Total Revenue

+16% (Q1 2025: $324.14M vs Q1 2024: $278.7M)

Total revenue increased by 16% YoY driven by strong U.S. performance and increased sales volumes, continuing the growth momentum seen in prior periods where enhanced market penetration and new product launches led to higher revenues. " " " "

Thrombectomy Revenue

+20.7% (Q1 2025: $226.54M vs Q1 2024: $187.7M)

Thrombectomy revenue grew by 20.7% YoY as a result of increased U.S. sales volume, driven by new product launches and deeper market penetration—a trend that followed the volume-driven gains of FY 2024 where pricing remained stable. " " "

Embolization and Access Revenue

+7.3% (Q1 2025: $97.60M vs Q1 2024: $91.0M)

Embolization and Access revenue increased by 7.3% YoY, primarily from stronger U.S. sales, which helped offset earlier international declines seen in FY 2024; stable pricing further indicates that the improvements were volume-driven. " " "

U.S. Revenue

+22.5% (Q1 2025: $256.86M vs Q1 2024: $209.6M)

U.S. revenue surged by 22.5% YoY fueled by robust growth in the thrombectomy segment (with new product adoption and market expansion) and supporting gains in embolization/access products, building on the strong U.S. performance observed in FY 2024. " " " " "

International Revenue

-2.5% (Q1 2025: $67.28M vs Q1 2024: $69.0M)

International revenue experienced a slight decline of approximately 2.5% YoY, reflecting ongoing challenges such as weaker performance in certain markets (e.g., China) and declines in embolization/access product sales, continuing a trend noted in FY 2024. " " " " "

Total Revenue Growth

FY 2025

12% to 14% year-over-year growth (derived from a revenue range of $1.340B to $1.360B) "

12% to 14% year-over-year growth "

no change

U.S. Thrombectomy Business Growth

FY 2025

19% to 20% year-over-year growth "

20% to 21% year-over-year growth "

raised

Gross Margin

FY 2025

Expected to expand by at least 100 basis points to more than 67% " "

Reiterated expectations for gross margin expansion "

no change

Operating Margin

FY 2025

Expected to expand to 13% to 14% of total revenue " "

Reiterated expectations for operating margin expansion "

no change

China Revenue

FY 2025

no prior guidance

Removed $5 million of revenue from China " "

no prior guidance

Revenue & Margin Growth Dynamics

In Q4 2024, Q3 2024, and Q2 2024 earnings calls, revenue growth and margin expansion were consistently highlighted—with discussions on product‐mix improvements, sequential gains, and strong U.S. performance driving both top‐line and margin improvements ( " " " , " " " , " " ).

Q1 2025 emphasized robust growth with total revenue of $324.1 million, driven by a strong U.S. thrombectomy performance (e.g., 25% y/y growth) and improved margins (gross margin increasing from 65% to 66.6%), with future margin expansion expected ( " " ).

Continued growth with a strong U.S. focus: Revenue remains robust, margins are expanding via product mix improvements, and the narrative is consistently positive despite some international headwinds.

Innovative Product Pipeline & New Product Launches

Earlier periods (Q2–Q4 2024) focused on multiple product introductions (e.g., Flash 2.0, Lightning Bolt 6X/7/12) and the expansion of the CAVT portfolio, with several regulatory clearances (e.g., CE Mark) aiding market expansion ( " " " " ).

Q1 2025 discusses key new products such as Thunderbolt (pending approval), Ruby XL (received FDA clearance earlier than expected), RED 72 with strong early adoption, and Lightning Bolt 12 exceeding expectations ( " " " ).

Heightened emphasis on innovation: The pipeline remains robust with an increased focus on FDA clearances and expedited launches, building on prior successes and signaling continued product-driven growth.

U.S. Market Dominance & Reliance

Q2 2024, Q3 2024, and Q4 2024 consistently showcased strong U.S. market contributions (72.9%–77.2% of sales) with significant revenue growth in the thrombectomy segment, underscoring its importance as a stable, domestic growth driver ( " " , " , " ).

