Annual Reports
Penumbra, Inc.'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Penumbra, Inc. — FY2025 Annual Report (Form 10-K) — FY2025
The reset year: Penumbra recast itself as “the world’s leading thrombectomy company,” finished exiting VR rehab, and agreed to a $14.5B Boston Scientific takeout. · Open the full document →
Item 1. Business — Overview — p. 8 · Read the full section →
Management’s own definition of the company — a pure-play, clot-removal medical-device maker across stroke, VTE and limb ischemia.
How Penumbra now describes itself: the world’s leading thrombectomy company.
Penumbra, the world’s leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety, and simplicity. […] We sell our products to healthcare providers primarily through our direct sales organization in the United States, most of Europe Canada, Australia and Singapore, as well as through distributors in select international markets.
p. 8 · Read in context →
Item 1A. Risk Factors — p. 38 · Read the full section →
The two company-specific risks that could actually bite: a pending merger that may not close, and inventory that can be written down overnight.
Deal risk: the $374/share Boston Scientific merger and its overhang on customers, employees and suppliers.
On January 14, 2026, we entered into the Merger Agreement with Boston Scientific Corporation and Merger Sub, pursuant to which Boston Scientific Corporation has agreed to acquire us for $374 per share pursuant to the Merger, with our stockholders having the right to elect, for each share of our common stock held by them, to receive $374 in cash or 3.8721 shares of Boston Scientific Corporation’s common stock (valued at $374 based on the volume weighted average price of Boston Scientific Corporation’s common stock over the 10 trading days ending January 13, 2026), subject to proration, so that the total transaction consideration is paid approximately 73% in cash and approximately 27% in shares of Boston Scientific Corporation’s common stock. […] Uncertainty about the effect of the Merger Agreement and the Merger on our customers, employees, suppliers, vendors, and business partners may have an adverse effect on our business and operations that may be material to our company.
p. 38 · Read in context →
Inventory risk — with the $33.4M immersive-healthcare write-down cited as a live example.
We maintain a significant inventory of raw materials, components and finished goods, which subjects us to a number of risks and challenges. Our hospital customers typically maintain only small quantities of our products at their facilities, so as products are used, they order replacements that typically require prompt delivery. As a result, we must maintain sufficient levels of finished goods to permit rapid shipment of products following receipt of a customer order. […] For example, during the three months ended June 30, 2024, we recorded a $33.4 million write-down of immersive healthcare inventory in connection with our strategic decision to explore alternative avenues for our immersive healthcare business.
p. 50 · Read in context →
Item 7. Management’s Discussion and Analysis — Overview — p. 102 · Read the full section →
Management frames the year in one breath: revenue scale, the immersive wind-down, and the January 2026 Boston Scientific deal.
Item 7. MD&A — Results of Operations — p. 111 · Read the full section →
Where the turnaround shows: gross margin 63.2%→67.1% and operating income $9.3M→$189.2M once the immersive drag is gone.
What drove the top line: U.S. thrombectomy volume +19.3%, with prices essentially flat.
Revenue increased $209.1 million, or 17.5%, to $1,403.7 million in 2025, from $1,194.6 million in 2024. Overall revenue growth was primarily due to an increase in sales of our new and existing thrombectomy and embolization and access products.
Revenue from our global thrombectomy products increased $132.4 million, or 16.2%, to $947.9 million in 2025, from $815.5 million in 2024. This increase in our global thrombectomy products was primarily attributable to higher sales volume in the United States as a result of sales of new products and further market penetration of our existing products. Sales of our U.S. thrombectomy products increased by 19.3% in the year ended December 31, 2025. Prices for our thrombectomy products remained substantially unchanged during the period.
p. 112 · Read in context →
Note 4. Exit of Immersive Healthcare Business — p. 153 · Read the full section →
The strategy reset made concrete — the wind-down of the REAL VR-rehab platform and the impairment logic behind it.
Impairment trigger and the $33.4M inventory write-down on the immersive asset group.
During the three months ended June 30, 2024, the Company made the strategic decision to explore alternative avenues for its immersive healthcare business; as a consequence to this decision, the Company tested the immersive healthcare asset group’s longlived assets for impairment. Prior to the three months ended June 30, 2024, there were no events or circumstances that indicated the need to test for impairment.
The immersive healthcare asset group included substantially all the assets and liabilities associated with the immersive healthcare business, which primarily consisted of finite-lived developed technology intangible assets, inventory, and property and equipment associated with the developed technology. Prior to performing a recoverability test for the asset group, the Company recorded a $33.4 million charge to cost of revenue during the three months ended June 30, 2024 for the write-down of immersive healthcare inventory to net realizable value.
p. 154 · Read in context →
Penumbra, Inc. — FY2023 Annual Report (Form 10-K) — FY2023
Included for contrast: two years earlier Penumbra called itself a “global healthcare company” spanning five markets — including the immersive-VR business it has since abandoned. · Open the full document →
Item 1. Business — Overview — p. 8 · Read the full section →
The pre-reset self-portrait — a diversified therapies company with immersive healthcare listed alongside thrombectomy.
FY2023 identity: five markets, including “immersive healthcare market since 2020.”
Penumbra is a global healthcare company focused on innovative therapies. We design, develop, manufacture and market novel products and have a broad portfolio that addresses challenging medical conditions in markets with significant unmet need. Our team focuses on developing, manufacturing and marketing novel products for use by specialist physicians and healthcare providers to drive improved clinical and health outcomes. We believe that the cost-effectiveness of our products is attractive to our customers.
Since our founding in 2004, we have had a strong track record of organic product development and commercial expansion that has established the foundation of our global organization. We have successfully developed, obtained regulatory clearance or approval for, and introduced products into the thrombectomy market since 2007, access market since 2008, embolization market since 2011, neurosurgical market since 2014, and immersive healthcare market since 2020.
p. 8 · Read in context →
The REAL Immersive System — the VR-rehab platform later wound down and exited.
The REAL Immersive System is a proprietary, immersive 3D computer-based technology platform that has the potential to benefit patients over a broad range of healthcare applications, including rehabilitation, mental well-being and cognition. This technology builds on our experience with neuro and vascular medical device innovation and was initially commercialized for conducting upper body rehabilitation in a clinical setting. Studies have shown that adding virtual reality therapy to conventional therapy is effective in improving patient engagement and outcomes, particularly with systems that are fully immersive, customized for the healthcare setting, and fun and engaging for patients.
p. 18 · Read in context →
More annual reports
Penumbra, Inc. — FY2024 Annual Report (Form 10-K) — FY2024 · 192 pages · The transition year that carried the $115.3M immersive-exit charges and the resulting collapse in operating income. · Open →
Penumbra, Inc. — FY2022 Annual Report (Form 10-K) — FY2022 · 193 pages · Peak of the immersive push — the first full-body REAL system launched in Q4 2022, before the strategy reversed. · Open →
Penumbra, Inc. — FY2021 Annual Report (Form 10-K) — FY2021 · 203 pages · Earliest edition on the shelf, framing the pre-CAVT product portfolio and the year of the JET 7 Xtra Flex recall. · Open →