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Penumbra, Inc. Reports Second Quarter 2025 Financial Results

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.

Updated Full Year 2025 Financial Outlook



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

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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

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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.
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Penumbra, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
June 30, 2025December 31, 2024
Assets
Current assets:
     Cash and cash equivalents$421,768 $324,404 
     Marketable investments2,795 15,727 
     Accounts receivable, net 175,536 167,668 
     Inventories427,628 406,737 
     Prepaid expenses and other current assets37,757 36,589 
          Total current assets1,065,484 951,125 
Property and equipment, net84,825 62,641 
Operating lease right-of-use assets174,059 177,787 
Finance lease right-of-use assets27,606 28,018 
Intangible assets, net6,552 6,513 
Goodwill166,752 165,826 
Deferred taxes109,141 100,332 
Other non-current assets40,390 40,939 
         Total assets$1,674,809 $1,533,181 
Liabilities and Stockholders’ Equity
Current liabilities:
     Accounts payable$28,121 $31,326 
     Accrued liabilities114,389 112,429 
  Current operating lease liabilities12,855 12,221 
  Current finance lease liabilities2,396 2,369 
          Total current liabilities157,761 158,345 
Non-current operating lease liabilities183,493 187,068 
Non-current finance lease liabilities21,785 21,731 
Other non-current liabilities17,819 15,106 
          Total liabilities380,858 382,250 
Stockholders’ equity:
Common stock39 38 
Additional paid-in capital1,146,260 1,096,732 
Accumulated other comprehensive income (loss)3,155 (5,843)
Retained earnings144,497 60,004 
Total stockholders’ equity1,293,951 1,150,931 
Total liabilities and stockholders’ equity$1,674,809 $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 June 30,Six Months Ended June 30,
2025202420252024
Revenue$339,455 $299,403 $663,595 $578,058 
Cost of revenue115,445 136,574 223,702 234,090 
Gross profit224,010 162,829 439,893 343,968 
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 operations40,828 (80,961)81,178 (68,860)
Interest and other income, net4,482 3,087 7,990 5,612 
Income (loss) before income taxes45,310 (77,874)89,168 (63,248)
Provision for (benefit from) income taxes40 (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:
Basic38,834,917 38,793,341 38,699,307 38,755,337 
Diluted39,245,953 38,793,341 39,214,027 38,755,337 

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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,
2025202420252024
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 
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.
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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, 2025Six Months Ended June 30, 2024
Net incomeDiluted EPSNet lossDiluted EPSNet incomeDiluted EPSNet (loss) incomeDiluted 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 EPS39,245,95338,793,34139,214,02738,755,337
Non-GAAP diluted EPS4
39,245,95338,793,34139,214,02739,398,553
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.
3For 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.
4For 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.
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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,
2025202420252024
GAAP net income (loss)$45,270 $(60,200)$84,493 $(49,198)
Adjustments to GAAP net income (loss):
Depreciation and amortization expense5,507 7,647 10,522 15,166 
Interest income, net(3,670)(3,313)(6,734)(6,204)
Provision for (benefit from) income taxes40 (17,674)4,675 (14,050)
Stock-based compensation expense14,234 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 $50,611 
GAAP net income (loss) margin13.3 %(20.1)%12.7 %(8.5)%
Adjusted EBITDA margin18.1 %4.3 %18.2 %8.8 %
1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.
2Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.
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Penumbra, Inc.
Reconciliation of Revenue Growth by Geographic Regions to Constant Currency Revenue Growth1
(unaudited)
(in thousands, except for percentages)
Three Months Ended June 30,Reported ChangeFX ImpactConstant Currency Change
20252024$%$$%
United States$260,818 $218,180 $42,638 19.5 %$— $42,638 19.5 %
International78,637 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 ChangeFX ImpactConstant Currency Change
20252024$%$$%
United States$517,678 $427,824 $89,854 21.0 %$— $89,854 21.0 %
International145,917 150,234 (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 ImpactConstant Currency Change
 20252024$% $$%
Thrombectomy$230,256 $203,502 $26,754 13.1 %$(1,147)$25,607 12.6 %
Embolization and Access109,199 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 ImpactConstant Currency Change
 20252024$% $$%
Thrombectomy$456,800 $391,205 $65,595 16.8 %$(224)$65,371 16.7 %
Embolization and Access206,795 186,853 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 ImpactConstant Currency Change
 20252024$% $$%
Thrombectomy
United States$188,533 $153,728 $34,805 22.6 %$— $34,805 22.6 %
International41,723 49,774 (8,051)(16.2)%(1,147)(9,198)(18.5)%
Total Thrombectomy230,256 203,502 26,754 13.1 %(1,147)25,607 12.6 %
Embolization and Access
United States72,285 64,452 7,833 12.2 %— 7,833 12.2 %
International36,914 31,449 5,465 17.4 %(994)4,471 14.2 %
Total Embolization and Access109,199 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 %

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Six Months Ended June 30,Reported Change FX ImpactConstant Currency Change
 20252024$% $$%
Thrombectomy
United States$376,425 $304,013 $72,412 23.8 %$— $72,412 23.8 %
International80,375 87,192 (6,817)(7.8)%(224)(7,041)(8.1)%
Total Thrombectomy456,800 391,205 65,595 16.8 %(224)65,371 16.7 %
Embolization and Access
United States141,253 123,811 17,442 14.1 %— 17,442 14.1 %
International65,542 63,042 2,500 4.0 %(259)2,241 3.6 %
Total Embolization and Access206,795 186,853 19,942 10.7 %(259)19,683 10.5 %
Total$663,595 $578,058 $85,537 14.8 %$(483)$85,054 14.7 %

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


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