Penumbra (NYSE:PEN) yesterday reported third-quarter results that topped the consensus forecast on Wall Street and raised its sales outlook for the rest of the year, despite a nearly 100% profit slide.
The Alameda, Calif.-based medical device company posted profits of $238,000, or 1¢ per share, on sales of $83.9 million for the three months ended Sept. 30, which amounted to a -98.0% bottom-line plunge on sales growth of 24.9% compared with Q3 2016.
Analysts on The Street had predicted losses per share of -6¢ on sales of $79.2 million.
Penumbra said it now expects to report full-year sales of $324 million to $326 million, up from $312 million to $317 million previously.
PEN shares, which closed down -0.1% at $103.80 apiece yesterday, slipped a further -0.3% to $103.47 in after-hours trading yesterday.
In early, July, Penumbra paid $9.4 million (€8.2 million) for Crossmed, its exclusive distributor in Italy, San Marino and the Vatican.
Later that month, the company recalled 155 of its 3D Revascularization thrombectomy devices on the risk that wire breaks and separations could leave fractured wire pieces inside patients’ brains.