Penumbra, Inc.
- Open
- 322.89
- Day high
- 323.98
- Day low
- 322.38
- Prev close
- 322.80
- Volume
- 3K
- Mkt cap
- $12.7B
- P/E (TTM)
- 78.9
- EPS (TTM)
- $4.09
- P/B
- 8.3
- P/S
- 8.4
- Yield
- —
- Per share
- —
Penumbra, Inc. (PEN) is a Healthcare company listed on NYSE. The stock is up 20% over the past year. Drillr has 1 published research article covering PEN.
Penumbra, Inc. (PEN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PEN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.16 | $0.88 | -24.1% | $390M | +0.1% |
| May 6, 2026 | $1.06 | $0.82 | -22.6% | $375M | +1.2% |
| Nov 5, 2025 | $0.93 | $0.97 | +4.4% | $355M | +4.0% |
| Jul 29, 2025 | $0.81 | $0.86 | +6.2% | $339M | -0.6% |
| Apr 23, 2025 | $0.66 | $0.83 | +25.8% | $324M | -1.0% |
| Feb 18, 2025 | $0.88 | $0.97 | +10.2% | $316M | +1.2% |
| Feb 22, 2024 | $0.71 | $0.76 | +7.0% | $285M | -0.3% |
| Nov 2, 2023 | $0.46 | $0.67 | +45.7% | $271M | +2.5% |
| Aug 1, 2023 | $0.28 | $0.43 | +53.6% | $261M | +3.3% |
| May 2, 2023 | $0.11 | $0.23 | +109.1% | $241M | +4.9% |
| Feb 23, 2023 | $0.14 | $0.16 | +14.3% | $221M | +1.8% |
| Nov 3, 2022 | $0.01 | $0.01 | +19.6% | $214M | +0.6% |
PEN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 19, 2026 | Narayan Shruthiofficer: President | Grant | 3,060 | — |
| Apr 6, 2026 | Grewal Harpreetdirector | Sell | 100 | $328.22 |
| Mar 17, 2026 | Shiu Lambertofficer: Chief Accounting Officer | Tax | 150 | $336.18 |
| Mar 17, 2026 | Roberts Johannaofficer: EVP, Gen. Counsel & Secretary | Tax | 186 | $336.18 |
| Mar 17, 2026 | Narayan Shruthiofficer: President | Tax | 117 | $336.18 |
| Mar 17, 2026 | Yuen Maggieofficer: Chief Financial Officer | Tax | 186 | $336.18 |
| Mar 4, 2026 | Yuen Maggieofficer: Chief Financial Officer | Sell | 2,432 | $342.30 |
| Feb 18, 2026 | Shiu Lambertofficer: Chief Accounting Officer | Grant | 2,300 | — |
| Feb 18, 2026 | Roberts Johannaofficer: EVP, Gen. Counsel & Secretary | Tax | 482 | $339.30 |
| Feb 18, 2026 | Yuen Maggieofficer: Chief Financial Officer | Grant | 2,630 | — |
| Feb 18, 2026 | Leeds Janetdirector | Grant | 589 | — |
| Feb 18, 2026 | Narayan Shruthiofficer: President | Tax | 705 | $339.30 |
| Feb 18, 2026 | Wilder Thomasdirector | Grant | 589 | — |
| Feb 18, 2026 | Narayan Shruthiofficer: President | Grant | 2,630 | — |
| Feb 18, 2026 | Yuen Maggieofficer: Chief Financial Officer | Tax | 481 | $339.30 |
Source: PEN SEC Form 4 filings, latest Aug 19, 2026. For informational purposes only — not investment advice.
