Penumbra Inc

Listed Company

PENCIK 0001321732NYSELarge AcceleratedSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.40B

Net Income

$177.69M

Total Assets

$1.83B

Equity

$1.43B

Shares Out

39.24M

Op. Cash Flow

$238.66M

Business

Penumbra Inc is a medical device company focused on developing and commercializing thrombectomy technologies and related endovascular solutions for vascular disease. Its main products include computer assisted vacuum thrombectomy systems, Indigo and Penumbra aspiration reperfusion catheters, Lightning Bolt/Flash platforms, embolization coils (Ruby, Penumbra Coil 400, SMART COIL), access catheters (Neuron, BENCHMARK, MIDWAY) and the Artemis neurosurgical evacuation device. The company reports as a single operating segment with product families organized into thrombectomy and embolization & access markets. It sells primarily to healthcare providers through direct sales in the United States, most of Europe, Canada and Australia and via distributors and licensing partners in other international markets.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	1,404	1,195	1,059	847	748
Cost of revenue	461	440	376	312	272
Gross profit	942	755	683	535	475
Research and development	90	95	84	79	105
Sales, general and administrative	663	574	506	450	378
Acquired in-process research and development	0	0	18	0	0
Impairment charge	0	77	0	0	—
Total operating expenses	753	746	609	529	483
Income from operations	189	9	74	6	−8
Interest and other income	16	12	6	−2	−3
Income before income taxes	205	21	80	4	−11
Provision for (benefit from) income taxes	27	7	−11	6	−13
Net income	178	14	91	−2	5
Basic (in dollars per share)	4.57	0.36	2.37	−0.05	0.14
Diluted (in dollars per share)	4.52	0.36	2.32	−0.05	0.14
Basic (in shares)	39	39	38	38	37
Diluted (in shares)	39	39	39	38	38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	187	324	167	70	59
Marketable investments	358	16	122	118	195
Accounts receivable, net of allowance for credit losses of $2,350 and $5,638 at December 31, 2025 and $2024, respectively	190	168	202	203	134
Inventories	432	407	388	334	264
Prepaid expenses and other current assets	50	37	36	30	29
Total current assets	1,217	951	915	756	681
Property and equipment, net	117	63	73	65	59
Operating lease right-of-use assets	174	178	189	193	132
Finance lease right-of-use assets	26	28	31	33	36
Intangible assets, net	6	7	71	81	91
Goodwill	167	166	166	166	166
Deferred taxes	79	100	85	64	66
Other non-current assets	41	41	26	13	13
Total assets	1,827	1,533	1,556	1,371	1,244
Accounts payable	35	31	27	27	13
Accrued liabilities	132	112	111	106	100
Current operating lease liabilities	14	12	11	10	8
Current finance lease liabilities	2	2	2	2	2
Total current liabilities	183	158	151	145	123
Non-current operating lease liabilities	183	187	197	199	137
Non-current finance lease liabilities	21	22	24	25	27
Other non-current liabilities	12	15	5	3	4
Total liabilities	399	382	377	372	290
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.001 par value per share - 5,000,000 shares authorized, none issued and outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.001 par value per share - 300,000,000 shares authorized, 39,229,670 issued and outstanding at December 31, 2025; 300,000,000 shares authorized, 38,490,836 issued and outstanding at December 31, 2024	39,000	38,000	39,000	38,000	37,000
Additional paid-in capital	1,186	1,097	1,047	963	911
Accumulated other comprehensive income (loss)	4	−6	−3	−8	−3
Retained earnings	238	60	135	44	46
Total Penumbra, Inc. stockholders equity	1,428	1,151	1,179	999	954
Total liabilities and stockholders equity	1,827	1,533	1,556	1,371	1,244

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	178	14	91	—	—
Depreciation and amortization	17	24	27	24	16
Stock-based compensation	59	46	51	37	66
Inventory write-offs and write-downs	6	44	6	3	3
Deferred taxes	21	−16	−19	1	−14
Other	205,000	4	2	1	3
Accounts receivable	−20	27	−266,000	−70	−21
Inventories	−26	−66	−68	−75	−52
Prepaid expenses and other current and non-current assets	−13	−3	−19	−1	−13
Accounts payable	3	4	1	13	−2
Accrued expenses and other non-current liabilities	13	14	6	11	17
Proceeds from lease incentives	0	0	483,000	263,000	4
Net cash provided by operating activities	239	168	97	−56	10
Asset acquisition, net of cash acquired	0	0	−988,000	0	0
Purchases of non-marketable investments	0	−10	0	0	—
Purchases of marketable investments	−356	−23	−82	0	−127
Proceeds from sales of marketable investments	2	0	0	1	2
Proceeds from maturities of marketable investments	13	131	83	73	122
Purchases of property and equipment	−64	−21	−15	−19	−21
Other	0	1	−500,000	0	−400,000
Net cash (used in) provided by investing activities	−405	78	−16	55	−22
Proceeds from exercises of stock options	15	2	6	8	5
Proceeds from issuance of stock under employee stock purchase plan	16	15	15	14	14
Payment of employee taxes related to vested common and restricted stock	−3	−1	−2	−8	−16
Payments of finance lease obligations	−2	−2	−2	−2	−1
Repurchase of common stock	0	−100	0	0	—
Other	−256,000	−61,000	−155,000	−137,000	−250,000
Net cash provided by (used in) financing activities	27	−87	16	12	836,000
Effect of foreign exchange rate changes on cash and cash equivalents	2	−2	168,000	−272,000	1
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	−138	157	98	10	−10
Right-of-use assets obtained in exchange for operating lease obligations	10	2	9	72	102
Right-of-use assets obtained in exchange for finance lease obligations	2	464,000	1	305,000	1
Purchase of property and equipment funded through accounts payable and accrued liabilities	5	2	1	2	2
Excise tax accrued on repurchase of common stock	0	256,000	0	0	—

Filings

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