Penumbra has entered into a definitive agreement to be acquired by Boston Scientific in a transaction valuing the thrombectomy specialist at $374 per share, or approximately $14.5 billion on an enterprise value basis. Transaction consideration will be approximately 73% cash and 27% stock, with each shareholder able to elect $374 in cash or 3.8721 Boston Scientific shares per share, subject to proration. The deal, approved by both companies’ boards, is expected to close in 2026 pending regulatory and shareholder approvals. Financing will combine $11 billion of new debt and existing cash, and is projected to be dilutive to adjusted earnings per share by $0.06–0.08 in the first full year, break even in year two, and accretive thereafter. Penumbra’s CEO, Adam Elsesser, will join Boston Scientific’s board upon closing, underscoring management continuity and commitment to integrating Penumbra’s mechanical thrombectomy and neurovascular platforms into Boston Scientific’s cardiovascular franchise.

In preliminary, unaudited results for Q4 2025, Penumbra generated revenue of $383.0 million to $384.8 million, up 21.4%–22.0% year-over-year, or 23.2%–23.8% on a constant-China basis. Full-year revenue reached $1,401.3 million to $1,403.1 million, representing 17.3%–17.5% growth, or 24.7%–24.9% excluding China. Gross margin was 67.9%–68.1% in Q4 and 67.1% for the full year. Operating income for the quarter totaled $56.9 million to $60.4 million (14.8%–15.7% operating margin), while full-year operating income was $186.9 million to $190.4 million (13.3%–13.6% margin). These results reflect strong demand for the Lightning Bolt® and Lightning Flash® thrombectomy systems and ongoing expansion in neurovascular and peripheral embolization therapies, positioning the company for continued growth post-acquisition.