0001321732-20-000057.txt : 20200406 0001321732-20-000057.hdr.sgml : 20200406 20200406161246 ACCESSION NUMBER: 0001321732-20-000057 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200406 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200406 DATE AS OF CHANGE: 20200406 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Penumbra Inc CENTRAL INDEX KEY: 0001321732 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37557 FILM NUMBER: 20777115 BUSINESS ADDRESS: STREET 1: ONE PENUMBRA PLACE CITY: ALAMEDA STATE: CA ZIP: 94502 BUSINESS PHONE: (510) 995-2486 MAIL ADDRESS: STREET 1: ONE PENUMBRA PLACE CITY: ALAMEDA STATE: CA ZIP: 94502 8-K 1 pen-20200406.htm 8-K pen-20200406
0001321732FALSE00013217322020-04-062020-04-06

__________________________________________________________________________________________________________________________

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________________________________________________________

FORM 8-K 
_______________________________________________________________________________________________________________________________

CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

April 6, 2020
Date of Report (Date of earliest event reported) 
_______________________________________________________________________________________________________________________________

Penumbra, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________________________________________________________

Delaware001-3755705-0605598
(State or other jurisdiction of incorporation or organization)(Commission File No.)(I.R.S. employer identification number)
One Penumbra Place
Alameda, CA 94502
(Address of principal executive offices, including zip code)
 
(510) 748-3200
(Registrant’s telephone number, including area code) 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: 
☐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))
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Common Stock, Par value $0.001 per sharePENThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

_______________________________________________________________________________________________________________________________





_______________________________________________________________________________________________________________________________


Item 2.02.Results of Operations and Financial Condition.
 
On April 6, 2020, Penumbra, Inc. (the “Company”) issued a press release (the “Press Release”) announcing preliminary revenue results for the fiscal quarter ended March 31, 2020. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 7.01.
Regulation FD Disclosure.

The Press Release also discusses certain measures the Company is taking in response to the COVID-19 pandemic, as well as the impact of the COVID-19 pandemic on the Company’s operations, and announces that the Company is withdrawing its previously announced annual revenue guidance for 2020.

The information contained in this Current Report on Form 8-K, including the Press Release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.
Item 9.01.Financial Statements and Exhibits.
Exhibit Number Description
 
Press release of Penumbra, Inc. dated April 6, 2020.
104Cover Page Interactive Data File (formatted as Inline Extensible Business Reporting Language).


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 Penumbra, Inc.
   
Date: April 6, 2020By:/s/ Maggie Yuen
  Maggie Yuen
  Chief Financial Officer


 EX-99.1 2 ex9914062020.htm EX-99.1 Document

Exhibit 99.1
Penumbra Provides Update on COVID-19 Response and Impact
April 6, 2020

