Intersect ENT up on mixed bag Q2 results

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, invest…

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MedTech 100 roundup: Medtech stocks bump along

Medical device company stocks appear to be in a holding pattern as investors wait for new earnings reports.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — bumped along last week. It closed at 84.39, about where it had been at the start of the week. The Dow Jones Industrial Average and S&P 500 performed similarly.

The Index as of the end of last week was up 35.8% from 62.13 on March 23 — its lowest point so far during the pandemic. It’s still down –8.6% from its pre-pandemic-crash high point of 92.32 on Feb. 19.

The MedTech 100 Index started today with an uptick but then ended about where it started — even as tech stocks powered the DJIA up 1%.

Investors, for now, appear to have already absorbed worries about the surge in new COVID-19 cases in the South and elsewhere in the United States. Expect more clarity from the markets when the next round of quarterly earnings comes out later…

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Report: Medtronic makes a bid for Intersect ENT

Intersect ENT (NSDQ:XENT) shares soared today on news that Medtronic (NYSE:MDT) has made a bid for the Menlo Park, Calif.-based ear, nose and throat condition treatment developer.

Bloomberg reported the transaction late Tuesday, attributing the news to “people with knowledge of the matter.” Traders sent Intersect ENT shares up 38% in premarket trading. Medtronic declined to comment.

Intersect reported a first-quarter 2020 loss of -$17.53 million in May, compared with a -$10.8 million loss for the same period of 2019. President & CEO Thomas West attributed the loss to the reduction in elective sinus surgeries during the COVID-19 pandemic.

Intersect said in February that it expected sales of $115 to $119 million in fiscal 2020, but withdrew that guidance in April and announced cost-cutting plans in May. Those cuts included worker furloughs and layoffs, a hiring freeze, suspension of near-term production and delaying clinical research projec…

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