The underwriters for the offering are JPMorgan, Merrill Lynch, Wells Fargo and Canaccord Genuity.
This global interventional therapies company designs, develops, manufactures and markets innovative medical devices. Penumbra has a broad portfolio of products that addresses challenging medical conditions and significant clinical needs across two major markets, neuro and peripheral vascular. The conditions that these products address include ischemic and hemorrhagic stroke, which involve blockage or rupture of blood vessels in the brain, and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures, which involve the use of medical devices to remove or treat blockages or ruptures of blood vessels.
When it was founded in 2004, the company was originally focused on the neuro market, but it recently expanded its business into the peripheral vascular market.
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Penumbra sells its products to hospitals, primarily through its salesforce, as well as through distributors in select international markets. The company has a focus on developing, manufacturing and marketing products for use by specialist physicians, including interventional neuroradiologists, neurosurgeons, interventional neurologists, interventional radiologists and vascular surgeons. It designs the products to provide these specialist physicians with a means to drive improved clinical outcomes through faster and safer procedures.
In the filing the company described its financials as:
As of June 30, 2015, we had approximately 1,000 employees worldwide. We sell our products to hospitals primarily through our direct sales organization in the United States, most of Europe, Canada and Australia, as well as through distributors in select international markets. For the year ended December 31, 2014, we generated revenue of $125.5 million, which represents a 41.3% increase over 2013, and $3.0 million in operating income as compared to an operating loss of $1.1 million in 2013. For the six months ended June 30, 2015, we generated revenue of $81.3 million, which represents a 41.0% increase over the six months ended June 30, 2014, and $0.2 million in operating income as compared to operating income of $2.4 million for the six months ended June 30, 2014.
The company intends to use the proceeds from this offering for product development, including research and development and clinical trials, for expansion of its sales force and for working capital and general corporate purposes. From time to time, Penumbra may consider the acquisition of complementary technologies or businesses, though it has no agreements or understandings with respect to any such acquisitions at this time.
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