Penumbra, Inc.

NYSE-PEN

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	45.9	45.3	39.2	33.7	29.5	-60.2
Net Income
Depreciation & Amortization	2.5	5.5	5	4.4	4.1	7.6
Depreciation and Amortization
Share-Based Compensation Expense	15.9	14.2	13.8	12.1	10.9	9.6
Stock-Based Compensation
Other Adjustments	16	-5.8	0.9	10	8.3	89.5
Realized Gain on Marketable Investments
(Accretion of Discount) Amortization of Premium on Marketable Investments
Excess Tax Benefit from Stock-Based Compensation
Loss on Non-Marketable Equity Investments
Provision for Doubtful Accounts
Impairment Charge
Inventory Write-Downs
Write Off of Note Receivable
Provision for Sales Returns
Loss on Disposal of Property and Equipment
Provision for Product Warranty
Deferred Taxes
Acquired in-Process Research and Development
Change in Fair Value of Contingent Consideration
Other
Changes in Trade Receivables	-8.5	-4.8	0.5	3.2	25.4	-10.5
Accounts Receivable
Changes in Inventories	-3.7	-11.4	-10.8	-19.7	-23	-11.3
Inventories
Changes in Accounts Payable	2	-3.2	-0.3	-1.9	0.5	0.3
Accounts Payable
Changes in Accrued Expenses	5.3	4.9	0.6	13.9	1.1	0.1
Accrued Expenses and Other Non-Current Liabilities
Changes in Other Operating Activities	-17.2	0.2	-0.1	-3.6	0.1	-2.4
Prepaid Expenses and Other Current and Non-Current Assets
Proceeds from Lease Incentives
Cash from Operating Activities	58.3	44.9	49	51.1	56.5	22.6
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-16.2	-15.6	-13.5	-5.4	-5.5	-4.5
Purchases of Property and Equipment
Purchases of Intangible Assets	—	—	—	—	—	—
Acquisition of Intangible Assets from a Licensing Agreement
Purchases of Investments	-146.6	-0	-0	-9.9	-1.7	-5
Purchases of Non-Marketable Investments
Purchases of Marketable Investments
Proceeds from Sale of Investments	—	6.5	13	4.8	42.9	39.6
Proceeds from Sales of Marketable Investments
Proceeds from Maturities of Marketable Investments
Payments for Business Acquisitions	—	—	—	—	—	—
Asset Acquisition and Acquisition of Business, Net of Cash Acquired
Cash Acquired in a Business Combination
Deposit Payments for Acquisition
Other Investing Activities	—	—	—	-0.5	-0.3	-0.5
Lease Payments Made Prior to Commencement
Other
Cash from Investing Activities	-162.9	-15.6	-0.5	-11	35.7	34.5
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Repayments of Long-Term Debt	—	—	—	—	—	—
Payment of Obligations on Debt and Credit Facilities
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—	—
Issuance of Common Shares	4.7	15.6	4	7.5	3.7	8.9
Proceeds from Issuance of Common Stock Issued in Initial Public Offering, Net of Issuance Costs
Proceeds from Issuance of Common Stock Upon Underwritten Public Offering, Net of Issuance Cost
Proceeds from Exercises of Stock Options
Proceeds from Issuance of Stock Under Employee Stock Purchase Plan
Repurchases of Common Shares	-0.1	-0.1	-0.4	-0.9	-100.5	-0.1
Payment of Employee Taxes Related to Vested Stock
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	4.6	15.5	3.6	6.7	-96.8	8.8
Other Financing Activities	-0.6	-0.8	-0.9	-0.6	-0.6	-0.6
Payment of Deferred Issuance Costs
Excess Tax Benefit from Stock-Based Compensation
Payments of Finance Lease Obligations
Payment of Acquisition-Related Obligations
Proceeds from Capital Contribution from Non-Controlling Interest
Other
Cash from Financing Activities	4	14.8	2.7	6.1	-100.6	8.3
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	42	29.4	35.5	45.7	51	18.1
NOPAT	42.8	40.8	36.1	32.5	26.3	-62.6
Levered Free Cash Flow	18.5	25.7	20.2	21.4	6.9	-70.5
Unlevered Free Cash Flow	15.5	21.2	17.1	20.2	3.7	-72.9
Net Change in Cash	-100.6	44.2	51.2	46.2	-8.4	65.4