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Penumbra, Inc. is a global healthcare company that develops, manufactures, and markets innovative medical products addressing challenging medical conditions in markets with significant unmet needs. The company specializes in thrombectomy, embolization, access, neurosurgical, and immersive healthcare technologies. Its products are primarily sold to hospitals and healthcare providers through direct sales organizations and distributors worldwide.
- Thrombectomy - Offers devices designed to remove blood clots from blood vessels, addressing conditions such as stroke and deep vein thrombosis.
- Embolization and Access - Provides products for embolization procedures to block blood flow to specific areas, often used in treating aneurysms or tumors, and devices that facilitate access for medical procedures.
- Neurosurgical - Supplies products used in neurosurgical procedures, supporting the treatment of complex brain and spinal conditions.
- Immersive Healthcare - Develops virtual reality-based healthcare solutions aimed at enhancing patient rehabilitation and therapy experiences.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Adam Elsesser ExecutiveBoard | CEO, President, Chairman of the Board | None | Co-founder of Penumbra (2004), instrumental in its growth and innovation. Previously CEO of SMART Therapeutics and a partner at Shartsis Friese LLP. | View Report → |
Johanna Roberts Executive | EVP, General Counsel, and Secretary | None | Joined Penumbra in 2014. Promoted to EVP, General Counsel, and Secretary in 2018. Previously worked at Morrison & Foerster LLP. | |
Lambert Shiu Executive | Chief Accounting Officer (CAO) | None | Joined Penumbra in 2015. Promoted to CAO in 2019. Previously worked at PwC for 13 years. CPA in California. | |
Maggie Yuen Executive | Chief Financial Officer (CFO) | Board Member at AtriCure, Inc. (Nasdaq: ATRC) since June 2021 | Joined Penumbra in 2019. Extensive finance experience at Thermo Fisher Scientific, Mirion Technologies, Boston Scientific, and others. | |
Arani Bose, M.D. Board | Co-Founder, Board Member | None | Co-founder of Penumbra (2004). Former Chief Medical Officer and Chief Innovator. Expertise in interventional radiology and neurology. | |
Bridget O'Rourke Board | Board Member | None | Board member since 2017. Expertise in human resources management and financial accounting. Chair of the Audit Committee. | |
Don Kassing Board | Presiding Director of the Board | None | Board member since 2008. President Emeritus of San Jose State University. Extensive experience in strategic planning and financial management. | |
Harpreet Grewal Board | Board Member | None | Board member since 2015. Former COO of Volante Technologies. Extensive experience in financial and strategic planning at high-growth companies. | |
Janet Leeds Board | Board Member | Administrative Director at Fred Hutchinson Cancer Center | Board member since 2019. Over 35 years of leadership in academic healthcare, including roles at Fred Hutchinson Cancer Research Center and Seattle Cancer Care Alliance. | |
Surbhi Sarna Board | Board Member | Partner at Y Combinator; Board Member at YourChoice Therapeutics and AOA Diagnostics | Founder and former CEO of nVision Medical Corp. Led its acquisition by Boston Scientific. Partner at Y Combinator and board member at two private companies. | |
Thomas Wilder Board | Board Member | Independent Director at Neuros Medical, Inc. | Board member since 2017. Former CEO of Neuros Medical, Inc. and board member at Endologix, Inc. Extensive experience in medical device leadership. |
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Your guidance for 2025 revenue growth is 12% to 14%, similar to your 13.4% adjusted growth in 2024, despite overcoming several one-time headwinds in 2024 such as delayed European launches and sales impact in China; why shouldn't we expect an acceleration in growth in 2025 given these improvements?
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To achieve your gross margin target of over 70% by the end of 2026, you need a significant step-up in margins; can you provide more clarity on the specific drivers that will enable this expansion, and is there any impact from pricing strategies in addition to product mix?
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With the increasing adoption of aspiration-based thrombectomy devices and ongoing clinical trials, how might this competition impact your sales growth in the near term, and what strategies are you implementing to maintain market leadership?
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Given that the Thunderbolt product is not yet included in your guidance, can you update us on the FDA submission timeline and whether any additional data or studies are required for approval, and how might delays impact your growth projections?
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In your embolization and access business, it appears that growth is expected to be flat to negative in 2025; what challenges are you facing in this segment, particularly in the U.S. versus international markets, and how are you addressing them to drive future growth?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Sixense Enterprises Inc. | 2021 | Penumbra acquired Sixense, a virtual reality hardware and software firm, on October 1, 2021, making it a wholly owned subsidiary. The deal also involved acquiring the remaining 10% equity interest in MVI Health Inc.—a joint venture with Sixense—to bolster Penumbra's REAL Immersive System portfolio. |
IPR&D asset | 2023 | Penumbra’s IPR&D acquisition was completed on September 29, 2023, with a total purchase price of $18.2 million (comprising $17.2 million in common stock and $1.0 million for transaction costs/liabilities), recorded immediately as an expense due to the asset’s lack of alternative future use. This one-time expense notably impacted financials, representing 6.7% of quarterly revenue and 2.4% of nine-month revenue. |
Recent press releases and 8-K filings for PEN.
- Revenue reached $324.1 million in Q1 2025 with a 16.3% year-over-year increase and a gross margin improvement to 66.6%
- U.S. thrombectomy revenue surged by 25.0% to $187.9 million, driving robust core performance
- Operating income climbed to $40.4 million (12.4% of revenue), while net income was $39.2 million, highlighting improved profitability and expense management
- Adjusted EBITDA reached $59.6 million at an 18.4% margin, underscoring strong operational efficiency
- The company updated its guidance by excluding $5 million in China revenue, raised U.S. thrombectomy growth guidance to 20%-21%, and celebrated new product milestones such as FDA clearance for Ruby XL
- Penumbra Inc. unveiled seven new data sets at the 2025 Society of Interventional Radiology Annual Scientific Meeting demonstrating its computer assisted vacuum thrombectomy (CAVT) technology, underscoring improved patient outcomes and potential healthcare cost reductions.
- Interim results from studies, including STRIKE-PE and STRIDE, show the technology’s safety and effectiveness with a 27.8% reduction in the right ventricle/left ventricle ratio, 24.5% decrease in mean pulmonary artery pressures, and high limb salvage rates for lower-extremity cases.
- The data indicated fast procedure times (median device time of 22.5 minutes) and favorable healthcare resource utilization with shorter hospital stays and higher rates of patients discharged home.