Penumbra Inc
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
PEN$321.46-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $177,687 | $14,012 | $90,954 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 17,471 | 23,702 | 27,257 |
| Stock-based compensation | 59,213 | 46,164 | 50,516 |
| Impairment charge | — | 76,945 | — |
| Inventory write-offs and write-downs | 5,769 | 43,656 | 6,198 |
| Deferred taxes | 21,034 | (16,339) | (19,061) |
| Acquired in-process research and development | — | — | 18,215 |
| Other | 205 | 4,121 | 2,338 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (19,514) | 26,597 | (266) |
| Inventories | (26,482) | (65,658) | (67,710) |
| Prepaid expenses and other current and non-current assets | (12,697) | (2,948) | (18,909) |
| Accounts payable | 3,067 | 4,172 | 1,097 |
| Accrued expenses and other non-current liabilities | 12,910 | 14,057 | 6,221 |
| Proceeds from lease incentives | — | — | 483 |
| Net cash provided by operating activities | 238,663 | 168,481 | 97,333 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Asset acquisition, net of cash acquired | — | — | (988) |
| Purchases of non-marketable investments | — | (10,000) | — |
| Purchases of marketable investments | (355,737) | (22,910) | (81,940) |
| Proceeds from sales of marketable investments | 1,876 | — | — |
| Proceeds from maturities of marketable investments | 13,000 | 130,616 | 82,565 |
| Purchases of property and equipment | (63,729) | (21,182) | (15,213) |
| Other | — | 1,100 | (500) |
| Net cash (used in) provided by investing activities | (404,590) | 77,624 | (16,076) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from exercises of stock options | 15,411 | 1,873 | 5,517 |
| Proceeds from issuance of stock under employee stock purchase plan | 16,408 | 15,301 | 14,896 |
| Payment of employee taxes related to vested common and restricted stock | (2,546) | (1,456) | (2,074) |
| Payments of finance lease obligations | (2,485) | (2,276) | (1,981) |
| Repurchase of common stock | — | (100,387) | — |
| Other | (256) | (61) | (155) |
| Net cash provided by (used in) financing activities | 26,532 | (87,006) | 16,203 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 1,888 | (2,181) | 168 |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (137,507) | 156,918 | 97,628 |
| CASH AND CASH EQUIVALENTS—Beginning of period | 324,404 | 167,486 | 69,858 |
| CASH AND CASH EQUIVALENTS—End of period | $186,897 | $324,404 | $167,486 |
| NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
| Right-of-use assets obtained in exchange for operating lease obligations | $9,512 | $2,388 | $9,339 |
| Right-of-use assets obtained in exchange for finance lease obligations | 1,540 | 464 | 1,118 |
| Fair value of common stock issued as consideration in connection with an asset acquisition (Note 6) | — | — | 17,227 |
| Purchase of property and equipment funded through accounts payable and accrued liabilities | 5,290 | 1,894 | 1,182 |
| Excise tax accrued on repurchase of common stock | — | 256 | — |
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