PEN on NYSE

Penumbra

American medical device company

Penumbra, Inc. is an American medical device company headquartered in Alameda, California.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

2004Founded¹

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TickerPEN on NYSE¹
IndustrySurgical & Medical Instruments & Apparatus¹
HeadquartersAlameda¹
Websitewww.penumbrainc.com
Legal formDelaware corporation¹
Incorporated inDE⁴
Business addressOne Penumbra Place, Alameda, Ca 94502⁴
Filer categoryLarge accelerated filer⁴

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Penumbra, Inc. is an American medical device company headquartered in Alameda, California. The company was founded by Arani Bose and Adam Elsesser in 2004. It manufactures devices for interventional therapies to treat vascular conditions such as stroke and aneurysm.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

67.1%Gross margin⁶

13.5%Operating margin⁶

12.7%Net margin⁶

17.5%Revenue growth, 2025⁶

12.4%Return on equity⁶

$174.9MFree cash flow⁶

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Thrombectomy brought in 68% of the revenue Penumbra broke down this way in fiscal 2025.

Thrombectomy$947.9M⁶68%up 16% from 2024
Embolization$455.7M⁶32%up 20% from 2024

Products and services by year

Products and services	2023	2024	2025
Thrombectomy	$677.3M	$815.5M	$947.9M
Embolization	$381.2M	$379.1M	$455.7M

Regions

United States brought in 78% of the revenue Penumbra broke down this way in fiscal 2025.

United States$1.1B⁶78%up 21% from 2024
Outside the United States$311.9M⁶22%up 7% from 2024

Regions by year

Regions	2023	2024	2025
United States	$757.2M	$902.1M	$1.1B
Outside the United States	$301.4M	$292.5M	$311.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueSelling, general and adminProfit

Cost of revenue33¢$461.2M
Selling, general and admin47¢$663.4M
Other costs5¢$73.9M
Income tax2¢$27.4M
Profit13¢$177.7M

Out of $1.4B in revenue.⁶

Where each dollar of operating cash went, fiscal 2025

Capital spendingKept or used elsewhere

Capital spending27¢$63.7M
Kept or used elsewhere73¢$174.9M

Out of $238.7M of cash from operations.⁶

Financial statements

Revenue⁷⁸⁹¹⁰⁶$1.4B in 2025+156% since 2019

Gross profit⁷⁸⁹¹⁰⁶$942.4M in 2025+153% since 2019

Operating income⁷⁸⁹¹⁰⁶$189.2M in 2025+298% since 2019

Net income⁷⁸⁹¹⁰⁶$177.7M in 2025+267% since 2019

Every line of the income statement as filed: the last 3 fiscal years, latest first.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31
Revenue	$1.4B	$1.2B	$1.1B
Cost of revenue	$461.2M	$439.6M	$375.9M
Gross profit	$942.4M	$755.0M	$682.6M
Research and development	$89.8M	$94.8M	$84.4M
Sales, general and administrative	$663.4M	$574.0M	$506.5M
Acquired in-process research and development	$0	$0	$18.2M
Impairment charge	$0	$76.9M	$0
Total operating expenses	$753.2M	$745.7M	$609.1M
Income from operations	$189.2M	$9.3M	$73.6M
Interest and other income	$15.9M	$11.6M	$6.1M
Income before income taxes	$205.1M	$20.9M	$79.7M
Provision for (benefit from) income taxes	$27.4M	$6.9M	-$11.3M
Net income	$177.7M	$14.0M	$91.0M
Basic (in dollars per share)	$4.57	$0.36	$2.37
Diluted (in dollars per share)	$4.52	$0.36	$2.32
Basic (in shares)	38.9M shares	38.6M shares	38.4M shares
Diluted (in shares)	39.3M shares	39.3M shares	39.2M shares

