Penumbra (NYSE: PEN) grows 2025 revenue 17.5% amid BSX acquisition

Rhea-AI Filing Summary

Penumbra, Inc. reported strong growth for the fourth quarter and full year 2025, highlighted by rising revenue and improved profitability. Fourth quarter revenue reached $385.4 million, up 22.1% from a year earlier, with net income of $47.3 million and an adjusted EBITDA margin of 20.5%.

For 2025, revenue grew to $1,403.7 million, an increase of 17.5%, while net income climbed to $177.7 million, or $4.52 per diluted share, and adjusted EBITDA was $266.8 million with a 19.0% margin. Thrombectomy and embolization products both delivered double-digit growth. Because of the proposed acquisition of Penumbra by Boston Scientific Corporation, the company is not providing 2026 guidance and will not host a conference call.

Positive

• Strong 2025 revenue and profit growth: Full-year revenue rose to $1,403.7 million, up 17.5%, while income from operations increased to $189.2 million and net income to $177.7 million, supported by a higher gross margin of 67.1% and an adjusted EBITDA margin of 19.0%.

Negative

• None.

Insights

Equity Research Analyst

Penumbra shows strong 2025 growth and profitability as a pending Boston Scientific acquisition reshapes its outlook.

Penumbra delivered solid operating momentum in 2025. Revenue rose 17.5% to $1,403.7 million, driven by thrombectomy sales of $947.9 million and embolization/access revenue of $455.7 million. Full-year gross margin improved to 67.1%, aided by prior restructuring and mix benefits.

Profitability strengthened sharply. Income from operations increased to $189.2 million from $9.3 million, while net income reached $177.7 million and adjusted EBITDA was $266.8 million, giving a 19.0% adjusted EBITDA margin. These figures reflect both growth and the absence of the prior year’s impairment charge.

The company cited a proposed acquisition by Boston Scientific Corporation and, as a result, is withholding 2026 guidance and cancelling its usual earnings call. Future value realization for shareholders will depend on how this acquisition progresses and subsequent disclosures in filings for the year ended December 31, 2025.

0001321732FALSE00013217322026-02-202026-02-20

__________________________________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________________________________________________________________

FORM 8-K 

_______________________________________________________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

February 25, 2026

Date of Report (Date of earliest event reported) 

_______________________________________________________________________________________________________________________________

Penumbra, Inc.

(Exact name of registrant as specified in its charter)

_______________________________________________________________________________________________________________________________

Delaware			001-37557			05-0605598
(State or other jurisdiction of incorporation or organization)			(Commission File No.)			(I.R.S. employer identification number)

One Penumbra Place

Alameda, CA 94502

(Address of principal executive offices, including zip code)

(510) 748-3200

(Registrant’s telephone number, including area code) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: 

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock, Par value $0.001 per share			PEN			The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

_______________________________________________________________________________________________________________________________

_______________________________________________________________________________________________________________________________

Item 2.02. Results of Operations and Financial Condition.

On February 25, 2026, Penumbra, Inc. issued a press release announcing financial results for the fourth fiscal quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished on this Current Report on Form 8-K, including the attached exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number						Description
99.1						Press release of Penumbra, Inc. dated February 25, 2026.
104						Cover Page Interactive Data File (formatted as Inline Extensible Business Reporting Language).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

			Penumbra, Inc.
Date: February 25, 2026			By:			/s/ Maggie Yuen
						Maggie Yuen
						Chief Financial Officer

Exhibit 99.1

Penumbra, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results

ALAMEDA, Calif., Feb. 25, 2026 /PR Newswire/ -- 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 million for 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 million for the fourth quarter of 2025, an increase of 12.4% compared to the fourth quarter of 2024.

•U.S. Thrombectomy revenue of $771.5 million for 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.

1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.

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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.

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.

1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.

2

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

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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.

4

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

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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

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Penumbra, Inc.

Reconciliation of GAAP Operating Expenses and GAAP Income from Operations to Non-GAAP Operating Expenses and Non-GAAP Income from Operations1

(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 charge2						—						—						—						76,945
Wind down expenses3						—						—						—						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 charge2						—						—						—						76,945
Wind down expenses3						—						—						—						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

1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.

2Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.

3Represents 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 EPS1

(unaudited)

(in thousands, except per share amounts)

						Three Months Ended December 31, 2025												Three Months Ended December 31, 2024												Year Ended December 31, 2025												Year Ended December 31, 2024
						Net income						Diluted EPS						Net income						Diluted EPS						Net income						Diluted EPS						Net income						Diluted 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 charge2						—						—						—						—						—						—						76,945						1.96
Wind down expenses3						—						—						—						—						—						—						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

1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.

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2Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.

3Represents 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.

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Penumbra, Inc.

Reconciliation of GAAP Net Income and GAAP Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin1

(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 charge2						—						—						—						76,945
Wind down expenses3						—						—						—						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		%

1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.

2Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.

3Represents 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.

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Penumbra, Inc.

Reconciliation of Revenue Change by Geographic Regions to Constant Currency Revenue Growth1

(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 Growth1

(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		%

10

						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		%

1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.

Investor Relations

Penumbra, Inc.

510-995-2461

investors@penumbrainc.com

Source: Penumbra, Inc.

11

FAQ

How did Penumbra (PEN) perform financially in the fourth quarter of 2025?

Penumbra reported fourth quarter 2025 revenue of $385.4 million, up 22.1% year over year. Net income reached $47.3 million, with a net margin of 12.3% and adjusted EBITDA of $79.1 million, reflecting an adjusted EBITDA margin of 20.5%.

What were Penumbra (PEN)’s full year 2025 revenue and profit figures?

For 2025, Penumbra generated $1,403.7 million in revenue, an increase of 17.5% from 2024. Net income was $177.7 million and adjusted EBITDA was $266.8 million, resulting in a 19.0% adjusted EBITDA margin and diluted EPS of $4.52 on a GAAP basis.

How did Penumbra’s thrombectomy and embolization businesses perform in 2025?

Thrombectomy revenue reached $947.9 million in 2025, growing 16.2% year over year, led by 19.3% growth in U.S. thrombectomy. Embolization and access products delivered $455.7 million in revenue, up 20.2%, with U.S. embolization and access revenue increasing 25.4% versus 2024.

What changes did Penumbra (PEN) report in margins for 2025?

Penumbra’s 2025 gross profit was $942.4 million, a 67.1% gross margin, compared with 63.2% in 2024, which included a one-time $33.4 million inventory impairment. Adjusted EBITDA margin improved to 19.0%, while GAAP net income margin rose to 12.7% for the year.

Why is Penumbra not providing financial guidance for 2026?

Penumbra stated it will not provide full year 2026 financial guidance because of the proposed acquisition of the company by Boston Scientific Corporation. For the same reason, management also decided not to host its usual conference call reviewing fourth quarter and full year 2025 results.

What non-GAAP metrics does Penumbra (PEN) highlight in these results?

Penumbra emphasizes non-GAAP measures including constant currency revenue growth, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income and diluted EPS, plus adjusted EBITDA and adjusted EBITDA margin. These exclude items such as impairment charges, wind-down costs, certain litigation expenses, and excess tax benefits.

How did Penumbra’s cash and balance sheet look at year-end 2025?

As of December 31, 2025, Penumbra reported $186.9 million in cash and cash equivalents and $357.9 million in marketable investments. Total assets were $1,826.5 million, with stockholders’ equity of $1,427.6 million, indicating a largely equity-financed balance sheet and modest liabilities.

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