Penumbra, Inc. Reports Second Quarter 2025 Financial Results
Rhea-AI Summary
Penumbra (NYSE:PEN), a leading thrombectomy company, reported strong Q2 2025 financial results with revenue of $339.5 million, up 13.4% year-over-year. The company demonstrated robust performance in key segments, with U.S. Thrombectomy revenue reaching $188.5 million, a 22.6% increase, and U.S. VTE revenue growing 42% compared to Q2 2024.
The company achieved net income of $45.3 million with a 13.3% margin and adjusted EBITDA of $61.4 million with an 18.1% margin. Gross profit improved to $224.0 million with a 66.0% margin. Based on strong performance, Penumbra increased its 2025 revenue guidance to $1.355-1.370 billion, representing 13-15% growth over 2024.
Positive
- Revenue increased 13.4% to $339.5 million in Q2 2025
- U.S. Thrombectomy revenue grew 22.6% year-over-year
- U.S. VTE revenue increased 42% compared to prior year
- Gross margin improved to 66.0% from 54.4% year-over-year
- Company raised full-year 2025 revenue guidance to $1.355-1.370 billion
Negative
- International revenue decreased 3.2% (5.8% in constant currency)
- Operating expenses increased to $183.2 million from $164.5 million year-over-year
News Market Reaction – PEN
On the day this news was published, PEN gained 11.91%, reflecting a significant positive market reaction. Argus tracked a peak move of +20.1% during that session. Our momentum scanner triggered 29 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $1.07B to the company's valuation, bringing the market cap to $10.02B at that time. Trading volume was above average at 1.7x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
- Revenue of
$339.5 million 13.4% or12.7% in constant currency1, compared to the second quarter of 2024. - U.S. Thrombectomy revenue of
$188 22.6% compared to the second quarter of 2024.U.S. VTE revenue increased42% compared to the same period a year ago. - Income from operations of
$40.8 million 12.0% in the second quarter of 2025. - Net income of
$45.3 million $61 13.3% and adjusted EBITDA margin1 of18.1% in the second quarter of 2025.
Second Quarter 2025 Financial Results
Total revenue increased to
Gross profit for the second quarter of 2025 was
Total operating expenses and non-GAAP operating expenses1 were
Income from operations and non-GAAP income from operations1 was
1 | See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. |
Updated Full Year 2025 Financial Outlook
The Company is increasing its guidance for 2025 total revenue to a range of
Webcast and Conference Call Information
Penumbra, Inc. will host a conference call to discuss the second quarter 2025 financial results after market close on Tuesday, July 29, 2025 at 4:30 PM Eastern Time. The conference call can be accessed live over the phone by dialing (888) 596-4144 (conference id: 6572573), or the webcast can be accessed on the "Events and Presentations" section under the "Investors" tab of the Company's website at: www.penumbrainc.com. The webcast will be available on the Company's website for at least two weeks following the completion of the call.
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
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
Non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP net income (loss), 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; and
- non-cash long-lived asset impairment charges related to the impairment of our immersive healthcare asset group.
Adjusted EBITDA and adjusted EBITDA margin. The Company's adjusted EBITDA reflects the exclusion from GAAP net income (loss) 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 (benefit from) income taxes; and
- non-recurring litigation related expenses.
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 (loss) from operations, non-GAAP net income (loss), and non-GAAP diluted EPS useful metrics as they provide an alternative framework for assessing how our underlying business performed excluding non-cash long-lived asset impairment charges related to the impairment of our immersive healthcare asset group, 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, and 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. 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 (benefit from) income taxes and non-recurring litigation related expenses.
