Penumbra Inc at JPMorgan Healthcare Conference Transcript

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

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Yes. Great. Thanks, Adam, lots to talk about there. Maybe we could start with Thunderbolt. We've been hearing about this for a while, we finally now see it. You're running a trial. Maybe give us a little more meat on the bones of what it actually is and does that's so revolutionary in stroke treatment.

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : So this trial, when will you be starting? How big will it be? How long will it be? What kind of -- what's the [impact] we should be looking for? 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 11, 2022 / 4:15PM, PEN.N - Penumbra Inc at JPMorgan Healthcare Conference

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Got to ask. Maybe -- how about this, Adam. Is the goal here to show -- I imagine if you're running a trial, you're looking for some sort of claim or some sort of superiority versus current treatment. So is it fair to say that your goal here is not for just a better outcome, but a fairly significant better outcome than what you're getting now with current therapy?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Well, good. Maybe if we just take a step back, realizing you haven't preannounced fourth quarter numbers, so you're not going to give us the exact numbers here. But anything you could say qualitatively about how the quarter went, whether COVID disrupted your business or didn't, neuro versus peripheral? Any color would be helpful.

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Great. Let's focus our conversation on those areas of growth because there are a lot of them, as you said. So at TCT, you presented fantastic data from the CHEETAH study, which is in peripheral -- thrombectomy in the coronary. So it's still very early days, just a few months since that data was presented. But any early feedback from the field on the acceptance and how physicians are viewing the clinical data? 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 11, 2022 / 4:15PM, PEN.N - Penumbra Inc at JPMorgan Healthcare Conference

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Well, that's great. And Adam, just a reminder, reimbursement. Is that an issue at all in thrombectomy in the coronary?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Also within peripheral, you had fantastic success. I guess it's, what, over 1.5 years ago, what, since Lightning 12 came out? And last year, Lightning 7 on the arterial side. Are you still seeing significant adoption on both arterial and the venous side? These are usually patients that are already in the hospital, so it's not so much going out like in stroke and theoretically, they're available. They're there. They're ready to be treated. Are you still seeing that the rate of change continue at a healthy pace in both arterial and on the venous side?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : So we now -- Thunderbolt's on the docket for new product launches in neuro. Anything we should be looking forward to in 2022 on the peripheral side?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : That's the important part.

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : All right. Fair enough. I would be remiss if I didn't ask about REAL VR. You had the analyst event in the fall. This is why I feel like it's evolved a little bit from pre-COVID to today, potentially a lot better with reimbursement changes, a different vision. How -- maybe give us -- it's now in the market, what's some of the early feedback? And I think what investors really are trying to figure out is when can we really call this a win and it's real and put some sizable numbers into the model? So what's the early feedback? And then when do we start to see this play through in the P&L? 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 11, 2022 / 4:15PM, PEN.N - Penumbra Inc at JPMorgan Healthcare Conference

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : So if this is really successful, you would -- it would look more like almost an iTunes store for Penumbra where you have the hardware out in -- around the world and you process and distribute the content?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Maybe, Adam, we have 2 minutes left. I want to spend a minute on the P&L. Penumbra has been investing heavily in manufacturing and R&D, expanding the sales force. How should we be thinking from a high level about investment in 2022? Again, realizing there's no formal guidance.

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Great. Well, unfortunately, we're out of time, Adam. Thanks so much for taking the time today.

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Have a great day, and thanks, everyone, for tuning in.