Penumbra, Inc. Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Penumbra (NYSE: PEN) reported Q1 2026 revenue of $374.8 million, up 15.6% year-over-year, with thrombectomy revenue $253.9 million (+12.1%) and embolization & access $120.8 million (+23.8%). Gross margin was 67.6%. Operating expenses were $215.2 million (R&D $22.4M; SG&A $192.8M, including $9.4M acquisition-related expenses). Income from operations was $38.2 million and net income $32.6 million. Given the pending acquisition by Boston Scientific (NYSE: BSX), the company will not provide full-year 2026 guidance or host an earnings call.
Positive
- Revenue +15.6% YoY to $374.8M
- Embolization & access +23.8% YoY to $120.8M
- Net income $32.6M in Q1 2026
Negative
- Company will not provide full-year 2026 guidance due to pending acquisition
- $9.4M acquisition-related expenses included in SG&A in Q1
Key Figures
Market Reality Check
Peers on Argus
BSX is down 1.53% while key peers show mixed moves: SYK up 1.36%, MDT, EW, ABT and PHG modestly negative. No peers appeared in the momentum scanner, suggesting today’s move is more stock-specific than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 22 | Q1 2026 earnings | Positive | +9.1% | Strong Q1 2026 sales and EPS with broad segment and regional growth. |
| Feb 25 | Q4/FY 2025 earnings | Positive | -2.2% | Penumbra Q4 and full-year 2025 revenue growth and improved margins. |
| Feb 4 | Q4/FY 2025 earnings | Positive | -17.6% | Strong BSX Q4 and FY 2025 results with raised 2026 guidance and deals. |
| Oct 22 | Q3 2025 earnings | Positive | +4.0% | Q3 2025 sales and EPS above guidance with updated 2025 outlook. |
| Jul 23 | Q2 2025 earnings | Positive | +4.5% | Strong Q2 2025 growth, EPS beats, and guidance increase for FY 2025. |
Earnings and financial updates for Boston Scientific and Penumbra often elicit sizable single-day moves, with mostly positive operational news but a mix of positive and negative price reactions.
Over the past few quarters, Boston Scientific has repeatedly reported strong growth, with net sales above $5B and double-digit increases, alongside ongoing acquisitions including Penumbra. Penumbra’s own Q4 2025 results showed solid revenue and margin expansion but a slightly negative price reaction. Taken together, recent earnings releases for both companies combine robust fundamentals with sometimes volatile, and not always aligned, share-price responses.
Historical Comparison
In the last 5 earnings-related releases for Boston Scientific and Penumbra, the average next-day move was -0.46%, showing that strong fundamentals have not always translated into consistent upside.
Earnings reports from mid-2025 through early 2026 show Boston Scientific delivering recurring multi-billion-dollar quarters, raising guidance, and layering in acquisitions, including Penumbra. Penumbra’s late-2025 earnings also showed healthy growth, positioning its Q1 2026 results as another data point ahead of its planned merger into Boston Scientific.
Market Pulse Summary
This announcement highlights Penumbra’s Q1 2026 revenue of $374.8M, solid growth across thrombectomy and embolization, and a gross margin of 67.6%. Operating expenses include $9.4M of acquisition-related costs tied to the planned Boston Scientific merger, and the company will not provide 2026 guidance or hold a call. In recent quarters, both firms have combined growth with active M&A, so investors may focus on closing terms, integration progress, and future earnings updates from Boston Scientific.
Key Terms
thrombectomy medical
embolization medical
AI-generated analysis. Not financial advice.
- Revenue of
$374 15.6% compared to the first quarter of 2025. - Global thrombectomy revenue of
$253 12.1% compared to the first quarter of 2025. - Global embolization and access revenue of
$120 23.8% compared to the first quarter of 2025. - Gross profit margin of
67.6% in the first quarter of 2026, an increase of1.0% compared to the first quarter of 2025. - Total operating expenses of
$215.2 million $22.4 million $192 $9.4 million - Income from operations of
$38 $32
Full Year 2026 Financial Outlook and Webcast and Conference Call Information
Given the pending acquisition of Penumbra, Inc. by Boston Scientific Corporation (NYSE: BSX), the Company will not be providing financial guidance for the full year 2026 or hosting a conference call to discuss financial results for the three months ended March 31, 2026.
