Penumbra reported third‑quarter 2025 revenue of $354.7 million, a 17.8% year‑over‑year increase and 16.9% in constant currency, beating consensus estimates of $340.7 million by $13.9 million. The lift was driven by a 21.5% rise in U.S. sales and a 6.6% rise in international revenue, with the U.S. thrombectomy and embolization segments posting the strongest growth.
The company’s gross profit reached $240.4 million, giving a gross margin of 67.8% versus 66.5% a year ago. The margin expansion reflects a shift toward higher‑margin thrombectomy products and productivity gains in the manufacturing and sales processes. Operating income climbed to $48.8 million, up from $38.5 million in Q3 2024, while net income rose to $45.9 million, driven by the higher margin mix and controlled operating costs.
GAAP diluted earnings per share were $1.17, a $0.27 beat over the $0.90 consensus estimate. The company also reported a non‑GAAP EPS of $0.97, beating the $0.92–$0.93 estimate. The GAAP beat was largely due to the higher gross margin and the absence of one‑time charges that were present in the prior year. The non‑GAAP figure, which excludes certain restructuring costs, also surpassed expectations, underscoring the company’s operational efficiency.
Penumbra raised its full‑year 2025 revenue guidance to $1.375 billion–$1.38 billion, an increase from the $1.35 billion–$1.36 billion range previously cited. Management reiterated its outlook for U.S. thrombectomy growth of 20%–21% and maintained its gross and operating margin targets, signaling confidence in sustaining the current trajectory. The guidance lift reflects stronger demand for the company’s new Lightning Bolt 16 and Lightning Flash 3.0 products and the anticipated market penetration of the Thunderbolt device.
Chief Executive Officer Adam Elsesser highlighted progress on the Thunderbolt regulatory review, noting that the company had submitted comprehensive responses to the FDA’s 510(k) questions and was awaiting final clarifications. He also emphasized the positive impact of the STORM‑PE trial, which demonstrated that the company’s CAVT technology reduces right‑heart strain in intermediate‑high‑risk pulmonary embolism patients. Elsesser acknowledged ongoing headwinds in China but expressed optimism that the market will recover as the company’s product portfolio expands.
Analysts noted the earnings beat and margin expansion as key drivers of the positive reception. The company’s focus on high‑margin thrombectomy and embolization products, coupled with disciplined cost management, positioned it well to capture market share in an underpenetrated segment. The guidance raise and steady outlook reinforce investor confidence in Penumbra’s growth prospects.
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