Second Quarter Financial Highlights
Second quarter 2017 revenue was
$24.0 million, a 24% increase over the second quarter 2016
- Second quarter 2017 gross margin was 85% compared to 84% in the second quarter 2016
Second Quarter Business Highlights
- The company launched PROPEL® Contour following approval and initial commercialization at the end of the first quarter 2017. With the addition of Contour, the company's PROPEL family of steroid releasing implants allows for treatment of patients undergoing ethmoid, frontal or maxillary surgeries, which represent the majority of procedures for the treatment of chronic sinusitis.
May 2017, the company announced that the U.S. Food and Drug Administration(FDA) accepted the New Drug Application (NDA) for SINUVATM, the company's investigational steroid releasing implant, and set a PDUFA (Prescription Drug User Fee Act) target action date in January 2018.
Second Quarter Financial Results
Total revenue grew to
Gross profit for the second quarter of 2017 was
Operating expenses for the second quarter of 2017 were
Cash, cash equivalents and short-term investments totaled $100.0 million as of June 30, 2017.
The company expects to achieve revenue in the third quarter 2017 of
Webcast and Conference Call Information
Intersect ENT will host a conference call today at 4:30 p.m. ET to discuss the company's second quarter 2017 results and business outlook. To access the conference call via the internet, go to the "Investor Relations" page of the company's web site at www.intersectENT.com. To access the live conference call via phone, dial 1-844-850-0548 and ask to join the Intersect ENT call. International callers may access the live call by dialing 1-412-317-5205. Participants may expedite telephone access by pre-registering for the call using the following link: http://dpregister.com/10110446.
A replay of the conference call may be accessed that same day after 8:00 p.m. ET at www.intersectENT.com or via phone at 1-877-344-7529 or 1-412-317-0088 for international callers. The reference number to enter the replay of the call is 10110446. The dial-in replay will be available for a week after the call and via the internet for approximately one month.
About Intersect ENT
For additional information on the company or the products, including risks and benefits, please visit www.IntersectENT.com.
The SINUVA steroid releasing implant has not been approved by the
The statements in this press release regarding Intersect ENT's continued
growth, financial outlook and product development are "forward-looking"
statements. These forward-looking statements are based on Intersect
ENT's current expectations and inherently involve significant risks and
uncertainties. These statements and risks include
Condensed Statements of Operations
(in thousands, except percentages and per share data)
Three Months Ended
Six Months Ended
|Cost of sales||3,684||3,117||6,568||6,327|
|Selling, general and administrative||18,682||17,795||39,001||35,188|
|Research and development||4,176||4,588||8,396||9,083|
|Total operating expenses||22,858||22,383||47,397||44,271|
|Loss from operations||(2,557||)||(6,183||)||(9,506||)||(14,589||)|
|Interest income and other, net||288||224||556||409|
|Net loss per share, basic and diluted||$||(0.08||)||$||(0.21||)||$||(0.31||)||$||(0.50||)|
Weighted average common shares used to compute net loss per share, basic and diluted
Condensed Balance Sheets
|Cash, cash equivalents and short-term investments||$||100,033||$||103,945|
|Accounts receivable, net||12,253||14,421|
|Prepaid expenses and other current assets||1,400||1,313|
|Total current assets||121,665||125,292|
|Property and equipment, net||4,237||4,127|
|Other non-current assets||445||358|
|Liabilities and Stockholders' Equity|
|Other current liabilities||934||945|
|Total current liabilities||12,407||14,364|
|Total stockholders' equity||113,109||114,397|
|Total liabilities and stockholders' equity||$||126,347||$||129,777|
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