Intersect ENT (NSDQ:XENT) posted a mixed bag of results for the fourth quarter, topping consensus revenue estimates but missing on earnings.
The Menlo Park, Calif.-based company posted losses of –$20.2 million, or –62¢ per share, on sales of $28.2 million for the three months ended Dec. 31, 2020, for a massive bottom-line slide from losses of about –$8 million this time last year on a sales decline of –11.1%.
Adjusted to exclude one-time items, losses per share were –62¢, 8¢ behind Wall Street, where analysts were looking for sales of $27.9 million.
“We are entering 2021 with positive momentum across our business highlighted by strong fourth-quarter sequential revenue growth, the completed acquisition of Fiagon, and multiple sources of prospective growth through a broader and more diversified portfolio,” Intersect ENT president & CEO Thomas A. West said in a news release. “In the fourth quarter, we saw our business respond favorably to an improved market for elective sinus procedures, prior to the resurgence of COVID-19 in December. With our deliberate focus on penetrating office-based procedures, we were able to take advantage of physician availability, capitalize on improved payer coverage and market access for our localized drug delivery platforms, and introduce our new innovative product lines.
“The recent changes in CMS product coding should further simplify coverage and access for both Sinuva and Propel across sites of care in the U.S. market. In addition, the integration of Fiagon is progressing smoothly. … We are well-positioned to return to growth in 2021 by building on the strength of Propel, Sinuva, and our expanding product portfolio while targeting office-based procedures and increasing our international market presence.”
Intersect ENT said it expects the COVID-19 pandemic to impact near-term results. Still, it also anticipates an impact on its 2021 business with the expected recovery of elective procedures and an increase in those vaccinated against the virus. The company is projecting revenues of between $116 million and $120 million for the full year.
XENT shares were unchanged at $23.18 per share in pre-market trading this morning, having dipped by –2.7% to get to that point at market close yesterday.