ALAMEDA, Calif., Feb. 25, 2026 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), the world's leading thrombectomy company, today reported financial results for the fourth quarter and full year ended December 31, 2025.
Financial Highlights:
- Revenue of $385.4 million for the fourth quarter of 2025, an increase of 22.1% or 20.9%in constant currency1, compared to the fourth quarter of 2024.
- Revenue of $1,403.7 millionfor the full year 2025, an increase of 17.5% or 16.9% in constant currency1, compared to the full year 2024.
- U.S. Thrombectomy revenue of $203.1 millionfor the fourth quarter of 2025, an increase of 12.4% compared to the fourth quarter of 2024.
- U.S. Thrombectomy revenue of $771.5 millionfor the full year 2025, an increase of 19.3% compared to the full year 2024.
- Income from operations of $59.2 million or operating margin of 15.4% for the fourth quarter of 2025.
- Income from operations of $189.2 million or operating margin of 13.5% for the full year 2025.
- Net income of $47.3 million and adjusted EBITDA1 of $79.1 million or net income margin of 12.3% and adjusted EBITDA margin1 of 20.5% for the fourth quarter of 2025.
- Net income of $177.7 million and adjusted EBITDA1 of $266.8 million or net income margin of 12.7% and adjusted EBITDA margin1 of 19.0% for the full year 2025.
Fourth Quarter 2025 Financial Results
Total revenue increased to $385.4 million for the fourth quarter of 2025 compared to $315.5 million for the fourth quarter of 2024, an increase of 22.1%, or 20.9% in constant currency1. The United States represented 77.6% of total revenue and international represented 22.4% of total revenue for the fourth quarter of 2025. Revenue from the U.S. increased 20.6% while revenue from our international regions increased 27.7%, or 21.9% in constant currency1. Revenue from sales of our global thrombectomy products grew to $254.7 million in the fourth quarter of 2025, an increase of 15.7%, or 14.7% in constant currency1 over the same period a year ago, driven primarily by the sales of our U.S. thrombectomy products which increased by 12.4%. Revenue from sales of our global embolization and access products grew to $130.7 million in the fourth quarter of 2025, an increase of 37.0%, or 35.2% in constant currency1 from the same period a year ago, driven primarily by our U.S. embolization and access products which increased by 42.7% from the same period a year ago.
Gross profit for the fourth quarter of 2025 was $262.1 million, or 68.0% of total revenue compared to $210.7 million, or 66.8% of total revenue, for the fourth quarter of 2024. Gross margin is impacted by product mix, regional mix, and production initiatives to support demand and create future efficiencies. As such, with favorable product mix, improvement in productivity, and by leveraging our fixed costs on higher volume of new product sales during the year, our gross margin may be positively impacted in the future.
Total operating expenses were $202.9 million, or 52.6% of total revenue for the fourth quarter of 2025. This compares to total operating expenses of $167.9 million, or 53.2% of total revenue for the fourth quarter of 2024. R&D expenses were $21.8 million for the fourth quarter of 2025, compared to $20.0 million for the fourth quarter of 2024. SG&A expenses were $181.1 million for the fourth quarter of 2025, compared to $147.9 million for the fourth quarter of 2024.
Income from operations was $59.2 million for the fourth quarter of 2025, compared to income from operations of $42.8 million for the fourth quarter of 2024.
Full Year 2025 Financial Results
Total revenue increased to $1,403.7 million for the year ended December 31, 2025 compared to $1,194.6 million for the year ended December 31, 2024, an increase of 17.5%, or 16.9% in constant currency1. The United States represented 77.8% of total revenue and international represented 22.2% of total revenue for the year ended December 31, 2025. Revenue from the U.S. increased 21.0% while revenue from our international regions increased 6.6%, or 4.2% in constant currency1. Revenue from sales of our global thrombectomy products grew to $947.9 million for the year ended December 31, 2025, an increase of 16.2%, or 15.8% in constant currency1 over the same period a year ago, driven primarily by the sales of our U.S. thrombectomy products which increased by 19.3%. Revenue from sales of our global embolization and access products grew to $455.7 million for the year ended December 31, 2025, an increase of 20.2%, or 19.4% in constant currency1 from the same period a year ago, driven primarily by our U.S. embolization and access products which increased by 25.4% from the same period a year ago.
