Penumbra Q4 Revenue Up 22.1% to $385.4M, Full-Year Sales $1.4B
Penumbra reported fourth quarter revenue of $385.4 million, up 22.1% year-over-year (20.9% constant currency), with U.S. thrombectomy sales rising 12.4% to $203.1 million. Full-year 2025 revenue reached $1,403.7 million, up 17.5% (16.9% constant currency), with net income of $177.7 million and an adjusted EBITDA margin of 19.0%.
1. Quarterly Revenue Growth
Penumbra posted Q4 revenue of $385.4 million, up 22.1% year-over-year (20.9% constant currency). U.S. thrombectomy revenue rose 12.4% to $203.1 million, while embolization and access sales jumped 37.0% to $130.7 million.
2. Full-Year Financial Performance
Full-year 2025 revenue reached $1,403.7 million, a 17.5% increase (16.9% constant currency), driven by U.S. thrombectomy sales growth of 19.3%. Net income was $177.7 million with adjusted EBITDA of $266.8 million, reflecting a 19.0% EBITDA margin.
3. Margin and Expense Trends
Gross profit margin expanded to 68.0% in Q4 from 66.8% a year ago, aided by favorable product mix and productivity initiatives. Operating margin improved to 15.4% despite a 7.8% rise in total operating expenses driven by higher SG&A and R&D investments.