Invuity shares lift on Street-topping Q4, FY2016 prelims

Invuity (NSDQ:IVTY) today released preliminary Q4 and full year 2016 earnings, topping the Street’s estimates and sending its shares up slightly in mid day trading.

The San Francisco-based company said it expects to see revenue of between $9.1 and $9.3 million for the final quarter of 2016, above the $8.6-8.7 million analysts expected to see from the company.

Invuity said it expects to report between $32.2 and $32.4 million for the full year, just above the Street’s expectation of $32.1 million, according to an SEC filing.

Shares in the company have lifted gently in mid day trading, up 2.4% to trade at $6.35 as of 1:06 p.m. EST.

Invuity reiterated its guidance for the coming year, expecting to see between $42 and $44 million.

Leerink Partner analyst Richard Newitter called the results a “positive 1st step towards helping management to regain investor confidence” after the company posted a significant miss in its 3rd quarter, but warned that the preliminary info was sparse.

Last August, Invuity priced a $28 million public offering of common shares, looking to float $2.8 million shares at $10 a piece. The offering came with a 30-day underwriters option to purchase an additional 420,000 shares at $10 per share.

Piper Jaffray & Co and Leerink Partners are acting as joint book-runners for the offering, with William Blair & Co acting as co-managers, according to a press release.

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