Penumbra Inc Stock Price, News & Analysis

Penumbra, Inc. (NYSE: PEN) reported its fourth quarter and full-year financial results for 2020, revealing a 14.9% increase in quarterly revenue to $166.9 million and a full-year revenue of $560.4 million, up 2.4% year-over-year. Excluding a voluntary recall, quarterly revenue was $172.7 million, an 18.9% rise. However, a 6.6% decline in neuro product sales was noted. Operating loss for the fourth quarter stood at $1.7 million, but excluding one-time impacts, non-GAAP operating income was $16.6 million. For 2021, Penumbra projects revenue growth of 20% to 22%.

Penumbra, Inc. (NYSE: PEN) announced its management team will present at Citi's 2021 Healthcare Services, Medtech, Tools, & HCIT Virtual Conference on February 24, 2021, at 3:20 PM ET. The event aims to showcase innovative therapies and products developed by Penumbra.

A webcast of the presentation will be accessible on their website for at least two weeks post-event. Penumbra, headquartered in Alameda, California, specializes in innovative medical solutions, catering to significant unmet healthcare needs.

Penumbra, Inc. (NYSE: PEN) announced a conference call to discuss its fourth quarter and full year 2020 financial results scheduled for February 23, 2021 at 4:30 PM ET. A press release will be issued after market close that day detailing the financial metrics. The call can be accessed via phone or live webcast on the company's website. Penumbra focuses on innovative therapies, selling products to hospitals and healthcare providers in various regions, including the U.S. and Europe.

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.