Intersect ENT (NSDQ:XENT) posted second-quarter results today that beat the revenue consensus on Wall Street but missed on earnings.
The Menlo Park, Calif.-based company report losses of -$223.1 million, or -71¢ per share, on sales of $9.8 million for the three months ended June 30, for a bottom-line sales loss of -63.3% compared with Q2 2019.
Adjusted to exclude one-time items, earnings per share were -65¢, 9¢ behind The Street, where analysts were looking for sales of $5.4 million.
“While well below last year, we achieved stronger than expected second-quarter revenues led by the return of sinus surgery procedures using PROPEL as the U.S. market began to overcome the challenges of the COVID-19 pandemic,” president and CEO Thomas West said.
“Our revenue performance reflected increasing momentum in the quarter with May stronger than a very soft April and June stronger than May. This momentum stemmed from the continued refinement, investment and improvement in our commercial execution on top of the pent-up demand of untreated patients awaiting care for chronic rhinosinusitis. In addition to steadily improving Propel volumes, Sinuva patient referrals also experienced a progressive rise throughout the quarter. We anticipate continued increases in elective sinus procedures that will drive sequential revenue growth during the second half of 2020, a trend we are already seeing as evidenced by our strong revenue performance in July.”
As previously announced, Intersect ENT withdrew its 2020 financial guidance due to the uncertainties surrounding the COVID-19 pandemic.
Medtronic reportedly made a bid for the company in early July.
Shares in XENT were up 3.53% to $17 apiece in pre-market hours.