Penumbra, Inc. Reports Third Quarter 2025 Financial Results

Penumbra, Inc. (NYSE: PEN), the world's leading thrombectomy company, today reported financial results for the third quarter ended September 30, 2025.

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— Revenue of $354.7 million in the third quarter of 2025, an increase of 17.8% or 16.9% in constant currency1, compared to the third quarter of 2024.

— Total U.S. revenue of $275.0 million in the third quarter of 2025, an increase of 21.5% compared to the third quarter of 2024.

— U.S. Thrombectomy revenue of $192.0 million in the third quarter of 2025, an increase of 18.5% compared to the third quarter of 2024. U.S. VTE revenue increased 34% compared to the same period a year ago.

— Income from operations of $48.8 million or operating margin of 13.8% in the third quarter of 2025.

— Net income of $45.9 million and adjusted EBITDA1 of $66.7 million or net income margin of 12.9% and adjusted EBITDA margin1 of 18.8% in the third quarter of 2025.

Third Quarter 2025 Financial Results Total revenue increased to $354.7million for the third quarter of 2025 compared to $301.0million for the third quarter of 2024, an increase of 17.8%, or 16.9% in constant currency1. The United States represented 77.5% of total revenue and international represented 22.5% of total revenue for the third quarter of 2025. Revenue from the U.S. increased 21.5% while revenue from our international regions increased 6.6%, or 3.0% in constant currency1. Revenue from sales of our global thrombectomy products grew to $236.4million in the third quarter of 2025, an increase of 15.8%, or 15.1% in constant currency1 over the same period a year ago, driven primarily by the sales of our U.S. thrombectomy products which increased by 18.5% over the same period a year ago. Revenue from sales of our global embolization and access products grew to $118.3million for the third quarter of 2025, an increase of 22.0%, or 20.8% in constant currency1 from the same period a year ago, driven primarily by our U.S. embolization and access products which increased by 29.2% from the same period a year ago.

Gross profit for the third quarter of 2025 was $240.4million, or 67.8% of total revenue compared to $200.3million, or 66.5% of total revenue, for the third quarter of 2024. Gross margin is impacted by product mix, regional mix, and production initiatives to support demand and create future efficiencies. As such, with favorable product mix, improvement in productivity, and by leveraging our fixed costs on higher volume of new product sales during the year, our gross margin may be positively impacted in the future.

Total operating expenses were $191.6 million, or 54.0% of total revenue for the third quarter of 2025. This compares to total operating expenses of $164.9 million, or 54.8% of total revenue for the third quarter of 2024. R&D expenses were $22.7 million for the third quarter of 2025, compared to $25.2 million for the third quarter of 2024. SG&A expenses were $168.9million for the third quarter of 2025, compared to $139.7million for the third quarter of 2024.

Income from operations was $48.8million for the third quarter of 2025, compared to income from operations of $35.4million for the third quarter of 2024.

1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.

Updated Full Year 2025 Financial Outlook The Company is increasing its guidance for 2025 total revenue to arange of $1 billion, 375 million to $1 billion, 380 million, which represents 15% to 16% growth over 2024 revenue of $1 billion, 195 million. The Company maintains guidance for U.S. Thrombectomy growth of 20% to 21% compared to 2024 levels. The Company also maintains guidance for both gross margin and operating margin for full year 2025.

Webcast and Conference Call Information Penumbra, Inc. will host a conference call to discuss the third quarter 2025 financial results after market close on Wednesday, November 5, 2025 at 4:30 PM Eastern Time. The conference call can be accessed live over the phone by dialing (888) 596-4144 (conference id: 6572573), or the webcast can be accessed on the “Events and Presentations” section under the “Investors” tab of the Company's website atwww.penumbrainc.com. The webcast will be available on the Company's website for at least two weeks following the completion of the call.

About Penumbra Penumbra, Inc., the world's leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety and simplicity. By pioneering these innovations, we support healthcare providers, hospitals and clinics in more than 100 countries, working to improve patient outcomes and quality of life. For more information, visit www.penumbrainc.com and connect on Instagram, LinkedIn, and X.

Non-GAAP Financial Measures In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures in this press release: a) constant currency, b) non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, and non-GAAP diluted earnings per share (“EPS”) and c) adjusted EBITDA and adjusted EBITDA margin.

Constant Currency. The Company's constant currency revenue disclosures estimate the impact of changes in foreign currency rates on the translation of the Company's current period revenue as compared to the applicable comparable period in the prior year. This impact is derived by taking the current local currency revenue and translating it into U.S. dollars based upon the foreign currency exchange rates used to translate the local currency revenue for the applicable comparable period in the prior year, rather than the actual exchange rates in effect during the current period. It does not include any other effect of changes in foreign currency rates on the Company's results or business.

