$PEN

Penumbra Inc

CIK:0001321732|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 390,046	$ 339,455	$ 764,804	$ 663,595
Cost of revenue	125,102	115,445	246,449	223,702
Gross profit	264,944	224,010	518,355	439,893
Operating expenses:
Research and development	25,396	23,218	47,778	45,295
Sales, general and administrative	198,509	159,964	391,304	313,420
Total operating expenses	223,905	183,182	439,082	358,715
Income from operations	41,039	40,828	79,273	81,178
Interest and other income, net	5,148	4,482	8,602	7,990
Income before income taxes	46,187	45,310	87,875	89,168
Provision for income taxes	11,376	40	20,480	4,675
Net income	$ 34,811	$ 45,270	$ 67,395	$ 84,493
Net income per share:
Basic (in dollars per share)	$ 0.88	$ 1.17	$ 1.71	$ 2.18
Diluted (in dollars per share)	$ 0.88	$ 1.15	$ 1.70	$ 2.15
Weighted average shares outstanding:
Basic (in shares)	39,353,965	38,834,917	39,314,912	38,699,307
Diluted (in shares)	39,572,059	39,245,953	39,572,347	39,214,027

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 67,395	$ 84,493
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,189	10,522
Stock-based compensation	28,304	28,019
Inventory write-downs	2,486	3,260
Deferred taxes	(69)	(8,747)
Other	(2,453)	643
Changes in operating assets and liabilities:
Accounts receivable	(2,496)	(4,239)
Inventories	(14,344)	(22,133)
Prepaid expenses and other current and non-current assets	(1,067)	86
Accounts payable	10,353	(3,500)
Accrued expenses and other non-current liabilities	34,757	5,512
Net cash provided by operating activities	133,055	93,916
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable investments	(357,296)	(36)
Proceeds from sales of marketable investments	10,174	0
Proceeds from maturities of marketable investments	253,611	13,000
Purchases of property and equipment	(27,213)	(29,046)
Other	(1,000)	0
Net cash used in investing activities	(121,724)	(16,082)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of stock options	0	10,726
Proceeds from issuance of stock under employee stock purchase plan	9,674	8,866
Payment of employee taxes related to vested stock	(1,321)	(507)
Payments of finance lease obligations	(1,235)	(1,304)
Other	0	(256)
Net cash provided by financing activities	7,118	17,525
Effect of foreign exchange rate changes on cash and cash equivalents	(75)	2,005
NET INCREASE IN CASH AND CASH EQUIVALENTS	18,374	97,364
CASH AND CASH EQUIVALENTS—Beginning of period	186,897	324,404
CASH AND CASH EQUIVALENTS—End of period	205,271	421,768
NONCASH INVESTING AND FINANCING ACTIVITIES:
Right-of-use assets obtained in exchange for lease obligations	1,305	2,814
Right-of-use assets obtained in exchange for finance lease obligations	137	1,390
Purchase of property and equipment funded through accounts payable and accrued liabilities	15,515	1,618
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for amounts included in the measurement of operating lease liabilities	11,844	11,131
Cash paid for income taxes	$ 8,739	$ 13,079

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 205,271	$ 186,897
Marketable investments	453,524	357,919
Accounts receivable, net of allowance for credit losses of $2,336 and $2,350 at June 30, 2026 and December 31, 2025, respectively.	190,407	190,021
Inventories	442,650	431,549
Prepaid expenses and other current assets	52,270	50,298
Total current assets	1,344,122	1,216,684
Property and equipment, net	146,718	117,436
Operating lease right-of-use assets	167,194	173,587
Finance lease right-of-use assets	24,357	25,972
Intangible assets, net	5,742	6,186
Goodwill	166,523	166,750
Deferred taxes	79,376	79,188
Other non-current assets	40,691	40,716
Total assets	1,974,723	1,826,519
Current liabilities:
Accounts payable	44,728	34,736
Accrued liabilities	172,270	132,163
Current operating lease liabilities	14,398	13,841
Current finance lease liabilities	2,380	2,393
Total current liabilities	233,776	183,133
Non-current operating lease liabilities	176,304	182,751
Non-current finance lease liabilities	19,628	20,714
Other non-current liabilities	14,249	12,318
Total liabilities	443,957	398,916
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock	39	39
Additional paid-in capital	1,224,278	1,185,525
Accumulated other comprehensive income	1,363	4,348
Retained earnings	305,086	237,691
Total stockholders’ equity	1,530,766	1,427,603
Total liabilities and stockholders’ equity	$ 1,974,723	$ 1,826,519