Penumbra, Inc.

What they do

Penumbra develops, manufactures, and markets products for thrombectomy (blood clot removal) and embolization/access procedures. Its portfolio includes computer-assisted vacuum thrombectomy (CAVT) systems like the Indigo System and neuro thrombectomy products like the Penumbra System, as well as embolization coils, delivery catheters, and the Artemis Neuro Evacuation Device. The company sells directly in the U.S., most of Europe, Canada, Australia, and Singapore, and through distributors in other international markets.

Revenue drivers

• Global thrombectomy — Includes peripheral thrombectomy (Indigo System, Lightning, Flash, Bolt, CAT RX) and neuro thrombectomy (Penumbra System, RED, SENDit, JET, ACE, BMX, MAX, THUNDERBOLT). Revenue for Q2 2026 was $259.0 million, up 12.5% year-over-year.
• Global embolization and access — Includes peripheral embolization (Ruby, Ruby LP, Ruby XL, LANTERN, POD), neuro embolization (SMART COIL, Coil 400, POD400, PAC400, SwiftPAC, SwiftSET, SwiftMATCH), access catheters (Neuron, BENCHMARK, BMX, DDC, PX SLIM, MIDWAY, Access25), and neurosurgical (Artemis). Revenue for Q2 2026 was $131.1 million, up 20.0% year-over-year.

Recent performance

In Q2 2026, Penumbra reported revenue of $390.0 million, a 14.9% increase over Q2 2025. Gross margin was 67.9%, up 1.9 percentage points. Operating expenses were $223.9 million, including $6.9 million in acquisition-related costs. Income from operations was $41.0 million and net income was $34.8 million. For fiscal 2025, revenue was $1.40 billion, net income was $177.7 million, and operating cash flow was $238.7 million.

Strategy

Penumbra is focused on expanding its thrombectomy portfolio and iterating on existing products. The company exited its immersive healthcare business in 2024 to concentrate on core medical devices. It expects to continue investing in product development and clinical activities to support regulatory submissions and demonstrate product effectiveness. The pending merger with Boston Scientific is expected to close by end of 2026, and the company is not providing financial guidance due to the pending acquisition.

Risks

• Merger completion risk — The acquisition by Boston Scientific may not close in the expected timeframe or at all, which could adversely affect the business.
• Customer and employee retention — Uncertainty about the merger may distract employees and cause key talent departures, impacting operations.
• Product obsolescence — Next-generation products may replace current ones, causing sales of existing products to decline.
• Competitive and pricing pressure — Penumbra faces significant competition and may not maintain satisfactory pricing or margins for its products.

Outlook

Management will not provide full-year 2026 financial guidance because of the pending acquisition. The merger with Boston Scientific, which values Penumbra at approximately $14.5 billion enterprise value ($374 per share), is expected to close by the end of 2026, subject to stockholder and regulatory approvals. The company continues to execute its day-to-day operations while awaiting the transaction.