PEN · Penumbra, Inc.

Penumbra, Inc. delivered first quarter 2026 results with revenue of $374.8 million, reflecting 15.6% growth over the prior year, driven by strong performances in both thrombectomy (12.1% growth to $253.9 million) and embolization/access segments (23.8% growth to $120.8 million). U.S. revenue increased 15.4% to $296.4 million, while international revenue grew 16.5% to $78.4 million. Gross margin improved to 67.6%, up 100 basis points year-over-year, indicating enhanced manufacturing efficiency or pricing power. However, operating expenses rose sharply to $215.2 million from $175.5 million, primarily due to SG&A expansion to $192.8 million, which included $9.4 million in acquisition-related expenses tied to the pending Boston Scientific deal. This contributed to operating income declining to $38.2 million from $40.4 million and net income falling to $32.6 million ($0.82 diluted EPS) from $39.2 million ($1.00 EPS). The balance sheet remains solid with cash and equivalents at $241.3 million, up from $186.9 million at year-end, and total assets growing to $1.90 billion. Due to the pending acquisition, no full-year guidance was provided, shifting investor focus to deal closure risks and regulatory approvals highlighted in forward-looking statements.