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Penumbra (medical company)

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Penumbra
Company typePublic company
NYSE: PEN
IndustryMedical supplies
Founded2004; 20 years ago (2004)
FounderArani Bose and Adam Elsesser
Headquarters
Alameda, CA
,
United States
Area served
Worldwide
Key people
Adam Elsesser (CEO)
ProductsMedical devices
Number of employees
4,200 (2024)
Websitewww.penumbrainc.com

Penumbra, Inc. is an American medical device company headquartered in Alameda, California.[1][2][3][4] The company was founded by Arani Bose and Adam Elsesser in 2004.[5] It manufactures devices for interventional therapies to treat vascular conditions such as stroke and aneurysm.[6]

History

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Penumbra was founded in 2004 and manufactures several medical devices but specializes in the neuro/vascular market and creates devices that help treat aneurysms and ischemic stroke.[7][8]

In 2014, Penumbra launched its Apollo system, a device that “enables minimally invasive removal of deeply seated tissue and fluids in the brain,” allowing for otherwise inoperable blood clots to be removed.[9][10]

In 2015 the company issued an IPO on the NYSE.[11] In 2018 the company acquired 40% of the outstanding shares of virtual reality joint venture MVI Health.[12] In 2017 the company acquired the Italian distributor Crossmed.[13]

Criticism

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Criticism of Penumbra has followed various aspects of its products and business practices. In 2016 a lawsuit claimed the Penumbra Coil 400 caused brain damage after surgery.[14] The company's specialized catheter has been linked to the deaths of stroke patients, and it was a target of stock short sellers in 2020.[15][16][17][excessive citations] According to the Foundation for Financial Journalism, this is a significant dilemma.[18]

A request has been sent to The SEC and U.S. Food and Drug Administration to launch an investigation.[19] A scientist who has published research articles showing the reliability of Penumbra's medical products is (allegedly) an internet fabrication.[20]

Recalls

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In 2011 the company recalled its Penumbra Coil 400.[21] In 2017 the company recalled a 3D revascularization device.[22] In 2020 the company recalled one of its catheter used during heart surgery due to increased risk of mortality and serious injury.[23][24][25][excessive citations]

References

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  1. ^ "Penumbra Company Profile". Bloomberg.
  2. ^ "Penumbra Company Profile". Reuters.
  3. ^ "Big Penumbra expansion in Alameda". East Bay Times. 3 February 2020. Retrieved 23 December 2020.
  4. ^ AVALOS, GEORGE (February 3, 2020). "Penumbra picks new site for East Bay headquarters". East Bay Times. Retrieved 15 December 2020.
  5. ^ "Penumbra Inc (NYSE:PEN)". CNN.
  6. ^ "Penumbra Company Profile". Reuters.
  7. ^ Fink, Victoria. "This Innovative Startup Is Transforming the Way Doctors Treat Stroke PatientsThis medical-device startup wants to transform health care". Inc. FROM THE APRIL 2016 ISSUE OF INC. MAGAZINE. Retrieved 23 December 2020.
  8. ^ "Penumbra - A Cheap Medical Device Company With Growth Potential (NYSE:PEN) | Seeking Alpha". seekingalpha.com. 16 September 2015. Retrieved 2022-11-07.
  9. ^ "Penumbra announces launch of Apollo system". NS Medical Devices. 2014-07-04. Retrieved 2022-11-10.
  10. ^ Admin. "The Apollo™ System". Altair Health. Retrieved 2022-11-10.
  11. ^ Primack, Dan. "Penumbra goes public tomorrow. Hear from its CEO today". Fortune. Retrieved 29 December 2020.
  12. ^ DENSFORD, FINK (2018). "Penumbra acquires 90% interest in MVI Health JV, launches thrombectomy devices". Mass Device.
  13. ^ "Penumbra picks up Italian distributor Crossmed for $9m". Mass Device. July 2017.
  14. ^ Bellisle, Martha (March 26, 2016). "Lawsuit claims medical device caused brain damage after Bellevue surgery". The Associated Press.
  15. ^ Farrell, Greg; Fineman, Joshua (December 9, 2020). "Catheter-Linked Death Jolts Penumbra, a Target of Short Sellers". Bloomberg (via Yahoo Finance).
  16. ^ "Fake Author Allegation Spurs Drop in Catheter Maker Penumbra". Bloomberg. Retrieved 23 December 2020.
  17. ^ Baker, Nathaniel (Nov 18, 2020). "Short-Sellers Grego, Cohodes Take Aim At Penumbra". Forbes.
  18. ^ Boyd, Roddy. "Penumbra Inc.'s Catheter Fail: Broken Tips and Lost Lives". Foundation for Financial Journalism. Institute for Nonprofit News. Retrieved 29 December 2020.
  19. ^ Stankiewicz, Kevin (Dec 8, 2020). "Shares of medical device maker Penumbra tank after short seller releases critical report". CNBC. Retrieved 15 December 2020.
  20. ^ Farrell, Greg; Fineman, Joshua (December 9, 2020). "'Fake' Author Rap Sinks Shares of Catheter-Maker Penumbra". Bloomberg (via Yahoo Finance). Retrieved 15 December 2020.
  21. ^ Pedersen, Amanda (July 24, 2017). "Risk of Wire Breakage Prompts Penumbra Recall". Medical Device + Diagnostic Industry (MD+DI). Retrieved 23 December 2020.
  22. ^ "Penumbra Inc. Recalls 3D Revascularization Device Due to Wire Material That May Break or Separate During Use". U.S. Food and Drug Administration. Retrieved 20 March 2023.
  23. ^ "Penumbra recalls JET 7 catheters with Xtra Flex technology". Neuro News. December 18, 2020.
  24. ^ "Penumbra's Urgent Voluntary Recall of JET 7 Catheters with Xtra Flex Technology Due to Increased Risk of Mortality and Serious Injury – Urgent Letter to Health Care Providers". U.S. Food and Drug Administration. Retrieved 23 December 2020.
  25. ^ Wood, Shelley (December 16, 2020). "FDA: Penumbra JET 7 Clot Retrievers Recalled Following Deaths, Injuries". Cardiovascular Research Foundation.
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