Total assets¹³⁷⁸⁹¹⁰⁶$1.8B in 2025+174% since 2019

Total liabilities¹³⁷⁸⁹¹⁰⁶$398.9M in 2025+121% since 2019

Shareholders’ equity¹³⁷¹⁰⁶$1.4B in 2025+194% since 2019

Cash¹³⁷⁸⁹¹⁰⁶$186.9M in 2025+157% since 2019

Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31	2023-09-30	2022-12-31
Cash and cash equivalents	$186.9M	$324.4M
Marketable investments	$357.9M	$15.7M
Accounts receivable, net of allowance for credit losses of $2,350 and $5,638 at December 31, 2025 and $2024, respectively	$190.0M	$167.7M
Inventories	$431.5M	$406.7M
Prepaid expenses and other current assets	$50.3M	$36.6M
Total current assets	$1.2B	$951.1M
Property and equipment, net	$117.4M	$62.6M
Operating lease right-of-use assets	$173.6M	$177.8M
Finance lease right-of-use assets	$26.0M	$28.0M
Intangible assets, net	$6.2M	$6.5M
Goodwill	$166.8M	$165.8M
Deferred taxes	$79.2M	$100.3M
Other non-current assets	$40.7M	$40.9M
Total assets	$1.8B	$1.5B
Accounts payable	$34.7M	$31.3M
Accrued liabilities	$132.2M	$112.4M
Current operating lease liabilities	$13.8M	$12.2M
Current finance lease liabilities	$2.4M	$2.4M
Total current liabilities	$183.1M	$158.3M
Non-current operating lease liabilities	$182.8M	$187.1M
Non-current finance lease liabilities	$20.7M	$21.7M
Other non-current liabilities	$12.3M	$15.1M
Total liabilities	$398.9M	$382.2M
Preferred stock, $0.001 par value per share - 5,000,000 shares authorized, none issued and outstanding at December 31, 2025 and December 31, 2024	$0	$0
Common stock, $0.001 par value per share - 300,000,000 shares authorized, 39,229,670 issued and outstanding at December 31, 2025; 300,000,000 shares authorized, 38,490,836 issued and outstanding at December 31, 2024	$39.0K	$38.0K
Additional paid-in capital	$1.2B	$1.1B
Accumulated other comprehensive income (loss)	$4.3M	-$5.8M
Retained earnings	$237.7M	$60.0M
Total Penumbra, Inc. stockholders equity	$1.4B	$1.2B	$1.2B		$998.9M
Total liabilities and stockholders equity	$1.8B	$1.5B
Allowance for doubtful accounts	$2.4M	$5.6M	$3.2M		$862.0K
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	5.0M shares	5.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.00	$0.00		$241.91
Common stock, shares authorized (in shares)	300.0M shares	300.0M shares
Common stock, shares issued (in shares)	39.2M shares	38.5M shares
Common stock, shares outstanding (in shares)	39.2M shares	38.5M shares

Period ending	2025-12-31	2024-12-31	2023-12-31	2023-09-30	2022-12-31
Cash and cash equivalents	$186.9M	$324.4M
Marketable investments	$357.9M	$15.7M
Accounts receivable, net of allowance for credit losses of $2,350 and $5,638 at December 31, 2025 and $2024, respectively	$190.0M	$167.7M
Inventories	$431.5M	$406.7M
Prepaid expenses and other current assets	$50.3M	$36.6M
Total current assets	$1.2B	$951.1M
Property and equipment, net	$117.4M	$62.6M
Operating lease right-of-use assets	$173.6M	$177.8M
Finance lease right-of-use assets	$26.0M	$28.0M
Intangible assets, net	$6.2M	$6.5M
Goodwill	$166.8M	$165.8M
Deferred taxes	$79.2M	$100.3M
Other non-current assets	$40.7M	$40.9M
Total assets	$1.8B	$1.5B
Accounts payable	$34.7M	$31.3M
Accrued liabilities	$132.2M	$112.4M
Current operating lease liabilities	$13.8M	$12.2M
Current finance lease liabilities	$2.4M	$2.4M
Total current liabilities	$183.1M	$158.3M
Non-current operating lease liabilities	$182.8M	$187.1M
Non-current finance lease liabilities	$20.7M	$21.7M
Other non-current liabilities	$12.3M	$15.1M
Total liabilities	$398.9M	$382.2M
Preferred stock, $0.001 par value per share - 5,000,000 shares authorized, none issued and outstanding at December 31, 2025 and December 31, 2024	$0	$0
Common stock, $0.001 par value per share - 300,000,000 shares authorized, 39,229,670 issued and outstanding at December 31, 2025; 300,000,000 shares authorized, 38,490,836 issued and outstanding at December 31, 2024	$39.0K	$38.0K
Additional paid-in capital	$1.2B	$1.1B
Accumulated other comprehensive income (loss)	$4.3M	-$5.8M
Retained earnings	$237.7M	$60.0M
Total Penumbra, Inc. stockholders equity	$1.4B	$1.2B	$1.2B		$998.9M
Total liabilities and stockholders equity	$1.8B	$1.5B
Allowance for doubtful accounts	$2.4M	$5.6M	$3.2M		$862.0K
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	5.0M shares	5.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.00	$0.00		$241.91
Common stock, shares authorized (in shares)	300.0M shares	300.0M shares
Common stock, shares issued (in shares)	39.2M shares	38.5M shares
Common stock, shares outstanding (in shares)	39.2M shares	38.5M shares