See the full PEN insider & 13F page →Penumbra, Inc. company profile
Overview
Penumbra, Inc. (NYSE:PEN) is a California-based medical device company founded in 2004 and publicly traded since September 2015. The company specializes in designing, developing, manufacturing, and marketing innovative medical devices primarily focused on treating blood clots and vascular conditions. Headquartered in Alameda, California, Penumbra has established itself as a leader in thrombectomy technology, which involves the mechanical removal of blood clots from blood vessels. The company operates globally, with the majority of its revenue generated in the United States market, and has been experiencing significant growth driven by its proprietary Computer-Assisted Vacuum Thrombectomy (CAVT) technology platform.
Business
Penumbra operates in the medical device industry, specifically focusing on interventional medicine for treating vascular conditions. The company's core business revolves around thrombectomy - the mechanical removal of blood clots from blood vessels - which is critical for treating conditions like stroke, pulmonary embolism, and peripheral artery disease. The company's flagship technology is Computer-Assisted Vacuum Thrombectomy (CAVT), a proprietary platform that uses computer-controlled aspiration to remove blood clots more effectively than traditional methods. This technology represents a significant advancement over older approaches like open surgery, thrombolytic drugs (clot-dissolving medications), or anticoagulation therapy. CAVT systems can remove clots faster and more completely, potentially reducing procedure time and improving patient outcomes. Penumbra's business is organized into several key product segments: 1. Thrombectomy Systems (approximately 60% of revenue): This includes devices for stroke intervention, venous thromboembolism (VTE) treatment, and arterial thrombectomy. Key products include the Penumbra System, Lightning Flash for venous applications, Lightning Bolt for arterial procedures, and the upcoming Thunderbolt for neurovascular applications. 2. Embolization and Access Systems (approximately 30% of revenue): These products include coiling systems for treating aneurysms, access catheters for reaching treatment sites, and occlusion devices for blocking blood vessels when medically necessary. Products include the Penumbra Coil series, Ruby Coil systems, and various access catheters. 3. Immersive Healthcare (small percentage of revenue): This emerging segment focuses on virtual reality and computer-based therapeutic technologies for rehabilitation and cognitive therapy, marketed under the Real Immersive System brand. The company serves both neurovascular applications (treating conditions in the brain and nervous system) and peripheral vascular applications (treating conditions in other parts of the circulatory system), with a growing emphasis on expanding beyond traditional stroke treatment into broader vascular markets.
Revenue model
Penumbra generates revenue primarily through direct product sales of its medical devices to hospitals, clinics, and healthcare systems. The company operates through both direct sales organizations and distributor networks, with the majority of sales occurring in the United States where it maintains a direct commercial presence. The company's customers are primarily hospitals and medical centers that perform interventional procedures. These institutions purchase Penumbra's devices for use in emergency departments, catheterization labs, and surgical suites. The devices are typically used by interventional radiologists, vascular surgeons, neurologists, and other specialists trained in minimally invasive procedures. Revenue streams include both capital equipment sales (the main thrombectomy systems) and recurring consumable sales (catheters, accessories, and single-use components). The consumable nature of many products provides a recurring revenue base as hospitals continue to treat patients with Penumbra's technology. Several factors influence Penumbra's profitability and margins. Positive margin drivers include the company's proprietary technology platform which commands premium pricing, manufacturing scale efficiencies as production volumes increase, and the shift toward higher-margin CAVT products. The company is targeting gross margins above 70% by 2026, up from current levels in the mid-60s. Geographic mix also affects margins, with U.S. sales typically generating higher margins than international sales. Margin pressures come from competitive dynamics in certain market segments, pricing pressure from healthcare cost containment initiatives, regulatory compliance costs, and the significant R&D investments required to maintain technological leadership. International expansion also presents margin challenges due to different pricing environments, regulatory requirements, and the need for local distribution partnerships. Additionally, the company faces typical medical device industry challenges including lengthy product development cycles, clinical trial costs, and the need for extensive physician training and education programs.
