Penumbra Inc at JPMorgan Healthcare Conference Summary

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

Question: Robbie Marcus - JPMorgan - Analyst : Well, great Adam, you were telling me not one person has asked you this question today. So let me start off obviously leading into the conference. Striker acquired your competitor, Anari in the Venus space. You could look at this from two angles. You could look at this as a large company like Striker is validating the space you participate in. And maybe for Panama that there might be some disruption with the acquisition. It opens a door for you to maybe gain some more share that wouldn't have been there without the acquisition. On the other side. Striker is a very large and successful company, maybe it'll be a little stiffer competition. So how do you react to that? And what's your view on the acquisition? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 13, 2025 / 11:00PM, PEN.N - Penumbra Inc at JPMorgan Healthcare Conference

Question: Robbie Marcus - JPMorgan - Analyst : Maybe on the back of that we could talk about, you had a number of new product launches this year. You put a lot of them on the screen. Tell me if I miss any, you had flash 2.0 and bolt in six X six X and Trackx and Bolt 12. The first two were, were more Venus with Trackx and arterial, right?

Question: Robbie Marcus - JPMorgan - Analyst : Do you feel like now, arterial, you've been the market leader for a long time and you're moving, continue to gain share on the Venus side. Do you feel like these are the products where Penumbra is exactly where it needs to be in terms of competition or is there still more that you need to add to the portfolio to get to the position you want to be in?

Question: Robbie Marcus - JPMorgan - Analyst : Obviously, what needs to or where you can improve is different on stroke and and peripheral even between arterial and what are some of the key metrics of speed if we're doing two minute, five minute procedures, and I'm sure some are shorter, some are longer. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 13, 2025 / 11:00PM, PEN.N - Penumbra Inc at JPMorgan Healthcare Conference Besides speed is it size, is it, vacuum is vacuum power? Is it the ability to bend and navigate? What are some of the things that you'd be looking to improve?

Question: Robbie Marcus - JPMorgan - Analyst : We saw really good adoption in Venus. When you added CAVT, the computer assisted vacuum technology in our material, you had majority market share. So it probably didn't have as big an impact to growth there, but still helped and thunderbolt and stroke could potentially come later this year. How should we think about the magnitude and stroke? Is this something that can, not only help, take share but expand the market or is it less meaningful than in Venus? How should we think about?

Question: Robbie Marcus - JPMorgan - Analyst : Let's let's make it easy to revenue growth.

Question: Robbie Marcus - JPMorgan - Analyst : Is there the same room for pricing with CAVT as there was in peripheral to bring them into stroke?

Question: Robbie Marcus - JPMorgan - Analyst : If we step back. Maybe you don't have the exact numbers for 2024 yet. But how should we think about market growth, both stroke and peripheral Bial DVT and, and P/E and I'm thinking us and then if you have outside the US because we get a lot of numbers from companies. But it's really hard to, to tease out what's the underlying volume growth of those different markets. So how should we think about those?

Question: Robbie Marcus - JPMorgan - Analyst : What about in stroke? I've heard market growth estimates anywhere from mid single to mid 10s and everything in between.

Question: Robbie Marcus - JPMorgan - Analyst : And red 72 it send it had a great, yeah, red.

Question: Robbie Marcus - JPMorgan - Analyst : Maybe we shift gears outside the US. You have a number of new product launches coming in 2025. You had some, let's call it sales disruptions or changes. Where revenues came down in the middle of the year, we're going to move past that. And it sounds like Europe and outside the US should have a much more normalized year in 2025. Maybe just speak to some of the product launches and how we should think about that component of the business. I.

Question: Robbie Marcus - JPMorgan - Analyst : You didn't pronounce any financials today for fourth quarter here, but any qualitative comments you're willing to share on how fourth quarter went. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 13, 2025 / 11:00PM, PEN.N - Penumbra Inc at JPMorgan Healthcare Conference

Question: Robbie Marcus - JPMorgan - Analyst : So 2025 guidance is also off the table here as well. All right.

Question: Robbie Marcus - JPMorgan - Analyst : Let me ask you this. One of the things that's been really interesting about pan number story and it has really reflected in the stock, especially in the back half of the year is the margin expansion you've been able to show. So, maybe speak to the ability to what, what's like a good sustainable growth rate for per number at this, you know, intermediate phase of your maturity. Is it 100 basis points, 200 basis points? What's, what's a reasonable number you could do year in and year out right now? You think.