Gross profit for the year ended December 31, 2025 was $942.4 million, or 67.1% of total revenue, compared to $755.0 million, or 63.2% of total revenue, for the year ended December 31, 2024, which included a one-time $33.4 million inventory impairment charge to cost of revenue in connection with the impairment of our immersive healthcare asset group. The impact of the one-time $33.4 million charge decreased our gross margin by 2.8 percentage points in 2024. Gross margin is impacted by product mix, regional mix, and production initiatives to support demand and create future efficiencies. As such, with favorable product mix, improvement in productivity, and by leveraging our fixed costs on higher volume of new product sales during the year, our gross margin may be positively impacted in the future.
Total operating expenses for the year ended December 31, 2025 were $753.2 million, or 53.7% of total revenue. This compares to total operating expenses of $745.7 million, or 62.4% of total revenue for the year ended December 31, 2024. R&D expenses were $89.8 million for the year ended December 31, 2025, compared to $94.8 million for the year ended December 31, 2024. SG&A expenses were $663.4 million for the year ended December 31, 2025, compared to $574.0 million for the year ended December 31, 2024.
Income from operations was $189.2 million for the year ended December 31, 2025 compared to income from operations of $9.3 million for the year ended December 31, 2024.
(1)See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.
Full Year 2026 Financial Outlook
Given the proposed acquisition of Penumbra, Inc. by Boston Scientific Corporation (NYSE: BSX), the Company will not be providing financial guidance for the full year 2026.
Webcast and Conference Call Information
Given the proposed acquisition of Penumbra, Inc. by Boston Scientific Corporation (NYSE: BSX), the Company will not be hosting a conference call to discuss financial results for the fourth quarter and year ended December 31, 2025.
About Penumbra
Penumbra, Inc., the world's leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety and simplicity. By pioneering these innovations, we support healthcare providers, hospitals and clinics in more than 100 countries, working to improve patient outcomes and quality of life. For more information, visit www.penumbrainc.com and connect on Instagram, LinkedIn, and X.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company uses the following non-GAAP financial measures in this press release: a) constant currency, b) non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, and non-GAAP diluted earnings per share ("EPS") and c) adjusted EBITDA and adjusted EBITDA margin.
Constant currency. The Company's constant currency revenue disclosures estimate the impact of changes in foreign currency rates on the translation of the Company's current period revenue as compared to the applicable comparable period in the prior year. This impact is derived by taking the current local currency revenue and translating it into U.S. dollars based upon the foreign currency exchange rates used to translate the local currency revenue for the applicable comparable period in the prior year, rather than the actual exchange rates in effect during the current period. It does not include any other effect of changes in foreign currency rates on the Company's results or business.
Non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS. The adjustments to the GAAP financial measures reflect the exclusion of:
- the effect of the amortization of finite lived intangible assets acquired in connection with the Sixense acquisition over their estimated useful lives;
- the excess tax benefits associated with share-based compensation arrangements;
- non-recurring litigation related expenses;
- non-cash long-lived asset impairment related to the impairment of our immersive healthcare asset group; and
- one-time expenses in connection with the wind down of the immersive healthcare business.
Adjusted EBITDA and adjusted EBITDA margin. The Company's adjusted EBITDA reflects the exclusion from GAAP net income of:
- non-cash operating charges such as stock-based compensation, depreciation and amortization, and impairment charges;
- non-operating items such as interest income, interest expense, and provision for income taxes;
- non-recurring litigation related expenses; and
- one-time expenses in connection with the wind down of the immersive healthcare business.
Full reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in the tables below.
