- Adjusted EBITDA was $61.4 million or 18.1% of revenue, up from $13 million or 4.3% in Q2 2024.
- Cash, cash equivalents, and marketable securities totaled $424.6 million with no debt, increasing $45.7 million sequentially due to strong operating profitability.
- Gross margin was 66%, in line with prior expectations, reflecting an accelerated RUBY XL inventory build; gross margin is expected to exceed 70% by end of 2026.
- International revenue decreased 3.2% reported and 5.8% constant currency, primarily due to China, but excluding China, international thrombectomy revenue grew 14.4%.
- Operating expenses were $183.2 million or 54% of revenue, with R&D expenses at $23.2 million (6.8% of revenue) and SG&A expenses at $160 million (47.2% of revenue).
- Operating income was $40.8 million or 12% of revenue, compared to an operating loss of $1.6 million in Q2 2024, which included a $33.4 million Immersive Healthcare inventory write-off.
- Penumbra generated total revenue of $339.5 million in Q2 2025, representing 13.4% year-over-year growth on a reported basis and 12.7% on a constant currency basis.
- U.S. thrombectomy revenue increased 22.6% year-over-year to $188.5 million, led by 42% growth in the U.S. VTE franchise.
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