Intersect ENT Reports Third Quarter 2019 Results
Posted on November 01, 2019 by Medtech[y] Staff
Intersect ENT, Inc. (NASDAQ:XENT), a company dedicated to transforming care for patients with ear, nose and throat conditions, today reported financial results for the third quarter ended September 30, 2019.
Total revenue was $24.1 million for the third quarter of 2019 compared to $24.7 million for the same period of 2018. This decrease resulted from lower unit sales of the PROPEL® family of products, partially offset by the growth in adoption of SINUVA®, which contributed $1.1 million, or 5% of third quarter 2019 revenue.
Gross profit for the third quarter was $19.2 million and gross margin was 80%, compared to gross profit of $19.5 million and gross margin of 79% for the same period of 2018.
Operating expenses for the third quarter of 2019 were $32.6 million, compared to $27.6 million in the same period of 2018, an increase of 18%. R&D expenses increased to $6.1 million from $4.9 million, primarily due to expenses related to the company’s investigational ASCEND drug-coated sinus balloon and an increase in personnel-related expenses. SG&A expenses increased to $26.4 million from $22.8 million, primarily due to the expansion of SINUVA commercial and market access activities, including headcount, marketing and consulting expenses, and the incremental stock-based compensation associated with the leadership change.
The balance of cash, cash equivalents and short-term investments was $89.2 million, compared to $93.5 million at the start of the quarter.
Intersect ENT is maintaining its outlook for revenue for the full year 2019 to be approximately flat compared with 2018 revenue of $108.5 million. The company’s full year 2019 outlook for gross margin remains in the range of 80% to 81% and for operating expenses in the range of $135 to $137 million.
Webcast and Conference Call Information
Intersect ENT will host a conference call at 8:00 a.m. ET (5:00 a.m. PT) to discuss the company’s third quarter 2019 results and business outlook. To access the conference call via the internet, go to the "Investor Relations" page of the company's website at www.intersectENT.com. To access the live conference call via phone, dial 1-844-850-0548 and ask to join the Intersect ENT call. International callers may access the live call by dialing 1-412-317-5205. Participants may expedite telephone access by pre-registering for the call using the following link: http://dpregister.com/10135992.
A replay of the conference call may be accessed that same day after 10:00 a.m. ET at www.intersectENT.com or via phone at 1-877-344-7529 or 1-412-317-0088 for international callers. The reference number to enter the replay of the call is 10135992. The dial-in replay will be available for a week after the call and via the internet for approximately one month.
About Intersect ENT®
Intersect ENT is dedicated to transforming ear, nose and throat care by providing innovative, clinically meaningful therapies to physicians and patients. The company’s steroid releasing implants are designed to provide mechanical spacing and deliver targeted therapy to the site of disease. In addition, Intersect ENT is continuing to expand its portfolio of products based on the company’s unique localized steroid releasing technology and is committed to broadening patient access to less invasive and more cost-effective care.
For additional information on the company or the products including risks and benefits please visit www.IntersectENT.com. For more information about SINUVA, please visit www.SINUVA.com.
Intersect ENT®, PROPEL® and SINUVA® are registered trademarks of Intersect ENT, Inc.