Penumbra's Thrombectomy Growth Accelerates Before Boston Scientific Deal

The Tip Desk · October 31, 2026 · 2 min read

Third-quarter revenue reached $410.1 million, up 15.6% from a year earlier, as global thrombectomy sales rose 18.1% and the company again withheld full-year 2026 guidance.

Penumbra, Inc. (PEN), the Alameda, Calif., thrombectomy device maker, reported third-quarter revenue of $410.1 million, up 15.6% from the year-ago period, after 14.9% growth in the second quarter.

Global thrombectomy revenue was $279.2 million, up 18.1% from the third quarter of 2025, accelerating from 12.5% growth in the second quarter and 12.1% in the first. U.S. neuro revenue was $77.9 million, up 19.3% year over year. U.S. VTE revenue increased 26.0% versus the year-ago quarter.

Global embolization and access revenue was $131.0 million, up 10.8% from a year earlier, slowing from 20.0% growth in the second quarter and 23.8% in the first.

United States revenue was $324.2 million, up 17.9% year over year. International revenue was $85.9 million, up 7.8%.

Gross profit margin was 68.3%, up 0.5% from the third quarter of 2025, after a 1.9% year-over-year increase in the second quarter and 1.0% in the first.

Total operating expenses were $229.6 million, including $7.1 million of acquisition-related expenses associated with the pending acquisition of Penumbra by Boston Scientific Corporation (BSX). Sales, general and administrative expenses were $204.2 million; research and development was $25.4 million. Operating expenses were $223.9 million in the second quarter, including $6.9 million of such acquisition-related costs, and $215.2 million in the first quarter, including $9.4 million.

Income from operations was $50.7 million. Net income was $42.3 million, or $1.07 a share, down from $1.17 a share a year earlier. Operating income was $41.0 million and net income $34.8 million in the second quarter, and $38.2 million and $32.6 million in the first.

The company said it will not provide full-year 2026 financial guidance or host a conference call because of the pending Boston Scientific acquisition. It described risks that the deal may not close in the expected timeframe or at all, including that required regulatory approvals may not be obtained, and potential effects during the pendency of the transaction such as employee departures or diversion of management’s attention.

Cash and cash equivalents were $254.3 million at September 30, 2026. Marketable investments were $419.3 million. Inventories were $459.1 million. Total assets were $2.03 billion.