Intersect ENT (XENT) Misses Q1 EPS by 9c, Revenues Beat; Raises FY21 Revenues Outlook

Intersect ENT (NASDAQ: XENT) reported Q1 EPS of ($0.51), $0.09 worse than the analyst estimate of ($0.42). Revenue for the quarter came in at $24.3 million versus the consensus estimate of $23.54 million.

First Quarter 2021 Overview

• Revenue of $24.3 million in the first quarter of 2021, up 23%, compared to $19.8 million in the first quarter of 2020.
• Strong quarterly SINUVA revenue of $2.4 million.
• Global Balloon and Navigation portfolio generated revenue of $1.5 million.
• Cash, cash equivalents, restricted cash, and short-term investments were $89.0 million as of March 31, 2021.
• Increases 2021 full-year revenue guidance to $117 million to $121 million.

“We are pleased with our first quarter results highlighted by the continued resilience in our PROPEL franchise despite the impact of COVID-related headwinds in the quarter. The continued and growing momentum in our SINUVA business is also a highlight of the quarter. PROPEL and SINUVA performance underscore the differentiated value proposition of our proprietary localized drug delivery sinus offerings and their clinical appropriateness across all settings of care,” said Thomas A. West, President and CEO of Intersect ENT. “Looking ahead, we anticipate sequential improvement throughout our business in the second quarter and beyond based on positive trends for elective and office-based sinus procedures. These encouraging trends, combined with our first quarter performance and a broader product portfolio inclusive of navigation and sinus balloons, give us confidence to raise our 2021 revenue guidance. Moreover, we believe Intersect ENT is now well-positioned to achieve sustainable year-on-year growth.”

GUIDANCE:

Intersect ENT sees FY2021 revenue of $117-121 million, versus the consensus of $119.41 million.

With the ongoing improvement in the COVID-19 environment, the rebound in elective procedures and gradual opening of the hospital setting of care, and the opportunity to leverage its broader portfolio of product offerings, Intersect ENT is raising its full year 2021 revenue guidance from a range of $116 million - $120 million to a range of $117 million - $121 million. The Company’s full year 2021 guidance reflects the expected further recovery of COVID-impacted elective sinus procedures supported by a significant increase in the number of individuals vaccinated against COVID-19. Full year 2021 gross margin is expected to be in the low-to-mid 70s. Based on current expectations of the operating environment in 2021 and 2022, the Company believes it has adequate cash and other resources to operate well into 2022.

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

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