Our management believes the non-GAAP financial measures disclosed in this press release are useful to investors in assessing the operating performance of our business and provide meaningful comparisons to prior periods and thus a more complete understanding of our business than could be obtained absent this disclosure. Specifically, we consider the change in constant currency revenue as a useful metric as it provides an alternative framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations. We consider non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS useful metrics as they provide an alternative framework for assessing how our underlying business performed excluding the amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition, the excess tax benefits associated with share-based compensation arrangements, expenses related to certain litigation matters that we have determined are not a normal or recurring part of our business, including settlement costs and legal fees, non-cash long-lived asset impairment charges related to the impairment of our immersive healthcare asset group, and one-time expenses in connection with the wind down of the immersive healthcare business. Further, we consider adjusted EBITDA and adjusted EBITDA margin useful metrics as they provide an alternative framework for assessing how our underlying business performed excluding non-cash operating charges such as stock-based compensation, depreciation and amortization, and impairment charges, non-operating items such as interest income, interest expense, and provision for income taxes, non-recurring litigation related expenses, and one-time expenses in connection with the wind down of the immersive healthcare business.
The non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP measures should not be considered in isolation or as alternatives to GAAP measures. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business.
Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: the risk that the pending acquisition by Boston Scientific Corporation will not be completed in the expected timeframe or at all, including the risk that required regulatory approvals will not be obtained; potential adverse effects to our business during the pendency of the acquisition, such as employee departures or diversion of management's attention from our business; failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2025, which we expect to file with the SEC on or before March 2, 2026. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.
Penumbra, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
December 31,
2025 2024
Assets
Current assets:
Cash and cash equivalents $186,897 $324,404
Marketable investments 357,919 15,727
Accounts receivable, net 190,021 167,668
Inventories 431,549 406,737
Prepaid expenses and other current assets 50,298 36,589
Total current assets 1,216,684 951,125
Property and equipment, net 117,436 62,641
Operating lease right-of-use assets 173,587 177,787
Finance lease right-of-use assets 25,972 28,018
Intangible assets, net 6,186 6,513
Goodwill 166,750 165,826
Deferred taxes 79,188 100,332
Other non-current assets 40,716 40,939
Total assets $1,826,519 $1,533,181
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $34,736 $31,326
Accrued liabilities 132,163 112,429
Current operating lease liabilities 13,841 12,221
Current finance lease liabilities 2,393 2,369
Total current liabilities 183,133 158,345
Non-current operating lease liabilities 182,751 187,068
Non-current finance lease liabilities 20,714 21,731
Other non-current liabilities 12,318 15,106
Total liabilities 398,916 382,250
Stockholders' equity:
Preferred stock
Common stock 39 38
Additional paid-in capital 1,185,525 1,096,732
Accumulated other comprehensive income (loss) 4,348 (5,843)
Retained earnings 237,691 60,004
Total stockholders' equity 1,427,603 1,150,931
Total liabilities and stockholders' equity $1,826,519 $1,533,181
Penumbra, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended December 31, Year Ended December 31,
2025 2024 2025 2024
Revenue $385,385 $315,518 $1,403,665 $1,194,615
Cost of revenue 123,257 104,797 461,228 439,620
Gross profit 262,128 210,721 942,437 754,995
Operating expenses:
Research and development 21,794 20,010 89,766 94,783
Sales, general and administrative 181,101 147,936 663,422 573,988
Impairment Charge 76,945
Total operating expenses 202,895 167,946 753,188 745,716
Income from operations 59,233 42,775 189,249 9,279
Interest and other income, net 4,399 1,564 15,876 11,590
Income before income taxes 63,632 44,339 205,125 20,869
Provision for income taxes 16,289 10,656 27,438 6,857
Net income $47,343 $33,683 $177,687 $14,012
Net income per share:
Basic $1.21 $0.88 $4.57 $0.36
Diluted $1.20 $0.86 $4.52 $0.36
Weighted average shares outstanding:
Basic 39,189,828 38,418,269 38,918,493 38,633,744
Diluted 39,392,613 39,037,644 39,291,828 39,268,037
Penumbra, Inc.
