Penumbra, Inc. Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Penumbra (NYSE: PEN) reported second-quarter 2026 revenue of $390.0 million, up 14.9% year over year. Thrombectomy revenue was $259.0 million (+12.5%), while embolization and access revenue reached $131.1 million (+20.0%). U.S. revenue grew 17.1% to $305.4 million; international revenue increased 7.6% to $84.6 million.
Gross margin was 67.9%, up 1.9 percentage points. Operating expenses were $223.9 million, including $6.9 million of acquisition-related costs tied to the pending acquisition by Boston Scientific (NYSE: BSX). Income from operations was $41.0 million, and net income was $34.8 million, or $0.88 diluted EPS. Penumbra will not provide 2026 guidance or host a Q2 earnings call due to the pending transaction.
Positive
- Revenue $390.0M, up 14.9% year over year in Q2 2026
- Thrombectomy revenue $259.0M, up 12.5% year over year
- Embolization and access revenue $131.1M, up 20.0% year over year
- U.S. revenue $305.4M, up 17.1% year over year
- Gross margin 67.9%, up 1.9 percentage points vs. Q2 2025
- Income from operations $41.0M in Q2 2026
Negative
- Total operating expenses $223.9M, up from $183.2M in Q2 2025
- $6.9M acquisition-related expenses included in Q2 2026 SG&A
- Net income $34.8M, down from $45.3M in Q2 2025
- Diluted EPS $0.88, down from $1.15 a year earlier
- Income tax provision $11.4M, vs. $0.04M in Q2 2025
- No full-year 2026 guidance or Q2 earnings call due to pending acquisition
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 06 | Q1 earnings report | Positive | +0.1% | Revenue grew 15.6%, while net income declined amid higher acquisition-related expenses. |
| Feb 25 | Q4 earnings report | Positive | -0.3% | Quarterly and annual revenue and profitability increased; 2026 guidance was withheld. |
| Feb 04 | BSX earnings report | Positive | -4.5% | Boston Scientific reported fourth-quarter sales growth and 2026 guidance. |
| Jan 15 | Preliminary earnings update | Positive | +11.8% | Preliminary fourth-quarter and full-year revenue and operating results increased. |
| Nov 05 | Q3 earnings report | Positive | +17.3% | Revenue growth and raised full-year 2025 guidance accompanied the quarterly results. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed, with three supplied positive earnings outcomes aligned with gains and two diverging; the average move was 4.9%.
Key Terms
thrombectomy medical
embolization medical
computer assisted vacuum thrombectomy medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Revenue of
$390 14.9% compared to the second quarter of 2025. - Global thrombectomy revenue of
$259 12.5% compared to the second quarter of 2025. - Global embolization and access revenue of
$131 20.0% compared to the second quarter of 2025. - Gross profit margin of
67.9% in the second quarter of 2026, an increase of1.9% compared to the second quarter of 2025. - Total operating expenses of
$223.9 million $25.4 million $198 $6.9 million - Income from operations of
$41 $34
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 June 30, 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) | ||||
June 30, 2026 | December 31, 2025 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 205,271 | $ 186,897 | ||
Marketable investments | 453,524 | 357,919 | ||
Accounts receivable, net | 190,407 | 190,021 | ||
Inventories | 442,650 | 431,549 | ||
Prepaid expenses and other current assets | 52,270 | 50,298 | ||
Total current assets | 1,344,122 | 1,216,684 | ||
Property and equipment, net | 146,718 | 117,436 | ||
Operating lease right-of-use assets | 167,194 | 173,587 | ||
Finance lease right-of-use assets | 24,357 | 25,972 | ||
