- Penumbra is expected to retain and take market share in the peripheral vascular market over the next 6 to 18 months, according to a survey of physicians by J.P. Morgan analysts.
- The firm surveyed 25 vascular surgeons, who forecast that Penumbra will take share as the broader peripheral market is expected to grow.
- “New products should drive share capture across both arterial and venous,” J.P. Morgan analyst Robbie Marcus wrote in a Thursday research note, although the majority of doctors surveyed expect to continue using devices from multiple manufacturers even when targeting the same vessels.
Alameda, Calif.-based Penumbra recently launched two new thrombectomy devices: Lightning Bolt 7, which is designed to remove clots from the arteries, and Lightning Flash, which is designed for the veins and pulmonary arteries.
The surgeons’ reception to both devices was “broadly positive,” Marcus wrote, with the majority saying they expected Lightning Bolt to increase their Penumbra usage. For Lightning Flash, 30% expected the device to increase Penumbra usage during deep vein thrombosis (DVT) procedures, and 36% for pulmonary embolism.
This was a “surprising dynamic,” as Lightning Flash was intended to “narrow what we view as a gap between Lightning 12 and Inari’s Clotriever/Flowtriever device,” Marcus added.
In arterial procedures, where Penumbra has historically been stronger, the physicians forecast the company would grow from a 40% share in 2021 to 46% in 2024, at the expense of competitors Boston Scientific and Inari Medical.
In DVT procedures, the company is expected to grow from 33% share to 42% share, and in pulmonary embolism, Penumbra is expected to grow its share from 33% to 39%.
Penumbra expects total revenue in 2023 of $1.04 billion to $1.06 billion, a 23% to 25% increase year-over-year.