Provides Preliminary Revenue Range for the First Quarter 2020 and Withdraws Prior Annual Revenue Guidance for 2020 Due to COVID-19 Impact
ALAMEDA, Calif., April 6, 2020 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), a global healthcare company focused on innovative therapies, today provided an update on the actions it is taking to focus its business operations to support employees, physicians, and patients in response to the coronavirus (COVID-19) pandemic. Penumbra is also providing a preliminary range for its first quarter 2020 revenue and withdrawing its annual revenue guidance for 2020 due to the potential impact of COVID-19.
COVID-19 Response
During this pandemic, Penumbra remains committed to our employees and their families, our customers, our suppliers, and our business partners. The following areas outline the specific actions that Penumbra has taken in order to continue serving patients and to reduce the spread of the virus.
Under recent California state and local “shelter-in-home” orders, as a device manufacturer, Penumbra falls within the category of healthcare operations, which are essential businesses that need to continue during the COVID-19 outbreak. Some of Penumbra’s medical devices are used in certain procedures that the United States Centers for Medicare & Medicaid Services (CMS) has indicated are “high-acuity” procedures that should not be postponed during the outbreak in its March 18, 2020 recommendations, while other Penumbra devices are used in elective procedures that physicians may consider postponing. While we are committed to continue providing essential devices to physicians and hospitals, we are also taking all possible measures to protect the health and safety of our employees. In order to do so, we have assembled an internal COVID-19 executive task force to address the continually updated guidance from local, national and international sources to ensure our operations are responding appropriately to the crisis.
“I want to assure our stakeholders that the entire Penumbra team has risen to the challenge of navigating Penumbra through this difficult time, in order to continue providing the critical products necessary for patients and our customers,” said Adam Elsesser, Chairman and CEO. “Most importantly, everyone at Penumbra offers our immense gratitude to all the healthcare personnel, first responders and others working on the front lines during this pandemic.”
Our Employees
Penumbra promptly instituted protocols to have all possible personnel work remotely. For those employees continuing to support essential operations at our work locations, we have implemented strict social distancing and other protective measures in order to ensure the health of our employees while continuing to provide critical products. As a result, we have reduced our essential workforce at our facilities. We have also restricted business travel and have closed our campus and other facilities to outside visitors. We are providing additional information and resources directly to our employees to support them during this time.
Product Supply and Customer Support
Our production, shipping and customer service functions remain operational to ensure we maintain a continuous supply of products to our customers. We are communicating regularly with our suppliers so that our supply chain remains intact.
Our customer service teams around the world are operating remotely and remain available to assist our customers and distribution partners as needed.
Many hospitals have implemented access restrictions so that they can focus resources on the outbreak and limit infections. Our team is respecting all limitations and/or restrictions placed on vendor visits. Penumbra has instructed


our local representatives to be available to support our hospital customers only in response to requests for assistance from these customers. All Penumbra representatives are equipped to provide support via phone, text, and video as needed so that we can assist with case support and training. Our team is also available to provide web-based in-services and training videos to ensure appropriate training and support.
Update on First Quarter and Full Year 2020 Outlook
Revenue for the first quarter of 2020 is expected to be in the range of $137.0 to $137.3 million.
In the quarter, the Company began to observe more notable negative impact on business trends in March due to COVID-19. Due to the rapidly evolving environment and continued uncertainties resulting from COVID-19, the Company is withdrawing its previously announced annual revenue guidance for 2020. Although the Company cannot currently predict the specific extent or duration of the impact of the COVID-19 outbreak on its financial and operating results, the Company does expect the impact of COVID-19 could be more significant in the short term.
Penumbra continues to have a strong cash position and no debt. In light of the current situation, the Company is actively reviewing and implementing cost saving measures. In addition, more than twenty senior executives have voluntarily taken substantial temporary salary reductions. These measures are being undertaken to navigate the current environment, and to allow the Company to be in a strong financial and operating position after the outbreak.
The Company plans to provide final results, commentary and additional information related to the impact of COVID-19 on its upcoming Q1 2020 earnings call, which is expected to be in early May.
About Penumbra
Penumbra, Inc., headquartered in Alameda, California, is a global healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need. Penumbra sells its products to hospitals and healthcare providers primarily through its direct sales organization in the United States, most of Europe, Canada and Australia, and through distributors in select international markets. The Penumbra logo is a trademark of Penumbra, Inc. For more information, visit www.penumbrainc.com.
Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: the impact of the COVID-19 pandemic on our business, results of operations and financial condition; failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; and potential adverse regulatory actions. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2019. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.

Investor Relations
Penumbra, Inc.
510-995-2461
investors@penumbrainc.com
SOURCE Penumbra, Inc.

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Cover
Apr. 06, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Apr. 06, 2020
Entity Registrant Name Penumbra, Inc.
Entity Central Index Key 0001321732
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 001-37557
Entity Tax Identification Number 05-0605598
Entity Address, Address Line One One Penumbra Place
Entity Address, City or Town Alameda
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94502
City Area Code 510
Local Phone Number 748-3200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, Par value $0.001 per share
Trading Symbol PEN
Security Exchange Name NYSE
Entity Emerging Growth Company false

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