Penumbra's Lightning Flash Launch Pushed Into Next Year, Trims FY22 Forecasts - Penumbra (NYSE:PEN)

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  • Penumbra Inc PEN posted Q3 FY22 revenue of $213.7 million, +12.4% Y/Y (up 15.1% in constant currency), beating the consensus of $212.28 million.
  • Revenue from sales of vascular products grew 17% (18.8%) to $123.4 million. 
  • Revenue from sales of neuro products grew 6.7% (10.5%) to $90.3 million.
  • The gross margin was almost stagnant at 63%.
  • The company reported an adjusted operating income of $7.8 million, down from $8.8 million posted a year ago.
  • The company reported an adjusted EPS of $0.01, down from $0.12 a year ago.
  • The company’s Lightning Flash product launch is expected in Q1 2023, six weeks later than the previous mid-Q4 2022 estimate, and an incremental headwind of $4-6 million from foreign currency translations.
  • Guidance: Penumbra expects 2022 total revenue of $840-$845 million, up 12-13% Y/Y (15-16% in constant currency), down from previous guidance of $860-$875 million and the consensus of $860.97 million.
  • Looking forward to 2023, the company expects to achieve a $1 billion total revenue.
  • Price Action: PEN shares closed 3.5% lower at $151.88 on Thursday.

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Image and article originally from www.benzinga.com. Read the original article here.