Penumbra shares rise on Q1 beat, growing sales

Shares in Penumbra (NYSE:PEN) rose today after the medical device maker topped expectations on Wall Street with its first quarter 2018 earnings results.

The Alameda, Calif.-based company posted profits of $5.5 million, or 15¢ per share, on sales of $102.7 million for the three months ended March 31, seeing a swing from the red on the bottom line while sales grew 40.3% compared with the same period during the previous year.

Earnings per share were well ahead of the 2¢ loss-per-share expectations on Wall Street, where analysts expected to see sales of $91.7 million, which the company also topped.

Penumbra lifted its sales guidance fro the full year, expecting to post revenue between $410 million and $415 million, up from earlier guidance that expected sales between $400 million and $405 million, according to a press release.

In late January, Penumbra released results from the Compass trial of its aspiration thrombectomy system designed to treat acute ischemic stroke, touting that the system was shown to be non-inferior to stent retrievers.

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