Penumbra makes catheter-based medical devices that remove blood clots from blood vessels throughout the body. The core technology is Computer Assisted Vacuum Thrombectomy (CAVT), which uses microprocessor-controlled aspiration pumps paired with proprietary catheters to physically extract clots without drugs or open surgery. The flagship CAVT products are Lightning Flash (for venous clots, primarily pulmonary embolism and deep vein thrombosis) and Lightning Bolt (for arterial clots, primarily acute limb ischemia). The core neuro product, the Penumbra System, treats ischemic stroke using aspiration catheters; Penumbra is also developing Thunderbolt, which applies CAVT technology to neurovascular procedures. A second product line covers embolization and vascular access — coils and catheters used to treat aneurysms, hemorrhagic stroke, and vessel malformations. Thrombectomy accounts for roughly 68% of revenue and embolization and access for the remaining 32%. Penumbra sells single-use disposable devices to hospitals on a per-procedure basis, meaning revenue is driven primarily by procedure volume rather than price. The company manufactures in-house in California and sells through a direct sales force in the U.S. and major international markets, which accounts for roughly 90% of revenue. Growth is driven by penetrating a largely untreated patient population — management estimates fewer than 10-15% of eligible VTE patients currently receive mechanical thrombectomy in the U.S. — rather than taking share within an already-penetrated market. Boston Scientific has agreed to acquire Penumbra for approximately $14.5B.