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: 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, 2024 filed with the SEC on February 18, 2025. 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) | ||||
June 30, 2025 | December 31, 2024 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 421,768 | $ 324,404 | ||
Marketable investments | 2,795 | 15,727 | ||
Accounts receivable, net | 175,536 | 167,668 | ||
Inventories | 427,628 | 406,737 | ||
Prepaid expenses and other current assets | 37,757 | 36,589 | ||
Total current assets | 1,065,484 | 951,125 | ||
Property and equipment, net | 84,825 | 62,641 | ||
Operating lease right-of-use assets | 174,059 | 177,787 | ||
Finance lease right-of-use assets | 27,606 | 28,018 | ||
Intangible assets, net | 6,552 | 6,513 | ||
Goodwill | 166,752 | 165,826 | ||
Deferred taxes | 109,141 | 100,332 | ||
Other non-current assets | 40,390 | 40,939 | ||
Total assets | $ 1,674,809 | $ 1,533,181 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 28,121 | $ 31,326 | ||
Accrued liabilities | 114,389 | 112,429 | ||
Current operating lease liabilities | 12,855 | 12,221 | ||
Current finance lease liabilities | 2,396 | 2,369 | ||
Total current liabilities | 157,761 | 158,345 | ||
Non-current operating lease liabilities | 183,493 | 187,068 | ||
Non-current finance lease liabilities | 21,785 | 21,731 | ||
Other non-current liabilities | 17,819 | 15,106 | ||
Total liabilities | 380,858 | 382,250 | ||
Stockholders' equity: | ||||
Common stock | 39 | 38 | ||
Additional paid-in capital | 1,146,260 | 1,096,732 | ||
Accumulated other comprehensive income (loss) | 3,155 | (5,843) | ||
Retained earnings | 144,497 | 60,004 | ||
Total stockholders' equity | 1,293,951 | 1,150,931 | ||
Total liabilities and stockholders' equity | $ 1,674,809 | $ 1,533,181 | ||
Penumbra, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Revenue | $ 339,455 | $ 299,403 | $ 663,595 | $ 578,058 | ||||
Cost of revenue | 115,445 | 136,574 | 223,702 | 234,090 | ||||
Gross profit | 224,010 | 162,829 | 439,893 | 343,968 | ||||
Operating expenses: | ||||||||
Research and development | 23,218 | 24,942 | 45,295 | 49,568 | ||||
Sales, general and administrative | 159,964 | 141,903 | 313,420 | 286,315 | ||||
Impairment charge | — | 76,945 | — | 76,945 | ||||
Total operating expenses | 183,182 | 243,790 | 358,715 | 412,828 | ||||
Income (loss) from operations | 40,828 | (80,961) | 81,178 | (68,860) | ||||
Interest and other income, net | 4,482 | 3,087 | 7,990 | 5,612 | ||||
Income (loss) before income taxes | 45,310 | (77,874) | 89,168 | (63,248) | ||||
Provision for (benefit from) income taxes | 40 | (17,674) | 4,675 | (14,050) | ||||
Net income (loss) | $ 45,270 | $ (60,200) | $ 84,493 | $ (49,198) | ||||
Net income (loss) per share: | ||||||||
Basic | $ 1.17 | $ (1.55) | $ 2.18 | $ (1.27) | ||||
Diluted | $ 1.15 | $ (1.55) | $ 2.15 | $ (1.27) | ||||
Weighted average shares outstanding: | ||||||||
Basic | 38,834,917 | 38,793,341 | 38,699,307 | 38,755,337 | ||||
Diluted | 39,245,953 | 38,793,341 | 39,214,027 | 38,755,337 | ||||
Penumbra, Inc. Reconciliation of GAAP Operating Expenses and GAAP Income (Loss) from Operations to Non-GAAP Operating Expenses and (unaudited) (in thousands) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
GAAP operating expenses | $ 183,182 | $ 243,790 | $ 358,715 | $ 412,828 | ||||
GAAP operating expenses includes the effect of the following | ||||||||
Impairment charge2 | — | 76,945 | — | 76,945 | ||||
Non-recurring litigation related expenses | — | — | — | 4,823 | ||||
Amortization of finite lived intangible assets acquired | — | 2,380 | — | 4,759 | ||||
Non-GAAP operating expenses | $ 183,182 | $ 164,465 | $ 358,715 | $ 326,301 | ||||
GAAP income (loss) from operations | $ 40,828 | $ (80,961) | $ 81,178 | $ (68,860) | ||||
GAAP income (loss) from operations includes the effect of the | ||||||||
