Yep. Seems to me it's the tissue damage caused during the penetration event that kills the animal.

I've always thought it was odd when folks talk about transferring all the energy inside the animal. Seems kinda crazy to imagine that when a bullet hits at 2500 ft lbs, and exits at 2000 ft lbs, it's somehow only dumped 500 ft lbs inside the animal. I would think that the more energy the bullet retains as it passes through, the more damage it is doing while passing through.