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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
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