Intersect ENT (XENT) Misses Q1 EPS by 10c, Revenues Miss

Intersect ENT (NASDAQ: XENT) reported Q1 EPS of ($0.54), $0.10 worse than the analyst estimate of ($0.44). Revenue for the quarter came in at $19.8 million versus the consensus estimate of $23.66 million.

“We began the first quarter of 2020 with robust revenues reflecting strategies we implemented in the second half of 2019 to improve commercial execution and market access,” said Thomas A. West, President and CEO. “With most sinus surgery procedures postponed due to the COVID-19 pandemic, instead of cancelled, we are now preparing to restart our commercial efforts and production and as procedures begin to resume. Our actions to preserve capital and remain financially flexible in the near-term will allow us to aggressively deploy resources as market conditions return to normal. By taking advantage of the restoration in elective sinus procedures and potential accelerated rebound from pent-up demand, we believe we are positioning the Company to once again achieve sequential quarterly growth in the back-half of 2020 and quarterly year-on-year growth in 2021 and beyond.”

Outlook

As previously announced on April 13, 2020, Intersect ENT withdrew its annual guidance for 2020 due to the rapidly evolving environment and continued uncertainties resulting from the impact of COVID-19. While the Company cannot predict the extent or duration of the impact of the COVID-19 pandemic on its financial and operating results, we believe current government policies, including the suspension of elective procedures worldwide, will substantially impact its revenues in the second quarter of 2020 and potentially longer. However, we also believe, based on survey data with physicians, a recovery in procedures will begin in the second half of 2020, and that most patients will return for treatment.

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

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