Penumbra, Inc.

Penumbra reported third-quarter 2025 revenue of $354.7 million, up 17.8% reported and 16.9% constant currency versus Q3 2024. U.S. revenue was $275 million, up 21.5%, and international revenue was $79.7 million, up 6.6% reported and 3% constant currency. Global thrombectomy revenue was $236.4 million, up 15.8% reported and 15.1% constant currency; embolization and access revenue was $118.3 million, up 22% reported and 20.8% constant currency. Gross margin was 67.8% versus 66.5% a year ago, operating income was $48.8 million versus $40.3 million a year ago, and adjusted EBITDA was $66.7 million versus $56.7 million a year ago. The company raised full-year 2025 revenue guidance to $1.375 billion-$1.380 billion and reiterated 20%-21% year-over-year growth for U.S. thrombectomy; it also maintained previously stated gross and operating margin expansion guidance.

Adam Elsesser framed the quarter as broad-based execution across the portfolio, with U.S. thrombectomy, embolization, and international all contributing. He emphasized that STORM-PE could be a major catalyst for PE treatment adoption, saying the medical community’s reaction has been strongly positive and that he expects more protocol changes and more patients treated with CAVT. He also highlighted Thunderbolt as a new neuro product awaiting FDA clearance, but kept comments cautious and process-oriented.

Maggie Yuen highlighted the quarter’s financial leverage: gross margin improved to 67.8% from 66.5% last year and rose 180 basis points sequentially, helped by favorable regional and product mix plus productivity gains. She said SG&A rose to $168.9 million, reflecting the embolization sales team build-out, but noted that the investment is now largely complete and should allow more leverage going forward. She also said cash, cash equivalents, and marketable securities were $470.3 million with no debt, up $45.7 million sequentially, and that positive operating cash flow trends should continue.

Analysts focused heavily on Thunderbolt and STORM-PE. Management said Thunderbolt remains under FDA review with all outstanding questions already answered, but they declined to speculate on timing or additional requests; they also said they have not seen shutdown-related delays so far. On STORM-PE, management said the reaction from interventionalists and non-interventionalists has been very positive, with physicians already starting to switch away from older PE technologies and some hospitals expected to update protocols over the coming year.