Full Press Release Details
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 InformationGiven 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 PenumbraPenumbra, 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, visitwww.penumbrainc.comand connect onInstagram,LinkedIn,andX.
Forward-Looking StatementsExcept for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: the risk that the pending acquisition by Boston Scientific Corporation will not be completed in the expected timeframe or at all, including the risk that required regulatory approvals will not be obtained; potential adverse effects to our business during the pendency of the acquisition, such as employee departures or diversion of management's attention from our business; failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 25, 2026. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.
| Penumbra, Inc.Condensed Consolidated Balance Sheets(unaudited)(in thousands) | ||||
| March 31, 2026 | December 31, 2025 | |||
| Assets | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ 241,289 | $ 186,897 | ||
| Marketable investments | 374,371 | 357,919 | ||
| Accounts receivable, net | 183,295 | 190,021 | ||
| Inventories | 438,539 | 431,549 | ||
| Prepaid expenses and other current assets | 37,912 | 50,298 | ||
| Total current assets | 1,275,406 | 1,216,684 | ||
| Property and equipment, net | 134,059 | 117,436 | ||
| Operating lease right-of-use assets | 170,273 | 173,587 | ||
| Finance lease right-of-use assets | 25,209 | 25,972 | ||
| Intangible assets, net | 5,946 | 6,186 | ||
| Goodwill | 166,589 | 166,750 | ||
| Deferred taxes | 79,972 | 79,188 | ||
| Other non-current assets | 40,984 | 40,716 | ||
| Total assets | $ 1,898,438 | $ 1,826,519 | ||
| Liabilities and Stockholders' Equity | ||||
| Current liabilities: | ||||
| Accounts payable | $ 43,658 | $ 34,736 | ||
| Accrued liabilities | 151,543 | 132,163 | ||
| Current operating lease liabilities | 14,144 | 13,841 | ||
| Current finance lease liabilities | 2,386 | 2,393 | ||
| Total current liabilities | 211,731 | 183,133 | ||
| Non-current operating lease liabilities | 179,424 | 182,751 | ||
| Non-current finance lease liabilities | 20,221 | 20,714 | ||
| Other non-current liabilities | 13,250 | 12,318 | ||
| Total liabilities | 424,626 | 398,916 | ||
| Stockholders' equity: | ||||
| Common stock | 39 | 39 | ||
| Additional paid-in capital | 1,201,423 | 1,185,525 | ||
| Accumulated other comprehensive income | 2,075 | 4,348 | ||
| Retained earnings | 270,275 | 237,691 | ||
| Total stockholders' equity | 1,473,812 | 1,427,603 | ||
| Total liabilities and stockholders' equity | $ 1,898,438 | $ 1,826,519 | ||
Penumbra, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
March 31, 2026
December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$ 241,289
$ 186,897
Marketable investments
374,371
357,919
Accounts receivable, net
183,295
190,021
Inventories
438,539
431,549
Prepaid expenses and other current assets
37,912
50,298
Total current assets
1,275,406
1,216,684
Property and equipment, net
134,059
117,436
Operating lease right-of-use assets
170,273
173,587
Finance lease right-of-use assets
25,209
25,972
Intangible assets, net
5,946
6,186
Goodwill
166,589
166,750
Deferred taxes
79,972
79,188
Other non-current assets
40,984
40,716
Total assets
$ 1,898,438
$ 1,826,519
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 43,658
$ 34,736
Accrued liabilities
151,543
132,163
Current operating lease liabilities
14,144
13,841
Current finance lease liabilities
2,386
2,393
Total current liabilities
211,731
183,133
Non-current operating lease liabilities
179,424
182,751
Non-current finance lease liabilities
20,221
20,714
Other non-current liabilities
13,250
12,318
Total liabilities
424,626
398,916
Stockholders' equity:
Common stock
39
39
Additional paid-in capital
1,201,423
1,185,525
Accumulated other comprehensive income
2,075
4,348
Retained earnings
270,275
237,691
Total stockholders' equity
1,473,812
1,427,603
Total liabilities and stockholders' equity
$ 1,898,438
$ 1,826,519
| Penumbra, Inc.Condensed Consolidated Statements of Operations(unaudited)(in thousands, except share and per share amounts) | ||||
| Three Months Ended March 31, | ||||
| 2026 | 2025 | |||
| Revenue | $ 374,758 | $ 324,140 | ||
| Cost of revenue | 121,347 | 108,257 | ||
| Gross profit | 253,411 | 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 operations | 38,234 | 40,350 | ||
| Interest and other income, net | 3,454 | 3,508 | ||
| Income before income taxes | 41,688 | 43,858 | ||
| Provision for income taxes | 9,104 | 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: | ||||
| Basic | 39,275,424 | 38,562,191 | ||
| Diluted | 39,543,780 | 39,163,428 |
Penumbra, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended March 31,
2026
2025
Revenue
$ 374,758
$ 324,140
Cost of revenue
121,347
108,257
Gross profit
253,411
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 operations
38,234
40,350
Interest and other income, net
3,454
3,508
Income before income taxes
41,688
43,858
Provision for income taxes
9,104
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:
Basic
39,275,424
38,562,191
Diluted
39,543,780
39,163,428
| Penumbra, Inc.Reconciliation of Revenue Growth by Geographic Regions(unaudited)(in thousands, except for percentages) | ||||||||
| Three Months Ended March 31, | Change | |||||||
| 2026 | 2025 | $ | % | |||||
| United States | $ 296,387 | $ 256,860 | $ 39,527 | 15.4 % | ||||
| International | 78,371 | 67,280 | 11,091 | 16.5 % | ||||
| Total | $ 374,758 | $ 324,140 | $ 50,618 | 15.6 % |
Penumbra, Inc.
Reconciliation of Revenue Growth by Geographic Regions
(unaudited)
(in thousands, except for percentages)
Three Months Ended March 31,
Change
2026
2025
$
%
United States
$ 296,387
$ 256,860
$ 39,527
15.4 %
International
78,371
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 | |||||||
| 2026 | 2025 | $ | % | |||||
| Thrombectomy | $ 253,917 | $ 226,544 | $ 27,373 | 12.1 % | ||||
| Embolization and Access | 120,841 | 97,596 | 23,245 | 23.8 % | ||||
| 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
2026
2025
$
%
Thrombectomy
$ 253,917
$ 226,544
$ 27,373
12.1 %
Embolization and Access
120,841
97,596
23,245
23.8 %
Total
$ 374,758
$ 324,140
$ 50,618
15.6 %
Investor RelationsPenumbra, Inc.[email protected]
SOURCE Penumbra, Inc.