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]
| Company type | Public company |
|---|---|
| NYSE: PEN | |
| Industry | Medical supplies |
| Founded | 2004 |
| Founder | Arani Bose and Adam Elsesser |
| Headquarters | , |
Area served | Worldwide |
Key people | Adam Elsesser (CEO) |
| Products | Medical devices |
Number of employees | 4,200 (2024) |
| Website | www |
History
editPenumbra 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
editCriticism 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
editIn 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
edit- ^ "Penumbra Company Profile". Bloomberg.
- ^ "Penumbra Company Profile". Reuters.
- ^ "Big Penumbra expansion in Alameda". East Bay Times. 3 February 2020. Retrieved 23 December 2020.
- ^ AVALOS, GEORGE (February 3, 2020). "Penumbra picks new site for East Bay headquarters". East Bay Times. Retrieved 15 December 2020.
- ^ "Penumbra Inc (NYSE:PEN)". CNN.
- ^ "Penumbra Company Profile". Reuters.
- ^ 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.
- ^ "Penumbra - A Cheap Medical Device Company With Growth Potential (NYSE:PEN) | Seeking Alpha". seekingalpha.com. 16 September 2015. Retrieved 2022-11-07.
- ^ "Penumbra announces launch of Apollo system". NS Medical Devices. 2014-07-04. Retrieved 2022-11-10.
- ^ Admin. "The Apollo™ System". Altair Health. Retrieved 2022-11-10.
- ^ Primack, Dan. "Penumbra goes public tomorrow. Hear from its CEO today". Fortune. Retrieved 29 December 2020.
- ^ DENSFORD, FINK (2018). "Penumbra acquires 90% interest in MVI Health JV, launches thrombectomy devices". Mass Device.
- ^ "Penumbra picks up Italian distributor Crossmed for $9m". Mass Device. July 2017.
- ^ Bellisle, Martha (March 26, 2016). "Lawsuit claims medical device caused brain damage after Bellevue surgery". The Associated Press.
- ^ Farrell, Greg; Fineman, Joshua (December 9, 2020). "Catheter-Linked Death Jolts Penumbra, a Target of Short Sellers". Bloomberg (via Yahoo Finance).
- ^ "Fake Author Allegation Spurs Drop in Catheter Maker Penumbra". Bloomberg. Retrieved 23 December 2020.
- ^ Baker, Nathaniel (Nov 18, 2020). "Short-Sellers Grego, Cohodes Take Aim At Penumbra". Forbes.
- ^ Boyd, Roddy. "Penumbra Inc.'s Catheter Fail: Broken Tips and Lost Lives". Foundation for Financial Journalism. Institute for Nonprofit News. Retrieved 29 December 2020.
- ^ Stankiewicz, Kevin (Dec 8, 2020). "Shares of medical device maker Penumbra tank after short seller releases critical report". CNBC. Retrieved 15 December 2020.
- ^ Farrell, Greg; Fineman, Joshua (December 9, 2020). "'Fake' Author Rap Sinks Shares of Catheter-Maker Penumbra". Bloomberg (via Yahoo Finance). Retrieved 15 December 2020.
- ^ Pedersen, Amanda (July 24, 2017). "Risk of Wire Breakage Prompts Penumbra Recall". Medical Device + Diagnostic Industry (MD+DI). Retrieved 23 December 2020.
- ^ "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.
- ^ "Penumbra recalls JET 7 catheters with Xtra Flex technology". Neuro News. December 18, 2020.
- ^ "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.
- ^ Wood, Shelley (December 16, 2020). "FDA: Penumbra JET 7 Clot Retrievers Recalled Following Deaths, Injuries". Cardiovascular Research Foundation.