- Needham updated Penumbra Inc PEN Buy from hold with a price target of $244.
- The analyst notes that management has indicated that PEN will post stronger growth in Q3’22 due to an improvement in hospital occupancy, stock gains, or a combination thereof.
- penumbra recently has announced the European approval for RED reperfusion catheterwhich are part of the company’s Penumbra System, a fully integrated mechanical aspiration thrombectomy system designed to restore blood flow in acute ischemic stroke patients.
- Related: With a sustained double-digit growth profile, RBC is beginning coverage of this medtech stock.
- The analyst believes that international launches of RED catheters should contribute to faster stroke growth as early as Q4 22.
- Needham also writes that upcoming launches of smart endeavors should lead to faster growth from 2023 onwards.
- In its Neuro business, PEN plans to launch Thunderbolt in 2H23 after completing its THUNDER IDE study, which is now underway.
- In its Vascular business, the company plans to launch its Lightning Flash and Lightning Bolt products in 2023, which are new versions of its intelligent aspiration system.
- The analyst expects the Lightning systems to drive growth through increased thrombectomy market penetration and market share gains.
- Price promotion: PEN shares are up 2.62% to $202.67 on the latest check Friday.
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