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.
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| 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?
Research analysts who have asked questions during Penumbra earnings calls.
Richard Newitter
Truist Securities
4 questions for PEN
Robert Marcus
JPMorgan Chase & Co.
4 questions for PEN
Macauley Kilbane
William Blair & Company
3 questions for PEN
Michael Sarcone
Jefferies
3 questions for PEN
Pito Chickering
Deutsche Bank
3 questions for PEN
Ryan Zimmerman
BTIG
3 questions for PEN
Joanne Wuensch
Citigroup Inc.
2 questions for PEN
Lei Huang
Wells Fargo
2 questions for PEN
Michael Kratky
Leerink Partners
2 questions for PEN
Samantha Kurtz
Piper Sandler Companies
2 questions for PEN
Travis Steed
Bank of America
2 questions for PEN
William Plovanic
Canaccord Genuity
2 questions for PEN
Bill Plovanic
Canaccord Genuity
1 question for PEN
Brandon Vazquez
William Blair & Company, L.L.C.
1 question for PEN
Chris Pasquale
Nephron Research LLC
1 question for PEN
Christopher Pasquale
Nephron Research
1 question for PEN
David Rescott
Baird
1 question for PEN
Kallum Titchmarsh
Morgan Stanley
1 question for PEN
Larry Biegelsen
Wells Fargo & Company
1 question for PEN
Lawrence Biegelsen
Wells Fargo
1 question for PEN
Mathew Blackman
Stifel
1 question for PEN
Matthew O'Brien
Piper Sandler & Co.
1 question for PEN
Michael Matson
Needham & Company
1 question for PEN
Samantha Munoz
Piper Sandler Companies
1 question for PEN
Shagun Singh Chadha
RBC Capital Markets
1 question for PEN
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.
- Penumbra generated total revenue of $354.7 million in Q3 2025, representing 17.8% year-over-year growth on a reported basis, and subsequently raised its full-year 2025 revenue guidance to $1,375 million-$1,380 million.
- The company achieved a gross margin of 67.8% in Q3 2025, an expansion of 130 basis points over the prior year, and reported operating income of $48.8 million, or 13.8% of revenue.
- U.S. revenue increased 21.5% year-over-year, driven by 18.5% growth in thrombectomy sales and 29.2% growth in embolization and access, with the latter benefiting from a new dedicated sales team and the RubyXL product launch.
- Penumbra received FDA clearance for Lightning Bolt 16 and Lightning Flash 3.0 and presented landmark results from the Storm PE trial, which demonstrated the superiority of CABT in reducing right heart strain with a comparable safety profile.
- Penumbra, Inc. reported Q3 2025 revenue of $354.7 million, an increase of 17.8% compared to Q3 2024.
- Total U.S. revenue for Q3 2025 was $275.0 million, representing a 21.5% increase year-over-year, with U.S. Thrombectomy revenue growing 18.5% to $192.0 million.
- The company achieved net income of $45.9 million (12.9% margin) and adjusted EBITDA of $66.7 million (18.8% margin) in Q3 2025.
- Penumbra has increased its full-year 2025 revenue guidance to a range of $1.375 billion to $1.380 billion, which represents 15% to 16% growth over 2024 revenue.
- Penumbra, Inc. reported revenue of $354.7 million for the third quarter ended September 30, 2025, marking a 17.8% increase compared to the third quarter of 2024.
- Total U.S. revenue for Q3 2025 was $275.0 million, an increase of 21.5% over the same period last year, with U.S. Thrombectomy revenue growing 18.5% to $192.0 million.
- The company achieved net income of $45.9 million and adjusted EBITDA of $66.7 million in the third quarter of 2025.
- Penumbra increased its full-year 2025 total revenue guidance to a range of $1.375 billion to $1.380 billion, which represents 15% to 16% growth over 2024 revenue.
- Penumbra announced on November 3, 2025, additional positive results from its STORM-PE randomized controlled trial (RCT) for the treatment of acute intermediate-high risk pulmonary embolism (PE).
- The trial demonstrated that computer assisted vacuum thrombectomy (CAVT™) with anticoagulation achieved significantly greater improvements in thrombus burden reduction, heart rate, oxygen requirement, and functional outcomes compared to anticoagulation alone.
- Patients treated with CAVT plus anticoagulation showed a 2.7 times larger reduction in refined modified Miller score and a 2.2 times greater likelihood of progressing towards recovery of functional status.
- The safety rates through 90 days were comparable, with no device-related mortality and no difference in symptomatic PE-recurrence, confirming CAVT's safety profile.
- These findings were presented at the VIVA 2025 Conference and published in Circulation.
- Penumbra, Inc. announced that its landmark STORM-PE randomized controlled trial found computer assisted vacuum thrombectomy (CAVT™) with anticoagulation superior to anticoagulation alone for reducing right heart strain in patients with acute intermediate-high risk pulmonary embolism (PE).