Intangible assets, net | 5,742 | 6,186 | ||
Goodwill | 166,523 | 166,750 | ||
Deferred taxes | 79,376 | 79,188 | ||
Other non-current assets | 40,691 | 40,716 | ||
Total assets | $ 1,974,723 | $ 1,826,519 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 44,728 | $ 34,736 | ||
Accrued liabilities | 172,270 | 132,163 | ||
Current operating lease liabilities | 14,398 | 13,841 | ||
Current finance lease liabilities | 2,380 | 2,393 | ||
Total current liabilities | 233,776 | 183,133 | ||
Non-current operating lease liabilities | 176,304 | 182,751 | ||
Non-current finance lease liabilities | 19,628 | 20,714 | ||
Other non-current liabilities | 14,249 | 12,318 | ||
Total liabilities | 443,957 | 398,916 | ||
Stockholders' equity: | ||||
Common stock | 39 | 39 | ||
Additional paid-in capital | 1,224,278 | 1,185,525 | ||
Accumulated other comprehensive income | 1,363 | 4,348 | ||
Retained earnings | 305,086 | 237,691 | ||
Total stockholders' equity | 1,530,766 | 1,427,603 | ||
Total liabilities and stockholders' equity | $ 1,974,723 | $ 1,826,519 | ||
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, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Revenue | $ 390,046 | $ 339,455 | $ 764,804 | $ 663,595 | ||||
Cost of revenue | 125,102 | 115,445 | 246,449 | 223,702 | ||||
Gross profit | 264,944 | 224,010 | 518,355 | 439,893 | ||||
Operating expenses: | ||||||||
Research and development | 25,396 | 23,218 | 47,778 | 45,295 | ||||
Sales, general and administrative | 198,509 | 159,964 | 391,304 | 313,420 | ||||
Total operating expenses | 223,905 | 183,182 | 439,082 | 358,715 | ||||
Income from operations | 41,039 | 40,828 | 79,273 | 81,178 | ||||
Interest and other income, net | 5,148 | 4,482 | 8,602 | 7,990 | ||||
Income before income taxes | 46,187 | 45,310 | 87,875 | 89,168 | ||||
Provision for income taxes | 11,376 | 40 | 20,480 | 4,675 | ||||
Net income | $ 34,811 | $ 45,270 | $ 67,395 | $ 84,493 | ||||
Net income per share: | ||||||||
Basic | $ 0.88 | $ 1.17 | $ 1.71 | $ 2.18 | ||||
Diluted | $ 0.88 | $ 1.15 | $ 1.70 | $ 2.15 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 39,353,965 | 38,834,917 | 39,314,912 | 38,699,307 | ||||
Diluted | 39,572,059 | 39,245,953 | 39,572,347 | 39,214,027 | ||||
Penumbra, Inc. | ||||||||
Reconciliation of Revenue Growth by Geographic Regions | ||||||||
(unaudited) | ||||||||
(in thousands, except for percentages) | ||||||||
Three Months Ended June 30, | Change | |||||||
2026 | 2025 | $ | % | |||||
$ 305,445 | $ 260,818 | $ 44,627 | 17.1 % | |||||
International | 84,601 | 78,637 | 5,964 | 7.6 % | ||||
Total | $ 390,046 | $ 339,455 | $ 50,591 | 14.9 % | ||||
Six Months Ended June 30, | Change | |||||||
2026 | 2025 | $ | % | |||||
$ 601,832 | $ 517,678 | $ 84,154 | 16.3 % | |||||
International | 162,972 | 145,917 | 17,055 | 11.7 % | ||||
Total | $ 764,804 | $ 663,595 | $ 101,209 | 15.3 % | ||||
Penumbra, Inc. | ||||||||
Reconciliation of Revenue Growth by Product Categories | ||||||||
(unaudited) | ||||||||
(in thousands, except for percentages) | ||||||||
Three Months Ended June 30, | Change | |||||||
2026 | 2025 | $ | % | |||||
Thrombectomy | $ 258,981 | $ 230,256 | $ 28,725 | 12.5 % | ||||
Embolization and Access | 131,065 | 109,199 | 21,866 | 20.0 % | ||||
Total | $ 390,046 | $ 339,455 | $ 50,591 | 14.9 % | ||||
Six Months Ended June 30, | Change | |||||||
2026 | 2025 | $ | % | |||||
Thrombectomy | $ 512,898 | $ 456,800 | $ 56,098 | 12.3 % | ||||
Embolization and Access | 251,906 | 206,795 | 45,111 | 21.8 % | ||||
Total | $ 764,804 | $ 663,595 | $ 101,209 | 15.3 % | ||||
Investor Relations
Penumbra, Inc.
investors@penumbrainc.com
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SOURCE Penumbra, Inc.