Penumbra Inc Stock Price, News & Analysis

Penumbra, Inc. (NYSE: PEN) released preliminary revenue results for Q4 and FY 2020, highlighting a projected fourth quarter revenue of $162.5 to $167.9 million, reflecting a 12% to 16% increase year-over-year. Excluding a voluntary recall impact, non-GAAP revenue for Q4 is estimated at $172.5 to $172.9 million, a 19% growth. Full-year revenue is expected between $556.0 and $561.4 million, up 2% to 3% from 2019. Vascular product sales are projected to grow significantly, while neuro product sales are estimated to decline by 11% to 13% for the year.

Penumbra recalls JET 7 Xtra Flex Catheters on December 15, 2020, due to susceptibility to distal tip damage. This issue may lead to potential vessel damage and serious patient injury or death during use. The company advises healthcare professionals to review the full recall advisory on their website. They will also hold a conference call on the same day to discuss details surrounding this voluntary recall, which could impact their market reputation and financial stability.

On December 8, 2020, Penumbra, Inc. (NYSE: PEN) issued a statement addressing false claims made by short sellers regarding scientific research by co-founder Dr. Arani Bose. The company confirmed that allegations about misattributed research are inaccurate. CEO Adam Elsesser spoke with Bank of America analyst Bob Hopkins, reaffirming the integrity of the Penumbra JET 7 Reperfusion Catheter and emphasizing compliance with Quality System Regulations. Penumbra reported no patient deaths linked to the catheter when used properly and is considering further actions against the allegations.

Penumbra, Inc. (NYSE: PEN) has announced that its CEO will participate in a discussion with Bank of America on December 8, 2020, at 8:30 AM ET. The event will focus on the company's innovative healthcare therapies. An audio webcast will be accessible on the company’s website for at least two weeks post-event. Based in Alameda, California, Penumbra specializes in developing and marketing products addressing significant medical needs in healthcare markets worldwide.

Penumbra, Inc. (NYSE: PEN) received FDA 510(k) clearance for the expanded indications of its Indigo® Aspiration System, including the Lightning™ 12 catheter. This system is now approved for removing fresh emboli and thrombi from peripheral arteries and veins, and for treating pulmonary embolism (PE), a condition that has risen during the COVID-19 pandemic. Lightning 12's advanced technology improves clot detection and removal efficacy. The system was launched in July and is available for immediate use, aiming to reduce the need for thrombolytics and associated ICU stays.

Penumbra, Inc. (NYSE: PEN) has announced a partnership with RapidAI to enhance clinical decision-making for pulmonary embolism (PE) diagnosis. This collaboration aims to develop AI-driven modules that streamline triage and improve the interpretation of CT scans. The initiative is timely, considering the challenges posed by the COVID-19 pandemic. Penumbra's Indigo® System, recently launched for blood clot removal, aligns with its commitment to addressing unmet clinical needs. The partnership is expected to increase awareness and treatment options for PE, a critical healthcare issue.

Penumbra, Inc. (NYSE: PEN) announced its participation in the Canaccord Genuity Virtual MedTech & Diagnostics Forum on November 19, 2020, at 1:30 PM ET (10:30 AM PT). The event will showcase the company's innovative healthcare solutions. Interested parties can access a webcast of the presentation through the company's website, available for two weeks post-event. Penumbra specializes in designing and market-leading products for challenging medical conditions, primarily serving U.S., Europe, Canada, and Australia.

Penumbra, Inc. (NYSE: PEN) reported third-quarter 2020 financials, revealing a revenue increase of 8.3% to $151.1 million compared to the same period in 2019. US revenue surged 22% to $109.7 million. However, neuro product sales declined by 8.8%, totaling $75.9 million, while vascular product sales rose 33.6% to $75.2 million. Operating loss stood at $20.2 million, impacted by one-time personnel expenses related to the Lightning product launch. The ongoing COVID-19 pandemic continues to create uncertainty in business performance.

Penumbra, Inc. (NYSE: PEN) will hold a conference call on October 28, 2020, at 4:30 PM ET to discuss its Q3 2020 financial results. The call will occur after market close, and a press release with the financial results will be available at that time. This initiative highlights Penumbra's support for democracy by designating Election Day 2020 as a paid holiday for U.S. employees. Investors can access the call by phone or via a webcast on the company’s website.