EX-99.1 2 pen-33126xexhibit991.htm EX-99.1 Document

Exhibit 99.1
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Penumbra, Inc. Reports First Quarter 2026 Financial Results

ALAMEDA, Calif., May 6, 2026 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), the world’s leading thrombectomy company, today reported financial results for the first quarter ended March 31, 2026.
•Revenue of $374.8 million in the first quarter of 2026, an increase of 15.6% compared to the first quarter of 2025.
•Global thrombectomy revenue of $253.9 million in the first quarter of 2026, an increase of 12.1% compared to the first quarter of 2025.
•Global embolization and access revenue of $120.8 million in the first quarter of 2026, an increase of 23.8% compared to the first quarter of 2025.
•Gross profit margin of 67.6% in the first quarter of 2026, an increase of 1.0% compared to the first quarter of 2025.
•Total operating expenses of $215.2 million in the first quarter of 2026, comprised of R&D of $22.4 million and SG&A of $192.8 million, which includes $9.4 million of acquisition-related expenses associated with the pending acquisition of Penumbra, Inc. by Boston Scientific Corporation.
•Income from operations of $38.2 million and net income of $32.6 million in the first quarter of 2026.

Full Year 2026 Financial Outlook and Webcast and Conference Call Information
Given the pending acquisition of Penumbra, Inc. by Boston Scientific Corporation (NYSE: BSX), the Company will not be providing financial guidance for the full year 2026 or hosting a conference call to discuss financial results for the three months ended March 31, 2026.
About Penumbra
Penumbra, Inc., the world’s leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety and simplicity. By pioneering these innovations, we support healthcare providers, hospitals and clinics in more than 100 countries, working to improve patient outcomes and quality of life. For more information, visit www.penumbrainc.com and connect on Instagram, LinkedIn, and X.

Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: the risk that the pending acquisition by Boston Scientific Corporation will not be completed in the expected timeframe or at all, including the risk that required regulatory approvals will not be obtained; potential adverse effects to our business during the pendency of the acquisition, such as employee departures or diversion of management’s attention from our business; failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 25, 2026. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.




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Penumbra, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
March 31, 2026December 31, 2025
Assets
Current assets:
     Cash and cash equivalents$241,289 $186,897 
     Marketable investments374,371 357,919 
     Accounts receivable, net 183,295 190,021 
     Inventories438,539 431,549 
     Prepaid expenses and other current assets37,912 50,298 
          Total current assets1,275,406 1,216,684 
Property and equipment, net134,059 117,436 
Operating lease right-of-use assets170,273 173,587 
Finance lease right-of-use assets25,209 25,972 
Intangible assets, net5,946 6,186 
Goodwill166,589 166,750 
Deferred taxes79,972 79,188 
Other non-current assets40,984 40,716 
         Total assets$1,898,438 $1,826,519 
Liabilities and Stockholders’ Equity
Current liabilities:
     Accounts payable$43,658 $34,736 
     Accrued liabilities151,543 132,163 
  Current operating lease liabilities14,144 13,841 
  Current finance lease liabilities2,386 2,393 
          Total current liabilities211,731 183,133 
Non-current operating lease liabilities179,424 182,751 
Non-current finance lease liabilities20,221 20,714 
Other non-current liabilities13,250 12,318 
          Total liabilities424,626 398,916 
Stockholders’ equity:
Common stock39 39 
Additional paid-in capital1,201,423 1,185,525 
Accumulated other comprehensive income2,075 4,348 
Retained earnings270,275 237,691 
Total stockholders’ equity1,473,812 1,427,603 
Total liabilities and stockholders’ equity$1,898,438 $1,826,519 


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Penumbra, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended March 31,
20262025
Revenue$374,758 $324,140 
Cost of revenue121,347 108,257 
Gross profit253,411 215,883 
Operating expenses:
Research and development 22,382 22,077 
Sales, general and administrative 192,795 153,456 
Total operating expenses 215,177 175,533 
Income from operations38,234 40,350 
Interest and other income, net3,454 3,508 
Income before income taxes41,688 43,858 
Provision for income taxes9,104 4,635 
Net income$32,584 $39,223 
Net income per share:
Basic$0.83 $1.02 
Diluted$0.82 $1.00 
Weighted average shares outstanding:
Basic39,275,424 38,562,191 
Diluted39,543,780 39,163,428 


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Penumbra, Inc.
Reconciliation of Revenue Growth by Geographic Regions
(unaudited)
(in thousands, except for percentages)
Three Months Ended March 31,Change
20262025$%
United States$296,387 $256,860 $39,527 15.4 %
International78,371 67,280 11,091 16.5 %
Total$374,758 $324,140 $50,618 15.6 %

Penumbra, Inc.
Reconciliation of Revenue Growth by Product Categories
(unaudited)
(in thousands, except for percentages)
Three Months Ended March 31,Change
 20262025$%
Thrombectomy$253,917 $226,544 $27,373 12.1 %
Embolization and Access120,841 97,596 23,245 23.8 %
Total$374,758 $324,140 $50,618 15.6 %



Investor Relations
Penumbra, Inc.
investors@penumbrainc.com
Source: Penumbra, Inc.

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