Penumbra's Thunderbolt Device Offers Revenue Upside Not Reflected in Estimates, RBC Says
Penumbra's (PEN) Thunderbolt device positions the company as the only one in the US offering computer-assisted vacuum thrombectomy technology across both vascular and neurovascular conditions, RBC Capital Markets said.The brokerage said in a Thursday note that it was encouraged by the recent US Food and Drug Administration clearance for Thunderbolt, noting that any revenue upside from the device is not currently reflected in its estimates.RBC said Thunderbolt is the only approved computer-assisted vacuum thrombectomy device for stroke treatment in the US and could help drive a new product cycle in a stroke market that has seen softer growth in recent years."Thunderbolt could catalyze a new product cycle in a stroke market that has recently seen softer growth due to a lack of major technological shifts," the investment firm said, adding that adoption will ultimately depend on whether clinical data demonstrate a clear advantage over existing treatment approaches.RBC maintained its sector perform rating on Penumbra and a $374 price target.Price: $317.84, Change: $-0.48, Percent Change: -0.15%