Penumbra (PEN) Q1 2026 earnings summary

Executive summary

• Revenue grew 15.6% year-over-year to $374.8 million for Q1 2026, driven by higher sales of thrombectomy and embolization/access products, especially in the U.S.

• Net income was $32.6 million, down from $39.2 million in Q1 2025, reflecting higher operating expenses.

• Gross margin improved to 67.6% from 66.6% year-over-year, aided by favorable product mix.

• A merger agreement was signed with Boston Scientific, valuing shares at $374 each and the company at $14.5 billion, with closing expected by year-end 2026.

• Pending acquisition by Boston Scientific Corporation influenced the absence of forward guidance.

Financial highlights

• Thrombectomy revenue rose 12.1% to $253.9 million; embolization/access revenue increased 23.8% to $120.8 million.

• International revenue grew 16.5% to $78.4 million, representing 20.9% of total revenue.

• Operating income was $38.2 million, down from $40.4 million year-over-year.

• SG&A expenses increased 25.6% to $192.8 million, mainly due to personnel and merger-related costs.

• R&D expenses were $22.4 million, up 1.4% year-over-year.

Segment performance

• US revenue rose 15.4% to $296.4 million; international revenue up 16.5% to $78.4 million.