NxStage Medical Inc. (NSDQ:NXTM) beat its own guidance and analysts’ expectations during the first quarter, posting a 20 percent jump in sales and narrowing net losses by more than 26 percent.
The Lawrence, Mass.-based home hemodialysis products maker reported sales of $40.4 million for the three months ended March 31, up 19.8 percent compared with $33.7 million during the same period last year.
Net losses for the quarter were $9.0 million, or 19 cents per share, compared with $12.2 million, or 26 cents per share, during the year-ago period. NxStage had predicted sales of $38 million and $39.5 million and a net loss of between $9 million and $10 million, slightly higher than analysts’ consensus forecast.
NxStage said sales of its home dialysis products grew 33 percent to $19.0 million, compared with $14.4 million during Q1 2009. Sales to critical care hemodialysis centers grew 36 percent to $6.1 million, compared with $4.5 million during the first quarter of 2009. Sales for its Medisystems hemodialysis consumables business rose to $15.3 million, up 2.7 percent compared with $14.9 million during the first three months of 2009.
CFO Robert Brown said the company hopes to post break-even earnings before interest, taxes, depreciation and amortization during the second quarter. Adjusted EBIDTA for the just-ended quarter was $1.3 million, compared with $5.7 million during Q1 2009.
NxStage forecast second-quarter revenues of between $40 million and $42 million and net losses between $8 million and $9 million, or 17 cents to 19 cents per share. Consensus analysts opinion has Q2 sales at $41.0 million and net losses at 17 cents per share.
The company’s stock was at $12.60, down 2.25 percent, in early-morning trading.