Penumbra's Q2 2025: Dissecting Contradictions on Thunderbolt FDA Review, Revenue Guidance, and Market Dynamics

Thunderbolt FDA review and timeline, Thunderbolt's revenue inclusion in guidance, Thunderbolt FDA review and clearance, international and Embo Access segment growth drivers, and market share and growth in U.S. thrombectomy are the key contradictions discussed in Penumbra's latest 2025Q2 earnings call.



Revenue Growth and Market Penetration:
- Penumbra reported total revenue of $339.5 million for the second quarter of 2025, representing underlying year-over-year growth of 13.4% on a reported basis and 12.7% on a constant currency basis.
- The growth was driven by strong execution by the commercial team, continuous innovation, and expansion of patient treatment globally with novel technologies.

U.S. Thrombectomy Performance:
- U.S. thrombectomy revenue increased by 22.6% year-over-year to $188.5 million, led by 42% year-over-year growth in the U.S. VTE franchise.
- This was attributed to the clinical benefits of Flash 2.0 and Bolt 12, supporting further market penetration and competitive conversions.

Gross Margin and Strategic Investments:
- The gross margin for the second quarter was 66%, aligning with expectations following an accelerated RUBY XL inventory build.
- Penumbra is positioned to achieve a gross margin profile of over 70% by the end of 2026, emphasizing strategic investments and operational efficiency improvements.

International Business and Embolization Access Growth:
- Revenue from the embolization and access business was $109.2 million, an increase of 13.9% reported and 12.8% in constant currency, driven by the launch of the new RUBY XL product.
- Growth was supported by a favorable product mix and productivity improvements.