Reconciliation of GAAP Operating Expenses and GAAP Income from Operations to Non-GAAP Operating Expenses and
Non-GAAP Income from Operations(1)
(unaudited)
(in thousands)
Three Months Ended December 31, Year Ended December 31,
2025 2024 2025 2024
GAAP operating expenses $202,895 $167,946 $753,188 $745,716
GAAP operating expenses include the effect of the following items:
Impairment charge(2) 76,945
Wind down expenses(3) 4,971
Non-recurring litigation related expenses 4,823
Amortization of finite lived intangible assets acquired 4,759
Non-GAAP operating expenses $202,895 $167,946 $753,188 $654,218
GAAP income from operations $59,233 $42,775 $189,249 $9,279
GAAP income from operations includes the effect of the following items:
Impairment charge(2) 76,945
Wind down expenses(3) 4,971
Non-recurring litigation related expenses 4,823
Amortization of finite lived intangible assets acquired 4,759
Non-GAAP income from operations $59,233 $42,775 $189,249 $100,777
____________
(1)See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.
(2)Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.
(3)Represents one-time expenses that include severance and other costs related to the wind down of the immersive healthcare business during the three months ended September 30, 2024.
Penumbra, Inc.
Reconciliation of GAAP Net Income and GAAP Diluted EPS to Non-GAAP Net Income and Non-GAAP Diluted EPS(1)
(unaudited)
(in thousands, except per share amounts)
Three Months Ended Three Months Ended Year Ended Year Ended
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Net Diluted Net Diluted Net Diluted Net Diluted
income EPS income EPS income EPS income EPS
GAAP net income $47,343 $1.20 $33,683 $0.86 $177,687 $4.52 $14,012 $0.36
GAAP net income includes the effect of the following items:
Impairment charge(2) 76,945 1.96
Wind down expenses(3) 4,971 0.13
Non-recurring litigation expenses 4,823 0.12
Amortization of finite lived intangible assets acquired 4,759 0.12
Tax effect on the non-GAAP adjustments above4 (22,170) (0.57)
Excess tax benefits related to stock compensation awards (830) (0.02) (343) (0.01) (26,804) (0.68) (837) (0.02)
Non-GAAP net income $46,513 $1.18 $33,340 $0.85 $150,883 $3.84 $82,503 $2.10
GAAP diluted EPS $1.20 $0.86 $4.52 $0.36
Non-GAAP diluted EPS $1.18 $0.85 $3.84 $2.10
____________
(1)See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.
(2)Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.
(3)Represents one-time expenses that include severance and other costs related to the wind down of the immersive healthcare business during the three months ended September 30, 2024.
4For the twelve months ended December 31, 2024, management used a combined federal and state tax rate of 24.23% to compute the tax effect of non-GAAP measures.
Penumbra, Inc.
Reconciliation of GAAP Net Income and GAAP Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin(1)
(unaudited)
(in thousands, except for percentages)
Three Months Ended December 31, Year Ended December 31,
2025 2024 2025 2024
GAAP net income $47,343 $33,683 $177,687 $14,012
Adjustments to GAAP net income
Depreciation and amortization expense 4,461 4,388 17,471 23,702
Interest income, net (4,227) (2,939) (14,983) (12,272)
Provision for income taxes 16,289 10,656 27,438 6,857
Stock-based compensation expense 15,262 12,095 59,213 46,164
Impairment charge(2) 76,945
Wind down expenses(3) 4,971
Non-recurring litigation related expenses 4,823
Adjusted EBITDA $79,128 $57,883 $266,826 $165,202
GAAP revenue $385,385 $315,518 $1,403,665 $1,194,615
Adjusted EBITDA $79,128 $57,883 $266,826 $165,202
GAAP net income margin 12.3 % 10.7 % 12.7 % 1.2 %
Adjusted EBITDA margin 20.5 % 18.3 % 19.0 % 13.8 %
____________
(1)See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.
