Wall St. darling Penumbra launches latest thrombectomy device in the U.S.

Penumbra's ACE 68 Reperfusion Catheter

Penumbra ($PEN), one of the top devicemaker IPOs last year, unveiled its latest thrombectomy product to the U.S. market.

Dubbed the ACE 68 Reperfusion Catheter, the vascular device uses the latest tracking technology to extract blood clots in acute ischemic stroke patients more quickly and safely, the company said. The device, which is part of the company’s Penumbra System, was designed with a new tracking platform from hub to tip, and features a unique coil winding geometry along 16 transitions to deliver an optimal tracking profile.

The announcement, along with supporting data, was made Monday at the Society of NeuroInterventional Surgery’s 13th Annual Meeting in Boston.


Join the world's top medtech executives virtually for the leading event in medtech — The Virtual MedTech Conference by AdvaMed

Expect the same high-quality education, world-class speakers and valuable business development in a virtual format. Experience more of the conference with on demand content and partnering, as well as livestreamed sessions.

“The ACE68 provides an opportunity to reverse strokes faster and with less expense,” Dr. Adam Arthur, a professor in the neurosurgery department at the Semmes-Murphey Neurologic & Spine Institute in Memphis, TN, said in a statement. “The larger lumen seems to allow better clot capture, which may reduce the need for adjunctive devices, simplify the procedure and reduce procedure cost-- important considerations as hospitals look to expand stroke services.”

The Alameda, CA-based company markets medical devices that include several neurovascular access products, the ACE system, neurovascular embolization products, a neurosurgical tool as well as peripheral embolization and thrombectomy devices.

Penumbra, which raised about $125 million when it went public last September, has seen its stock price trade in a 52-week range of $35.31 to $61.87. Canaccord Genuity, which recently set a price target of $67 per share for Penumbra, has raised its rating of the company to a buy. Canaccord pegged Penumbra’s market cap at $1.83 billion with a price-to-earnings ratio of 959.19.

Zacks Investment Research also recently raised Penumbra from a hold rating to buy and set a $68 price target. 

In May, Penumbra reported total revenue grew to $57.9 million in Q1 versus $39 million for the same period a year ago. Analysts had set a consensus estimate of $53.1 million. Revenue for neuro products grew to $41.3 million for the period, and sales of peripheral vascular products increased to $16.6 million.

- check out the release

Related Articles:
Profitable neuro, vascular device player Penumbra files for up to $115M IPO
Med tech IPOs fall into place: Penumbra, Symetis, Novocure and Adesto


Suggested Articles

J&J's EGFR-fighting combo stopped tumor growth in 60% of patients whose lung cancer got worse after taking AstraZeneca's Tagrisso.

Amgen's KRAS inhibitor curbed tumor growth in 88% of patients with non-small cell lung cancer, shrinking tumors in one-third of them.

Novartis is forging ahead with the development of spartalizumab in "many, many other indications" despite the setback.