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Penumbra (NYSE: PEN) posts $374.8M Q1 2026 revenue as Boston Scientific deal looms

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8-K

Rhea-AI Filing Summary

Penumbra, Inc. reported first quarter 2026 revenue of $374.8 million, up 15.6% from the first quarter of 2025, driven by growth in both thrombectomy and embolization businesses. Global thrombectomy revenue was $253.9 million, up 12.1%, while embolization and access revenue reached $120.8 million, up 23.8%.

Gross profit margin improved to 67.6%, but net income declined to $32.6 million from $39.2 million, reflecting higher operating expenses of $215.2 million, including $9.4 million of acquisition-related expenses tied to the pending acquisition by Boston Scientific Corporation. Diluted earnings per share were $0.82 versus $1.00 a year earlier.

Cash and cash equivalents were $241.3 million and marketable investments were $374.4 million as of March 31, 2026, supporting a total asset base of $1.90 billion. Given the pending acquisition by Boston Scientific, Penumbra is not providing full-year 2026 financial guidance and is not hosting a conference call for this quarter.

Positive

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Insights

Penumbra delivered solid double-digit revenue growth, but earnings softened due to higher costs and deal expenses.

Penumbra posted Q1 2026 revenue of $374.8M, up 15.6% year over year, with broad-based strength. Thrombectomy revenue grew 12.1% to $253.9M, while embolization and access rose 23.8% to $120.8M, underscoring healthy demand across its portfolio.

Profitability was more mixed. Gross margin improved to 67.6%, but operating expenses climbed to $215.2M, including $9.4M of acquisition-related expenses linked to the pending Boston Scientific transaction. Net income slipped to $32.6M from $39.2M, and diluted EPS declined to $0.82.

The balance sheet remained strong, with cash and cash equivalents of $241.3M and marketable investments of $374.4M as of March 31, 2026. Management is pausing full-year 2026 guidance and foregoing a quarterly earnings call due to the pending acquisition, so future SEC filings will be key for updates on deal progress and any operational trends.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 Revenue $374.8 million Three months ended March 31, 2026; up 15.6% year over year
Thrombectomy revenue $253.9 million Q1 2026; 12.1% growth vs Q1 2025
Embolization and access revenue $120.8 million Q1 2026; 23.8% growth vs Q1 2025
Gross profit margin 67.6% Q1 2026; 1.0 percentage point increase vs Q1 2025
Net income $32.6 million Q1 2026; down from $39.2 million in Q1 2025
Diluted EPS $0.82 Three months ended March 31, 2026; versus $1.00 in 2025
Cash and cash equivalents $241.3 million Balance as of March 31, 2026
Marketable investments $374.4 million Balance as of March 31, 2026
thrombectomy medical
"Penumbra, Inc. (NYSE: PEN), the world’s leading thrombectomy company, today reported financial results"
A thrombectomy is a medical procedure that physically removes a blood clot from an artery or vein to restore normal blood flow, much like clearing a clogged pipe so fluids can pass again. For investors, thrombectomy matters because demand, device approvals, clinical results, and insurance coverage for these procedures affect sales and profitability of medical-device makers, hospitals’ treatment mix, and the outlook for companies developing related drugs or technologies.
embolization and access medical
"Global embolization and access revenue of $120.8 million in the first quarter of 2026"
gross profit margin financial
"Gross profit margin of 67.6% in the first quarter of 2026"
Gross profit margin shows how much money a company keeps from sales after paying for the goods or services it sold. It’s like checking how much profit is left over from each dollar earned before covering other costs. A higher margin indicates the company makes more money from its sales, which helps assess its profitability and efficiency.
condensed consolidated balance sheets financial
"Penumbra, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands)"
A condensed consolidated balance sheet is a shortened, combined snapshot of a company's assets, liabilities and shareholders’ equity that merges the parent company with its subsidiaries and removes internal transactions. It gives investors a quick, comparable view of the group’s financial position—like a summarized bank statement for the whole family—useful for gauging liquidity and solvency at a glance, though it omits the detailed line-item disclosures in full financial statements.
forward-looking statements regulatory
"Except for historical information, certain statements in this press release are forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Offering Type earnings_snapshot
Understanding 8-K Material Events →
0001321732FALSE00013217322026-05-062026-05-06

__________________________________________________________________________________________________________________________

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

May 6, 2026
Date of Report (Date of earliest event reported) 
_______________________________________________________________________________________________________________________________

Penumbra, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________________________________________________________
Delaware001-3755705-0605598
(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 classTrading SymbolName of each exchange on which registered
Common Stock, Par value $0.001 per sharePENThe 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 May 6, 2026, Penumbra, Inc. issued a press release announcing financial results for the first fiscal quarter ended March 31, 2026. 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 May 6, 2026.
104Cover 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: May 6, 2026By:/s/ Maggie Yuen
  Maggie Yuen
  Chief Financial Officer




Exhibit 99.1
image1a.jpg
Penumbra, Inc. Reports First Quarter 2026 Financial Results

ALAMEDA, Calif., May 6, 2026 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), the world’s leading thrombectomy company, today reported financial results for the first quarter ended March 31, 2026.
•Revenue of $374.8 million in the first quarter of 2026, an increase of 15.6% compared to the first quarter of 2025.
•Global thrombectomy revenue of $253.9 million in the first quarter of 2026, an increase of 12.1% compared to the first quarter of 2025.
•Global embolization and access revenue of $120.8 million in the first quarter of 2026, an increase of 23.8% compared to the first quarter of 2025.
•Gross profit margin of 67.6% in the first quarter of 2026, an increase of 1.0% compared to the first quarter of 2025.
•Total operating expenses of $215.2 million in the first quarter of 2026, comprised of R&D of $22.4 million and SG&A of $192.8 million, which includes $9.4 million of acquisition-related expenses associated with the pending acquisition of Penumbra, Inc. by Boston Scientific Corporation.
•Income from operations of $38.2 million and net income of $32.6 million in the first quarter of 2026.

