The Alameda, Calif.-based neurovascular device maker reported profits of $10.7 million, or 30¢ per share, on sales of $128.4 million for the three months ended March 31, growing the bottom line by a whopping 94.8% on sales growth of 25.1% compared with Q1 2018.
Adjusted to exclude one-time items, earnings per share were 23¢, nearly doubling the 12¢ consensus on the Street, where analysts were looking for sales of $122.8 million, Penumbra said.
“2019 began with great momentum across our entire business. We saw strong sequential revenue growth over the fourth quarter of 2018. This growth is being driven by our ability to treat a growing number of patients in large patient end markets and our ability to continuously innovate within our existing areas such as stroke and vascular thrombectomy, as well as within new areas. I will share a few updates and developments from the first quarter focusing on these themes,” chairman & CEO Adam Elsesser told analysts during a conference call yesterday.
CFO Sri Kosaraju confirmed Penumbra’s prior full-year sales guidance for $252 million to $535 million during the call, saying “we do feel comfortable toward the top end or slightly above the top end of our initial range.”
“Following two consecutive quarters of strong sequential growth and consistent with our commentary on quarterly variability, we would expect to see our second quarter revenues only slightly above our first quarter,” Kosaraju said.
PEN shares, which closed down -1.3% at $129.62 apiece yesterday, were up 7.% to $139.61 each today in early trading.