In Q1 2025, the U.S. share increased to 79.2% of total revenue, with strong domestic thrombectomy growth (e.g., 25% y/y increase) and 100% of manufacturing based in the U.S., further emphasizing reliance on domestic strengths ( " " ).

Growing U.S. dominance: There is an incremental increase in U.S. market share and performance, positioning the U.S. as a safe haven amid international uncertainties.

Regulatory Uncertainty & Product Launch Delays

In Q2–Q4 2024, discussions centered on European delays with products like Flash 2.0 and Lightning Bolt 7 and uncertainty around regulatory controls—leading to exclusion of Thunderbolt from guidance until approval, though expectations were that these issues would recede by 2025 ( " " , " " , " ).

Q1 2025 continues to note the regulatory process as a gating factor—the Thunderbolt product is pending FDA approval and is excluded from guidance, while Ruby XL’s FDA clearance (and an expedited inventory build) illustrates proactive progress ( " " " ).

Persistent caution with signs of improvement: Regulatory unpredictability remains, but proactive steps (e.g., expedited clearances for Ruby XL) show efforts to mitigate risks; sentiment remains guarded yet slightly more optimistic.

International Market Headwinds & Recovery Prospects

Q2–Q4 2024 discussions pointed to significant headwinds in China (with revenue declines and sizable negative impacts) and delays in European launches, though recovery prospects were noted for non‐China regions over time ( " " , " " , " ).

In Q1 2025, China remains a headwind with a reported 2.5% decrease; however, when excluding China, international thrombectomy grew by 18.2% y/y, indicating positive momentum outside China, with cautious optimism for future recovery ( " ).

Mixed outlook: Persistent challenges in China contrast with improved performance in other international markets; recovery is cautiously expected in non‑China regions, but overall sentiment remains mixed.

Competitive Pressures in VTE & Related Markets

In Q2–Q4 2024, competitive dynamics were acknowledged with intense rival activity in the VTE space; earlier calls noted significant market share gains driven by innovations like Lightning Flash 2.0 and investment in clinical education and sales ( " " , " " ).

Q1 2025 highlighted strong VTE growth, with the U.S. VTE franchise growing 42% y/y and new products gaining traction, while effectively taking share from competitors ( " " " ).

Resilient through innovation: Competitors remain aggressive, yet Penumbra’s innovative edge and strong market share gains continue to counter competitive pressures, maintaining a bullish sentiment.

Guidance Revisions & Forecast Uncertainty

Q2 2024 saw downward revisions due to weaker China and European performance and Q3–Q4 2024 maintained a cautious stance with conservative guidance—excluding uncertain factors like Thunderbolt revenue and factoring in ongoing international challenges ( " " " , " ).

In Q1 2025, guidance remains conservative with a 12%–14% total revenue growth outlook and raised U.S. thrombectomy guidance (20%–21% y/y), while specific adjustments (e.g., removal of $5 million China revenue) continue to reflect forecast uncertainties ( " " " ).

Steady conservatism amid gradual optimism: Although uncertainties persist (especially internationally), the guidance shows modest improvement in domestic growth expectations, reflecting a balanced and cautious outlook.

Segment-Specific Performance

Across Q2–Q4 2024, segment performance was detailed: thrombectomy showed robust volume-based growth (high teens to mid-20% increases), neurovascular/stroke segments benefited from new product launches (e.g., RED 72, CAVT portfolio), and clear challenges were noted in international segments (primarily China) ( " " , " " ).

Q1 2025 reinforced strong segment performance—thrombectomy grew 25% y/y in the U.S., with the VTE subgroup showing an impressive 42% y/y increase; the neurovascular/stroke segment also saw positive developments with products like RED 72 generating early enthusiasm ( " " " " ).

Sustained strength with accelerating growth: Thrombectomy remains a key growth engine, while neurovascular and stroke segments continue to build on new product introductions; overall sentiment is very positive with growth acceleration in critical segments.