# Penumbra, Inc. (PEN) Q2 2025 Financial Results Summary
Penumbra, Inc. (NYSE: PEN) released its financial results for the second quarter ended June 30, 2025, on July 29, 2025. Below is a summary of the key metrics and insights drawn from the report.
### Key Financial Metrics
– **Total Revenue**:
– $339.5 million in Q2 2025, an increase of **13.4%** compared to $299.4 million in Q2 2024.
– Constant currency increase of **12.7%**.
– **U.S. Thrombectomy Revenue**:
– $188.5 million in Q2 2025, up **22.6%** from Q2 2024.
– U.S. VTE (Venous Thromboembolism) revenue saw a significant increase of **42%** compared to the same period last year.
– **Gross Profit**:
– $224.0 million in Q2 2025, representing **66.0%** of total revenue vs. **54.4%** in the same quarter last year.
– This performance was partially attributed to a **$33.4 million inventory impairment charge** that affected the prior year’s gross margin.
– **Operating Income**:
– $40.8 million in operating income with an operating margin of **12.0%**.
– **Net Income**:
– Achieved $45.3 million, translating to a **net income margin of 13.3%**.
– **Adjusted EBITDA**:
– $61.4 million in Q2 2025, resulting in an adjusted EBITDA margin of **18.1%**, up from **4.3%** in Q2 2024.
### Revenue Composition
– U.S. revenue comprised **76.8%** of total revenue, while international revenue accounted for **23.2%**.
– U.S. revenue grew at **19.5%** while international revenue decreased by **3.2%**
– International steady in constant currency with a decline of **5.8%**.
### Sales by Product
– **Thrombectomy Products**:
– $230.3 million in sales, **up 13.1%** or **12.6%** in constant currency.
– **Embolization and Access Products**:
– Recorded sales of $109.2 million, an increase of **13.9%** or **12.8%** in constant currency.
### Operating Expenses
– Total operating expenses were **$183.2 million**, which amounts to **54.0%** of total revenue, down from **81.4%** in the same quarter last year.
– Notable prior year operating expenses included a **$76.9 million long-lived assets impairment charge**.
### Research and Development (R&D) and SG&A Expenses
– **R&D Expenses**: Decreased to **$23.2 million** from **$24.9 million** in Q2 2024.
– **SG&A Expenses**: Increased to **$160.0 million** from **$141.9 million** in the corresponding period of the previous year.
### Financial Outlook for 2025
– The company updated its guidance for total revenue, now expected to be in the range of **$1.355 billion to $1.370 billion**, reflecting a growth of **13% to 15%** compared to 2024.
– Penumbra projects U.S. thrombectomy growth between **20% and 21%** for the full year.
### Dividend Declaration and Share Repurchase
– No quarterly dividend was declared in this financial report.
– There was no mention of a share repurchase program in the provided financial summary.
### Conclusion
Penumbra’s second quarter results reflect a strong financial performance with substantial growth in revenues and net income, driven primarily by increased sales in the U.S. thrombectomy market. The significant reduction in operating expenses and improved margins highlight operational efficiency, which may benefit future profitability as the company anticipates continued growth through product innovation and market penetration.
### Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | $339,455 | $299,403 | $663,595 | $578,058 |
| Cost of revenue | 115,445 | 136,574 | 223,702 | 234,090 |
| Gross profit | 224,010 | 162,829 | 439,893 | 343,968 |
| Operating expenses: | ||||
| Research and development | 23,218 | 24,942 | 45,295 | 49,568 |
| Sales, general and administrative | 159,964 | 141,903 | 313,420 | 286,315 |
| Impairment charge | — | 76,945 | — | 76,945 |
| Total operating expenses | 183,182 | 243,790 | 358,715 | 412,828 |
| Income (loss) from operations | 40,828 | -80,961 | 81,178 | -68,860 |
| Interest and other income, net | 4,482 | 3,087 | 7,990 | 5,612 |
| Income (loss) before income taxes | 45,310 | -77,874 | 89,168 | -63,248 |
| Provision for (benefit from) income taxes | 40 | -17,674 | 4,675 | -14,050 |
| Net income (loss) | $45,270 | -$60,200 | $84,493 | -$49,198 |
| Net income (loss) per share: | ||||
| Basic | $1.17 | -$1.55 | $2.18 | -$1.27 |
| Diluted | $1.15 | -$1.55 | $2.15 | -$1.27 |
| Weighted average shares outstanding: | ||||
| Basic | 38,834,917 | 38,793,341 | 38,699,307 | 38,755,337 |
| Diluted | 39,245,953 | 38,793,341 | 39,214,027 | 38,755,337 |
### Condensed Consolidated Balance Sheets
(in thousands)
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $421,768 | $324,404 |
| Marketable investments | 2,795 | 15,727 |
| Accounts receivable, net | 175,536 | 167,668 |
| Inventories | 427,628 | 406,737 |
| Prepaid expenses and other current assets | 37,757 | 36,589 |
| Total current assets | 1,065,484 | 951,125 |
| Property and equipment, net | 84,825 | 62,641 |
| Operating lease right-of-use assets | 174,059 | 177,787 |
| Finance lease right-of-use assets | 27,606 | 28,018 |
| Intangible assets, net | 6,552 | 6,513 |
| Goodwill | 166,752 | 165,826 |
| Deferred taxes | 109,141 | 100,332 |
| Other non-current assets | 40,390 | 40,939 |
| Total assets | $1,674,809 | $1,533,181 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $28,121 | $31,326 |
| Accrued liabilities | 114,389 | 112,429 |
| Current operating lease liabilities | 12,855 | 12,221 |
| Current finance lease liabilities | 2,396 | 2,369 |
| Total current liabilities | 157,761 | 158,345 |
| Non-current operating lease liabilities | 183,493 | 187,068 |
| Non-current finance lease liabilities | 21,785 | 21,731 |
| Other non-current liabilities | 17,819 | 15,106 |
| Total liabilities | 380,858 | 382,250 |
| Stockholders’ equity: | ||
| Common stock | 39 | 38 |
| Additional paid-in capital | 1,146,260 | 1,096,732 |
| Accumulated other comprehensive income (loss) | 3,155 | -5,843 |
| Retained earnings | 144,497 | 60,004 |
| Total stockholders’ equity | 1,293,951 | 1,150,931 |
| Total liabilities and stockholders’ equity | $1,674,809 | $1,533,181 |
