Panther is a new high-flux medium-resolution direct-geometry thermal-neutron time-of-flight spectrometer at the Institut Laue-Langevin (ILL). It is designed for inelastic neutron-scattering measurements of excitations in condensed matter using single crystals, polycrystalline samples, and liquids. Panther uses double focusing graphite or Cu monochromators, a Fermi chopper, and position-sensitive 3He detectors covering 2 steradians of solid angle. A system of disc choppers and an optional sapphire filter are used to reduce the epithermal neutron background. Thermal neutron background is reduced by a radial oscillating collimator, a beam dump, and an elaborate set of Cd shielding inside the evacuated detector tank. The outside of the tank is covered by a 0.3 m thick layer of borated high-density polyethylene to reduce ambient and cosmic background. The design and performance of the instrument in its current status are described, as well as planned developments.