Non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, and non-GAAP diluted EPS.The adjustments to the GAAP financial measures reflect the exclusion of:

— the effect of the amortization of finite lived intangible assets acquired in connection with the Sixense acquisition over their estimated useful lives;

— the excess tax benefits associated with share-based compensation arrangements;

— non-recurring litigation related expenses;

— non-cash long-lived asset impairment charges related to the impairment of our immersive healthcare asset group; and

— one-time expenses in connection with the wind down of the immersive healthcare business.

Adjusted EBITDA and adjusted EBITDA margin. The Company's adjusted EBITDA reflects the exclusion from GAAP net income (loss)of:

— non-cash operating charges such as stock-based compensation, depreciation and amortization, and impairment charges;

— non-operating items such as interest income, interest expense, and provision for (benefit from) income taxes;

— non-recurring litigation related expenses; and

— one-time expenses in connection with the wind down of the immersive healthcare business.

Full reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in the tables below.

Our management believes the non-GAAP financial measures disclosed in this press release are useful to investors in assessing the operating performance of our business and provide meaningful comparisons to prior periods and thus a more complete understanding of our business than could be obtained absent this disclosure. Specifically, we consider the change in constant currency revenue as a useful metric as it provides an alternative framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations. We consider non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, and non-GAAP diluted EPS useful metrics as they provide an alternative framework for assessing how our underlying business performed excluding non-cash long-lived asset impairment charges related to the impairment of our immersive healthcare asset group, the amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition, the excess tax benefits associated with share-based compensation arrangements, expenses related to certain litigation matters that we have determined are not a normal or recurring part of our business, including settlement costs and legal fees, and one-time expenses in connection with the wind down of the immersive healthcare business. Further, we consider adjusted EBITDA and adjusted EBITDA margin useful metrics as they provide an alternative framework for assessing how our underlying business performed excluding non-cash operating charges such as stock-based compensation, depreciation and amortization, and impairment charges, non-operating items such as interest income, interest expense, and provision for (benefit from) income taxes, non-recurring litigation related expenses, and one-time expenses in connection with the wind down of the immersive healthcare business.

The non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP measures should not be considered in isolation or as alternatives to GAAP measures. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business.

Forward-Looking Statements Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 18, 2025. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.

Penumbra, Inc.Condensed Consolidated Balance Sheets(unaudited)(in thousands) September 30, 2025 December 31, 2024AssetsCurrent assets:Cash and cash equivalents $ 321,029 $ 324,404Marketable investments 149,267 15,727Accounts receivable, net 183,430 167,668Inventories 432,365 406,737Prepaid expenses and other current assets 55,429 36,589Total current assets 1,141,520 951,125Property and equipment, net 97,730 62,641Operating lease right-of-use assets 170,715 177,787Finance lease right-of-use assets 26,790 28,018Intangible assets, net 6,368 6,513Goodwill 166,748 165,826Deferred taxes 94,478 100,332Other non-current assets 40,020 40,939Total assets $ 1,744,369 $ 1,533,181Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable $ 29,821 $ 31,326Accrued liabilities 124,273 112,429Current operating lease liabilities 13,086 12,221Current finance lease liabilities 2,423 2,369Total current liabilities 169,603 158,345Non-current operating lease liabilities 180,313 187,068Non-current finance lease liabilities 21,223 21,731Other non-current liabilities 14,534 15,106Total liabilities 385,673 382,250Stockholders' equity:Common stock 39 38Additional paid-in capital 1,165,195 1,096,732Accumulated other comprehensive income (loss) 3,114 (5,843)Retained earnings 190,348 60,004Total stockholders' equity 1,358,696 1,150,931Total liabilities and stockholders' equity $ 1,744,369 $ 1,533,181

