10-Q · May 6, 2026
Penumbra, Inc. reported a strong performance for Q1 2026 with revenue of $374.8 million, a 15.6% increase compared to the previous year, and diluted EPS of $0.82, exceeding estimates. Despite increasing SG&A expenses…
Earnings analysis · 10-Q
PEN earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Penumbra reported Q3 2026 revenue of $410.1 million, up 15.6% year over year and approximately 5.2% sequentially, while gross margin expanded to 68.3%. Diluted EPS was $1.07, down from $1.17 in Q3 2025 but up from $0.88…
Read full summary
Penumbra reported Q3 2026 revenue of $410.1 million, up 15.6% year over year and approximately 5.2% sequentially, while gross margin expanded to 68.3%. Diluted EPS was $1.07, down from $1.17 in Q3 2025 but up from $0.88 in Q2 2026; operating margin and free cash flow were not disclosed in the supplied 10-Q text. Liquidity was substantial at $673.6 million across cash, cash equivalents and marketable investments, but the pending acquisition led the company to withdraw its prior $1.5 billion-$1.6 billion FY 2026 revenue outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.07
- Gross margin
- 68.3%
What stood out
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Revenue growth accelerated
Q3 2026 revenue was $410.1 million, up 15.6% year over year and approximately 5.2% from $390 million in Q2 2026.
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Gross margin expanded
Gross margin increased to 68.3% from 67.8% in Q3 2025 and 67.9% in Q2 2026, an improvement of 50 basis points year over year and 40 basis points sequentially.
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Thrombectomy led product growth
Thrombectomy led product growth, contributing to total revenue of $410.1 million; the filing does not provide revenue by segment.
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Strong liquidity position
Cash and cash equivalents totaled $254.3 million and marketable investments totaled $419.3 million at September 30, 2026, for combined liquidity of $673.6 million.
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Product mix supported margins
Management stated that gross margin for the nine months ended September 30, 2026 was primarily helped by favorable product mix across regions, while pricing changes did not have a significant impact.
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Controls remained effective
Disclosure controls and procedures were deemed effective as of September 30, 2026, and management reported no change in internal control that materially affected or was reasonably likely to materially affect financial reporting.
What to watch
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Acquisition removes financial guidance
The company withdrew its prior FY 2026 revenue outlook of $1.5 billion-$1.6 billion because of the pending Boston Scientific acquisition, increasing uncertainty around the forward financial outlook.
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No new risk-factor disclosures
The filing states there were no material changes to the risk factors reported in the December 31, 2025 Form 10-K filed on February 25, 2026.
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Interest-rate exposure monitored
The company has $419.3 million of marketable investments and states that a hypothetical 100-basis-point change in interest rates would not materially affect their value.
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Foreign-exchange exposure
Foreign-currency exposure remains relevant because most non-U.S. sales are billed in local currencies, primarily euros; management states that an immediate 10% adverse exchange-rate change would not materially affect net income.
Management's outlook
The company withdrew its prior FY 2026 revenue outlook of $1.5 billion-$1.6 billion because of the pending Boston Scientific acquisition and will not provide a full-year outlook.
Earlier filings 4
10-K · February 25, 2026
Penumbra reported strong 2025 results with revenue of $1,403.7 million (up 17.5% YoY) and operating income of $189.2 million, reflecting a clear operating inflection from $9.3 million in 2024. Thrombectomy remains the…
10-Q · October 30, 2024
Penumbra reported Q3 revenue of $301,039,000 (up from $270,946,000 year-over-year) and GAAP diluted EPS of $0.75 (vs $0.23 prior year), beating consensus. Gross profit rose to $200,306,000 and operating income improved…
10-Q · May 7, 2024
Penumbra reported Q1 revenue of $278,655,000 (up $37,257,000 or 15.4% vs. Q1 2023) with gross profit of $181,139,000 (gross margin ~65.0%) and operating income of $12,101,000 (operating margin 4.3%). Diluted EPS was…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.