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.




1

Penumbra, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
March 31, 2026December 31, 2025
Assets
Current assets:
     Cash and cash equivalents$241,289 $186,897 
     Marketable investments374,371 357,919 
     Accounts receivable, net 183,295 190,021 
     Inventories438,539 431,549 
     Prepaid expenses and other current assets37,912 50,298 
          Total current assets1,275,406 1,216,684 
Property and equipment, net134,059 117,436 
Operating lease right-of-use assets170,273 173,587 
Finance lease right-of-use assets25,209 25,972 
Intangible assets, net5,946 6,186 
Goodwill166,589 166,750 
Deferred taxes79,972 79,188 
Other non-current assets40,984 40,716 
         Total assets$1,898,438 $1,826,519 
Liabilities and Stockholders’ Equity
Current liabilities:
     Accounts payable$43,658 $34,736 
     Accrued liabilities151,543 132,163 
  Current operating lease liabilities14,144 13,841 
  Current finance lease liabilities2,386 2,393 
          Total current liabilities211,731 183,133 
Non-current operating lease liabilities179,424 182,751 
Non-current finance lease liabilities20,221 20,714 
Other non-current liabilities13,250 12,318 
          Total liabilities424,626 398,916 
Stockholders’ equity:
Common stock39 39 
Additional paid-in capital1,201,423 1,185,525 
Accumulated other comprehensive income2,075 4,348 
Retained earnings270,275 237,691 
Total stockholders’ equity1,473,812 1,427,603 
Total liabilities and stockholders’ equity$1,898,438 $1,826,519 


2

Penumbra, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended March 31,
20262025
Revenue$374,758 $324,140 
Cost of revenue121,347 108,257 
Gross profit253,411 215,883 
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 operations38,234 40,350 
Interest and other income, net3,454 3,508 
Income before income taxes41,688 43,858 
Provision for income taxes9,104 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:
Basic39,275,424 38,562,191 
Diluted39,543,780 39,163,428 


3

Penumbra, Inc.
Reconciliation of Revenue Growth by Geographic Regions
(unaudited)
(in thousands, except for percentages)
Three Months Ended March 31,Change
20262025$%
United States$296,387 $256,860 $39,527 15.4 %
International78,371 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
 20262025$%
Thrombectomy$253,917 $226,544 $27,373 12.1 %
Embolization and Access120,841 97,596 23,245 23.8 %
Total$374,758 $324,140 $50,618 15.6 %



Investor Relations
Penumbra, Inc.
investors@penumbrainc.com
Source: Penumbra, Inc.

4

Source: View Original Filing on SEC EDGAR

FAQ

How did Penumbra (PEN) perform financially in Q1 2026?

Penumbra generated $374.8 million in revenue in Q1 2026, up 15.6% from Q1 2025. Net income was $32.6 million, compared with $39.2 million a year earlier, reflecting higher operating expenses and acquisition-related costs.

How did Penumbra’s thrombectomy and embolization businesses grow in Q1 2026?

Thrombectomy revenue reached $253.9 million in Q1 2026, a 12.1% increase year over year. Embolization and access revenue was $120.8 million, rising 23.8%. Both segments contributed to Penumbra’s overall 15.6% revenue growth for the quarter.

What were Penumbra (PEN) earnings and margins for Q1 2026?

Penumbra reported Q1 2026 net income of $32.6 million and diluted EPS of $0.82. Gross profit margin improved to 67.6%, but higher operating expenses, including acquisition-related costs, reduced income from operations to $38.2 million from $40.4 million in Q1 2025.

How strong is Penumbra’s balance sheet as of March 31, 2026?

As of March 31, 2026, Penumbra held $241.3 million in cash and cash equivalents and $374.4 million in marketable investments. Total assets were $1.90 billion and stockholders’ equity was $1.47 billion, indicating a solid capital position.

How did Penumbra’s U.S. and international revenues change in Q1 2026?

U.S. revenue in Q1 2026 was $296.4 million, up 15.4% from Q1 2025. International revenue reached $78.4 million, increasing 16.5%. Both regions delivered double-digit growth, supporting Penumbra’s overall 15.6% revenue increase.

Why is Penumbra (PEN) not providing 2026 guidance or hosting an earnings call?

Penumbra is withholding full-year 2026 financial guidance and not hosting a Q1 2026 earnings call because of the pending acquisition by Boston Scientific Corporation. Management is focusing communications through regulatory filings while the transaction progresses.

Filing Exhibits & Attachments

4 documents

Press Releases

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