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SEC filingPenumbra delivered strong top-line growth with revenue up 15.6% to $374.8M, driven by increased sales of existing thrombectomy and new and existing embolization and access products, particularly in the U.S.; however, net income declined 16.9% to $32.6M as operating income fell 5.2% despite gross margin expansion to 67.6%.
Revenue for Q1 FY2026 was $374.8M, an increase of 15.6% compared to $324.1M in Q1 FY2025. This growth was primarily due to an increase in sales of our existing thrombectomy products and new and existing embolization and access products. The increase in global thrombectomy products was primarily attributable to higher sales volume in the United States as a result of further market penetration of our existing products. Similarly, the increase in global embolization and access products was primarily attributable to higher sales volume in the United States as a result of further market penetration of our new and existing products. These dynamics reflect continued commercial execution and adoption across core product lines.
Gross profit increased 17.4% to $253.4M, outpacing revenue growth and resulting in a gross margin of 67.6%, up from 66.6% in Q1 FY2025. This improvement reflects disciplined cost management and scale efficiencies in production and distribution. As we introduce new products and expand our production capacity, we anticipate additional personnel will be hired and trained to build inventory of components and finished goods in advance of sales — a factor that may cause quarterly fluctuations in operating results and financial condition.
Net income decreased 16.9% to $32.6M, and diluted EPS was $0.82, down 18.0% year-over-year. The change in effective tax rate was primarily due to a decrease in excess tax benefits from stock-based compensation attributable to our U.S. operations. This reduction in tax benefit contributed to the decline in net income despite stable underlying operating performance.