Friday, February 3, 2023
HomeMarketPenumbra Reaching for $1bn in Sales in 2023E

Penumbra Reaching for $1bn in Sales in 2023E

© Reuters. Penumbra (PEN) Reaching for $1bn in Sales in 2023E – Citi
- Advertisement -

By Sam Boughedda

Penumbra, Inc. (NYSE:) was upgraded to Buy from Neutral, and its price target was cut to $212 from $217 by Citi on Friday.

Analysts told investors in a note that “PEN’s were marginally better than expectations, with revenue of $213.7M (up 15.1% y/y ex-fx) surpassing consensus’s $212.3M, and expense management delivering an operating profit of $7.8M versus $1.5M.”

However, they explained that the six-week delay in the launch of its Lightening Flash and increased FX headwinds resulted in 2022 revenue guidance declining to $840-$845M from $860-$875M.

“Pulling out the Flash impact does imply a decelerating business in the 4Q22E (which may pressure PEN post-print), despite management remarking that the quarter is off to a strong start. Yet as we look to 2023E, management is reaching for $1B in revenue, as it gears up to launch of Thunderbolt, Lighting Bolt, and Lightning Flash (which it anticipates being the most impactful launch in the company’s history),” they added.

They said they moved to upgrade the stock based on its pull-back.

Story Credit: investing.com

RELATED ARTICLES
- Advertisment -

Most Popular