Bloomberg reported the transaction late Tuesday, attributing the news to “people with knowledge of the matter.” Traders sent Intersect ENT shares up 38% in premarket trading. Medtronic declined to comment.
Intersect reported a first-quarter 2020 loss of -$17.53 million in May, compared with a -$10.8 million loss for the same period of 2019. President & CEO Thomas West attributed the loss to the reduction in elective sinus surgeries during the COVID-19 pandemic.
Intersect said in February that it expected sales of $115 to $119 million in fiscal 2020, but withdrew that guidance in April and announced cost-cutting plans in May. Those cuts included worker furloughs and layoffs, a hiring freeze, suspension of near-term production and delaying clinical research projects.
XENT shares opened the day at $18.96, and had leveled off to $17.80 at midday.