Penumbra (NYSE:PEN) yesterday posted first-quarter results that beat the earnings consensus on Wall Street and matched sales estimates.
The Alameda, Calif.-based company reported profits of $11.836 million, or 32¢ per share, on sales of $169.2 for the three months ended March 31, for a bottom-line gain of 730.6% sales growth of 23.2% compared with Q1 2020.
Earnings per share were 32¢, 23¢ ahead of The Street, where analysts were looking for sales of $169.2 million.
“Our vascular business produced outstanding growth again this quarter, with revenue expanding 50.5% year-over-year to $89.2 million, and we believe we are just getting started in vascular,” CEO Adam Elsesser said during an earnings call. “Our neuro business exceeded our expectations in the first quarter, posting total revenue of $80 million, up 2.5% year-over-year. Our neuro team’s extraordinary work following the Jet 7 Xtra Flex recall in mid-December, sets us up well throughout 2021 and beyond as we prepare to launch important new products.”
“Looking forward and with a continued focus on both innovation and portfolio we believe we are very well-positioned for future growth across all of our neuro franchises stroke, access, embolization within which our Smart Coil line had its best quarter ever and also neurosurgical.”
Penumbra increased its guidance for 2021 total revenue to be in the range of $695 million to $705 million to represent a growth of 24% to 26% over 2020’s revenue.
Shares in PEN were down -1.57% to $284.39 in pre-market trading.