Penumbra (NYSE:PEN) – Citing “lightning-fast growth,” Needham is upgrading this vascular device company

0
  • Needham improved Penumbra Inc PEN buy pending, with a price target of $244.
  • The analyst notes that management has indicated that PEN is seeing stronger growth in 3Q22 due to improved hospital staffing, market share gains, or a combination thereof.
  • Penumbra recently announced European approval of RED Reperfusion Catheters, part of the company’s Penumbra System, a fully integrated mechanical suction thrombectomy system designed to restore blood flow to patients with acute ischemic stroke.
  • Related: With a profile of sustained double-digit growth, RBC begins to hedge this MedTech stock.
  • The analyst believes international launches of RED catheters should help accelerate stroke growth as early as 4Q22.
  • Needham also writes that upcoming Smart Aspiration launches are expected to accelerate growth from 2023.
  • In its Neuro business, PEN plans to launch Thunderbolt in 2:23 after completing its THUNDER IDE trial, which is currently underway.
  • In its Vascular business, the company plans to launch its Lightning Flash and Lightning Bolt products in 2023, which are new versions of its smart suction system.
  • The analyst expects Lightning systems to drive growth through increased thrombectomy market penetration and market share gains.
  • Price Action: PEN shares are up 2.62% at $202.67 when last checked on Friday.
Share.

About Author

Comments are closed.