Intersect ENT (NSDQ:XENT) shares jumped today after the medical device company reported preliminary 2nd-quarter sales numbers that beat the consensus forecast on Wall Street.
Menlo Park, Calif.-based Intersect said it expects 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.
“We delivered a record quarter, reflecting increasing adoption of Propel bolstered by the recent approval of the frontal sinus indication,” president & CEO Lisa Earnhardt said in prepared remarks. “In addition, our sales force expanded to 98 field staff at quarter end, including 73 territory managers and 25 sales consultants.”
The news sent XENT shares up 12.3% to $15.52 apiece today in early-morning trading.
Intersect also said its chief commercial officer, Chas McKhann, is leaving the company for personal reasons.
“We appreciate the many contributions that Chas has made to our business and we wish him the best,” Earnhardt said.
In March, Intersect won pre-market approval from the FDA for an expanded indication for the Propel steroid-releasing sinus implant, which is designed to treat patients undergoing frontal sinus surgery.
The expanded indication allows the company to market the placement of the Propel mini in the frontal sinuses, behind the eyebrows, in addition to the prior indication for placement in the ethmoid sinuses behind the bridge of the nose.