Competitive moat
Penumbra's competitive moat centers on its proprietary CAVT technology platform and the significant barriers to entry in the medical device industry. The company's Computer-Assisted Vacuum Thrombectomy system represents a technological advancement that provides superior clinical outcomes compared to traditional methods, creating strong physician preference and customer loyalty. The company's moat is strengthened by several factors. Intellectual property protection through patents covering key aspects of its CAVT technology provides some competitive protection, though patents eventually expire. Regulatory barriers are substantial, as competitors must navigate lengthy FDA approval processes and clinical trials to bring competing products to market. Clinical evidence and physician relationships create switching costs, as doctors become trained on Penumbra's systems and accumulate experience with the technology's superior outcomes. The company also benefits from first-mover advantages in several market segments, particularly in venous thromboembolism where it has established strong market positions before competitors could respond effectively. Manufacturing expertise and scale provide some cost advantages, while the company's focus on innovation and continuous product development helps maintain technological leadership. However, Penumbra's moat faces several challenges. The medical device industry is highly competitive with well-funded competitors including large multinational companies like Medtronic, Boston Scientific, and Johnson & Johnson. These companies have greater resources for R&D, broader product portfolios, and established relationships with healthcare systems. Technology disruption is a constant threat, as new approaches to clot removal or alternative treatments could potentially obsolete current methods. Pricing pressure from healthcare cost containment and potential commoditization of thrombectomy procedures could erode margins over time. The strength of Penumbra's moat is moderate but depends heavily on continued innovation and execution. While the company has established strong positions in several market segments and benefits from meaningful barriers to entry, the competitive landscape remains dynamic and the company must continue investing heavily in R&D to maintain its technological edge.
Risks & safety
Penumbra demonstrates a strong financial position with substantial margin of safety, though valuation metrics suggest limited downside protection at current prices. Liquidity and Solvency: - Strong cash position of $376 million with minimal debt burden - Current ratio of 6.3x indicates excellent short-term liquidity - Debt-to-equity ratio of only 0.18x shows conservative capital structure - Positive free cash flow generation of $35.5 million in Q1 2025 - No significant solvency concerns given strong balance sheet Valuation Metrics: - Price-to-earnings ratio of 65.7x appears elevated for current growth rates - EV/EBITDA of 51.6x suggests premium valuation - Price-to-book ratio of 8.5x indicates market expects continued strong returns - Graham number of $26.83 significantly below current price of $278.77 Other Considerations: - Revenue growth of 16.3% in Q1 2025 supports some premium valuation - Operating leverage potential as company scales toward 70% gross margins - Market expansion opportunities in underpenetrated vascular segments provide growth runway - Regulatory and competitive risks could impact future profitability
Recent development
Over the past few years, Penumbra has executed a strategic transformation focused on expanding beyond its traditional stroke market into broader vascular applications through its CAVT technology platform. The company has launched multiple new products including Lightning Flash 2.0 for venous thromboembolism, Lightning Bolt 6X and 7 for arterial applications, and the Red 72 catheter for stroke procedures. A key strategic initiative has been the development of Thunderbolt, which aims to bring CAVT technology to the neurovascular stroke market. The company completed patient enrollment in the Thunder trial and has submitted clinical data to the FDA, representing a significant potential catalyst for expanding market share in stroke treatment. The company has also focused heavily on market access initiatives and clinical evidence generation to demonstrate the health economic benefits of CAVT technology compared to traditional treatments. This includes investments in commercial teams, physician education programs, and health economic studies to support reimbursement and adoption. Manufacturing expansion has been another priority, with Penumbra signing contracts to build a new facility in Costa Rica to support international growth while maintaining its commitment to manufacturing 100% of products in company-controlled facilities. The company has also made strategic decisions regarding its Immersive Healthcare business, exploring alternative avenues for this segment while maintaining focus on its core thrombectomy franchise. Recent quarters have shown strong execution of this strategy, with U.S. thrombectomy revenue growing 25% in Q1 2025 and the VTE franchise achieving 42% growth. The company has raised its growth guidance and continues to target gross margins above 70% by the end of 2026 through operational improvements and product mix optimization.
PEN company profile · for informational purposes only — not investment advice.
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