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Mar 31
Penumbra Q1 2025 Earnings Report
Penumbra reported strong growth in Q1 2025 with a 16.3% increase in revenue and over threefold rise in net income year-over-year.
Key Takeaways
Penumbra, Inc. delivered solid Q1 2025 results driven by strong thrombectomy product performance in the U.S., achieving significant revenue growth and expanding profitability metrics.
Revenue grew 16.3% YoY to $324.1 million, driven by U.S. thrombectomy product sales.
Net income rose to $39.2 million, up from $11.0 million a year ago.
Gross margin improved to 66.6% due to favorable product mix and improved productivity.
Adjusted EBITDA margin reached 18.4%, reflecting operating leverage on higher volumes.
Penumbra
Penumbra
Penumbra Revenue by Segment
Penumbra Revenue by Geographic Location
Revenue by Segment
Thrombectomy Revenue
CapyFin.comEmbolization and Access Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Penumbra reiterated strong full-year revenue guidance and raised expectations for U.S. thrombectomy growth.
Positive Outlook
- Total revenue guidance reaffirmed at $1.34B to $1.36B.
- U.S. thrombectomy growth guidance raised to 20–21%.
- Expected gross margin expansion of over 100 basis points.
- Operating margin forecast increased to 13–14%.
- Strong demand and product mix anticipated to benefit profitability.
Challenges Ahead
- International revenue declined 2.5% YoY.
- Gross margin still susceptible to regional and product mix shifts.
- Embolization sales in international markets dropped by 9.4%.
- No update on R&D expansion despite slight YoY decrease.
- Macroeconomic and regulatory risks remain in focus.
Revenue & Expenses
Visualization of income flow from segment revenue to net income