(2)Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.
(3)Represents one-time expenses that include severance and other costs related to the wind down of the immersive healthcare business during the three months ended September 30, 2024.
Penumbra, Inc.
Reconciliation of Revenue Change by Geographic Regions to Constant Currency Revenue Growth(1)
(unaudited)
(in thousands, except for percentages)
Three Months Ended December 31, Reported Change FX Impact Constant Currency Change
2025 2024
$ %
$
$ %
United States $299,054 $247,917 $51,137 20.6 %
$ - $51,137 20.6 %
International 86,331 67,601 18,730 27.7 % (3,939) 14,791 21.9 %
Total $385,385 $315,518 $69,867 22.1 % $(3,939) $65,928 20.9 %
Year Ended December 31, Reported Change FX Impact Constant Currency Change
2025 2024
$ %
$
$ %
United States $1,091,761 $902,067 $189,694 21.0 %
$ - $189,694 21.0 %
International 311,904 292,548 19,356 6.6 % (7,018) 12,338 4.2 %
Total $1,403,665 $1,194,615 $209,050 17.5 % $(7,018) $202,032 16.9 %
Penumbra, Inc.
Reconciliation of Revenue Change by Product Categories and Geographic Regions to Constant Currency Revenue Growth(1)
(unaudited)
(in thousands, except for percentages)
Three Months Ended December 31, Reported Change FX Impact Constant Currency Change
2025 2024
$ %
$
$ %
Thrombectomy $254,696 $220,129 $34,567 15.7 % $(2,188) $32,379 14.7 %
Embolization and Access 130,689 95,389 35,300 37.0 % (1,751) 33,549 35.2 %
Total $385,385 $315,518 $69,867 22.1 % $(3,939) $65,928 20.9 %
Year Ended December 31, Reported Change FX Impact Constant Currency Change
2025 2024
$ %
$
$ %
Thrombectomy $947,918 $815,475 $132,443 16.2 % $(3,798) $128,645 15.8 %
Embolization and Access 455,747 379,140 76,607 20.2 % (3,220) 73,387 19.4 %
Total $1,403,665 $1,194,615 $209,050 17.5 % $(7,018) $202,032 16.9 %
Three Months Ended December
31, Change FX Impact Constant Currency Change
2025 2024
$ %
$
$ %
Thrombectomy
United States $203,065 $180,647 $22,418 12.4 %
$ - $22,418 12.4 %
International 51,631 39,482 12,149 30.8 % (2,188) 9,961 25.2 %
Total Thrombectomy 254,696 220,129 34,567 15.7 % (2,188) 32,379 14.7 %
Embolization and Access
United States 95,989 67,270 28,719 42.7 % 28,719 42.7 %
International 34,700 28,119 6,581 23.4 % (1,751) 4,830 17.2 %
Total Embolization and Access 130,689 95,389 35,300 37.0 % (1,751) 33,549 35.2 %
Total $385,385 $315,518 $69,867 22.1 % $(3,939) $65,928 20.9 %
Year Ended December 31, Change FX Impact Constant Currency Change
2025 2024
$ %
$
$ %
Thrombectomy
United States $771,485 $646,711 $124,774 19.3 %
$ - $124,774 19.3 %
International 176,433 168,764 7,669 4.5 % (3,798) 3,871 2.3 %
Total Thrombectomy 947,918 815,475 132,443 16.2 % (3,798) 128,645 15.8 %
Embolization and Access
United States 320,276 255,356 64,920 25.4 % 64,920 25.4 %
International 135,471 123,784 11,687 9.4 % (3,220) 8,467 6.8 %
Total Embolization and Access 455,747 379,140 76,607 20.2 % (3,220) 73,387 19.4 %
Total $1,403,665 $1,194,615 $209,050 17.5 % $(7,018) $202,032 16.9 %
____________
(1)See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.
Investor Relations
Penumbra, Inc.
510-995-2461
investors@penumbrainc.com
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