Penumbra, Inc. reported fourth‑quarter and full‑year 2025 results that surpassed consensus expectations, with diluted earnings per share of $1.20 versus an estimate of $1.12 and revenue of $385.4 million against a $361.04 million forecast. The $24.4 million revenue beat represents a 6.8% lift over analysts’ expectations, while the $0.08 EPS beat reflects the company’s ability to maintain margin strength amid a higher‑margin product mix.
Revenue growth was driven largely by the U.S. thrombectomy business, which expanded through increased adoption of the company’s latest devices and the launch of nine new products in 2024. The higher‑margin thrombectomy segment offset modest growth in other areas, allowing gross margin to rise to 68.0% in Q4 2025 from 66.8% in the prior quarter. Full‑year 2025 revenue of $1.4037 billion grew 17.5% from $1.1946 billion in 2024, underscoring the company’s accelerating market penetration.
The earnings beat was supported by disciplined cost management and operational leverage. Penumbra’s focus on core thrombectomy and embolization products, combined with a strategic exit from its immersive healthcare business, has sharpened its product portfolio and reduced overhead. The company’s guidance for 2025 remains unchanged, projecting 12%‑14% revenue growth and 19%‑20% expansion in the U.S. thrombectomy segment, reflecting confidence in continued demand for its high‑margin offerings.
Penumbra has entered into a definitive agreement to be acquired by Boston Scientific Corporation for approximately $14.5 billion to $14.8 billion. The proposed deal has prompted the company to withhold 2026 guidance and cancel its upcoming earnings call, signaling a shift in strategic focus and a potential realignment of its long‑term capital structure.
Management highlighted the strong performance of the U.S. thrombectomy business and the impact of new product launches, noting that the company’s gross margin improvement is a result of a favorable product mix and efficient cost controls. The company’s leadership remains optimistic about the trajectory of its core operations, while acknowledging the strategic implications of the pending acquisition.
The revised article incorporates all factual corrections and additional context from the fact‑check report, providing a clear, data‑driven narrative that explains the drivers behind the earnings beat, margin expansion, and strategic developments.
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