive (loss) income, net of tax:Foreign currency translation adjustments, net of taxNet change in unrealized gains (losses) on available-for-sale securities, net of taxTotal other comprehensive (loss) income, net of taxConsolidated comprehensive incomeComprehensive income attributable to Penumbra, Inc. (in thousands, except share amounts)Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTotal Penumbra, Inc. Stockholders’ EquityNon-Controlling InterestTotal Stockholders’ EquitySharesAmountBalance at December 31, 2018Issuance of common stockShares held for tax withholdingsStock-based compensationOther comprehensive lossNet incomeBalance at March 31, 2019Accumulated Other Comprehensive IncomeBalance at December 31, 2017$—Issuance of common stock pursuant to royalty buy-outCumulative effect adjustments(1)Other comprehensive incomeBalance at March 31, 2018CASH FLOWS FROM OPERATING ACTIVITIES:Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities:Depreciation and amortizationLoss on non-marketable equity investmentsInventory write-downsChange in fair value of contingent considerationOtherChanges in operating assets and liabilities:Accounts receivablePrepaid expenses and other current and non-current assetsAccrued expenses and other non-current liabilitiesNet cash (used in) provided by operating activitiesCASH FLOWS FROM INVESTING ACTIVITIES:Contributions to non-marketable investmentsPurchases of marketable investmentsProceeds from sales of marketable investmentsProceeds from maturities of marketable investmentsPurchases of property and equipmentNet cash provided by (used in) investing activitiesCASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from exercises of stock optionsPayment of employee taxes related to vested common and restricted stockPayment of acquisition-related obligationsNet cash used in financing activitiesEffect of foreign exchange rate changes on cash and cash equivalentsNET INCREASE IN CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS—Beginning of periodCASH AND CASH EQUIVALENTS—End of periodNONCASH INVESTING AND FINANCING ACTIVITIES:Common shares issued as consideration in connection with a buyout agreement (Notes 9 and 10)Purchase of property and equipment funded through accounts payable and accrued liabilities Marketable InvestmentsMarch 31, 2019Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCommercial paperU.S. treasuryU.S. agency and government sponsored securitiesU.S. states and municipalitiesCorporate bondsTotalDecember 31, 2018 (unaudited)March 31, 2019Less than 12 months12 months or moreDecember 31, 2018Due in less than one yearDue in one to five yearsAs of March 31, 2019Level 1Level 2Level 3Fair ValueFinancial AssetsCash equivalents:Money market fundsMarketable investments:Financial Liabilities:Contingent consideration obligations(1)As of December 31, 2018Fair Value of Contingent ConsiderationPayments of contingent consideration liabilitiesChanges in fair valueForeign currency remeasurementBalance at March 31, 2019 InventoriesRaw materialsWork in processFinished goods Accrued LiabilitiesPayroll and employee-related costAccrued expensesSales return provisionProduct warrantyContingent consideration & other acquisition-related costs(1)Other accrued liabilitiesTotal accrued liabilitiesBalance at the beginning of the periodAccruals of warranties issuedSettlements of warranty claimsBalance at the end of the period Other Non-Current LiabilitiesDeferred tax liabilitiesLicensing-related cost(1)Asset acquisition-related costs(2)Total other non-current liabilities Acquired Intangible AssetsWeighted-Average Amortization PeriodGross Carrying AmountAccumulated AmortizationNetCustomer relationships15.0 yearsTrade secrets and processes20.0 years5.0 yearsTotal intangible assets subject to amortization16.1 yearsIntangible assets related to licensed technologyTotal intangible assets16.0 years Total CompanyBalance as of December 31, 2018Foreign currency translationBalance as of March 31, 2019Adjustments due to the adoption of Topic 842January 1, 2019Prepaid expenses and other current assets(1)Operating lease right-of-use assets(1)Accrued liabilities(2)Current operating lease liabilities(2)Deferred rent(2)Non-current operating lease liabilities(2) Lease OverviewThree Months Ended
March 31, 2019Operating lease costVariable lease costTotal lease costsWeighted Average Remaining Lease TermOperating leases10.6 yearsWeighted Average Discount Rate6.2%Lease Payments(1)Remainder of 2019Year ending December 31, 2020Year ending December 31, 2021Year ending December 31, 2022Year ending December 31, 2023Year ending December 31, 2024ThereafterTotal undiscounted lease paymentsLess imputed interestPresent value of lease liabilitiesYear Ending December 31:2020202120222023Total future minimum lease payments Stock OptionsNumber of SharesWeighted-AverageExercise PriceBalance at December 31, 2018ExercisedCanceled/Forfeited Restricted Stock and Restricted Stock UnitsNumber of SharesWeighted -AverageGrant Date Fair ValueUnvested at December 31, 2018GrantedVestedUnvested at March 31, 2019 Stock-based CompensationThree Months Ended March 31, 2019Three Months Ended March 31, 2018Marketable
InvestmentsCurrency Translation
AdjustmentsBalance at beginning of the periodOther comprehensive (loss) income before reclassifications:Unrealized gain (losses)— marketable investmentsForeign currency translation (losses) gainsIncome tax effect — benefit (expense)Net of taxAmounts reclassified from accumulated other comprehensive income to earnings:Income tax effect — expensesNet current-year other comprehensive (loss) incomeBalance at end of the periodNumerator:Denominator:Weighted average shares used to compute net income:Effect of dilutive securities from stock-based benefit plans, as calculated using treasury stock methodNet income attributable to Penumbra, Inc. per share from: Revenue RecognitionUnited StatesJapanOther InternationalNeuroVascular Results of Operations(in thousands, except for percentages)100.0%8.1%5.3%8.3% RevenueChange$%14.1%50.2%25.1% Revenue by Geographic Area64.2%64.1%25.4%7.4%10.4%(10.9)%28.4%25.5%38.9% Gross Margin23.2%26.1%Gross margin %65.3%64.8% Research and Development (R&D)R&D45.6%R&D as a percentage of revenue9.1%7.8% Sales, General and Administrative (SG&A)SG&A12.1%SG&A as a percentage of revenue47.6%53.1% Provision for (Benefit from) Income Taxes(175.1Effective tax rate12.2%(43.0 Liquidity and Capital Resources (in thousands)Accounts receivable, netWorking capital(1)Cash and cash equivalents and restricted cash at beginning of periodCash and cash equivalents and restricted cash at end of period ITEM 6. EXHIBITS. Exhibit NumberDescriptionFormFile No.Exhibit(s)Filing Date31.1*Certification of Principal Executive Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended.31.2*Certification of Principal Financial Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended.32.1**Certification of Principal Executive Officer and Principal Financial Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350.101*The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 formatted in Extensible Business Reporting Language (XBRL) includes: (i) Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018, (ii) Condensed Consolidated Statements of Operations for the three months ended March 31, 2019 and 2018, (ii) Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2019 and 2018, (iii) Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2019 and 2018, (iv) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 and 2018, and (v) Notes to Condensed Consolidated Financial Statements.PK ! a docProps/app.xml
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