Penumbra Inc. (NYSE: PEN) saw its shares surge 9.21% in pre-market trading on Wednesday, following the company's impressive fourth-quarter 2024 financial results and bullish outlook for its proprietary CAVT (Continuous Active Vessel Tracking) technology.

The medical device company reported revenue of $321.3 million for Q4 2024, an increase of 12.9% year-over-year on an adjusted basis. The strong performance was driven by the robust growth of Penumbra's thrombectomy business, which saw a 27.3% year-over-year increase in sales in the US, reaching $180.6 million.

Penumbra's CAVT portfolio, which includes innovative products like Flash 2.0, Lightning Bolt 6x, and Lightning Bolt 12, gained significant momentum throughout the quarter. The company's US VTE (Venous Thromboembolism) franchise delivered robust 41% year-over-year revenue growth, driven by the competitive advantages of CAVT technology in removing blood clots faster and safer than analog technologies.

The company's profitability also improved, with gross margin reaching 67.4%, a 170 basis point increase from the prior year period. Penumbra is on track to achieve a gross margin profile over 70% by the end of 2026, supported by favorable product mix and operational efficiencies.

Looking ahead, Penumbra is preparing to bring its Thunderbolt device, a proprietary CAVT technology for the neurovascular field, to market. The company completed follow-up for its THUNDER trial in December 2024 and is expected to provide updates on the data readout and clearance process in the coming months.

Several analysts raised their price targets on Penumbra following the strong results, citing the company's promising growth prospects and the potential of its CAVT technology to drive further market share gains. With a robust pipeline, commercial expansion initiatives, and a focus on innovation, Penumbra is positioning itself as a leader in the thrombectomy market.