Shares in Intersect ENT (NSDQ:XENT) surged today after the drug-device company beat expectations on Wall Street with its second quarter results.
The Menlo Park, Calif.-based company posted a loss of -$2.3 million on sales of $24 million for the 3 months ended June 30, for bottom-line growth of 62% on sales growth of 24% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -8¢, 11¢ ahead of consensus on The Street, where analysts were looking for sales of $22.6 million.
“We are off to a fantastic start to 2017 and are proud to have delivered a strong second quarter, demonstrating that we are well positioned to drive both near and long-term success,” CEO Lisa Earnhardt said in a call with analysts. “This past quarter we expanded our product portfolio with Propel Contour and achieved 24% revenue growth. In addition, the FDA accepted our Sinuva NDA filling and set a January 7, 2018, PDUFA date. Overall, we continue to distinguish ourselves with innovators in the ENT space as we define new standards of care for chronic sinusitis via localized drug delivery.”
Intersect ENT pegged its sales outlook at $91 million to $93 million for the full year, up from its prior guidance of $89 million to $91 million.
XENT shares were trading at $31.42 apiece today in morning activity, up 14.1%.