Impairment charge2 | — | 76,945 | — | 76,945 | ||||
Non-recurring litigation related expenses | — | — | — | 4,823 | ||||
Amortization of finite lived intangible assets acquired | — | 2,380 | — | 4,759 | ||||
Non-GAAP income (loss) from operations | $ 40,828 | $ (1,636) | $ 81,178 | $ 17,667 | ||||
__________________ | |
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. |
Penumbra, Inc. Reconciliation of GAAP Net Income (Loss) and GAAP Diluted EPS to Non-GAAP Net Income (Loss) and Non-GAAP Diluted EPS1 (unaudited) (in thousands, except share and per share amounts) | ||||||||||||||||
Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended | Six Months Ended | |||||||||||||
Net | Diluted | Net loss | Diluted | Net | Diluted | Net (loss) | Diluted | |||||||||
GAAP net income (loss) | $ 45,270 | $ 1.15 | $ (60,200) | $ (1.55) | $ 84,493 | $ 2.15 | $ (49,198) | $ (1.27) | ||||||||
GAAP net income (loss) includes the effect of the | ||||||||||||||||
Impairment charge2 | — | — | 76,945 | 1.98 | — | — | 76,945 | 1.97 | ||||||||
Non-recurring litigation related expenses | — | — | — | — | — | — | 4,823 | 0.12 | ||||||||
Amortization of finite lived intangible assets | — | — | 2,380 | 0.06 | — | — | 4,759 | 0.12 | ||||||||
Tax effects on the non-GAAP adjustments above3 | — | — | (19,117) | (0.49) | — | — | (20,853) | (0.52) | ||||||||
Excess tax benefits related to stock compensation | (11,541) | (0.29) | (119) | 0.00 | (18,134) | (0.46) | (406) | (0.01) | ||||||||
Non-GAAP net income (loss) | $ 33,729 | $ 0.86 | $ (111) | $ — | $ 66,359 | $ 1.69 | $ 16,070 | $ 0.41 | ||||||||
GAAP diluted EPS | $ 1.15 | $ (1.55) | $ 2.15 | $ (1.27) | ||||||||||||
Non-GAAP diluted EPS | $ 0.86 | $ 0.00 | $ 1.69 | $ 0.41 | ||||||||||||
Weighted average shares outstanding used to compute: | ||||||||||||||||
GAAP diluted EPS | 39,245,953 | 38,793,341 | 39,214,027 | 38,755,337 | ||||||||||||
Non-GAAP diluted EPS4 | 39,245,953 | 38,793,341 | 39,214,027 | 39,398,553 | ||||||||||||
__________________ | |
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 | For the three and six months ended June 30, 2024, management used a combined federal and state tax rate of |
4 | For the purposes of calculating non-GAAP diluted EPS for the six months ended June 30, 2024, non-GAAP diluted weighted average shares |
Penumbra, Inc. Reconciliation of GAAP Net Income (Loss) and GAAP Net Income (Loss) Margin to Adjusted EBITDA and Adjusted EBITDA (unaudited) (in thousands, except for percentages) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
GAAP net income (loss) | $ 45,270 | $ (60,200) | $ 84,493 | $ (49,198) | ||||
Adjustments to GAAP net income (loss): | ||||||||
Depreciation and amortization expense | 5,507 | 7,647 | 10,522 | 15,166 | ||||
Interest income, net | (3,670) | (3,313) | (6,734) | (6,204) | ||||
Provision for (benefit from) income taxes | 40 | (17,674) | 4,675 | (14,050) | ||||
Stock-based compensation expense | 14,234 | 9,560 | 28,019 | 23,129 | ||||
Impairment charge2 | — | 76,945 | — | 76,945 | ||||
Non-recurring litigation related expenses | — | — | — | 4,823 | ||||
Adjusted EBITDA | $ 61,381 | $ 12,965 | $ 120,975 | $ 50,611 | ||||
Revenue | $ 339,455 | $ 299,403 | $ 663,595 | $ 578,058 | ||||
Adjusted EBITDA | $ 61,381 | $ 12,965 | $ 120,975 | $ 50,611 | ||||
GAAP net income (loss) margin | 13.3 % | (20.1) % | 12.7 % | (8.5) % | ||||
Adjusted EBITDA margin | 18.1 % | 4.3 % | 18.2 % | 8.8 % | ||||
__________________ | |
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. |
Penumbra, Inc. Reconciliation of Revenue Growth by Geographic Regions to Constant Currency Revenue Growth1 (unaudited) (in thousands, except for percentages) | ||||||||||||||
Three Months Ended June 30, | Reported Change | FX Impact | Constant Currency Change | |||||||||||
2025 | 2024 | $ | % | $ | $ | % | ||||||||
$ 260,818 | $ 218,180 | $ 42,638 | 19.5 % | $ — | $ 42,638 | 19.5 % | ||||||||
