Penumbra Inc
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
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FY2024 · Filed Feb 18, 2025
PEN$321.46-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $14,012 | $90,954 | $(2,002) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 23,702 | 27,257 | 24,321 |
| Stock-based compensation | 46,164 | 50,516 | 37,378 |
| Impairment charge | 76,945 | — | — |
| Inventory write-offs and write-downs | 43,656 | 6,198 | 3,445 |
| Deferred taxes | (16,339) | (19,061) | 1,458 |
| Acquired in-process research and development | — | 18,215 | — |
| Other | 4,121 | 2,338 | 1,274 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 26,597 | (266) | (69,857) |
| Inventories | (65,658) | (67,710) | (74,631) |
| Prepaid expenses and other current and non-current assets | (2,948) | (18,909) | (1,237) |
| Accounts payable | 4,172 | 1,097 | 13,385 |
| Accrued expenses and other non-current liabilities | 14,057 | 6,221 | 10,542 |
| Proceeds from lease incentives | — | 483 | 263 |
| Net cash provided by (used in) operating activities | 168,481 | 97,333 | (55,661) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Asset acquisition, net of cash acquired | — | (988) | — |
| Purchases of non-marketable investments | (10,000) | — | — |
| Purchases of marketable investments | (22,910) | (81,940) | — |
| Proceeds from sales of marketable investments | — | — | 1,180 |
| Proceeds from maturities of marketable investments | 130,616 | 82,565 | 72,908 |
| Purchases of property and equipment | (21,182) | (15,213) | (19,298) |
| Other | 1,100 | (500) | — |
| Net cash provided by (used in) investing activities | 77,624 | (16,076) | 54,790 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from exercises of stock options | 1,873 | 5,517 | 7,786 |
| Proceeds from issuance of stock under employee stock purchase plan | 15,301 | 14,896 | 13,766 |
| Payment of employee taxes related to vested common and restricted stock | (1,456) | (2,074) | (8,042) |
| Payments of finance lease obligations | (2,276) | (1,981) | (1,751) |
| Repurchase of common stock | (100,387) | — | — |
| Other | (61) | (155) | (137) |
| Net cash (used in) provided by financing activities | (87,006) | 16,203 | 11,622 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (2,181) | 168 | (272) |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 156,918 | 97,628 | 10,479 |
| CASH AND CASH EQUIVALENTS—Beginning of period | 167,486 | 69,858 | 59,379 |
| CASH AND CASH EQUIVALENTS—End of period | $324,404 | $167,486 | $69,858 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Cash paid for income taxes | $20,674 | $6,557 | $2,919 |
| NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
| Right-of-use assets obtained in exchange for operating lease obligations | $2,388 | $9,339 | $72,279 |
| Right-of-use assets obtained in exchange for finance lease obligations | 464 | 1,118 | 305 |
| Fair value of common stock issued as consideration in connection with an asset acquisition (Note 6) | — | 17,227 | — |
| Purchase of property and equipment funded through accounts payable and accrued liabilities | 1,894 | 1,182 | 2,293 |
| Excise tax accrued on repurchase of common stock | 256 | — | — |
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