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Penumbra, Inc. Reports Third Quarter 2025 Financial Results

On November 5, 2025, Penumbra, Inc. (NYSE: PEN), a prominent leader in thrombectomy, unveiled its financial performance for the third quarter ending September 30, 2025. The company reported a total revenue of $354.7 million, marking a substantial increase of 17.8% compared to the same quarter in 2024, or 16.9% when adjusted for constant currency.

Revenue Breakdown

The U.S. market proved to be a pivotal contributor, with total revenue from this region hitting $275.0 million, reflecting a notable 21.5% growth from a year earlier.

Delving further into specific product lines, Penumbra's thrombectomy revenue in the U.S. amounted to $192.0 million, which showcases an 18.5% rise year-over-year. The revenue from Venous Thromboembolism (VTE) treatments saw a remarkable surge of 34%, underscoring the strong demand for these critical medical solutions.

Financial Performance Metrics

Penumbra reported an operational income of $48.8 million, translating to an operating margin of 13.8% for Q3 2025. The net income reached $45.9 million, with an adjusted EBITDA of $66.7 million, giving a net income margin of 12.9% and an adjusted EBITDA margin of 18.8% respectively. This solid performance demonstrates the effectiveness of Penumbra's ongoing strategic initiatives and focus on operational efficiency.

Comprehensive Revenue Insights

Reflecting on the total revenue, the U.S. constituted 77.5% of Penumbra's overall revenue while international sales represented 22.5%. Notably, international revenue grew by 6.6%, equating to 3.0% when viewed in constant currency. Global thrombectomy product sales ascended to $236.4 million, increasing by 15.8% year over year, primarily fueled by U.S. thrombectomy product sales, which rose by 18.5%. Additionally, the revenue from global embolization and access products grew to $118.3 million, a healthy 22.0% increase compared to the prior year.

The gross profit for Q3 2025 stood at $240.4 million, representing 67.8% of total revenue, slightly up from 66.5%, indicating improved efficiency in production and sales mix due to higher product demand. Penumbra expects that these favorable trends in productivity and sales will continue to enhance gross margins moving forward.

Operating Expenses Overview

Operating expenses totaled $191.6 million, accounting for 54.0% of total revenue, a slight improvement compared to the previous year's 54.8%. R&D expenditures were $22.7 million, down from $25.2 million in 2024. Furthermore, Selling, General & Administrative expenses rose to $168.9 million from $139.7 million, reflecting increased investments in efforts to expand market share and product development.

Forward Outlook for 2025

Looking ahead, Penumbra has revised its revenue guidance for the full year of 2025 to a range of $1.375 billion to $1.38 billion, representing a growth rate of 15% to 16% over the previous year's revenues of $1.195 billion. The company maintains its forecast for U.S. thrombectomy revenue to grow by 20% to 21%, emphasizing strong expected performance in this critical area.

Conference Call and Further Information

Penumbra's management will hold a conference call to discuss these results in detail after the market closes on November 5, 2025. Investors can access the call via phone or a live webcast through the company's investor relations site.

About Penumbra, Inc.

Penumbra, Inc. is at the forefront of thrombectomy technologies, aiming to improve medical outcomes for conditions such as ischemic strokes and venous thromboembolism. Their innovative products and solutions are utilized in more than 100 countries, reflecting the company's dedication to enhancing the quality of healthcare worldwide. For more details on their latest breakthroughs and financial performance, visit their official website.