The Menlo Park, Calif.-based company posted a net loss of -$7.6 million on sales of $24.7 million for the 3 months ended Sept. 30, for sales growth of 11% compared with the same period last year.
Earnings per share were -25¢, just ahead of consensus on The Street, where analysts were looking for sales of $24.1 million.
Intersect ENT said it expects to post sales of $106 million to $109 million for the full year. Fourth-quarter sales are pegged at $30.3 million to $33.3 million.
XENT shares were down -5% in mid-morning activity, trading at $27.47 apiece.
Leerink analysts Richard Newitter, Jaime Morgan and Dylan Gantley wrote in a note to investors that Intersect ENT is not expecting a J-Code for its Sinuva steroid-eluting implant in January of 2019.
“The J-code update represents a negative, but not an insurmountable one in our view. The positives this qtr included: (a) progress on Sinuva reimbursement since last qtr, (b) new drug-coated balloon pipeline initiative and (c) reiterated 2019 ~20% growth outlook,” the analysts wrote.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.