Micrus Endovascular Corp (MEND)) shares are surging on the latest quarterly report. The company and analysts have raised their full-year outlook.
Revenues Surging
On Feb 4 Micrus released quarterly results that showed a 24% increase in revenue, to a record high. Sales rose to %22.8 million. Net income came in at $3.3 million, up from a loss one year ago.
Earnings per share were 20 cents, almost triple the Zacks Consensus Estimate of 7 cents. This was the fourth consecutive earnings surprise. The company went on to raise full-year guidance.
The Zacks Consensus for fiscal 2010 is up 2 cents since the report, to 51 cents. Forecasts for next year are averaging 56 cents, 4 cents higher since the report.
Compare these levels to the 70 cent loss Micrus posted last year and the growth is staggering. However, those growth rates are coming at a decent value as shares are trading with a PEG ratio of 0.8.
The Chart
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Bill Wilton is the Growth Stock Strategist for Zacks.com. He is also the Editor in charge of the market-beating Zacks Growth Trader serviceZacks Investment Research
