Filing Flows › Penumbra (PEN) › Q1 2025
Penumbra (PEN) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 23, 2025
Penumbra (PEN) reported revenue of $324M for the first quarter 2025 (Q1 2025), +16% from a year earlier and +3% from the quarter before. Operating margin was 12.4%, net earnings $39.2M (12.1% of revenue).
Penumbra, Q1 2025: revenue $324M (+16% year over year), operating margin 12.4%, net earnings $39.2M, operating cash flow $49.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $324M | +3% | +16% |
| Gross profit | $216M | +2% | +19% |
| Operating profit | $40.4M | -6% | +233% |
| Net earnings | $39.2M | +16% | +257% |
| Operating cash flow | $49.0M | -4% | +28% |
| Free cash flow | $35.5M | -22% | +9% |
What changed
Revenue was $324.1M in Q1 2025, up 16% year over year and up 3% from the previous quarter. Thrombectomy was the largest line at 70% of revenue. Thrombectomy added $38.8M year over year (up 21%), 85% of the total change.
Gross margin was 66.6%, up 1.6 points from a year earlier. Operating profit was $40.4M, a 12.4% margin (up 8.1 points year over year). Of the extra revenue versus a year earlier, 62% reached operating profit, above the 4% margin then. Operating expenses grew 4% against revenue growth of 16%. Net earnings were $39.2M, up 257% year over year. The effective tax rate was 10.6%.
Operating cash flow was $49.0M (up 28% year over year), 125% of net earnings. Non-cash charges added back $5.0M of depreciation and amortization and $13.8M of share-based compensation. Working capital and other items used $9.1M. Capital expenditures of $13.5M left free cash flow of $35.5M.
Questions
What was Penumbra's revenue in the first quarter 2025?
Penumbra (PEN) reported revenue of $324M for the first quarter 2025 (Q1 2025), +16% from a year earlier and +3% from the quarter before.
Was Penumbra profitable in the first quarter 2025?
Operating profit was $40.4M (12.4% of revenue) and net earnings $39.2M.
Source: Penumbra 10-Q on SEC EDGAR.