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.
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 filed with the SEC on February 25, 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) | ||||
March 31, 2026 | December 31, 2025 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 241,289 | $ 186,897 | ||
Marketable investments | 374,371 | 357,919 | ||
Accounts receivable, net | 183,295 | 190,021 | ||
Inventories | 438,539 | 431,549 | ||
Prepaid expenses and other current assets | 37,912 | 50,298 | ||
Total current assets | 1,275,406 | 1,216,684 | ||
Property and equipment, net | 134,059 | 117,436 | ||
Operating lease right-of-use assets | 170,273 | 173,587 | ||
Finance lease right-of-use assets | 25,209 | 25,972 | ||
Intangible assets, net | 5,946 | 6,186 | ||
Goodwill | 166,589 | 166,750 | ||
Deferred taxes | 79,972 | 79,188 | ||
Other non-current assets | 40,984 | 40,716 | ||
Total assets | $ 1,898,438 | $ 1,826,519 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 43,658 | $ 34,736 | ||
Accrued liabilities | 151,543 | 132,163 | ||
Current operating lease liabilities | 14,144 | 13,841 | ||
Current finance lease liabilities | 2,386 | 2,393 | ||
Total current liabilities | 211,731 | 183,133 | ||
Non-current operating lease liabilities | 179,424 | 182,751 | ||
Non-current finance lease liabilities | 20,221 | 20,714 | ||
Other non-current liabilities | 13,250 | 12,318 | ||
Total liabilities | 424,626 | 398,916 | ||
Stockholders' equity: | ||||
Common stock | 39 | 39 | ||
Additional paid-in capital | 1,201,423 | 1,185,525 | ||
Accumulated other comprehensive income | 2,075 | 4,348 | ||
Retained earnings | 270,275 | 237,691 | ||
Total stockholders' equity | 1,473,812 | 1,427,603 | ||
Total liabilities and stockholders' equity | $ 1,898,438 | $ 1,826,519 | ||
Penumbra, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts) | ||||
Three Months Ended March 31, | ||||
2026 | 2025 | |||
Revenue | $ 374,758 | $ 324,140 | ||
Cost of revenue | 121,347 | 108,257 | ||
Gross profit | 253,411 | 215,883 | ||
Operating expenses: | ||||
Research and development | 22,382 | 22,077 | ||
Sales, general and administrative | 192,795 | 153,456 | ||
Total operating expenses | 215,177 | 175,533 | ||
Income from operations | 38,234 | 40,350 | ||
Interest and other income, net | 3,454 | 3,508 | ||
Income before income taxes | 41,688 | 43,858 | ||
Provision for income taxes | 9,104 | 4,635 | ||
Net income | $ 32,584 | $ 39,223 | ||
Net income per share: | ||||
Basic | $ 0.83 | $ 1.02 | ||
Diluted | $ 0.82 | $ 1.00 | ||
Weighted average shares outstanding: | ||||
Basic | 39,275,424 | 38,562,191 | ||
Diluted | 39,543,780 | 39,163,428 | ||
Penumbra, Inc. Reconciliation of Revenue Growth by Geographic Regions (unaudited) (in thousands, except for percentages) | ||||||||
Three Months Ended March 31, | Change | |||||||
2026 | 2025 | $ | % | |||||
$ 296,387 | $ 256,860 | $ 39,527 | 15.4 % | |||||
International | 78,371 | 67,280 | 11,091 | 16.5 % | ||||
Total | $ 374,758 | $ 324,140 | $ 50,618 | 15.6 % | ||||
Penumbra, Inc. Reconciliation of Revenue Growth by Product Categories (unaudited) (in thousands, except for percentages) | ||||||||
Three Months Ended March 31, | Change | |||||||
2026 | 2025 | $ | % | |||||
Thrombectomy | $ 253,917 | $ 226,544 | $ 27,373 | 12.1 % | ||||
Embolization and Access | 120,841 | 97,596 | 23,245 | 23.8 % | ||||
Total | $ 374,758 | $ 324,140 | $ 50,618 | 15.6 % | ||||
Investor Relations
Penumbra, Inc.
investors@penumbrainc.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/penumbra-inc-reports-first-quarter-2026-financial-results-302764359.html
SOURCE Penumbra, Inc.