NxStage Medical (NSDQ:NXTM) beat the Street’s earnings-per-share estimate by 1 penny and reported an 11% bump in sales, but it wasn’t enough to stop shares from sliding 4% this morning.
NxStage posted red ink for another straight quarter but per-share losses came in at 6¢, compared with analysts’ consensus estimate of losses at 7¢ per share. The Lawrence, Mass.-based medical device company said it posted record sales of $65.5 million for the 3 months ended June 30, attributing the revenue to its recently-cleared System One portable hemodialysis device.
The at-home hemodialysis company trimmed its losses by 23%, posting a hit of $3.4 million, or -6¢ per share, compared to 2012 2nd-quarter losses of $5.1 million, or -9¢ per share. NxStage re-affirmed its guidance, noting that its record sales marked an 11% uptick over Q2 last year’s $59 million in revenue.
"Based on our outlook and our continuing progress in key areas, we are reaffirming both our top line revenue and net loss guidance for 2013. Perhaps more importantly, we believe we’re setting the company up for an exciting new chapter of growth in 2014 and beyond," CEO Jeffrey Burbank said in prepared remarks.
NXTM shares were trading at $13.43 as of about 11:30 a.m. today, down 3.7%.
Last month, NxStage appointed a new CFO and moved its former CFO over to its Kidney Care subsidiary, a personnel shuffle Burbank called a “positive move that expands and strengthens our management team.”
