Penumbra(US:PEN)2025-07-29 20:14Revenue Performance - Total revenue for Q2 2025 was $339.5 million, a 13.4% increase from $299.4 million in Q2 2024, with U.S. revenue contributing 76.8% of total revenue[3] - Revenue for Q2 2025 reached $339.5 million, a 13.4% increase from $299.4 million in Q2 2024[21] - In the United States, revenue for the three months ended June 30, 2025, was $260,818,000, reflecting a growth of $42,638,000 or 19.5% year-over-year[29] - For the six months ended June 30, 2025, total revenue reached $663,595,000, an increase of $85,537,000 or 14.8% compared to the prior year[31] - The constant currency change for total revenue in the three months ended June 30, 2025, was $37,911,000 or 12.7%[29] - The company reported a constant currency change of $85,054,000 or 14.7% for total revenue in the six months ended June 30, 2025[31] U.S. Market Performance - U.S. thrombectomy revenue reached $188.5 million in Q2 2025, marking a 22.6% increase compared to Q2 2024, while U.S. VTE revenue increased by 42%[5] - The company maintains a guidance for U.S. thrombectomy growth of 20% to 21% compared to 2024 levels[6] - The Thrombectomy segment in the United States saw a significant increase of $34,805,000 or 22.6% for the three months ended June 30, 2025[29] Profitability and Income - Gross profit for Q2 2025 was $224.0 million, representing 66.0% of total revenue, up from 54.4% in Q2 2024, which had a one-time inventory impairment charge[3] - Income from operations for Q2 2025 was $40.8 million, with an operating margin of 12.0%, compared to a loss of $81.0 million in Q2 2024[4] - Net income for Q2 2025 was $45.3 million, with an adjusted EBITDA of $61.4 million, resulting in net income and adjusted EBITDA margins of 13.3% and 18.1%, respectively[5] - Net income for Q2 2025 was $45.3 million, a significant recovery from a net loss of $60.2 million in Q2 2024[21] - Non-GAAP net income for Q2 2025 was $33.7 million, compared to a loss of $111,000 in Q2 2024[25] - Adjusted EBITDA for Q2 2025 was $61.4 million, up from $13.0 million in Q2 2024, indicating strong operational performance[27] - The company reported a GAAP net income margin of 13.3% for Q2 2025, compared to a negative margin of 20.1% in Q2 2024[27] Operating Expenses - Total operating expenses for Q2 2025 were $183.2 million, or 54.0% of total revenue, significantly reduced from $243.8 million (81.4% of revenue) in Q2 2024[4] - Operating expenses decreased to $183.2 million in Q2 2025 from $243.8 million in Q2 2024, primarily due to the absence of an impairment charge[21] - R&D expenses for Q2 2025 were $23.2 million, slightly down from $24.9 million in Q2 2024[4] - Research and development expenses for Q2 2025 were $23.2 million, slightly down from $24.9 million in Q2 2024[21] Future Outlook - The company raised its full-year 2025 revenue guidance to between $1.355 billion and $1.370 billion, indicating a growth of 13% to 15% over 2024[6] - The company anticipates continued revenue growth and improved profitability in the upcoming quarters, driven by new product launches and market expansion strategies[21] Assets - The company reported total assets of $1.674 billion as of June 30, 2025, an increase from $1.533 billion at the end of 2024[18] Segment Performance - Thrombectomy product revenue for the six months ended June 30, 2025, was $456,800,000, up $65,595,000 or 16.8% year-over-year[31] - The Embolization and Access segment generated $206,795,000 in revenue for the six months ended June 30, 2025, reflecting a growth of $19,942,000 or 10.7%[31] - International revenue for the same period decreased by $2,586,000 or 3.2%, totaling $78,637,000[29] - International Thrombectomy revenue decreased by $8,051,000 or 16.2% for the same period[29]