Penumbra Inc (PEN)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	682,643	535,207	475,382	338,175	371,964
Revenue	US$ in thousands	1,058,520	847,133	747,590	560,412	547,405
Gross profit margin		64.49%	63.18%	63.59%	60.34%	67.95%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $682,643K ÷ $1,058,520K
= 64.49%

Over the past five years, Penumbra Inc's gross profit margin has demonstrated some fluctuations. In 2019, the company had the highest gross profit margin at 67.95%, indicating that for every dollar of revenue, the company retained $0.6795 after accounting for the cost of goods sold. However, in 2020, there was a decrease in the gross profit margin to 60.34%, suggesting that the company's profitability was slightly lower.

Subsequently, in 2021 and 2022, the gross profit margin improved to 63.59% and 63.18% respectively, indicating that the company managed to control its cost of goods sold more effectively. In the most recent year, 2023, Penumbra Inc achieved a gross profit margin of 64.49%, reflecting a further improvement in profitability compared to the prior years.

Overall, the trend in Penumbra Inc's gross profit margin indicates fluctuations in profitability over the past five years, with the company experiencing both decreases and increases in its ability to generate profits from its revenue after accounting for the cost of goods sold.