International | 78,637 | 81,223 | (2,586) | (3.2) % | (2,141) | (4,727) | (5.8) % | |||||||
Total | $ 339,455 | $ 299,403 | $ 40,052 | 13.4 % | $ (2,141) | $ 37,911 | 12.7 % | |||||||
Six Months Ended June 30, | Reported Change | FX Impact | Constant Currency Change | |||||||||||
2025 | 2024 | $ | % | $ | $ | % | ||||||||
$ 517,678 | $ 427,824 | $ 89,854 | 21.0 % | $ — | $ 89,854 | 21.0 % | ||||||||
International | 145,917 | 150,234 | (4,317) | (2.9) % | (483) | (4,800) | (3.2) % | |||||||
Total | $ 663,595 | $ 578,058 | $ 85,537 | 14.8 % | $ (483) | $ 85,054 | 14.7 % | |||||||
Penumbra, Inc. Reconciliation of Revenue Change by Product Categories to Constant Currency Revenue Growth1 (unaudited) (in thousands, except for percentages) | ||||||||||||||
Three Months Ended June 30, | Reported Change | FX Impact | Constant Currency Change | |||||||||||
2025 | 2024 | $ | % | $ | $ | % | ||||||||
Thrombectomy | $ 230,256 | $ 203,502 | $ 26,754 | 13.1 % | $ (1,147) | $ 25,607 | 12.6 % | |||||||
Embolization and Access | 109,199 | 95,901 | 13,298 | 13.9 % | (994) | 12,304 | 12.8 % | |||||||
Total | $ 339,455 | $ 299,403 | $ 40,052 | 13.4 % | $ (2,141) | $ 37,911 | 12.7 % | |||||||
Six Months Ended June 30, | Reported Change | FX Impact | Constant Currency Change | |||||||||||
2025 | 2024 | $ | % | $ | $ | % | ||||||||
Thrombectomy | $ 456,800 | $ 391,205 | $ 65,595 | 16.8 % | $ (224) | $ 65,371 | 16.7 % | |||||||
Embolization and Access | 206,795 | 186,853 | 19,942 | 10.7 % | (259) | 19,683 | 10.5 % | |||||||
Total | $ 663,595 | $ 578,058 | $ 85,537 | 14.8 % | $ (483) | $ 85,054 | 14.7 % | |||||||
Penumbra, Inc. Reconciliation of Revenue Change by Product Categories and Geographic Regions to Constant Currency Revenue Growth1 (unaudited) (in thousands, except for percentages) | ||||||||||||||
Three Months Ended June 30, | Reported Change | FX Impact | Constant Currency Change | |||||||||||
2025 | 2024 | $ | % | $ | $ | % | ||||||||
Thrombectomy | ||||||||||||||
$ 188,533 | $ 153,728 | $ 34,805 | 22.6 % | $ — | $ 34,805 | 22.6 % | ||||||||
International | 41,723 | 49,774 | (8,051) | (16.2) % | (1,147) | (9,198) | (18.5) % | |||||||
Total Thrombectomy | 230,256 | 203,502 | 26,754 | 13.1 % | (1,147) | 25,607 | 12.6 % | |||||||
Embolization and Access | ||||||||||||||
72,285 | 64,452 | 7,833 | 12.2 % | — | 7,833 | 12.2 % | ||||||||
International | 36,914 | 31,449 | 5,465 | 17.4 % | (994) | 4,471 | 14.2 % | |||||||
Total Embolization and Access | 109,199 | 95,901 | 13,298 | 13.9 % | (994) | 12,304 | 12.8 % | |||||||
Total | $ 339,455 | $ 299,403 | $ 40,052 | 13.4 % | $ (2,141) | $ 37,911 | 12.7 % | |||||||
Six Months Ended June 30, | Reported Change | FX Impact | Constant Currency Change | |||||||||||
2025 | 2024 | $ | % | $ | $ | % | ||||||||
Thrombectomy | ||||||||||||||
$ 376,425 | $ 304,013 | $ 72,412 | 23.8 % | $ — | $ 72,412 | 23.8 % | ||||||||
International | 80,375 | 87,192 | (6,817) | (7.8) % | (224) | (7,041) | (8.1) % | |||||||
Total Thrombectomy | 456,800 | 391,205 | 65,595 | 16.8 % | (224) | 65,371 | 16.7 % | |||||||
Embolization and Access | ||||||||||||||
141,253 | 123,811 | 17,442 | 14.1 % | — | 17,442 | 14.1 % | ||||||||
International | 65,542 | 63,042 | 2,500 | 4.0 % | (259) | 2,241 | 3.6 % | |||||||
Total Embolization and Access | 206,795 | 186,853 | 19,942 | 10.7 % | (259) | 19,683 | 10.5 % | |||||||
Total | $ 663,595 | $ 578,058 | $ 85,537 | 14.8 % | $ (483) | $ 85,054 | 14.7 % | |||||||
__________________ | |
1 | See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. |
Investor Relations
Penumbra, Inc.
investors@penumbrainc.com
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SOURCE Penumbra, Inc.
FAQ
What was Penumbra's (PEN) revenue for Q2 2025?
How much did Penumbra's U.S. Thrombectomy revenue grow in Q2 2025?
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How did Penumbra's international business perform in Q2 2025?
