Penumbra Inc at Canaccord Genuity Medical Technologies & Diagnostics Forum (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst : I want to begin our discussion a little differently today and really go back to the genesis of Penumbra. I always find this interesting, having these questions and -- or having these discussions, and reminding us the why, the why behind the founding of Penumbra and how that's changed over the years.

Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst : Okay. I like that. And then you've been at it for a while, and so you had a lot of people that started out with you, with the senior team. And I'm just kind of curious, as we think about the senior team today, how similar to that is the team that's started out? And what's kind of the tenure of all the folks around you?

Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst : Okay. Well, with that, with the history behind us, let's really dig into the business. And as usual, everybody starts out with neurovascular. I'm going to keep this short. I've got like 3 or 4 questions, and then we'll move on. But obviously, a lot of noise in this segment. The trajectory has changed in the revenues. We've seen some labeling on JET 7 and XTRA FLEX and the impacts. I think you've given us a lot of that publicly, the kind of what's been going on. But my real question is, specifically with JET 7 and XTRA FLEX, rather than rehash everything we know, talk about the earnings. And as a result, one, how do you address the physicians' need for contrast usage because that's where a lot of -- at least, why do you see the issues, and you can correct me. And two, how do you address those tough clots, that top 10% that are hard to get done today?

Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst : Cool. So this business obviously has slowed down. Everybody talks about that. What's going to change the trajectory of the neuro business going forward?

Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst : Okay. Good. Thank you. And then can you -- you recently signed an agreement with RapidAI. Can you help us understand what RapidAI provides and the benefits of that partnership?

Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst : Thank you. And then -- so we've talked about it, in the last quarter, growth in the Peripheral Vascular was significant, both sequentially and year-over-year. And we look at that U.S. peripheral thrombectomy segment, it's your biggest business now, and it was up even faster than anything else. What specifically is driving this business? And can you delineate among new products and/or the new market segments?

Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst : So Adam, I think that was a great segue to my next question, which is, you mentioned you're very early in the penetration of the VTE space. Investors are sometimes like SET Awards, where it's all about absolutes. And considering we're this early in penetrating the market, is it really a Coke versus Pepsi story? Or is this a market building? And I guess the way to answer that could be, can you qualify or quantify how often you run into other players versus just the paradigm shift of what they're doing today?

Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst : Okay. How -- no, I mean, by our models, you were up over 60% in that peripheral thrombectomy business. And how sustainable is that? Is this something given how early we are in penetration? And obviously, without giving guidance, but I mean, is this something that can see growth in that significant range for a long time? Or is this kind of the anomaly of just first out of the gate, and it's an easy conch or something like that? How should we think about it?

Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst : I think we're out of time, but I always like to ask, of course, we didn't get to REAL because we got cover in the other businesses. But is there any top 3 takeaways for investors regarding our chat today? Or 3 things you'd like to leave with people from this conversation?

Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst : Thank you for taking the time to chat with me today. I really appreciate it.