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ALAMEDA, Calif. - Penumbra, Inc. (NYSE:PEN), a leading thrombectomy company, reported first-quarter earnings that surpassed analyst estimates, driving its stock up 1.5% in after-hours trading.
The medical device maker posted adjusted earnings per share of $0.83, exceeding the consensus estimate of $0.67. Revenue for the quarter reached $324.1 million, up 16.3% YoY and above the expected $315.62 million. U.S. Thrombectomy revenue, a key growth driver, surged 25% to $187.9 million compared to the same period last year.
Penumbra reaffirmed its full-year 2025 revenue guidance of $1.34 billion to $1.36 billion, which falls below the analyst consensus of $1.543 billion. However, the company raised its outlook for U.S. Thrombectomy franchise growth to 20-21% YoY, up from the previous 19-20% projection.
"Our strong first-quarter performance reflects the continued momentum in our thrombectomy business," said Adam Elsesser, Penumbra’s Chairman and CEO. "We’re particularly encouraged by the robust growth in our U.S. market, which positions us well for the rest of the year."
The company reported an improvement in gross margin to 66.6% from 65% in the prior-year quarter, citing favorable product mix and productivity enhancements. Penumbra expects further gross margin expansion of at least 100 basis points in 2025, to over 67% for the full year.
Operating income for the quarter was $40.4 million, representing a 12.4% operating margin. The company anticipates operating margin expansion to 13-14% of revenue for the full year 2025.
Penumbra’s international revenue decreased by 2.5%, or 0.1% in constant currency, while U.S. revenue grew by 22.5% compared to the first quarter of 2024.
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