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Penumbra, Inc. Reports Second Quarter 2025 Financial Results

By PR Newswire | July 29, 2025, 4:05 PM

ALAMEDA, Calif., July 29, 2025 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), the world's leading thrombectomy company, today reported financial results for the second quarter ended June 30, 2025.

  • Revenue of $339.5 million in the second quarter of 2025, an increase of 13.4% or 12.7% in constant currency1, compared to the second quarter of 2024.



  • U.S. Thrombectomy revenue of $188.5 million in the second quarter of 2025, an increase of 22.6% compared to the second quarter of 2024. U.S. VTE revenue increased 42% compared to the same period a year ago.



  • Income from operations of $40.8 million or operating margin of 12.0% in the second quarter of 2025.



  • Net income of $45.3 million and adjusted EBITDA1 of $61.4 million or net income margin of 13.3% and adjusted EBITDA margin1 of 18.1% in the second quarter of 2025.

Second Quarter 2025 Financial Results

Total revenue increased to $339.5 million for the second quarter of 2025 compared to $299.4 million for the second quarter of 2024, an increase of 13.4%, or 12.7% in constant currency1. The United States represented 76.8% of total revenue and international represented 23.2% of total revenue for the second quarter of 2025. Revenue from the U.S. increased 19.5% while revenue from our international regions decreased 3.2%, or 5.8% in constant currency1. Revenue from sales of our global thrombectomy products grew to $230.3 million in the second quarter of 2025, an increase of 13.1%, or 12.6% in constant currency1 over the same period a year ago, driven primarily by the sales of our U.S. thrombectomy products which increased by 22.6% over the same period a year ago. Revenue from sales of our global embolization and access products grew to $109.2 million for the second quarter of 2025, an increase of 13.9%, or 12.8% in constant currency1 from the same period a year ago, driven primarily by our U.S. embolization and access products which increased by 12.2% from the same period a year ago.

Gross profit for the second quarter of 2025 was $224.0 million, or 66.0% of total revenue compared to $162.8 million, or 54.4% of total revenue, for the second quarter of 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 11.1 percentage points during the second quarter of 2024. Excluding the one-time inventory impairment charge, the improvement in gross margin was primarily driven by favorable product mix across our regions and productivity improvements. 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. As we move into the second half of 2025, we expect to see sequential gross margin expansion from favorable product mix and productivity improvements.

Total operating expenses and non-GAAP operating expenses1 were $183.2 million, or 54.0% of total revenue for the second quarter of 2025. This compares to total operating expenses of $243.8 million, or 81.4% of total revenue for the second quarter of 2024, which included a $76.9 million long-lived assets impairment charge associated with the impairment of assets related to our immersive healthcare business during the second quarter of 2024 and a $2.4 million amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition. Excluding the charges noted above, total non-GAAP operating expenses1 were $164.5 million, or 54.9% of total revenue for the second quarter of 2024. R&D expenses were $23.2 million for the second quarter of 2025, compared to $24.9 million for the second quarter of 2024. SG&A expenses were $160.0 million for the second quarter of 2025, compared to $141.9 million for the second quarter of 2024.

Income from operations and non-GAAP income from operations1 was $40.8 million for the second quarter of 2025, compared to a loss from operations of $81.0 million for the second quarter of 2024. Excluding a $76.9 million long-lived assets impairment charge associated with the impairment of assets related to our immersive healthcare business during the second quarter of 2024 and a $2.4 million amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition, non-GAAP loss from operations1 was $1.6 million for the second quarter of 2024.

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 $1 billion, 355 million to $1 billion, 370 million, which represents 13% to 15% growth over 2024 revenue of $1 billion, 195 million. The Company maintains guidance for U.S. Thrombectomy growth of 20% to 21% compared to 2024 levels. The Company also maintains guidance for both gross margin and operating margin for full year 2025.

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 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 (loss) from operations, non-GAAP net income (loss), 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 (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

Non-GAAP Income (Loss) from Operations1

(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

items:

















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

following items:

















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

June 30, 2025



Six Months Ended

June 30, 2024





Net

income



Diluted

EPS



Net loss



Diluted

EPS



Net

income



Diluted

EPS



Net (loss)

income



Diluted

EPS

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

following items:

































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

acquired







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

awards



(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 24.10% to compute the tax effect of

non-GAAP adjustments.

4

For the purposes of calculating non-GAAP diluted EPS for the six months ended June 30, 2024, non-GAAP diluted weighted average shares

outstanding of 39,398,553 were used as the Company had non-GAAP net income in the period.

 

Penumbra, Inc.

Reconciliation of GAAP Net Income (Loss) and GAAP Net Income (Loss) Margin to Adjusted EBITDA and Adjusted EBITDA

Margin1

(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



$



%



$



$



%

United States



$        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



$



%



$



$



%

United States



$        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





























United States



$        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





























United States



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





























United States



$        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





























United States



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.

[email protected]

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