Penumbra, Inc.Condensed Consolidated Statements of Operations(unaudited)(in thousands, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024Revenue $ 354,685 $ 301,039 $ 1,018,280 $ 879,097Cost of revenue 114,269 100,733 337,971 334,823Gross profit 240,416 200,306 680,309 544,274Operating expenses:Research and development 22,677 25,205 67,972 74,773Sales, general and administrative 168,901 139,737 482,321 426,052Impairment charge – – – 76,945Total operating expenses 191,578 164,942 550,293 577,770Income (loss) from operations 48,838 35,364 130,016 (33,496)Interest and other income, net 3,487 4,414 11,477 10,026Income (loss) before income taxes 52,325 39,778 141,493 (23,470)Provision for (benefit from) income taxes 6,474 10,251 11,149 (3,799)Net income (loss) $ 45,851 $ 29,527 $ 130,344 $ (19,671)Net income (loss) per share:Basic $ 1.17 $ 0.76 $ 3.36 $ (0.51)Diluted $ 1.17 $ 0.75 $ 3.32 $ (0.51)Weighted average shares outstanding:Basic 39,078,378 38,610,805 38,827,038 38,706,809Diluted 39,302,239 39,178,227 39,250,680 38,706,809

Penumbra, Inc.Reconciliation of GAAP Operating Expenses and GAAP Income (Loss) from Operations to Non-GAAP Operating Expenses andNon-GAAP Income from Operations1(unaudited)(in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024GAAP operating expenses $ 191,578 $ 164,942 $ 550,293 $ 577,770GAAP operating expenses includes the effect of the followingitems:Impairment charge2 – – – 76,945Non-recurring litigation related expenses – – – 4,823Amortization of finite lived intangible assets acquired – – – 4,759Wind down expenses3 – 4,971 – 4,971Non-GAAP operating expenses $ 191,578 $ 159,971 $ 550,293 $ 486,272GAAP income (loss) from operations $ 48,838 $ 35,364 $ 130,016 $ (33,496)GAAP income (loss) from operations includes the effect of thefollowing items:Impairment charge2 – – – 76,945Non-recurring litigation related expenses – – – 4,823Amortization of finite lived intangible assets acquired – – – 4,759Wind down expenses3 – 4,971 – 4,971Non-GAAP income from operations $ 48,838 $ 40,335 $ 130,016 $ 58,002

Penumbra, Inc.Reconciliation of GAAP Net Income (Loss) and GAAP Diluted EPS to Non-GAAP Net Income and Non-GAAP Diluted EPS1(unaudited)(in thousands, except share and per share amounts) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net Diluted Net Diluted Net Diluted Net (loss) Diluted income EPS income EPS income EPS income EPSGAAP net income (loss) $ 45,851 $ 1.17 $ 29,527 $ 0.75 $ 130,344 $ 3.32 $ (19,671) $ (0.51)GAAP net income (loss) includes the effect of thefollowing items:Impairment charge2 – – – – – – 76,945 1.96Non-recurring litigation related expenses – – – – – – 4,823 0.12Amortization of finite lived intangible assets – – – – – – 4,759 0.12acquiredWind down expenses3 – – 4,971 0.13 – – 4,971 0.13Tax effects of the non-GAAP adjustments above4 – – (1,198) (0.03) – – (22,051) (0.56)Excess tax benefits related to stock compensation (7,754) (0.20) (85) 0.00 (25,889) (0.66) (491) (0.01)awardsNon-GAAP net income $ 38,097 $ 0.97 $ 33,215 $ 0.85 $ 104,455 $ 2.66 $ 49,285 $ 1.25GAAP diluted EPS $ 1.17 $ 0.75 $ 3.32 $ (0.51)Non-GAAP diluted EPS $ 0.97 $ 0.85 $ 2.66 $ 1.25Weighted average shares outstanding used to compute:GAAP diluted EPS 39,302,239 39,178,227 39,250,680 38,706,809Non-GAAP diluted EPS5 39,302,239 39,178,227 39,250,680 39,334,133

1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.2Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.3Represents one-time expenses that include severance and other costs related to the wind down of the immersive healthcare business during the three and nine months ended September 30, 2024.4For the three and nine months ended September 30, 2024, management used a combined federal and state tax rate of 24.10% to compute the tax effects of non-GAAP adjustments.5For the purposes of calculating non-GAAP diluted EPS for the nine months ended September 30, 2024, non-GAAP diluted weighted average shares outstanding of 39,334,133 were used as the Company had non-GAAP net income in the period.

