NxStage Medical tops Q4, 2013 estimates

February 27, 2014 By Brad Perriello Leave a Comment

NxStage Medical (NSDQ:NXTM) shares rose today after the medical device company said it just beat estimates with its results for the 4th quarter and last year.

Lawrence, Mass.-based NxStage, which makes the System 1 home hemodialysis system, posted losses of -$5.2 million, or -8¢ per share, on sales of $69.5 million for the 3 months ended Dec. 31, 2013. That represents more than double the losses posted in Q4 2012, on a 6.8% sales gain.

The numbers topped the consensus earnings-per-share estimate on Wall Street by a penny and beat both NxStage’s own sales forecast and the consensus view.

Full-year losses were -$18.6 million, or -31¢ per share, on sales of $263.4 million, for a 22.5% increase in losses on sales growth of 8.8% over 2012. The Street was looking for losses per share of 32¢. The annual results also topped NxStage’s prior forecast.

"At the start of 2013, we placed a major focus on growth and investment to take advantage of the significant opportunity in front of us and create long term shareholder value," founder & CEO Jeffrey Burbank said in prepared remarks. "We made great progress across a number of key areas as evidenced by early positive momentum with our direct to patient marketing and solid execution on our innovation pipeline."

NxStage said it expects to log losses of $6.5 million to $7.5 million , or -11¢ to -12¢ per share, on sales of $69.5 million to $70.5 million during the 1st quarter. Full-year losses are slated to range between -$23.0 million and -$27.0 million, or -37¢ to -44¢ per share, on sales of $283 million to $288 million.

"Similar to this past year, 2014 will be focused on growth and investment. We remain confident in the strength of our near-term initiatives to achieve our target of 15% annual growth in the Home and are continuing to invest significantly in long-term initiatives to increase patient access to our therapies and accelerate adoption. These initiatives include another robust innovation pipeline with peritoneal dialysis and next generation products, and expanded market development activities with a cadence of one to three additional NxStage Kidney Care centers each quarter in 2014, leading to a total of approximately 10 to 15 centers by the end of this year," Burbank said.

NXTM shares were trading at $13.52 apiece as of about 11:45 a.m. today, down 1.8%.

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