Penumbra Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 6 May 2026: press release. The quarter’s numbers.

Key takeaways

Revenue grew 15.6% year over year: Revenue was $374.8 million, up $50.6 million from the first quarter of 2025, with growth in both thrombectomy and embolization and access products. Source
Operating and net income reported: Income from operations was $38.2 million and net income was $32.6 million, compared with $40.4 million and $39.2 million in the first quarter of 2025. Source
Embolization and access grew fastest: Embolization and access revenue was $120.8 million, up 23.8% or $23.2 million, the fastest-growing of the two product categories this quarter. Source
Gross margin rose to 67.6%: Gross profit margin was 67.6%, up 1.0% from the first quarter of 2025. The prior quarter's gross margin was 68.0%. Source
Operating expenses rose to $215.2M: Total operating expenses were $215.2 million, with SG&A of $192.8 million and R&D of $22.4 million, up from $175.5 million in the first quarter of 2025. Source
Cash and investments increased: Cash and cash equivalents rose to $241.3 million from $186.9 million at year-end 2025. Marketable investments rose to $374.4 million from $357.9 million. Source
Deal status described as pending: The prior release called the Boston Scientific transaction proposed. This release calls it pending. The documents give no closing date.
No full-year guidance or call: The company will not provide full-year 2026 financial guidance or host a conference call for the quarter, given the pending acquisition. Source

“the Company will not be providing financial guidance for the full year 2026 or hosting a conference call”
Penumbra Inc., press release

What changed from last quarter

New: Acquisition-related expenses of $9.4 million were included in SG&A. The prior release did not mention acquisition-related expenses. Source

Revenue and earnings

Revenue grew 15.6% year over year: Revenue was $374.8 million, up $50.6 million from the first quarter of 2025, with growth in both thrombectomy and embolization and access products. Source
Operating and net income reported: Income from operations was $38.2 million and net income was $32.6 million, compared with $40.4 million and $39.2 million in the first quarter of 2025. Source
Diluted EPS declined to $0.82: Diluted EPS was $0.82 and basic EPS was $0.83, compared with $1.00 and $1.02 in the first quarter of 2025. Source

Product categories

Embolization and access grew fastest: Embolization and access revenue was $120.8 million, up 23.8% or $23.2 million, the fastest-growing of the two product categories this quarter. Source
Thrombectomy revenue rose 12.1%: Thrombectomy revenue was $253.9 million, up 12.1% or $27.4 million, and accounted for about two-thirds of total revenue. Source

Regional revenue

United States revenue up 15.4%: U.S. revenue was $296.4 million, up $39.5 million or 15.4%, and made up about 79% of total revenue. Source
International revenue up 16.5%: International revenue was $78.4 million, up $11.1 million or 16.5%, and made up about 21% of total revenue. Source

Costs and margins

Gross margin rose to 67.6%: Gross profit margin was 67.6%, up 1.0% from the first quarter of 2025. The prior quarter's gross margin was 68.0%. Source
Operating expenses rose to $215.2M: Total operating expenses were $215.2 million, with SG&A of $192.8 million and R&D of $22.4 million, up from $175.5 million in the first quarter of 2025. Source
R&D spending was broadly flat: R&D expense was $22.4 million compared with $22.1 million in the first quarter of 2025. Source
Tax provision rose to $9.1M: The provision for income taxes was $9.1 million, compared with $4.6 million a year earlier. Income before income taxes was $41.7 million, against $43.9 million. Source

Balance sheet and cash

Cash and investments increased: Cash and cash equivalents rose to $241.3 million from $186.9 million at year-end 2025. Marketable investments rose to $374.4 million from $357.9 million. Source
Inventory rose, receivables fell: Inventories were $438.5 million, up from $431.5 million. Accounts receivable were $183.3 million, down from $190.0 million. Source
Payables and accruals increased: Accounts payable were $43.7 million, up from $34.7 million, and accrued liabilities were $151.5 million, up from $132.2 million. Source
Stockholders' equity and retained earnings grew: Total stockholders' equity was $1,473.8 million, up from $1,427.6 million. Retained earnings were $270.3 million, up from $237.7 million. Source

Pending Boston Scientific acquisition

Deal status described as pending: The prior release called the Boston Scientific transaction proposed. This release calls it pending. The documents give no closing date.
No full-year guidance or call: The company will not provide full-year 2026 financial guidance or host a conference call for the quarter, given the pending acquisition. Source

Coming up, as management said on 6 May 2026

Pending Boston Scientific closing: The next stated event is the closing of the pending acquisition by Boston Scientific Corporation. The documents give no closing date. Source

Earlier plans management reported on

Not stated: The prior release expected the 10-K by March 2, 2026. The first-quarter release states the 10-K was filed February 25, 2026.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Penumbra, Inc. Reports First Quarter 2026 Financial Results

ALAMEDA, Calif., May 6, 2026 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), the world’s leading thrombectomy company, today reported financial results for the first quarter ended March 31, 2026.

