ANGO - Penumbra A Little Beaten Down Despite Strong Growth Opportunities

• Penumbra has been posting strong revenue growth numbers, but the Street has not been rewarding the shares.
• The company still has not recovered the share it lost in stroke due to a product recall, but growth is accelerating and the Thunderbolt launch could drive a bigger shift.
• The vascular side of the business has taken over as the primary growth driver, helped by increasing use of mechanism thrombectomy, share gains, and new opportunities in coronary.
• Penumbra shares are not conventionally cheap, but do trade below the 10x-12x EV/sales range of many quality med-tech growth names.

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