Shares in Intersect ENT (NSDQ:XENT) fell today after the medical device maker missed sales expectations on Wall Street with its second-quarter financial results.
The Menlo Park, Calif.-based company posted a net loss of -$4.2 million on sales of $26.3 million for the 3 months ended June 30, for sales growth of 9.7% compared with the same period last year.
Earnings per share were -14¢, ahead of consensus on The Street. But the company fell short on sales estimates – analysts were looking for sales of $28.2 million.
“We are gratified by the initial response of patients and physicians to Sinuva, with over 325 patients treated through the second quarter. We are also pleased with the rate of payor coverage and believe that these factors, combined with our strong clinical evidence, reinforce the significant potential of Sinuva,” president & CEO Lisa Earnhardt said in prepared remarks.
“We are meeting the challenges of the launch by taking action including expanding and leveraging the reimbursement hub and growing our sales and reimbursement teams. We remain convinced that Sinuva has a bright future and that, with these measures in place, we will be in a position to expand our launch and continue to grow Propel,” Earnhardt added.
Intersect ENT said it expects to post sales of $106 million to $109 million for the full year, down from its previous guidance of $113 million to $115 million.
XENT shares were trading at $27.45 apiece today in mid-morning activity, down -15.2%.
