Shares in Intersect ENT (NSDQ:XENT) held steady today after the medical device maker topped expectations on Wall Street with its first-quarter results.
The Menlo Park, Calif.-based company posted a net loss of -$6.1 million, or -21¢ per share, on sales of $24.7 million for the 3 months ended March 31, for bottom-line growth of 8.8% on sales growth of 20.8% compared with the same period last year.
Earnings per share were -21¢, ahead of consensus on The Street, where analysts were looking for sales of $23.6 million.
Intersect ENT said it expects to post sales of $111 million to $116 million for the full year. Second-quarter sales are pegged at $27.7 million to $28.2 million.
Last month, the company launched its steroid-releasing sinus implant, Sinuva, in the U.S. Intersect ENT’s drug-eluting device is designed to treat nasal polyp disease in patients who have previously undergone sinus surgery.
Management reportedly told analysts that initial feedback from physicians and patients has been positive. Users have specifically highlighted the device’s ease-of-use and the benefit of performing the procedure in a provider’s office, according to Leerink analysts Richard Newitter, Jaime Morgan and Dylan Gantley.
The company’s Encore study, which is evaluating the repeat use of Sinuva, is slated to produce results in the second quarter of 2018, the analysts wrote in a note to investors.
XENT shares were trading at $40.30 apiece today in mid-morning activity, up 0.8%.