Cash from operations⁷⁸⁹¹⁰⁶$238.7M in 2025+795% since 2019

Capital spending⁷⁸⁹¹⁰⁶$63.7M in 2025+188% since 2019

Free cash flow⁷⁸⁹¹⁰⁶$174.9M in 2025+3751% since 2019

Share buybacks¹⁰⁶$0 in 2025

Every line of the cash flow as filed: the last 3 fiscal years, latest first.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$177.7M	$14.0M	$91.0M
Depreciation and amortization	$17.5M	$23.7M	$27.3M
Stock-based compensation	$59.2M	$46.2M	$50.5M
Impairment charge	$0	$76.9M	$0
Inventory write-offs and write-downs	$5.8M	$43.7M	$6.2M
Deferred taxes	$21.0M	-$16.3M	-$19.1M
Acquired in-process research and development	$0	$0	$18.2M
Other	$205.0K	$4.1M	$2.3M
Accounts receivable	-$19.5M	$26.6M	-$266.0K
Inventories	-$26.5M	-$65.7M	-$67.7M
Prepaid expenses and other current and non-current assets	-$12.7M	-$2.9M	-$18.9M
Accounts payable	$3.1M	$4.2M	$1.1M
Accrued expenses and other non-current liabilities	$12.9M	$14.1M	$6.2M
Proceeds from lease incentives	$0	$0	$483.0K
Net cash provided by operating activities	$238.7M	$168.5M	$97.3M
Asset acquisition, net of cash acquired	$0	$0	-$988.0K
Purchases of non-marketable investments	$0	-$10.0M	$0
Purchases of marketable investments	-$355.7M	-$22.9M	-$81.9M
Proceeds from sales of marketable investments	$1.9M	$0	$0
Proceeds from maturities of marketable investments	$13.0M	$130.6M	$82.6M
Purchases of property and equipment	-$63.7M	-$21.2M	-$15.2M
Other	$0	$1.1M	-$500.0K
Net cash (used in) provided by investing activities	-$404.6M	$77.6M	-$16.1M
Proceeds from exercises of stock options	$15.4M	$1.9M	$5.5M
Proceeds from issuance of stock under employee stock purchase plan	$16.4M	$15.3M	$14.9M
Payment of employee taxes related to vested common and restricted stock	-$2.5M	-$1.5M	-$2.1M
Payments of finance lease obligations	-$2.5M	-$2.3M	-$2.0M
Repurchase of common stock	$0	-$100.4M	$0
Other	-$256.0K	-$61.0K	-$155.0K
Net cash provided by (used in) financing activities	$26.5M	-$87.0M	$16.2M
Effect of foreign exchange rate changes on cash and cash equivalents	$1.9M	-$2.2M	$168.0K
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	-$137.5M	$156.9M	$97.6M
Right-of-use assets obtained in exchange for operating lease obligations	$9.5M	$2.4M	$9.3M
Right-of-use assets obtained in exchange for finance lease obligations	$1.5M	$464.0K	$1.1M
Purchase of property and equipment funded through accounts payable and accrued liabilities	$5.3M	$1.9M	$1.2M
Excise tax accrued on repurchase of common stock	$0	$256.0K	$0

Compare Penumbra with another company

The story

Penumbra was founded in 2004 and manufactures several medical devices but specializes in the neuro/vascular market and creates devices that help treat aneurysms and ischemic stroke.

In 2014, Penumbra launched its Apollo system, a device that “enables minimally invasive removal of deeply seated tissue and fluids in the brain,” allowing for otherwise inoperable blood clots to be removed.

