Penumbra, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue reached $410.1 million for the quarter ended September 30, 2026, representing a 15.6% year-over-year increase compared to $354.7 million in the same period in 2025.
• Gross profit margin was 68.3%, an increase of 0.5 percentage points from the third quarter of 2025.
• Total operating expenses were $229.6 million, consisting of $25.4 million in research and development and $204.2 million in sales, general, and administrative expenses (including $7.1 million in acquisition-related expenses).
• Income from operations was $50.7 million, and net income was $42.3 million.
• Cash and cash equivalents increased to $254.3 million as of September 30, 2026, from $186.9 million as of December 31, 2025.
• Total assets grew to $2.03 billion as of September 30, 2026, compared to $1.83 billion at the end of 2025.
• Total liabilities increased to $441.6 million as of September 30, 2026, from $398.9 million at the end of 2025.
• Net income per diluted share was $1.07 for the quarter, down from $1.17 in the prior year period.

Business Segments and Product Lines:

• Global thrombectomy revenue was $279.2 million, up 18.1% year-over-year.
• U.S. VTE revenue increased 26.0% compared to the third quarter of 2025.
• Global embolization and access revenue was $131.0 million, an increase of 10.8% year-over-year.
• U.S. neuro revenue was $77.9 million, up 19.3% compared to the same period in 2025.
• Thrombectomy revenue accounted for $279.2 million of the total, while embolization and access revenue accounted for $131.0 million.

Market and Competitive Landscape:

• The company reported revenue growth in both the United States (17.9% increase) and International markets (7.8% increase) for the third quarter of 2026.
• Over the nine months ended September 30, 2026, U.S. revenue grew 16.8% and International revenue grew 10.3%.
• The company describes itself as the world's leading thrombectomy company, serving healthcare providers in more than 100 countries.

Risks and Challenges:

• The pending acquisition by Boston Scientific Corporation carries risks regarding the expected timeframe for completion or the possibility of the deal not closing, including the risk of failing to obtain required regulatory approvals.
• Potential adverse effects during the acquisition pendency include employee departures and the diversion of management's attention from business operations.
• Other risks include failure to sustain profitability, difficulties in product introduction and marketing, significant competition, manufacturing difficulties, product defects, unfavorable clinical trial outcomes, and fluctuations in foreign currency exchange rates.

Management Commentary and Tone:

• Management announced that due to the pending acquisition by Boston Scientific Corporation, the company will not provide financial guidance for the full year 2026.
• The company will not host a conference call to discuss the financial results for the three months ended September 30, 2026.

Other Key Points:

• Penumbra, Inc. is the subject of a pending acquisition by Boston Scientific Corporation (NYSE: BSX).
• $7.1 million of acquisition-related expenses were included in the third quarter's SG&A expenses.
• The company's portfolio includes computer-assisted vacuum thrombectomy (CAVT) technologies for treating ischemic stroke, venous thromboembolism, and acute limb ischemia.
• For the nine months ended September 30, 2026, total revenue was $1.17 billion, up 15.4% from $1.02 billion in the prior year period.