The Menlo Park, Calif.-based ear, nose and throat condition treatment developer posted losses of -$7.96 million, or -25¢ per share, on sales of $31.75 million for the three months ended Dec. 31, 2019, for a nearly $3 million bottom-line slide on a sales decline of 3.1%.
Adjusted to exclude one-time items, losses per share were also -25¢, 10¢ ahead of Wall Street, where analysts were looking for sales of $31.24 million.
Intersect ENT president & CEO Thomas West said in a news release that the company is setting a plan in motion to deliver product innovation to complement its commercial efforts, and that 2020 has started in line with the company’s expectations so far.
“We are encouraged by the progress we made in the back-half of 2019 and by the opportunities for growth we see in 2020 and in our future,” West said. “We still have work to do in order to return the business to sustainable, long term growth while realizing our full potential. However, we believe we have laid a solid commercial foundation through our ongoing efforts and increased alignment.”
Over the full year in 2019, the company recorded a loss of -$1.37 per share compared to a loss of -76¢ per share in 2018, but said that was in line with its prior guidance. Intersect ENT said it expects to log revenues between $115 to $119 million in fiscal 2020.
XENT shares were down -3.9% at $25.71 per share in mid-morning trading today.