$PEN · Penumbra Inc
Penumbra reported Q3 FY2026 revenue of $410.1M (+15.6% YoY), with thrombectomy revenue of $279.2M (+18.1%) and embolization/access of $131.0M (+10.8%). Net income declined to $42.3M from $45.9M YoY as a higher effective tax rate and $7.1M in Boston Scientific acquisition-related SG&A costs offset gross margin expansion to 68.3%. The company withheld full-year 2026 guidance and canceled its earnings call, citing the pending acquisition by Boston Scientific.
- Q3 revenue of $410.1M, up 15.6% YoY, with thrombectomy revenue up 18.1% to $279.2M.
- U.S. VTE revenue grew 26.0% YoY; U.S. neuro revenue up 19.3% to $77.9M.
- Gross margin expanded 50 bps YoY to 68.3%.
- Net income fell to $42.3M from $45.9M YoY; EPS of $1.07 vs $1.17, driven by higher tax provision ($14.0M vs $6.5M).
- SG&A jumped 20.9% to $204.2M, including $7.1M in acquisition-related costs tied to the pending Boston Scientific deal.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The pending Boston Scientific acquisition dominates the narrative, making standalone quarterly results secondary.
Penumbra's results are a footnote to the Boston Scientific acquisition; the withheld guidance and canceled call signal the company is in deal limbo.
Penumbra's 18.1% thrombectomy growth and 68.3% gross margins reinforce its leadership in the high-growth mechanical thrombectomy market, though the pending BSX acquisition overshadows standalone operating trends.
The company explicitly warns the Boston Scientific acquisition may not close on expected timeline or at all, with regulatory approval risk. Employee departures and management distraction during the pendency period are flagged as additional risks.