Highlights

  • Second quarter 2026 revenue was $390,046 thousand, and net income was $34,811 thousand, or $0.88 per diluted share.
  • Penumbra agreed on January 14, 2026 to be acquired by Boston Scientific for $374 per share in cash or stock.
  • Cash and cash equivalents were $205,271 thousand at June 30, 2026, and marketable investments were $453,524 thousand.
  • Net cash provided by operating activities was $133.1 million for the six months ended June 30, 2026.

Penumbra (NYSE:PEN) shares were trading at USD 320.08 on October 28, 2026, down 1.22%, with a relative volume at time of 3.01. The thrombectomy company has a pending merger agreement with Boston Scientific Corporation dated January 14, 2026 and filed its Form 10-Q for the second quarter ended June 30, 2026 on July 30, 2026.

Penumbra, Inc. is a Delaware corporation headquartered in Alameda, California. It describes itself as a thrombectomy company focused on technologies for ischemic stroke, venous thromboembolism including pulmonary embolism, and acute limb ischemia. Its products fall into thrombectomy, embolization and access families, and it sells through two key markets: thrombectomy, and embolization and access. Penumbra manufactures its products in Alameda and Roseville, California. It supports healthcare providers in more than 100 countries, and its fiscal year ends December 31. As of July 14, 2026, it had 39,389,422 shares of common stock outstanding.

Second Quarter 2026 Results

Revenue for the three months ended June 30, 2026 was $390,046 thousand, compared with $339,455 thousand a year earlier. Gross profit was $264,944 thousand, compared with $224,010 thousand. Research and development expense was $25,396 thousand, and sales, general and administrative expense was $198,509 thousand, compared with $159,964 thousand.

Income from operations was $41,039 thousand, compared with $40,828 thousand. The provision for income taxes was $11,376 thousand, compared with $40 thousand. Net income was $34,811 thousand, compared with $45,270 thousand, and diluted earnings per share were $0.88, compared with $1.15.

The company said the increase in sales, general and administrative expense was primarily due to a $11.7 million increase in personnel-related expenses, a $6.9 million increase in acquisition-related expenses associated with the pending acquisition by Boston Scientific, and a $6.8 million increase in marketing event costs.

For the six months, revenue was $764,804 thousand, compared with $663,595 thousand, and net income was $67,395 thousand, compared with $84,493 thousand. Revenue from customers outside the United States was 21.7% of revenue in the second quarter, compared with 23.2%.

Merger Agreement With Boston Scientific

On January 14, 2026, Penumbra entered into an Agreement and Plan of Merger with Boston Scientific Corporation and Pinehurst Merger Sub, Inc. Boston Scientific agreed to acquire Penumbra at an enterprise value of approximately $14.5 billion, valuing each share at $374. Stockholders may elect to receive $374 in cash or 3.8721 shares of Boston Scientific common stock per share, subject to proration, so that consideration is paid approximately 73% in cash and approximately 27% in Boston Scientific shares.

The board of directors of each company approved the agreement. Penumbra would be required to pay Boston Scientific a termination fee of $525.0 million under specified circumstances, and Boston Scientific would be required to pay Penumbra a termination fee of $900.0 million under certain circumstances.

Balance Sheet, Cash Flow and Capital

At June 30, 2026, Penumbra had $1,110.3 million in working capital, which included $205.3 million in cash and cash equivalents and $453.5 million in marketable investments. About 11.9% of cash and cash equivalents was held in foreign entities. The company said it believes its current sources of liquidity will be sufficient for at least the next 12 months.

Net cash provided by operating activities was $133.1 million for the six months, compared with $93.9 million a year earlier. In 2025, Penumbra entered into agreements to acquire property in Costa Rica and construct a manufacturing facility and warehouse. A share repurchase authorization of up to $200.0 million approved on August 5, 2024 originally expired on July 31, 2025.

Outlook

The filing does not provide numerical financial guidance. It states that the merger is expected to close by the end of 2026, subject to customary closing conditions, including regulatory approvals. Penumbra said it expects to continue developing its thrombectomy, embolization and access technologies.