Penumbra (NYSE:PEN) this week posted fourth-quarter results that beat the overall consensus on Wall Street.
The Alameda, California-based company — maker of interventional devices for vascular and neuro therapies — reported profits of $3.9 million, or 10¢ per share, on sales of $221.2 million, for the three months ended Dec. 31, 2022. Sales were up 8.43% compared with Q4 2021. Penumbra reported $24.6 million in losses a year ago.
Adjusted to exclude one-time items, earnings per share were 16¢, 1¢ ahead of The Street, where analysts were looking for sales of $217.03 million.
“Our journey to develop the most optimal solution for safe, effective, fast and powerful removal of blood clot wherever it resides in the body is nearly two decades in the making. And the early results from the use of Lightning Flash in venous and PE patients and Thunderbolt in our stroke trial is giving us even more confidence that the computer-orchestrated aspiration is changing the treatment paradigm, in profoundly positive ways, for patients and physicians,” CEO Adam Elsesser said in an earnings call with investors.
For fiscal 2023, Penumbra anticipates total revenue to be $1 billion or more for year-over-year growth of at least 18%.
“Looking into 2023, we reiterate our expectations for our business. We expect to achieve at least $1 billion in total revenue, expand our gross margins making progress toward our objective of 70% plus margins, within a couple of years and increase our profitability and operating cash flow. We will realize these goals by helping more patients, with our proprietary products,” Elsesser said.
Shares in PEN were up more than 1% to $265.71 apiece in morning trading.