Needham & Company Reiterates Buy on Vascular Solutions (VASC) Following 3Q Report
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Needham & Company reiterated a Buy rating and $58.00 price target on Vascular Solutions (NASDAQ: VASC) following the company's 3Q earnings report. Revenue was reported in-line with consensus at $41.8M. Adjusted EPS was $0.31 vs. consensus of $0.30. The EPS upside was driven by a lower than expected tax rate of 25.0%.
Analyst Mike Matson commented, "VASC's 3Q16 revenue met and EPS beat consensus. Guidance for 4Q16 revenue was slightly above consensus and guidance for 4Q16 EPS bracketed consensus. And the mid-points of VASC's initial 2017 revenue and EPS guidance were above consensus. Consistent with prior quarters, Turnpike, GuideLiner, and Micro-Introducer kits were biggest contributors to revenue growth. Operating margin was lower than expected due to mix, a vein catheter reprocessing pricing promotion, and the Twin-Pass recall but this was more than offset by a lower than expected tax rate. We expect upside to estimates and increased confidence in the RePlas opportunity to drive VASC shares higher and we reiterate our Buy rating."
Shares of Vascular Solutions closed at $48.63 yesterday.
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