November 5th, 2025

The earnings call reflected a strong performance with significant revenue growth, particularly in the VTE and embolization segments, and positive developments in clinical trials, offset by some challenges in international markets and increased operational costs.

Company Guidance

During Penumbra's third-quarter 2025 conference call, the company reported total revenue of $354.7 million, marking a 17.8% year-over-year growth on a reported basis and 16.9% in constant currency. U.S. revenue reached $275 million, a 21.5% increase compared to the previous year. Specifically, U.S. thrombectomy sales rose by 18.5% to $192 million, while the VTE franchise led corporate growth with a 34% rise. Meanwhile, U.S. embolization and access revenue soared by 29.2% to $83 million. International revenue was $79.7 million, reflecting a 6.6% year-over-year increase. The company's gross margin expanded by 130 basis points to 67.8%, and operating income stood at $48.8 million, or 13.8% of revenue. Penumbra's guidance for the year was raised to $1.375 billion to $1.380 billion in revenue, with anticipated U.S. thrombectomy growth of 20% to 21% for 2025. The company remains focused on expanding its market presence, particularly through innovative products like the Lightning Bolt 16 and Lightning Flash 3.0, which have received FDA clearance.