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Sep 30
Penumbra Q3 2025 Earnings Report
Penumbra reported strong financial results for the third quarter ended September 30, 2025, with significant revenue growth across its product categories and geographies.
Key Takeaways
Penumbra, Inc. delivered a robust third quarter in 2025, with total revenue increasing by 17.8% to $354.7 million. The company saw strong growth in both its thrombectomy and embolization and access product lines, particularly in the United States. Gross profit and income from operations also showed healthy increases compared to the prior year.
Total revenue for Q3 2025 reached $354.7 million, an increase of 17.8% from Q3 2024.
Thrombectomy product revenue grew by 15.8% to $236.4 million, while embolization and access products increased by 22.0% to $118.3 million.
U.S. revenue surged by 21.5%, accounting for 77.5% of total revenue, demonstrating strong domestic market performance.
Gross profit improved to $240.4 million, representing a gross margin of 67.8%, up from 66.5% in the prior year quarter.
Penumbra
Penumbra
Penumbra Revenue by Segment
Penumbra Revenue by Geographic Location
Revenue by Segment
Thrombectomy Products Revenue
CapyFin.comEmbolization and Access Products Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Penumbra is increasing its full-year 2025 total revenue guidance, reflecting confidence in continued growth, particularly in U.S. Thrombectomy products, while maintaining previous guidance for gross and operating margins.
Positive Outlook
- Increased full-year 2025 total revenue guidance to a range of $1.375 billion to $1.380 billion.
- Revised revenue guidance represents 15% to 16% growth over 2024.
- Maintained guidance for U.S. Thrombectomy growth of 20% to 21% compared to 2024 levels.
- Maintained guidance for gross margin for the full year 2025.
- Maintained guidance for operating margin for the full year 2025.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the report.
- Potential impacts from product mix and regional mix on gross margin, though currently favorable.
- Foreign currency rate fluctuations could impact international revenue growth.
- Increased operating expenses could affect profitability if not managed effectively.
- Competition in the medical device market could pose challenges to market share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income