Penumbra, Inc. Reports Second Quarter 2025 Financial Results

Core Insights - Penumbra, Inc. reported a total revenue of $339.5 million for Q2 2025, marking a 13.4% increase from $299.4 million in Q2 2024, with a 12.7% increase in constant currency [2][11] - The U.S. market accounted for 76.8% of total revenue, with U.S. revenue increasing by 19.5%, while international revenue decreased by 3.2% [2][11] - The company expects full-year 2025 revenue guidance to be between $1.355 billion and $1.370 billion, representing a growth of 13% to 15% over 2024 [7] Financial Performance - Gross profit for Q2 2025 was $224.0 million, or 66.0% of total revenue, compared to $162.8 million (54.4%) in Q2 2024, with the previous year impacted by a one-time inventory impairment charge [3][5] - Total operating expenses for Q2 2025 were $183.2 million (54.0% of total revenue), down from $243.8 million (81.4%) in Q2 2024, which included a significant impairment charge [4][5] - Income from operations for Q2 2025 was $40.8 million, a significant recovery from a loss of $81.0 million in Q2 2024 [5][21] Product Performance - Revenue from global thrombectomy products reached $230.3 million in Q2 2025, up 13.1% from the previous year, primarily driven by a 22.6% increase in U.S. thrombectomy product sales [2][32] - Revenue from global embolization and access products grew to $109.2 million, reflecting a 13.9% increase, with U.S. sales increasing by 12.2% [2][32] Market Outlook - The company maintains its guidance for U.S. thrombectomy growth at 20% to 21% compared to 2024 levels [7] - Penumbra anticipates sequential gross margin expansion in the second half of 2025 due to favorable product mix and productivity improvements [3][4] Balance Sheet Highlights - As of June 30, 2025, total assets were $1.675 billion, up from $1.533 billion at the end of 2024, with cash and cash equivalents increasing to $421.8 million [16][18] - Total liabilities were $380.9 million, slightly down from $382.3 million at the end of 2024 [18] Non-GAAP Financial Measures - Non-GAAP income from operations for Q2 2025 was $40.8 million, compared to a non-GAAP loss of $1.6 million in Q2 2024 [5][22] - Adjusted EBITDA for Q2 2025 was $61.4 million, significantly up from $12.9 million in Q2 2024, indicating strong operational performance [27][29]