Penumbra (PEN) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $390.0 million, up 14.9% year-over-year, driven by higher sales of thrombectomy and embolization/access products, especially in the U.S.

• Net income for Q2 2026 was $34.8 million, down from $45.3 million in Q2 2025, primarily due to a higher effective tax rate and increased operating expenses.

• The company entered into a merger agreement with Boston Scientific, valuing each share at $374 and the enterprise at $14.5 billion, with the transaction expected to close by year-end 2026.

• Pending acquisition by Boston Scientific Corporation influenced the absence of forward guidance.

Financial highlights

• Gross margin improved to 67.9% in Q2 2026 from 66.0% in Q2 2025, reflecting favorable product mix.

• Operating income for Q2 2026 was $41.0 million, nearly flat year-over-year.

• Diluted EPS for Q2 2026 was $0.88, compared to $1.15 in Q2 2025.

• Operating expenses totaled $223.9 million, including $6.9 million in acquisition-related costs.

• Cash and cash equivalents as of June 30, 2026, were $205.3 million, with marketable investments of $453.5 million.

Outlook and guidance

• No financial guidance for full year 2026 due to the pending acquisition.

• Management expects continued investment in product development, manufacturing expansion, and international market growth.

• Liquidity is considered sufficient for at least the next 12 months, with ongoing capital projects including a new Costa Rica facility.