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Penumbra (PEN) investor relations material
Penumbra Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue reached $354.7M, up 17.8% year-over-year, driven by strong U.S. and international growth in thrombectomy and embolization franchises.
U.S. revenue grew 21.5% year-over-year, with VTE up 34% and embolization and access up 29.2%.
International revenue increased 6.6% year-over-year, with China headwinds easing and double-digit growth in other regions.
Net income for Q3 2025 was $45.9M, with an operating margin of 13.8% and net income margin of 12.9%.
Gross margin expanded to 67.8%, up 130 basis points year-over-year, reflecting favorable product mix and productivity gains.
Financial highlights
Global thrombectomy revenue was $236.4M, up 15.8% year-over-year; U.S. thrombectomy grew 18.5%.
Embolization and access revenue reached $118.3M, up 22% year-over-year, driven by RubyXL and sales team expansion.
Adjusted EBITDA was $66.7M (18.8% of revenue), up from $56.7M last year.
Operating expenses totaled $191.6M (54% of revenue), up from $160M (53.1%) last year.
Diluted EPS was $1.17, up from $0.75 in Q3 2024.
Outlook and guidance
Full-year 2025 revenue guidance raised to $1.375B–$1.38B, representing 15–16% growth over 2024.
U.S. thrombectomy growth guidance for 2025 remains at 20%-21%.
On track to achieve over 70% gross margin by end of 2026; operating margin expansion expected to outpace gross margin.
Management expects continued investment in product development, manufacturing expansion, and international growth.
Current liquidity is expected to meet operational and capital needs for at least the next 12 months.
Explain international revenue growth disparity.
R&D expenses decreased. Future innovation focus?
Immersive healthcare wind-down: future strategy?
STORM-PE: How will hospital protocols change?
Thunderbolt FDA: Any new testing required?
Embolization growth: Key drivers for sustainability?
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Next Penumbra earnings date
Piper Sandler 37th Annual Healthcare Conference3 Dec, 2025
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Frequently asked questions
Penumbra Inc designs, develops, and markets medical devices for neurovascular and vascular conditions. Its products support treatments for stroke, peripheral embolization, and thrombectomy procedures, serving healthcare providers and hospitals worldwide. Penumbra operates within the healthcare and medical device sectors. The company is headquartered in Alameda, California, and its shares are listed on the NYSE.
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