Penumbra is no longer priced as a standalone thrombectomy compounder. The January merger agreement with Boston Scientific turned the equity into a mixed cash-and-stock claim whose live value now tracks the acquirer's share price more than procedure growth. Holders elect cash or parent stock, then proration locks the mix near three parts cash and one part Boston Scientific shares. The headline package of $374 a share was marked to a January volume-weighted average that no longer describes the stock leg. What trades today is a closing instrument whose residual risk sits in antitrust timing and in the acquirer's equity, not in next quarter's catheter units.
The second-quarter print still shows a business that is taking share in clot removal and vessel occlusion. Revenue reached $390 million, a mid-teens advance from the year-ago quarter. Thrombectomy still supplies most of the run-rate, while embolization and access grew faster than the core clot-removal line. Gross margin widened on mix even as selling costs and deal fees absorbed the operating-income gain. Net earnings fell because the tax rate normalized after a year-ago period that booked almost no tax. The franchise is compounding. The income statement is not the story the market is paying for.
Guidance is withdrawn and the conference call is cancelled for as long as the merger is pending. The next facts that matter are a Federal Trade Commission decision after the second request, commercial traction for THUNDERBOLT in stroke, and whether Boston Scientific's share price keeps rewriting the stock leg. Does the deal close on the current mix, or does a break force the market to reprice a mid-teens grower without a takeout bid?