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 ResultsTotal 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 OutlookThe 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 InformationPenumbra, 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 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, visit www.penumbrainc.com and connect on Instagram, LinkedIn, and X.
Non-GAAP Financial MeasuresIn 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 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: 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)