Revenue of $374.8 million in the first quarter of 2026, an increase of 15.6% compared to the first quarter of 2025.
Global thrombectomy revenue of $253.9 million in the first quarter of 2026, an increase of 12.1% compared to the first quarter of 2025.
Global embolization and access revenue of $120.8 million in the first quarter of 2026, an increase of 23.8% compared to the first quarter of 2025.
Gross profit margin of 67.6% in the first quarter of 2026, an increase of 1.0% compared to the first quarter of 2025.
Total operating expenses of $215.2 million in the first quarter of 2026, comprised of R&D of $22.4 million and SG&A of $192.8 million, which includes $9.4 million of acquisition-related expenses associated with the pending acquisition of Penumbra, Inc. by Boston Scientific Corporation.
Income from operations of $38.2 million and net income of $32.6 million in the first quarter of 2026.

Full Year 2026 Financial Outlook and Webcast and Conference Call Information

Given the pending acquisition of Penumbra, Inc. by Boston Scientific Corporation (NYSE: BSX), the Company will not be providing financial guidance for the full year 2026 or hosting a conference call to discuss financial results for the three months ended March 31, 2026.

About Penumbra

Penumbra, Inc., the world’s leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety and simplicity. By pioneering these innovations, we support healthcare providers, hospitals and clinics in more than 100 countries, working to improve patient outcomes and quality of life. For more information, visit www.penumbrainc.com and connect on Instagram, LinkedIn, and X.

Forward-Looking Statements

Forward-looking statements notice

Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: the risk that the pending acquisition by Boston Scientific Corporation will not be completed in the expected timeframe or at all, including the risk that required regulatory approvals will not be obtained; potential adverse effects to our business during the pendency of the acquisition, such as employee departures or diversion of management’s attention from our business; failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 25, 2026. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands)

	March 31, 2026	December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$241,289	$186,897
Marketable investments	374,371	357,919
Accounts receivable, net	183,295	190,021
Inventories	438,539	431,549
Prepaid expenses and other current assets	37,912	50,298
Total current assets	1,275,406	1,216,684
Property and equipment, net	134,059	117,436
Operating lease right-of-use assets	170,273	173,587
Finance lease right-of-use assets	25,209	25,972
Intangible assets, net	5,946	6,186
Goodwill	166,589	166,750
Deferred taxes	79,972	79,188
Other non-current assets	40,984	40,716
Total assets	$1,898,438	$1,826,519
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$43,658	$34,736
Accrued liabilities	151,543	132,163
Current operating lease liabilities	14,144	13,841
Current finance lease liabilities	2,386	2,393
Total current liabilities	211,731	183,133
Non-current operating lease liabilities	179,424	182,751
Non-current finance lease liabilities	20,221	20,714
Other non-current liabilities	13,250	12,318
Total liabilities	424,626	398,916
Stockholders’ equity:
Common stock	39	39
Additional paid-in capital	1,201,423	1,185,525
Accumulated other comprehensive income	2,075	4,348
Retained earnings	270,275	237,691
Total stockholders’ equity	1,473,812	1,427,603
Total liabilities and stockholders’ equity	$1,898,438	$1,826,519

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except share and per share amounts)

	Three Months Ended March 31,
	2026	2025
Revenue	$374,758	$324,140
Cost of revenue	121,347	108,257
Gross profit	253,411	215,883
Operating expenses:
Research and development	22,382	22,077
Sales, general and administrative	192,795	153,456
Total operating expenses	215,177	175,533
Income from operations	38,234	40,350
Interest and other income, net	3,454	3,508
Income before income taxes	41,688	43,858
Provision for income taxes	9,104	4,635
Net income	$32,584	$39,223
Net income per share:
Basic	$0.83	$1.02
Diluted	$0.82	$1.00
Weighted average shares outstanding:
Basic	39,275,424	38,562,191
Diluted	39,543,780	39,163,428

Reconciliation of Revenue Growth by Geographic Regions

(unaudited)

(in thousands, except for percentages)

	Three Months Ended March 31,		Change
	2026	2025	$	%
United States	$296,387	$256,860	$39,527	15.4%
International	78,371	67,280	11,091	16.5%
Total	$374,758	$324,140	$50,618	15.6%

Reconciliation of Revenue Growth by Product Categories

(unaudited)

(in thousands, except for percentages)

	Three Months Ended March 31,		Change
	2026	2025	$	%
Thrombectomy	$253,917	$226,544	$27,373	12.1%
Embolization and Access	120,841	97,596	23,245	23.8%
Total	$374,758	$324,140	$50,618	15.6%

Contacts
investors@penumbrainc.com
Source: Penumbra, Inc.