Intersect ENT (XENT) Tops Q4 EPS by 10c, Revenues Beat; Affirms FY20 Revenue Guidance Below Consensus

Intersect ENT (NASDAQ: XENT) reported Q4 EPS of ($0.25), $0.10 better than the analyst estimate of ($0.35). Revenue for the quarter came in at $31.8 million versus the consensus estimate of $31.19 million.

Fourth Quarter 2019 Overview

• Net Sales of $31.8 million – a decrease of 3% from prior year.
• Gross Profit and Margin of $24.5 million and 77%, respectively.
• Operating Expenses of $33.1 million.

“We are encouraged by the progress we made in the back-half of 2019 and by the opportunities for growth we see in 2020 and in our future,” said Thomas A. West, President and CEO. “We still have work to do in order to return the business to sustainable, long term growth while realizing our full potential. However, we believe we have laid a solid commercial foundation through our ongoing efforts and increased alignment. Moreover, we have also begun to set a clear plan to deliver a steady cadence of product innovation to complement our commercial execution efforts and to carry growth into the future. We’ve started 2020 in line with our expectations and we expect to see steady progress throughout the coming quarters.”

GUIDANCE:

Intersect ENT sees FY2020 revenue of $115-119 million, versus the consensus of $119.41 million.

The Company reaffirms its Outlook as publicly stated on January 13th, 2020 as follows:

• 2020 Revenue in the range of $115 to $119 million with quarterly revenue growth expected to improve throughout the year with first quarter revenues expected to be consistent with the first quarter of 2019.
• Gross margin in the range of 70-75%, with quarterly margins expected to decline in the first half of the year before improving.
• 2020 operating expenses will be in the range of $141 to $145 million reflecting continued commercial, R&D and operations investments.

For earnings history and earnings-related data on Intersect ENT (XENT) click here.

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