Penumbra Inc (PEN)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	79,674	48,644	38,375	17,628	3,872	-44,210	-38,644	-26,322	-7,841	33,618	6,347	-20,877	-34,463	-22,831	9,285	39,227	51,589	46,996	16,218	10,798
Revenue (ttm)	US$ in thousands	1,058,522	995,059	937,791	884,636	847,133	829,928	806,367	782,281	747,590	710,477	671,436	592,287	560,412	538,777	527,203	556,295	547,405	522,935	495,239	470,676
Pretax margin		7.53%	4.89%	4.09%	1.99%	0.46%	-5.33%	-4.79%	-3.36%	-1.05%	4.73%	0.95%	-3.52%	-6.15%	-4.24%	1.76%	7.05%	9.42%	8.99%	3.27%	2.29%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $79,674K ÷ $1,058,522K
= 7.53%

The pretax margin of Penumbra Inc has shown a consistent improvement over the quarters, indicating better efficiency in managing operating expenses relative to revenue. The company's pretax margin has gradually increased from negative figures in the first and second quarters of 2022 to a positive 7.52% in the fourth quarter of 2023. This trend suggests that Penumbra Inc has been successful in controlling costs and increasing profitability before taxes. It is important for Penumbra Inc to sustain this positive momentum to ensure long-term financial health and stability.