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R&D at other companies

Stryker logo
StrykerSYK
$413M+2.0%
Medtronic logo
MedtronicMDT
$671M-1.9%

Other financials

Income statement

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Revenue$374.8M+15.6%
Gross profit$253.4M+17.4%
Operating income$38.2M-5.2%
Net income$32.6M-16.9%
EPS (diluted)$0.82-18.0%

Balance sheet

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Cash & equivalents$241.3M-35.8%
Total debt$216.2M-2.0%
Total equity$1.5B+21.5%
Total assets$1.9B+19.2%

Cash flow

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Operating cash flow$87.0M+77.6%
CapEx$13.7M+1.5%
Free cash flow$73.3M+106%

Valuation

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Market cap$12.48B+25.1%
Enterprise value$12.45B+26.8%
P/E72.9×-163×
P/S8.6×+0.5×

Profitability

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Gross margin67.4%+3.7pp
Operating margin12.9%+9.8pp
Net margin11.8%+8.4pp
FCF margin14.6%+2.5pp

Returns & leverage

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Return on equity12.7%+9.2pp
Debt / equity0.1×0.0×
Current ratio-0.3×

Where this comes from

Reported directly by Penumbra in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost.

The official record: Penumbra’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Penumbra's R&D?
Penumbra (PEN) reported R&D of $22.38M in Q1 2026.
How has Penumbra's R&D changed year-over-year?
Penumbra's R&D increased by 1.4% year-over-year, from $22.08M to $22.38M.
What is the long-term trend for Penumbra's R&D?
Over 4 years (2021 to 2025), Penumbra's R&D has grown at a -3.7% compound annual growth rate (CAGR), from $104.55M to $89.77M.
What does R&D mean?
Spending dedicated to creating new products or improving existing ones.
How do you interpret R&D?
Increased spending signals a commitment to innovation and future product pipelines, while significant decreases may signal a shift in strategy or potential long-term stagnation.
How does R&D compare across companies?
Highly comparable among medical device peers; reflects the intensity of innovation cycles in the industry.