Shares in Intersect ENT (NSDQ:XENT) rose today after the medical device maker topped expectations on Wall Street with its fourth quarter and full-year financial results.
The Menlo Park, Calif.-based company posted a net loss of -$3.2 million, or-11¢ per share, on sales of $29.5 million for the three months ended Dec. 31, for sales growth of 22% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -11¢, ahead of consensus on The Street, where analysts were looking for sales of $28.7 million.
Intersect ENT reeled in its losses for the full-year, posting a net loss of -$16.4 million, or -56¢ per share, on sales of $96.3 million – beating the $95.5 million estimate from Wall Street.
The company said it expects to post sales of $111 million to $116 million in 2018.
Chief executive Lisa Earnhardt told analysts on an earnings call that Intersect ENT expects to launch its newly-approved Sinuva implant in April this year.
“2017 was a banner year for Intersect ENT. We started the year with the NDA submission of Sinuva and ended the early approval of this innovative product. The FDA also approved Propel Contour in February which we then rolled out via successful and impactful launch. The use of the Propel family of products, Propel, Propel mini and Propel Contour continue to grow in frequency and in breath, emerging as the standard of care in several large markets across the country and proving immune to last year’s Medicare reimbursement changes,” Earnhardt said.
XENT shares were trading at $36.50 apiece today in mid-morning activity, up 1.8%.
