Shares in Intersect ENT (NSDQ:XENT) fell today even though the medical device maker topped expectations on Wall Street with its third-quarter financial results.
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.
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