Intersect ENT shares up on Q2 that topped rev, missed EPS

Intersect ENT (NSDQ:XENT) released 2nd quarter earnings late yesterday that topped the Street’s expectations for revenue but fell barely short on EPS, with shares ticking up at the news.

The Menlo Park, Calif.-based company reported losses of $6 million, or 21¢ per share, on sales of $19.3 million for the 3 months ended June 30. That amounts to a 2.5% bottom-line slide as sales grew 27.1% compared with the same period in 2015.

Analysts on Wall Street were looking for 26¢ losses-per-share for the quarter and revenue of $18.8 million, with Intersect ENT nailing revenue but missing on EPS.

“We delivered strong growth over last year, and continued to advance our pipeline. We were pleased with the launch of the approved frontal indication for Propel mini and the potential for this expanded indication to address a meaningful incremental market. These achievements support our ongoing goal of providing innovative products to ENTs to improve patient outcomes,” CEO Lisa Earnhardt said in prepared remarks.

The company updated on its 2016 outlook, expecting revenue at the lower end of the previously released range between $78 and $80 million. Intersect ENT expects to see between $17.8 million in the 3rd quarter.

Shares have risen slightly after the release, up 2% to trade at $16.35 as of 3:13 p.m. EDT.

The bump is the 2nd Intersect ENT has seen in the last month, with shares jumping in mid July after the company reported preliminary 2nd-quarter sales numbers that beat the consensus forecast on Wall Street.

Intersect said it expected to post sales of $19.3 million for the 3 months ended June 30, for a 27% top-line gain compared with Q2 2015. Analysts are predicting sales of $18.8 million for the quarter.

Intersect also said its chief commercial officer, Chas McKhann, is leaving the company for personal reasons.

The post Intersect ENT shares up on Q2 that topped rev, missed EPS appeared first on MassDevice.

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