Intersect ENT (NSDQ:XENT) today posted first quarter earnings that topped sales expectations but missed loss-per-share consensus on Wall Street.
The Menlo Park, Calif.-based company posted losses of $10.8 million, or 35¢ per share, on sales of $26.7 million for the three months ended March 31, seeing losses grow 76.1% while sales grew 7.9% compared with the same period during the previous year.
Losses per share were 5¢ behind the -30¢ Wall Street consensus, where analysts expected to see sales of $26.3 million, which the company topped.
“We continue to work closely with physicians on the introduction of SINUVA and are pleased with the positive feedback regarding patient outcomes. While we have made strides in facilitating product access and sales force balance, we are implementing further measures to continue to improve these areas. We are encouraged by the preliminary decision by CMS to assign a J code, and remain excited about the opportunity for Sinuva,” prez & CEO Lisa Earnhardt said in a press release.
The company released reduced sales guidance for the full year 2019, now expecting to post sales of between $113 million and $117 million, down from earlier guidance of between $123 million to $127 million.
Shares in Intersect ENT fell 1.5% today, closing at $33.15.
Last month, shares in Intersect ENT got a boost on news that the Centers for Medicare and Medicaid Services had assigned the company’s Sinuva corticosteroid-eluting sinus implant a preliminary J-code.
