Penumbra Inc (PEN)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	20,869	14,688	-11,786	85,624	79,650	48,620	38,351	17,648	3,892	-44,190	-39,443	-28,073	-10,502	29,941	2,428	-24,805	-38,018	-25,758	6,936	37,480
Revenue (ttm)	US$ in thousands	1,194,615	1,163,776	1,133,683	1,095,779	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
Pretax margin		1.75%	1.26%	-1.04%	7.81%	7.52%	4.89%	4.09%	1.99%	0.46%	-5.32%	-4.89%	-3.59%	-1.40%	4.21%	0.36%	-4.19%	-6.78%	-4.78%	1.32%	6.74%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $20,869K ÷ $1,194,615K
= 1.75%

Penumbra Inc's pretax margin has shown fluctuations over the periods indicated. The pretax margin is a measure of a company's profitability before taxes are deducted and is expressed as a percentage of revenue.

- The pretax margin was positive in the first quarter of 2020 at 6.74%, indicating that the company was able to generate profit before tax expenses.
- However, the pretax margin dipped significantly in the following quarters, with negative margins recorded in multiple periods throughout 2020 and 2021, reaching as low as -6.78% in December 2020.
- The trend reversed in the first quarter of 2023, with the pretax margin gradually improving to reach 7.81% by March 2024.
- Despite this improvement, there were periods of fluctuation where the pretax margin turned negative again, such as in June 2024.
- By the end of December 2024, the pretax margin had recovered to 1.75%.

Overall, while the company experienced periods of financial difficulties indicated by negative pretax margins, there was a notable recovery and improvement in profitability toward the latter part of the analyzed period, as evidenced by the positive pretax margins recorded.