Penumbra (PEN) Down 1.6% Since Last Earnings Report: Can It Rebound?

It has been about a month since the last earnings report for Penumbra (PEN). Shares have lost about 1.6% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Penumbra due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Penumbra, Inc. before we dive into how investors and analysts have reacted as of late.

PEN Q4 Earnings & Revenues Beat, Margins Rise

Penumbra, Inc. (PEN) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $1.18 compared with 85 cents in the year-ago quarter. The figure surpassed the Zacks Consensus Estimate by 5.36%.

GAAP earnings were $1.20 per share compared with 86 cents in the prior-year period.

For the full year, adjusted EPS was $3.84, up 82.9% year over year.

PEN’s Revenues

Penumbra registered revenues of $385.4 million in the reported quarter, up 22.1% year over year on a reported basis and 20.9% at constant exchange rate or CER. The figure topped the Zacks Consensus Estimate by 6.74%.

For the full year, revenues were $1.40 billion, reflecting a 17.5% rise from the year-ago period (16.9% at CER).

Penumbra’s Q4 Results in Detail

The company reports under two geographical segments — the United States and International.

PEN recorded revenues of $299.1 million (77.6% total revenues) in the United States, up 20.6% year over year on a reported basis.

Revenues in the International segment increased 27.7% on a reported basis (up 20.9% in CER) to $86.3 million (22.4% of total revenues).

The company currently reports its product revenues under two categories — Thrombectomy, and Embolization and Access.

The company registered revenues of $254.7 million from sales of Thrombectomy products, up 15.7% on a reported basis and 14.7% at CER.

Sales of Embolization and Access products totaled $130.7 million, up 22.1% on a reported basis and 20.9% at CER.

PEN’s Q4 Margin Performance

In the reported quarter, Penumbra’s gross profit improved 24.4% year over year to $262.1 million. The gross margin expanded 123 basis points (bps) to 68% despite a 17.6% rise in the cost of revenues.

Selling, general and administrative expenses rose 22.4% to $181.1 million. Research and development expenses totaled $21.8 million, up 8.9% year over year. Adjusted operating profit amounted to $59.2 million compared with $42.8 million in the corresponding period of 2024. The adjusted operating margin expanded 181 bps year over year to 13.4%.

PEN’s Financial Update

Penumbra exited the fourth quarter of 2025 with cash and marketable investments of $544.8 million compared with $340.1 million at the end of 2024.

Penumbra Halts 2026 Guidance

In January 2026, Penumbra announced a definitive agreement to be acquired by Boston Scientific in a cash and stock transaction, valuing the company at $374 per share or approximately $14.5 billion in enterprise value. The transaction is expected to be completed in 2026, subject to PEN stockholders’ approval and the satisfaction of other customary closing conditions. In light of this proposed acquisition, Penumbra stopped providing financial guidance for full-year 2026.

How Have Estimates Been Moving Since Then?

Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.

VGM Scores

At this time, Penumbra has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Penumbra has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Penumbra belongs to the Zacks Medical - Instruments industry. Another stock from the same industry, Integer (ITGR), has gained 0.1% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

Integer reported revenues of $472.06 million in the last reported quarter, representing a year-over-year change of +5%. EPS of $1.76 for the same period compares with $1.43 a year ago.

For the current quarter, Integer is expected to post earnings of $1.21 per share, indicating a change of -7.6% from the year-ago quarter. The Zacks Consensus Estimate has changed -9.2% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Integer. Also, the stock has a VGM Score of C.

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This article originally published on Zacks Investment Research (zacks.com).

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