Penumbra Reports Q4 Revenue Growth of 21.4–22.0% and 67.9–68.1% Gross Margin
Penumbra's Q4 2025 revenue hit $383.0M–$384.8M, rising 21.4–22.0% (23.2–23.8% ex-China), while full-year revenue reached $1.401B–$1.403B, up 17.3–17.5% (24.7–24.9% ex-China). Gross margins were 67.9–68.1% in Q4 and 67.1% for the year, with operating margins of 14.8–15.7% (Q4) and 13.3–13.6% (full year).
1. Boston Scientific Signs Definitive Agreement to Acquire Penumbra
On January 15, 2026, Boston Scientific Corporation and Penumbra, Inc. entered into a definitive cash-and-stock transaction that values Penumbra at $374 per share, equating to approximately $14.5 billion in enterprise value. Under the agreement, Penumbra shareholders may elect to receive either $374 in cash or 3.8721 shares of Boston Scientific common stock per Penumbra share, subject to proration, resulting in roughly 73% of the consideration in cash and 27% in stock. The transaction has been approved by both companies’ boards and is expected to close in 2026, contingent on Penumbra shareholder approval and customary regulatory clearances. Boston Scientific plans to fund the $11 billion cash portion with a combination of existing liquidity and new debt facilities.
2. Penumbra Reports Robust Preliminary Q4 and Full Year 2025 Results
Penumbra released unaudited and preliminary financial results for the fourth quarter and full year 2025, highlighting continued momentum in its thrombectomy business. Q4 revenue is projected between $383.0 million and $384.8 million, representing growth of 21.4% to 22.0% year-over-year, and 23.2% to 23.8% excluding the China region. Full year 2025 revenue is estimated between $1.401 billion and $1.403 billion, up 17.3% to 17.5% versus 2024 (24.7% to 24.9% on a constant-currency basis). Gross margins are expected at 67.9% to 68.1% for Q4 and 67.1% for the full year, with operating income of $56.9 million to $60.4 million (14.8% to 15.7% margin) in Q4 and $186.9 million to $190.4 million (13.3% to 13.6% margin) for the full year.
3. Shareholder Counsel Launches Investigation into Transaction Fairness
Investor rights firm Halper Sadeh LLC announced an investigation on behalf of Penumbra shareholders to assess whether the board obtained the best possible consideration in its agreement to sell the company to Boston Scientific. The probe will examine potential breaches of fiduciary duty, adequacy of the financial process, and completeness of disclosures provided to shareholders. The firm indicates it may seek increased transaction consideration or additional information through litigation and will pursue any such action on a contingent fee basis, with no upfront legal fees for claimants.