Intersect ENT (XENT) Misses Q4 EPS by 22c, Revenues Beat

Intersect ENT (NASDAQ: XENT) reported Q4 EPS of ($0.54), $0.22 worse than the analyst estimate of ($0.32). Revenue for the quarter came in at $28.23 million versus the consensus estimate of $27.92 million.

Fourth Quarter 2020 Overview

• Revenue totaled $28.2 million in the fourth quarter of 2020, compared to $31.8 million in the fourth quarter of 2019.
• SINUVA recorded a record revenue quarter of $2.6 million.
• The Fiagon product portfolio generated revenue of $0.9 million and included the first sales ever of the recently FDA-cleared VENSURE sinus balloon.
• Cash, cash equivalents, restricted cash, and short-term investments were $105.5 million as of December 31, 2020.

“We are entering 2021 with positive momentum across our business highlighted by strong fourth quarter sequential revenue growth, the completed acquisition of Fiagon, and multiple sources of prospective growth through a broader and more diversified portfolio,” said Thomas A. West, President and Chief Executive Officer of Intersect ENT. “In the fourth quarter, we saw our business respond favorably to an improved market for elective sinus procedures, prior to the resurgence of COVID-19 in December. With our deliberate focus on penetrating office-based procedures, we were able to take advantage of physician availability, capitalize on improved payer coverage and market access for our localized drug delivery platforms, and introduce our new innovative product lines. The recent changes in CMS product coding should further simplify coverage and access for both SINUVA and PROPEL across sites of care in the U.S. market. In addition, the integration of Fiagon is progressing smoothly. With the additions of the VENSURE sinus balloon and CUBE navigation into our portfolio, we entered the U.S. balloon dilation market and expanded our geographic footprint. We are well-positioned to return to growth in 2021 by building on the strength of PROPEL, SINUVA, and our expanding product portfolio while targeting office-based procedures and increasing our international market presence.”

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

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