Up almost 30% from my last article, Penumbra (PEN)
is getting more credit now for its high-quality thrombectomy business
and the longer-term opportunities in both stroke and peripheral clots.
Although Medtronic (MDT) and Stryker (SYK)
have both stepped up their competitive efforts, Penumbra still appears
to have the best system available and the market continues to grow as
physicians become more aware of the benefits of aspiration (supported by
clinical trials and publications).
Valuation is no
longer so compelling. Penumbra’s numbers have come in quite close to my
above-Street expectations, and neither my estimates nor the Street’s are
significantly higher than they were at the time of that last article.
With the shares trading at a fair price relative to historical norms for
growth med-tech, this is more of a hold/watchlist idea right now.
Read more here:
The Penumbra Story Is Coming Along Nicely
No comments:
Post a Comment