Penumbra Sales Rise 15.6% on Thrombectomy Growth Ahead of Boston Scientific Deal

Penumbra's third-quarter revenue rose 15.6% to $410.1 million, led by an 18.1% jump in its blood-clot removal business, the medical device maker said Thursday in an earnings release filed with an 8-K after the market close. It skipped full-year guidance and a conference call because of its pending acquisition by Boston Scientific.

"Given the pending acquisition of Penumbra, Inc. by Boston Scientific Corporation," the company said, it will not provide financial guidance for full-year 2026 or host a call to discuss the quarter.

Thrombectomy drives growth

Global thrombectomy revenue climbed to $279.2 million from $236.4 million a year earlier. Within that business, U.S. revenue tied to venous thromboembolism, which includes conditions such as pulmonary embolism, rose 26.0%.

Global embolization and access revenue increased 10.8% to $131.0 million. U.S. neuro revenue grew 19.3% to $77.9 million.

Profit slips as taxes and deal costs rise

Despite the sales growth, net income declined to $42.3 million, or $1.07 a diluted share, from $45.9 million, or $1.17 a share, a year earlier. The provision for income taxes more than doubled to $14.0 million from $6.5 million.

Income from operations edged up to $50.7 million from $48.8 million. Gross margin was 68.3%, up 0.5 percentage point from a year earlier.

Total operating expenses rose to $229.6 million from $191.6 million. Sales, general and administrative expenses grew to $204.2 million, including $7.1 million of acquisition-related expenses tied to the pending Boston Scientific deal. Research and development spending increased to $25.4 million from $22.7 million.

Balance sheet

Interest and other income rose to $5.6 million from $3.5 million, lifting pretax income to $56.3 million from $52.3 million. Diluted weighted average shares outstanding were about 39.6 million, compared with about 39.3 million a year earlier.

Penumbra ended the quarter with $254.3 million in cash and cash equivalents and $419.3 million in marketable investments, compared with $186.9 million and $357.9 million at the end of 2025. Inventories rose to $459.1 million from $431.5 million, and total assets reached $2.03 billion. Accrued liabilities increased to $174.8 million from $132.2 million.

For the first nine months of 2026, revenue increased 15.4% to $1.17 billion, while net income fell to $109.7 million, or $2.77 a diluted share, from $130.3 million, or $3.32 a share.

Nine-month thrombectomy revenue rose 14.3% to $792.1 million, and embolization and access revenue grew 17.8% to $382.9 million.

The company did not provide a timeline for completing the acquisition in the release. It listed the risk that the deal will not close in the expected timeframe or at all, including the risk that required regulatory approvals are not obtained, among its forward-looking risk factors.

Sources

1. Penumbra Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001321732-26-000042)

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