In 2015 the company issued an initial public offering on the New York Stock Exchange. In 2018 the company acquired 40% of the outstanding shares of virtual reality joint venture MVI Health. In 2017 the company acquired the Italian distributor Crossmed.

From Wikipedia’s article on Penumbra (medical company), shared under CC BY-SA 4.0.⁵

Leadership

Who has led Penumbra, and when. Pick a name to see everywhere that person has worked.

Chief executive

Adam Elsesser2015–now

Chair

Adam Elsesser2015–2019

President

Chief financial officer

20052010201520202025

Chief executive officerAdam Elsesser Sep 17, 2015 to now¹⁴
ChairAdam Elsesser Sep 17, 2015 to Dec 13, 2019¹⁴
PresidentShruthi Narayan Sep 16, 2025 to now¹⁵
PresidentSridhar Kosaraju Feb 3, 2020 to Apr 17, 2020¹⁶
PresidentAdam Elsesser Sep 17, 2015 to Feb 3, 2020¹⁴
PresidentDaniel Donen Davis Sep 17, 2015 to Feb 14, 2017¹⁷
PresidentJames Robert Pray Sep 17, 2015 to Oct 5, 2021¹⁸
Chief financial officerMaggie Yuen Dec 11, 2019 to now¹⁹
Chief financial officerSridhar Kosaraju Sep 17, 2015 to Aug 2, 2019²⁰

Board members and other officers (13)

Chief Accounting OfficerLambert Shiu Dec 11, 2019 to now²¹
EVP, Gen. Counsel & SecretaryJohanna Roberts Sep 6, 2018 to now²²
OfficerDaniel Donen Davis Aug 3, 2017 to Dec 31, 2018²³
Chief InnovatorArani Bose Sep 17, 2015 to Feb 16, 2021²⁴
EVP and Chief Business OfficerLynn Rothman Sep 17, 2015 to Oct 5, 2021²⁵
Board memberAdam Elsesser Feb 14, 2020 to now²⁶
Board memberJanet Leeds Jan 22, 2019 to now²⁷
Board memberSurbhi Sarna Jul 3, 2019 to now²⁸
Board memberBridget O'Rourke Apr 25, 2017 to now²⁹
Board memberArani Bose Sep 17, 2015 to now²⁴
Board memberDon W. Kassing Sep 17, 2015 to Feb 19, 2025³⁰
Board memberHarpreet Grewal Sep 17, 2015 to now³¹
Board memberWalter Charles Wang Sep 17, 2015 to Mar 7, 2016³²

Controversies and legal

Criticism

Criticism of Penumbra has followed various aspects of its products and business practices. In 2016 a lawsuit claimed the Penumbra Coil 400 caused brain damage after surgery. The company's specialized catheter has been linked to the deaths of stroke patients, and it was a target of stock short sellers in 2020. According to the Foundation for Financial Journalism, this is a significant dilemma.

A request has been sent to The SEC and U.S. Food and Drug Administration to launch an investigation. A scientist who has published research articles showing the reliability of Penumbra's medical products is (allegedly) an internet fabrication.

From Wikipedia’s article on Penumbra (medical company), shared under CC BY-SA 4.0.⁵

Timeline

Sep 17, 2015New chief executive Adam Elsesser becomes CEO¹⁴
2004Founded Founded¹

Filings

447 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 36 major events, 256 insider forms, 23 large holders, 112 other. The latest 20:

Sep 17, 20264 EDGAR
Aug 19, 20264 EDGAR
Aug 13, 2026SCHEDULE 13G EDGAR
Jul 30, 202610-Q EDGAR
Jul 30, 20268-K EDGAR
Jun 22, 20268-K EDGAR
May 29, 2026SD EDGAR
May 21, 20264 EDGAR
May 7, 2026425 EDGAR
May 7, 20268-K EDGAR
May 6, 202610-Q EDGAR
May 6, 20268-K EDGAR
Apr 30, 2026SCHEDULE 13G EDGAR
Apr 29, 2026DEFA14A EDGAR
Apr 29, 2026DEF 14A EDGAR
Apr 29, 2026ARS EDGAR
Apr 23, 2026425 EDGAR
Apr 22, 2026425 EDGAR
Apr 17, 2026425 EDGAR
Apr 6, 20264 EDGAR

