DTW - Think you know what Penumbra may look like in five years? CEO Elsesser’s vision might surprise
In this episode, Penumbra CEO Adam Elsesser shares why he left a successful law career to become CEO of a medical device ...
Co-Founder, Chairman, President & Chief Executive Officer, Penumbra
Search every verified Adam Elsesser interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Adam Elsesser, co-founder, chairman, president, and CEO of Penumbra, has discussed the company's evolution from a traditional medical device maker focused on stroke treatment to a developer of virtual reality (VR) products for healthcare. In a 2024 podcast, he described Penumbra's early stroke business as having been built without patents, and noted that the company is now conducting a trial on a product called Thunderbolt, which he described as the first substantive patents that have mattered for the company. He also stated that the company is building a hardware and software platform for VR, with the goal of bringing third-party content on board, and that he believes immersive healthcare could become the largest part of Penumbra's business within five to six years. Elsesser has said that the company does not compete with social media or entertainment VR companies, and that its "real system" is focused on regulated healthcare work subject to FDA oversight. Elsesser has also commented on the company's approach to hiring and workplace culture. He stated that the company seeks fresh perspectives and hires people who have not been in the field to enable breakthroughs. He noted that in 2020, Penumbra sought stories from Black employees and implemented unconscious-bias training, which he described as being about bringing awareness to how behavior impacts others rather than being political. In earlier appearances, Elsesser discussed the company's 2016 IPO and its stroke treatment product, which he described as a "mini vacuum" that removes blood clots from the brain. He also gave career advice in a 2015 webinar, emphasizing the importance of interest in healthcare, a sense of responsibility, and a leadership mindset.
“I was a commercial real estate lawyer with a practice out here in the Bay Area and my best friend from college became a neuro interventionalist — after a dinner in 1998 he mentioned ideas for devices, I joked we'd start a company, and the next day he insisted we get together to start it — and here we are.”
“I took a massive pay cut, had two kids and a mortgage — it was probably the most irresponsible thing I've ever done — but I was compelled because we had a shot at helping a lot of people.”
“We never took formal venture capital — I told our investors they could call me as a friend anytime but not as an investor for at least 20 years because what we're doing might take 20 years.”
“CMS was relatively proactive and, without an awful lot of data, opened up a reimbursement pathway because the cost of stroke care is one of the most expensive drains on our system.”
“We built our entire stroke business initially with no patents and now, 17–18 years later, we're going to trial on Thunderbolt — the first substantive patents that have mattered for us.”
“We're doing things that have never been done, so fresh perspectives matter — sometimes that's age, sometimes it's just a mindset — and hiring people who haven't been in the field enables breakthroughs.”
“In 2020 we sought stories from Black employees and implemented unconscious-bias training — it's not political, it's about bringing awareness to how our behavior impacts others and creating an environment where everyone can thrive.”
“If we continue to hire the best people, constantly innovate and execute well, immersive healthcare will be the biggest part of our business in the next five to six years.”
“We're building a platform — hardware and software — and want to bring third‑party content on board like a PlayStation model; we even hired a senior Sony Interactive Entertainment executive to help avoid past mistakes and accelerate third‑party developer efforts.”
“We don't compete with Oculus/Facebook — they're social media and entertainment companies; our 'real system' focuses on returning people to the real world and this is serious, regulated healthcare work that would be subject to FDA oversight.”
“We certainly didn't start out as a company focused on virtual reality — we started out in the traditional medical device way by making products that could go inside the body to treat a myriad of conditions, whether it's a stroke or some other condition in the vasculature.”
“We got into thinking about virtual reality about four plus years ago when I was introduced to a great company, Sixth Sense, and it became pretty obvious that there were a lot of medical conditions where the use of VR could really enhance treatment and recovery — stroke recovery for one, where you're trying to tap into...”
“I think we're at the starting line of what I think will be a really great two, three, four years in the development of this extraordinary technology to help really just a huge number of people — potentially tens of millions of people that can be helped.”
“We've invested a lot in the hardware side of this as well as, of course, on the software side and building a really just incredible group of folks in our own studio. It became very clear out in talking to customers that there are a lot of people developing really great applications and they're looking for a streamlined...”
“We started out doing things that hadn't been done before… treating stroke with physical devices to go in and remove blood clot — and we didn't know would it work. Here we already know there's so much data from people's experiences with the use of VR in a host of medical conditions, and now we just have to work on how w...”
In this episode, Penumbra CEO Adam Elsesser shares why he left a successful law career to become CEO of a medical device ...
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