• Penumbra average price/book ratio for 2023 was 9.87, a 33.92% decline from 2022.
• Penumbra average price/book ratio for 2022 was 7.37, a 47.28% increase from 2021.
• Penumbra average price/book ratio for 2021 was 13.98, a 29.09% decline from 2020.

Price/book ratio can be defined as