The 447 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 23 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
BlackRock, Inc.	4,297,555	$1.4B	0.0%	−32,901
Hbk Investments L P	1,838,508	$580.5M	7.5%	+204,247
Vanguard Capital Management LLC	1,709,877	$539.9M	0.0%	+15,389
Vanguard Portfolio Management LLC	1,667,276	$526.4M	0.0%	+12,799
State Street Corp	1,243,258	$392.6M	0.0%	+57,447
ExodusPoint Capital Management, LP	1,090,430	$344.3M	3.2%	+625,215
Balyasny Asset Management L.P.	1,090,163	$344.2M	0.7%	+328,067
Jpmorgan Chase & Co	1,071,454	$338.6M	0.0%	+668,835
Goldman Sachs Group Inc	847,104	$267.5M	0.0%	+126,529
Arrowstreet Capital, Limited Partnership	834,903	$263.6M	0.1%	+434,743
Geode Capital Management, LLC	796,471	$251.5M	0.0%	+1,023
Norges Bank	752,242	$237.5M	0.0%	New
UBS Group AG	703,822	$222.2M	0.0%	+143,487
Millennium Management LLC	700,611	$221.2M	0.2%	−397,525
Morgan Stanley	591,824	$186.9M	0.0%	+190,468
AQR Arbitrage LLC	563,873	$178.0M	3.0%	+140,800
Whitebox Advisors LLC	506,881	$160.0M	7.8%	+61,880
Capital World Investors	479,701	$151.5M	0.0%	+28,886
Citadel Advisors LLC	448,763	$141.7M	0.1%	+246,038
Neuberger Berman Group LLC	438,553	$138.5M	0.1%	+134,932
Citigroup Inc	433,125	$136.8M	0.1%	−187,818
Two Sigma Investments, LP	428,128	$135.2M	0.1%	+369,909
Tudor Investment Corp Et Al	400,649	$126.5M	0.5%	−10,469
Charles Schwab Investment Management Inc	343,713	$108.5M	0.0%	+21,297
Northern Trust Corp	333,064	$105.2M	0.0%	+12,211

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

Date	Member	Trade	Amount	Vs S&P since	Filing
Jul 10, 2025	Lisa C. McClainRepublican, House	Sale	$1,001 - $15,000	−8.4%	Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataPenumbra on Wikidata
2
SEC EDGARPenumbra filings on SEC EDGAR
3
WikipediaPenumbra on Wikipedia
4
SEC EDGARPenumbra filings on SEC EDGAR
5
WikipediaPenumbra on Wikipedia (revision used)
6
SEC EDGARPenumbra 10-K for fiscal 2025
7
SEC EDGARPenumbra 10-K for fiscal 2019
8
SEC EDGARPenumbra 10-K for fiscal 2020
9
SEC EDGARPenumbra 10-K for fiscal 2021
10
SEC EDGARPenumbra 10-K for fiscal 2022
11
SEC EDGARPenumbra 10-Q for fiscal 2026
12
SEC EDGARPenumbra 10-Q for fiscal 2026
13
SEC EDGARPenumbra 10-K for fiscal 2019
14
SEC EDGARAdam Elsesser, Chief executive officer
15
SEC EDGARShruthi Narayan, President
16
SEC EDGARSridhar Kosaraju, President
17
SEC EDGARDaniel Donen Davis, President
18
SEC EDGARJames Robert Pray, President
19
SEC EDGARMaggie Yuen, Chief financial officer
20
SEC EDGARSridhar Kosaraju, Chief financial officer
21
SEC EDGARLambert Shiu, Chief Accounting Officer
22
SEC EDGARJohanna Roberts, EVP, Gen. Counsel & Secretary
23
SEC EDGARDaniel Donen Davis, Officer
24
SEC EDGARArani Bose, Chief Innovator
25
SEC EDGARLynn Rothman, EVP and Chief Business Officer
26
SEC EDGARAdam Elsesser, Board member
27
SEC EDGARJanet Leeds, Board member
28
SEC EDGARSurbhi Sarna, Board member
29
SEC EDGARBridget O'Rourke, Board member
30
SEC EDGARDon W. Kassing, Board member
31
SEC EDGARHarpreet Grewal, Board member
32
SEC EDGARWalter Charles Wang, Board member