Penumbra(PEN) Prnewswire·2025-04-23 20:05Core Insights - Penumbra, Inc. reported a total revenue of $324.1 million for Q1 2025, marking a 16.3% increase compared to $278.7 million in Q1 2024, with a 16.9% increase in constant currency [2][11][25] - The U.S. market accounted for 79.2% of total revenue, with U.S. thrombectomy revenue increasing by 25.0% year-over-year [2][11][27] - The company anticipates total revenue for 2025 to be between $1,340 million and $1,360 million, with U.S. thrombectomy growth guidance raised to 20%-21% [7][11] Financial Performance - Gross profit for Q1 2025 was $215.9 million, representing a gross margin of 66.6%, up from 65.0% in Q1 2024, driven by a favorable product mix and productivity improvements [3][19] - Total operating expenses were $175.5 million, or 54.2% of total revenue, down from 60.7% in Q1 2024, excluding non-recurring litigation expenses [4][19] - Income from operations for Q1 2025 was $40.4 million, compared to $12.1 million in Q1 2024, indicating a significant operational improvement [5][19] Product Performance - Revenue from global thrombectomy products reached $226.5 million, a 20.7% increase year-over-year, primarily due to U.S. sales growth [2][26] - Revenue from global embolization and access products grew to $97.6 million, a 7.3% increase, with U.S. sales increasing by 16.2% [2][26][27] Market Outlook - The company expects gross margin to expand by at least 100 basis points in 2025, targeting over 67% for the full year [7] - Operating margin is projected to expand to a range of 13% to 14% of revenue for the full year 2025 [7]