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PEN

Penumbra, Inc.

PEN

Penumbra, Inc. • NYSE
$293.17 ▼ -0.94% (-2.79)
Market Cap $11.48 B
52w High $310.00
52w Low $221.26
Dividend Yield 0%
P/E 69.97
Volume 254.17K
Outstanding Shares 39.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $354.685M ▲ $191.578M ▲ $45.851M ▲ 12.927% ▼ $1.17 $55.151M ▲
Q2-2025 $339.455M ▲ $183.182M ▲ $45.27M ▲ 13.336% ▲ $1.17 ▲ $51.136M ▲
Q1-2025 $324.14M ▲ $175.533M ▲ $39.223M ▲ 12.101% ▲ $1.02 ▲ $49.195M ▲
Q4-2024 $315.518M ▲ $167.946M ▲ $33.683M ▲ 10.675% ▲ $0.88 ▲ $49.064M ▲
Q3-2024 $301.039M $164.942M $29.527M 9.808% $0.76 $44.262M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $470.296M ▲ $1.744B ▲ $385.673M ▲ $1.359B ▲
Q2-2025 $424.563M ▲ $1.675B ▲ $380.858M ▲ $1.294B ▲
Q1-2025 $378.848M ▲ $1.593B ▲ $380.425M ▼ $1.213B ▲
Q4-2024 $340.131M ▲ $1.533B ▲ $382.25M ▲ $1.151B ▲
Q3-2024 $291.024M $1.479B $374.843M $1.104B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $45.851M ▲ $58.263M ▲ $-162.861M ▼ $3.95M ▼ $-100.739M ▼ $42.014M ▲
Q2-2025 $45.27M ▲ $44.946M ▼ $-15.58M ▼ $14.817M ▲ $45.714M ▼ $29.367M ▼
Q1-2025 $39.223M ▲ $48.97M ▼ $-502K ▲ $2.708M ▼ $51.65M ▲ $35.503M ▼
Q4-2024 $33.683M ▲ $51.108M ▼ $-10.955M ▼ $6.068M ▲ $43.928M ▲ $45.737M ▼
Q3-2024 $29.527M $56.467M $35.721M $-100.554M $-7.856M $51.016M

Revenue by Products

Product Q4-2022Q1-2023Q2-2023Q3-2023
Neuro
Neuro
 $90.00M ▲$100.00M ▲$110.00M ▲$170.00M ▲
Peripheral Vascular
Peripheral Vascular
 $130.00M ▲$140.00M ▲$150.00M ▲$100.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Penumbra shows a clear pattern of steady growth over the past several years. Sales have climbed consistently each year, and gross profit has widened as the company scaled. Profitability at the operating and net income level has been more up‑and‑down, but the overall direction is positive: what was once a loss‑making profile has shifted into modest profitability. Margins are still relatively thin for a medical device company, which means execution and cost control remain important, but the business has moved out of the early, more speculative phase and into a more stable earnings profile.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and healthier than a few years ago. Total assets have expanded steadily, reflecting ongoing investment and growth. Cash has increased meaningfully from earlier years, giving the company more flexibility to fund R&D and commercial efforts without relying heavily on outside financing. Debt is present but not excessive relative to the size of the business, and shareholders’ equity has grown, suggesting that retained earnings and capital raises have been used to build the company rather than just plug holes. Overall, financial footing appears sound with a moderate use of leverage.

Cash Flow

Cash Flow Penumbra has made a notable transition from cash burn to cash generation. Operating cash flow, which was negative earlier in the period, has turned positive and strengthened in recent years. Free cash flow follows the same pattern, as the company’s investment needs in equipment and facilities are relatively stable and not overly large compared with the cash the core business is now producing. This shift means the business is increasingly able to fund its own growth, which lowers financial risk and gives management more room to invest in innovation and commercial expansion.

Competitive Edge

Competitive Edge Penumbra operates in a specialized corner of the medical device market focused on stroke and vascular clot removal, where it has carved out a focused, though narrow, competitive niche. Its strengths include strong brand recognition among interventional specialists, a direct sales force that works closely with hospitals and physicians, and a portfolio that spans multiple steps of thrombectomy and embolization procedures. At the same time, it faces intense competition from much larger device companies with broad product portfolios and deep resources. Penumbra’s position is defensible due to its specialized know‑how and clinical data, but it must continue to innovate and execute well to avoid being squeezed by these bigger players.

Innovation and R&D

Innovation and R&D Innovation is the core of Penumbra’s story. The company has pioneered computer‑assisted vacuum thrombectomy and intelligent aspiration systems that use sensors and algorithms to better distinguish clots from blood, aiming for faster, safer procedures. Flagship platforms like Lightning and Thunderbolt, and a full suite of catheters and coils, give physicians integrated tools across neurovascular and peripheral procedures. Penumbra has also shown a willingness to pivot: it is exiting its immersive VR rehabilitation business to refocus resources on its core thrombectomy and embolization franchises. Ongoing clinical trials and next‑generation systems are key to preserving its technology lead and justifying premium positioning in a crowded field.

Summary

Penumbra has evolved from an early‑stage growth company with losses and cash burn into a more mature medical device business with steady revenue growth, improving profitability, and positive free cash flow. Its balance sheet is generally strong, with rising cash, moderate debt, and expanding equity. The company’s edge lies in specialized thrombectomy technologies, proprietary algorithms, and strong relationships with physicians, though its moat is relatively narrow given aggressive competition from large device makers. Future performance will hinge on continued clinical success, adoption of its next‑generation clot removal systems, and disciplined focus on its core vascular and neurovascular markets after exiting noncore ventures.

NEWS

November 19, 2025 · 4:30 PM UTC

Penumbra, Inc. to Present at the Piper Sandler 37th Annual Healthcare Conference

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November 5, 2025 · 4:05 PM UTC

Penumbra, Inc. Reports Third Quarter 2025 Financial Results

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November 3, 2025 · 3:00 PM UTC

Latest Data from Landmark STORM-PE Randomized Controlled Trial Demonstrate that CAVT with Anticoagulation Significantly Improves Functional Outcomes for Patients with Pulmonary Embolism

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October 27, 2025 · 9:00 AM UTC

Landmark STORM-PE Randomized Controlled Trial Finds Computer Assisted Vacuum Thrombectomy (CAVT) with Anticoagulation Superior to Traditional Anticoagulation Treatment for Pulmonary Embolism

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October 8, 2025 · 4:30 PM UTC

Penumbra, Inc. Schedules Investor Event at TCT Conference on October 26, 2025; Earnings Release and Conference Call for Third Quarter 2025 Scheduled for November 5, 2025

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