Intersect ENT (NSDQ:XENT) shares took a nosedive on first-quarter results that missed the consensus earnings forecast.
XENT shares were down -9.4% at $19.06 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.8%.
The Menlo Park, Calif.-based company posted losses of -$20 million, or -61¢ per share, on sales of $24.3 million for the three months ended March 31, 2021, for a -14.2% bottom-line slide on sales growth of 22.7%.
Adjusted to exclude one-time items, losses per share were -51¢, 9¢ behind Wall Street, where analysts were looking for sales of $23.5 million.
“We are pleased with our first-quarter results highlighted by the continued resilience in our Propel franchise despite the impact of COVID-related headwinds in the quarter. The continued and growing momentum in our Sinuva business is also a highlight of the quarter. Propel and Sinuva performance underscore the differentiated value proposition of our proprietary localized drug delivery sinus offerings and their clinical appropriateness across all settings of care,” Intersect ENT president & CEO Thomas A. West said in a news release. “Looking ahead, we anticipate sequential improvement throughout our business in the second quarter and beyond based on positive trends for elective and office-based sinus procedures.
“These encouraging trends, combined with our first-quarter performance and a broader product portfolio inclusive of navigation and sinus balloons, give us confidence to raise our 2021 revenue guidance. Moreover, we believe Intersect ENT is now well-positioned to achieve sustainable year-on-year growth.”
Intersect ENT said it now expects to log revenues of between $117 million and $121 million, an uptick from the previous projection of a range between $116 million and $120 million.