Penumbra Q4 Revenue Jumps 22.1% to $385.4M, Full-Year Sales Up 17.5%
Penumbra reported Q4 revenue of $385.4m, up 22.1% year-over-year, driven by 12.4% growth in U.S. thrombectomy sales and 37.0% surge in embolization products. Full-year 2025 revenue reached $1.4037bn, up 17.5%, with operating margin at 13.5% and net income margin of 12.7%.
1. Fourth Quarter 2025 Performance
Penumbra generated $385.4 million in Q4 revenue, up 22.1% year-over-year (20.9% in constant currency). U.S. sales rose 20.6% while international sales climbed 27.7% (21.9% constant currency), led by $254.7 million in global thrombectomy products.
2. Full Year 2025 Results
Total revenue reached $1.4037 billion, up 17.5% (16.9% constant currency), with U.S. sales up 21.0% and international sales up 6.6% (4.2% constant currency). Gross profit was $942.4 million, representing a 67.1% margin.
3. Segment Highlights
U.S. thrombectomy revenue totaled $771.5 million, up 19.3%, while global embolization and access product sales grew 20.2% to $455.7 million, driven by a 25.4% increase in U.S. demand.
4. Profitability Metrics
Q4 operating income was $59.2 million (15.4% margin) and net income was $47.3 million (12.3% margin). For full-year 2025, operating income was $189.2 million (13.5% margin), net income was $177.7 million (12.7% margin), and adjusted EBITDA margins were 20.5% in Q4 and 19.0% for the year.