- The trial demonstrated that CAVT patients achieved a greater reduction in right-to-left ventricular (RV/LV) diameter ratio within 48 hours (mean reduction 0.52 vs. 0.24) and nearly 80% had a positive treatment effect, indicating rapid hemodynamic recovery.
- Importantly, the rate of major adverse events within 7 days was comparable between the CAVT and anticoagulation-only groups (4.3% vs. 7.5%), with CAVT achieving superior efficacy without increased complications.
- These results provide the first prospective, level 1 evidence of CAVT's superiority, which is expected to play a critical role in advancing PE care and supporting its inclusion in future treatment guidelines.
- The first randomized trial in over a decade evaluating endovascular therapy versus anticoagulation for acute pulmonary embolism (PE) demonstrated the superiority of Penumbra's CABT procedure (Lightning Flash System) over anticoagulation alone in treating intermediate high-risk PE patients.
- The CABT procedure achieved a statistically superior reduction in the RV to LV ratio, the primary efficacy endpoint, compared to anticoagulation alone, indicating a faster and more uniform reduction of strain on the heart.
- The trial reported a comparable safety profile between the CABT group (two major adverse events) and the anticoagulation group (four major adverse events), with no statistical significance.
- This foundational trial is expected to influence future treatment guidelines and expand patient access, as intermediate high-risk PE affects an estimated 15% to 25% of all PE patients in the U.S..
- A randomized clinical trial for Penumbra's (PEN) Lightning Flash System demonstrated significantly superior reduction in right ventricle to left ventricle (RV to LV) ratio for acute pulmonary embolism (PE) patients compared to anticoagulation alone.
- The trial, the first of its kind in over a decade for mechanical thrombectomy versus anticoagulation, showed that 78% of patients treated with the Lightning Flash System achieved a therapeutic effect (0.2 reduction in RV to LV ratio) versus 52% with anticoagulation alone.
- The study reported an impressive safety profile for the device, even with operators having limited prior experience.
- This foundational trial is expected to be a "game changer" for intermediate high-risk PE treatment, potentially expanding the market for mechanical thrombectomy to tens to hundreds of thousands of patients annually in the US, and is anticipated to influence future medical guidelines.
- A clinical trial for Penumbra's CABT (Lightning Flash System) demonstrated the efficacy and superiority of mechanical thrombectomy over anticoagulation alone for intermediate high-risk acute pulmonary embolism.
- The trial's primary endpoint showed a statistically superior reduction in the RV to LV ratio (denoting strain on the heart) in the CABT group compared to anticoagulation alone. Specifically, 78% of CABT patients achieved a therapeutic effect, versus 52% in the anticoagulation group.
- The safety profile of the CABT procedure was comparable to anticoagulation, with two major adverse events in the CABT group versus four in the anticoagulation group, which were not statistically significant. The safety profile was noted as impressive, suggesting the device is easy to learn and safe to use.
- The prevalence of intermediate high-risk pulmonary embolism in the U.S. is estimated at 15% to 25% of all pulmonary embolism, representing a significant market opportunity of tens to hundreds of thousands of patients.
- Penumbra updated its 2025 revenue growth guidance, implying low teens growth in the second half of the year, with an underlying growth rate of 17% to 18% when excluding a $40 million plus headwind from China.
- The company anticipates significant market expansion from the upcoming Storm PE trial results (primary endpoints in October, secondary in November), which could shift treatment paradigms for the 157,000 annual U.S. PE patients.
- The embolization franchise grew in the low teens in Q2 and is expected to continue ramping up with the launch of Ruby XL, Pod XL, and Packing XL, addressing a new 20% market segment.
- Penumbra is on track to achieve a gross margin of at least 70% by the end of 2026, driven by mixed factors and efficiencies.
- Penumbra has undergone a commercial reorganization, establishing a separate salesforce for peripheral embolization to enable the existing team to focus 100% on the larger computer assisted vacuum thrombectomy (CABT) opportunity. This new team, consisting of approximately 50 embolization reps and 40 vascular clinical specialists, was hired and trained in 2025 and is projected to ramp up in the second half of the year.
- The company reported significant growth in its thrombectomy segments, with the VGE segment growing over 40% in the last three quarters and the overall VTE segment up 42% in the last quarter. Penumbra continues to gain share in the stroke market with its aspiration front-line approach, particularly driven by the Red 72 Send It silver label.
- Penumbra is launching new products, including the Excel embolization coil, which recently received FDA clearance and is in its first full quarter of launch. The company is also anticipating the Thunderbolt modulated aspiration technology for the stroke market, with the THUNDER trial results expected to demonstrate its predictability, consistency, and time efficiency.