Penumbra(PEN)2025-04-23 20:14Revenue Performance - Total revenue for Q1 2025 was $324.1 million, a 16.3% increase from $278.7 million in Q1 2024[4] - Revenue from the United States in Q1 2025 was $256,860,000, a 22.5% increase from $209,644,000 in Q1 2024[28] - U.S. thrombectomy revenue reached $187.9 million in Q1 2025, reflecting a 25.0% increase year-over-year[7] - Thrombectomy product revenue for Q1 2025 was $226,544,000, reflecting a 20.7% increase from $187,703,000 in Q1 2024[29] - The company reported a constant currency revenue growth of 16.9% for the total revenue in Q1 2025[28] Profitability Metrics - Gross profit for Q1 2025 was $215.9 million, representing a gross margin of 66.6%, up from 65.0% in Q1 2024[4] - Income from operations was $40.4 million in Q1 2025, resulting in an operating margin of 12.4%[7] - Net income for Q1 2025 was $39.2 million, with a net income margin of 12.1%[7] - GAAP net income for Q1 2025 was $39,223,000, compared to $11,002,000 in Q1 2024, representing a significant increase[26] - Non-GAAP net income for Q1 2025 was $32,630,000, up from $16,182,000 in Q1 2024, reflecting a growth of 101.5%[26] - The GAAP net income margin improved to 12.1% in Q1 2025 from 3.9% in Q1 2024[27] Expenses and Cost Management - Operating expenses for Q1 2025 totaled $175.5 million, or 54.2% of total revenue, down from 60.7% in Q1 2024[5] - Research and development expenses were $22.1 million in Q1 2025, down from $24.6 million in Q1 2024[5] - Non-recurring litigation related expenses were $0 in Q1 2025, compared to $4,823,000 in Q1 2024[26] Future Projections - The company projects total revenue for 2025 to be between $1,340 million and $1,360 million[6] - Guidance for U.S. thrombectomy franchise growth has been increased to 20% to 21% year-over-year[6] EBITDA Performance - Adjusted EBITDA for Q1 2025 was $59.6 million, resulting in an adjusted EBITDA margin of 18.4%[7] - Adjusted EBITDA for Q1 2025 was $59,595,000, compared to $37,646,000 in Q1 2024, indicating a growth of 58.3%[27] Earnings Per Share - GAAP diluted EPS for Q1 2025 was $1.00, up from $0.28 in Q1 2024[26]