PEN: Expanded Neurovascular Portfolio with Thunderbolt Approval

Research evidence excerpt

PEN: Expanded Neurovascular Portfolio with Thunderbolt Approval

RBC Capital Markets, LLC

Shagun Singh (Analyst)

(646) 618-6886, shagun.singh@rbccm.com

Kendall Au (AVP)

(212) 548-3164, kendall.au@rbccm.com

RBC Dominion Securities Inc.

Moe Mansour (Associate)

(416) 842-7635, moe.mansour@rbccm.com

June 11, 2026

Penumbra, Inc.

Sector PerformRESEARCH Expanded Neurovascular Portfolio with NYSE: PEN; USD 318.32

Thunderbolt Approval Price Target USD 374.00

Our view: On Thursday (6/11), PEN received the long-awaited FDA Scenario Analysis*

clearance for Thunderbolt, its new neurovascular computer assisted

vacuum thrombectomy (CAVT) offering and the only approved stroke CAVT Downside Current Price Upside Scenario Price Target Scenario

device in the U.S. It is also the first CAVT platform to deliver modulated

aspiration for acute ischemic stroke, which could allow for faster and more 315.00 318.32 374.00 374.00 1% 17% 17%EQUITY complete clot removal using a single device and potential ASP capture

opportunity. We are encouraged by the approval as its revenue upside is *Implied Total Returns Key Statistics not included in estimates, but maintain our Sector Perform/$374PT given Shares O/S (MM): 39.4 Market Cap (MM): 12,538

its pending acquisition by BSX in 2H'26 (see note here). Expert checks Pg2. Dividend: 0.00 Yield: 0.0%

Avg. Daily Volume: 437,256

Key points: RBC Estimates THUNDERBOLT is now the only CAVT device available for stroke treatment FY Dec 2025A 2026E 2027E 2028E

in the U.S., representing a first-of-its-kind advancement in acute Revenue 1,403.7 1,605.5 1,823.0 2,067.5

ischemic stroke care. THUNDERBOLT offers computer assisted vacuum EPS, Adj Diluted 3.84 5.05 6.39 7.87

thrombectomy delivers modulated aspiration for acute ischemic stroke and Revenue Q1 Q2 Q3 Q4