Shares in Penumbra (NYSE:PEN) rose today after the medical device maker met expectations on Wall Street with its fourth quarter and fiscal year 2017 earnings results.
The Alameda, Calif.-based company posted profits of $9.1 million, or 25¢ per share, on sales of $96 million for the 3 months ended December 31, seeing a massive swing from the red on the bottom line while sales grew 31.4% when compared with the same period last year.
Earnings per share were well above the 1¢ loss-per-share consensus on Wall Street, where analysts were expecting to see sales of $96 million, which the company met.
For the full year, Penumbra posted sales of $4.7 million, or 13¢ per share, on sales of $333.8 million, seeing the bottom line shrink 68.6% while sales grew 26.8% compared with the same period during the previous year, according to a press release.
Earnings per share beat the 14¢ loss per share consensus on The Street, while the company matched the $333.8 million sales expectations.
The company updated its guidance for the coming fiscal year, expecting to post sales of between $400 and $405 million.
Shares in Penumbra have risen 6.3% so far today, at $110.85 as of 11:42 a.m. EST.
In late January, Penumbra released results from the Compass trial of its aspiration thrombectomy system designed to treat acute ischemic stroke, touting that the system was shown to be non-inferior to stent retrievers.
