Intersect ENT (XENT) Tops Q3 EPS by 10c

Intersect ENT (NASDAQ: XENT) reported Q3 EPS of ($0.35), $0.10 better than the analyst estimate of ($0.45). Revenue for the quarter came in at $22.7 million versus the consensus estimate of $21.8 million.

Outlook:

As previously announced, due to the continued uncertainties resulting from the impact of COVID-19, Intersect ENT withdrew its annual guidance for 2020. Based on third quarter elective procedure volumes and referral trends, the Company expects fourth quarter 2020 revenue to be 85% to 90% of fourth quarter 2019 revenues and to grow revenues in 2021 relative to 2019. The Company believes it will return to a gross margin run-rate in the low-70% range by year end 2020. As a result of the Company’s cost reduction initiatives, higher sequential revenue growth, and capital raise of $65.0 million announced in May, the Company continues to believe it has adequate capital to operate effectively through 2022.

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

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