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Jun 30
Penumbra Q2 2025 Earnings Report
Penumbra delivered strong growth in Q2 2025 with double-digit revenue and margin expansion, driven by U.S. thrombectomy performance.
Key Takeaways
Penumbra reported a 13.4% year-over-year revenue increase in Q2 2025, with solid gains in both thrombectomy and embolization segments, along with significant improvement in operating margins and profitability.
Revenue reached $339.5 million, up 13.4% year-over-year.
Net income was $45.3 million, with a 13.3% net margin.
Adjusted EBITDA margin expanded to 18.1%.
U.S. thrombectomy sales rose 22.6% year-over-year.
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 raised its full-year revenue outlook, maintaining growth expectations in thrombectomy and profitability targets.
Positive Outlook
- Raised full-year 2025 revenue guidance to $1.355B–$1.370B.
- Maintained 20–21% U.S. Thrombectomy growth outlook.
- Continued gross margin improvement expected in H2 2025.
- Operating margin guidance remains intact.
- Strong product mix and volume trends support future growth.
Challenges Ahead
- International revenue declined by 3.2% in Q2 2025.
- FX headwinds impacted international growth.
- Gross margin sensitive to product and regional mix.
- Cost base pressure remains from SG&A spend.
- No increase in guidance for international segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income