NxStage Medical Inc. rode big gains in its home dialysis and critical care businesses to narrow losses by more than 30 percent during the three months ended Sept. 30.
The Lawrence, Mass.-based dialysis maker said sales jumped 27 percent during the quarter to $38 million, compared with $30 million for the same period last year. The robust sales exceeded even management’s expectations of revenues of up to $35 million.
One reason for the unexpected windfall was $2.5 million worth of expected sales that went through early. However, even without the unexpected boost, sales were still up by 18 percent, an increase that helped the company narrow net losses to $10 million, compared to nearly $15 million for Q3 2008.
NxStage’s strong results were once again paced by strong sales of its home dialysis market, which jumped 31 percent to $16 million, compared to 12 million for the same period last year. In fact, all of NxStage’s business units posted strong increases, which officials credited to increased demand.
For the first nine months of 2009, the company was 16 percent ahead of last year’s revenue pace, a performance that led NxStage to increase its sales guidance for the year to $145 million to $147 million; officials had previously predicted sales of between $135 million and $145 million.
NxStage ended the quarter with $22 million in cash and equivalents on hand, compared to a little less than $27 million for the same period last year.