Penumbra, Inc. (NYSE:PEN) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 04:30 pm ET


Penumbra, Inc. (NYSE:PEN) Q3 2019 Earnings Conference Call - Final Transcript


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Good afternoon. My name is Gabriel and I will be your conference operator for today. At this time I'd like to welcome everyone to the Penumbra's Third Quarter 2019 Conference Call. [Operator Instructions]

I would like to introduce Ms. Jee Hamlyn-Harris Investor Relations for Penumbra. Ms. Hamlyn-Harris you may begin your conference.

Hamlin Harris

Thank you operator and thank you all for joining us on today's call to discuss Penumbra's Earnings Release for the Third Quarter 2019. A copy of the press release and financial tables which includes the GAAP to non-GAAP reconciliations can be viewed under the The investors tab on our company website at www dot the number During the course of this conference call, the company will make forward looking statements pursuant to the Safe Harbor provisions of the private securities litigation Reform Act of 1995, including statements regarding our financial performance, commercialization, clinical trials, regulatory status, quality, compliance and business trends. Actual results could differ materially from those stated or implied by a forward looking statements due to certain risks and uncertainties, including those referenced in RKNQ for the quarter ended September 30 2019, which will be filed with the SEC on November 720 19, as well as those described in our 10 k for the year ended December 31 2018, which was filed with the SEC on February 26 2019.

As a result we caution you against placing undue reliance on these forward-looking statements and we encourage you to review our periodic filings with the SEC including the 10-Q and 10-K previously mentioned. For a more complete discussion of these factors and other risks that may affect our future results or the market price of our stock. Penumbra disclaims any duty to update or revise our forward-looking statements as a result of new information future events developments or otherwise. On this call certain financial measures are presented on a non-GAAP basis. A reconciliation of GAAP to non-GAAP financial measures is provided in our posted press release. We anticipate the prepared comments on today's call will run approximately 17 minutes. Adam Elsesser Penumbra's Chairman and CEO will provide a business update; and then Sri Kosaraju our President and CFO will discuss our financial results for the quarter and updates on our revenue guidance.

With that I would like to turn over the call to Adam Elsesser.

Adam Elsesser

Thank you Chee, good afternoon and thank you for joining Penumbra's Third Quarter 2019 Conference Call. Our total revenues for the third quarter were $139.5 million a year-over-year increase of 24.8% as reported and 25.5% in constant currency. We had operating income in the quarter of $13 million compared to an operating loss of $20.8 million for the same period last year. Our business continues to see robust growth. And we remain highly encouraged by our patient markets and our ability to innovate within these markets. And the third quarter we saw significant growth in the US, but stronger growth in our international business, which was due to the timing of some