Shares in Intersect ENT (NSDQ:XENT) held steady today after the company reported preliminary data for its fourth quarter and full-year revenues.
The Menlo Park, Calif.-based company said it expects to reel in $96.1 – $96.3 million in revenue for the full year of 2017, up 22% from 2016. Intersect also pegged its fourth-quarter revenue between $29.3 million and $29.5 million, up 21% compared to the same period last year.
In December, the company’s Sinuva steroid-eluting implant won FDA approval as a treatment for recurrent nasal polyp disease in patients who have previously undergone ethmoid sinus surgery.
Intersect reported today that it expects to launch Sinuva commercially in the second quarter of 2018. The company forecasts full-year revenue for 2018 to be between $111 and $116 million – 8% of which will come from Sinuva sales.
“We view XENT’s 4Q rev. outperformance and initial 2018 guidance – likely conservative in our view – as encouraging signs ahead of one of the biggest new product cycles (Sinuva) in the company’s history on tap in 2Q18. We continue to view XENT as an exciting small-cap growth story with an 80%+ GM profile, and now with Sinuva approved we have increased confidence in the company’s ability to drive meaningfully higher sales momentum in 2018 & beyond,” Leerink analysts Richard Newitter and Jaime Morgan wrote in a note to investors.
Beyond its preliminary financials, Intersect announced today that it finished enrolling a 50-person trial that is slated to evaluate the safety of repeat placement of the Sinuva implant in chronic sinusitis patients with nasal polyps.