Penumbra, Inc.Reconciliation of GAAP Net Income (Loss) and GAAP Net Income (Loss) Margin to Adjusted EBITDA and Adjusted EBITDAMargin1(unaudited)(in thousands, except for percentages) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024GAAP net income (loss) $ 45,851 $ 29,527 $ 130,344 $ (19,671)Adjustments to GAAP net income (loss):Depreciation and amortization expense 2,488 4,148 13,010 19,314Interest income, net (4,022) (3,129) (10,756) (9,333)Provision for (benefit from) income taxes 6,474 10,251 11,149 (3,799)Stock-based compensation expense 15,932 10,940 43,951 34,069Impairment charge2 – – – 76,945Non-recurring litigation related expenses – – – 4,823Wind down expenses3 – 4,971 – 4,971Adjusted EBITDA $ 66,723 $ 56,708 $ 187,698 $ 107,319Revenue $ 354,685 $ 301,039 $ 1,018,280 $ 879,097Adjusted EBITDA $ 66,723 $ 56,708 $ 187,698 $ 107,319GAAP net income (loss) margin 12.9% 9.8% 12.8% (2.2)%Adjusted EBITDA margin 18.8% 18.8% 18.4% 12.2%

Penumbra, Inc.Reconciliation of Revenue Growth by Geographic Regions to Constant Currency Revenue Growth1(unaudited)(in thousands, except for percentages) Three Months Ended Reported Change FX Impact Constant Currency Change September 30, 2025 2024 $ % $ $ %United States $ 275,029 $ 226,326 $ 48,703 21.5% $ – $ 48,703 21.5%International 79,656 74,713 4,943 6.6% (2,689) 2,254 3.0%Total $ 354,685 $ 301,039 $ 53,646 17.8% $ (2,689) $ 50,957 16.9% Nine Months Ended Reported Change FX Impact Constant Currency Change September 30, 2025 2024 $ % $ $ %United States $ 792,707 $ 654,150 $ 138,557 21.2% $ – $ 138,557 21.2%International 225,573 224,947 626 0.3% (3,169) (2,543) (1.1)%Total $ 1,018,280 $ 879,097 $ 139,183 15.8% $ (3,169) $ 136,014 15.5%

Penumbra, Inc.Reconciliation of Revenue Change by Product Categories to Constant Currency Revenue Growth1(unaudited)(in thousands, except for percentages) Three Months Ended Reported Change FX Impact Constant Currency Change September 30, 2025 2024 $ % $ $ %Thrombectomy $ 236,422 $ 204,141 $ 32,281 15.8% $ (1,444) $ 30,837 15.1%Embolization and Access 118,263 96,898 21,365 22.0% (1,245) 20,120 20.8%Total $ 354,685 $ 301,039 $ 53,646 17.8% $ (2,689) $ 50,957 16.9% Nine Months Ended Reported Change FX Impact Constant Currency Change September 30, 2025 2024 $ % $ $ %Thrombectomy $ 693,222 $ 595,346 $ 97,876 16.4% $ (1,682) $ 96,194 16.2%Embolization and Access 325,058 283,751 41,307 14.6% (1,487) 39,820 14.0%Total $ 1,018,280 $ 879,097 $ 139,183 15.8% $ (3,169) $ 136,014 15.5%

Penumbra, Inc.Reconciliation of Revenue Change by Product Categories and Geographic Regions to Constant Currency Revenue Growth1(unaudited)(in thousands, except for percentages) Three Months Ended Reported Change FX Impact Constant Currency Change September 30, 2025 2024 $ % $ $ %ThrombectomyUnited States $ 191,994 $ 162,051 $ 29,943 18.5% $ – $ 29,943 18.5%International 44,428 42,090 2,338 5.6% (1,444) 894 2.1%Total Thrombectomy 236,422 204,141 32,281 15.8% (1,444) 30,837 15.1%Embolization and AccessUnited States 83,035 64,275 18,760 29.2% – 18,760 29.2%International 35,228 32,623 2,605 8.0% (1,245) 1,360 4.2%Total Embolization and Access 118,263 96,898 21,365 22.0% (1,245) 20,120 20.8%Total $ 354,685 $ 301,039 $ 53,646 17.8% $ (2,689) $ 50,957 16.9% Nine Months Ended Reported Change FX Impact Constant Currency Change September 30, 2025 2024 $ % $ $ %ThrombectomyUnited States $ 568,419 $ 466,064 $ 102,355 22.0% $ – $ 102,355 22.0%International 124,803 129,282 (4,479) (3.5)% (1,682) (6,161) (4.8)%Total Thrombectomy 693,222 595,346 97,876 16.4% (1,682) 96,194 16.2%Embolization and AccessUnited States 224,288 188,086 36,202 19.2% – 36,202 19.2%International 100,770 95,665 5,105 5.3% (1,487) 3,618 3.8%Total Embolization and Access 325,058 283,751 41,307 14.6% (1,487) 39,820 14.0%Total $ 1,018,280 $ 879,097 $ 139,183 15.8% $ (3,169) $ 136,014 15.5%

1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.

Investor RelationsPenumbra, Inc.investors@penumbrainc.com

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