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Penumbra reported Q3 FY2026 revenue of $410.1 million, up 15.6% from $354.7 million a year earlier. Its filing attributed the increase primarily to sales of new and existing thrombectomy products and existing embolization and access products.
The company said global thrombectomy revenue rose as new products and wider use of existing products increased U.S. sales volume. Embolization and access revenue also grew, primarily from higher U.S. sales volume of existing products. Penumbra said prices in both categories remained substantially unchanged.
Gross margin rose to 68.3% from 67.8%, which the filing primarily attributed to product mix. Operating margin fell to 12.4% from 13.8%. Penumbra reported higher selling, general and administrative expenses, including acquisition-related expenses, and a higher effective tax rate.
The company reported diluted earnings per share of $1.07, compared with $1.17 a year earlier. Free cash flow was $26.4 million, down from $42.0 million.
| Q3 FY2026 | Q3 FY2025 | Change | |
|---|---|---|---|
| Revenue | $410.1 million | $354.7 million | 15.6% |
| Diluted EPS | $1.07 | $1.17 | −8.79% |
| Gross margin | 68.3% | 67.8% | 0.6 percentage points |
| Operating margin | 12.4% | 13.8% | −1.4 percentage points |
| Free cash flow | $26.4 million | $42.0 million | −37.2% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $0.88 | $1.15 | Missed by 23.5% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
Penumbra’s latest earnings call is unavailable, so management’s call commentary and responses to analysts cannot be reported.
Guidance
Penumbra’s management guidance is unavailable. In its filing, the company said its future effective tax rate would likely be driven by permanent differences between taxable and reported income, worldwide financial results and discrete tax adjustments.