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Penumbra
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Latest analysis
Updated Oct 29, 2026
Penumbra posts 15.6% Q3 2026 revenue growth to $410.1M as Boston Scientific acquisition at $14.5B enterprise value awaits early-2027 regulatory close
Penumbra's Q3 2026 results confirm durable commercial momentum — thrombectomy revenue grew 18.1% year-over-year to $279.2 million while gross margin expanded 50 basis points to 68.3%, driven by favorable product mix. The dominant strategic fact of this filing is the pending acquisition by Boston Scientific Corporation at $374 per share and approximately $14.5 billion enterprise value, expected to close in early 2027 pending regulatory approval. SG&A inflation of 20.9% year-over-year, partly driven by $7.1 million in deal-related professional services costs, is eroding operating leverage that the underlying business would otherwise be generating.
Tone: mixedRevenue
$1.4B
PEN 10-K · FY 2025
Employees
4,700
Revenue growth YoY
+17.5%
Founded
2004
Profile
PEN 10-K Item 1 · Feb 25, 2026Penumbra is a medical device company focused on developing thrombectomy, embolization, and access technologies to treat vascular diseases including ischemic stroke, pulmonary embolism, and acute limb ischemia. The company sells directly in the U.S., most of Europe, Canada, Australia, and Singapore, and through distributors in other international markets. It operates as a single segment and generates the majority of its revenue from its thrombectomy product category.
Read filing description ↓ Collapse description ↑
Penumbra, the world's leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety, and simplicity. Our team focuses on developing, manufacturing and marketing novel products for use by specialist physicians and other healthcare providers to drive improved clinical and health outcomes. We believe that the cost-effectiveness of our products is attractive to our customers. Since our founding in 2004, we have invested heavily in our product development and commercial expansion that has established the foundation of our global organization. We have successfully developed, obtained regulatory clearance or approval for, and introduced products into the thrombectomy market since 2007, access market since 2008, embolization market since 2011, and neurosurgical market since 2014. We expect to continue to develop and build our portfolio of products, including our thrombectomy, embolization, and access technologies, while iterating on our currently available products. We attribute our success to our culture built on cooperation, our highly efficient product innovation process, our disciplined approach to product and commercial development, our deep understanding of our target end markets and our relationships with specialist physicians and other healthcare providers. We sell our products to healthcare providers primarily through our direct sales organization in the United States, most of Europe, Canada, Australia and Singapore, as well as through distributors in select international markets.
Primary products
- Indigo System
- Lightning Flash
- Lightning Flash 2.0
- Lightning Flash 3.0
- Lightning Bolt 7
- Lightning Bolt 12
Business segments
End markets
Geographies
Named competitors
“Penumbra, the world's leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew 17.5% in fiscal year 2025 versus fiscal year 2024, driven by continued expansion across both the thrombectomy and embolization and access product categories.
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