Fourth Quarter 2020 Overview
-
Revenue totaled
$28.2 million in the fourth quarter of 2020, compared to$31.8 million in the fourth quarter of 2019. -
SINUVA recorded a record revenue quarter of
$2.6 million . -
The Fiagon product portfolio generated revenue of
$0.9 million and included the first sales ever of the recently FDA-clearedVENSURE sinus balloon. -
Cash, cash equivalents, restricted cash, and short-term investments were
$105.5 million as ofDecember 31, 2020 .
“We are entering 2021 with positive momentum across our business highlighted by strong fourth quarter sequential revenue growth, the completed acquisition of Fiagon, and multiple sources of prospective growth through a broader and more diversified portfolio,” said
Fourth Quarter 2020 Financial Results
Total revenue was
Gross profit for the fourth quarter of 2020 was
Operating expenses for the fourth quarter of 2020 were
Net loss for the fourth quarter of 2020 was
Full Year 2020 Financial Results
Full year 2020 revenue was
Gross profit for 2020 was
Operating expenses for 2020 were
Net loss for 2020 was
The balance of cash, cash equivalents, short-term investments and restricted cash as of
Outlook
Based on current and anticipated elective procedure volumes and referral trends, the Company expects to grow revenues in 2021 relative to 2019 despite the continuing uncertainties related to the impact of COVID-19. While the effects of COVID-19 may impact near-term results, with the expected recovery of elective procedures combined with a significant increase in the number of individuals vaccinated against COVID-19, the Company expects full year 2021 revenues to be in the range of
Non-GAAP Measures vs. GAAP Financial Measures
This release contains a financial measure, adjusted net loss, that is not calculated in accordance with
The Company uses adjusted net loss to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that adjusted net loss is useful to investors as it reflects an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Webcast and Conference Call Information
A replay of the conference call may be accessed one to two hours after the call at www.intersectENT.com or via phone at 877-344-7529 or 412-317-0088 for international callers. The reference number to enter the replay of the call is 10152467. The dial-in replay will be available for a week after the call and via the internet for approximately one month.
About
For additional information on the Company or the products including risks and benefits please visit www.IntersectENT.com. For more information about PROPEL® (mometasone furoate) sinus implants and SINUVA® (mometasone furoate) sinus implant, please visit www.PROPELOPENS.com and www.SINUVA.com.
Intersect ENT®, PROPEL® and SINUVA®, are registered trademarks of
Forward-Looking Statements
The forward-looking statements in this press release are based on
Condensed Consolidated Statements of Operations (in thousands, except percentages and per share data) (unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended |
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Revenue |
$ |
28,228 |
|
|
$ |
31,754 |
|
|
$ |
80,554 |
|
|
$ |
109,142 |
|
Cost of sales |
8,694 |
|
|
7,206 |
|
|
30,306 |
|
|
21,773 |
|
||||
Gross profit |
19,534 |
|
|
24,548 |
|
|
50,248 |
|
|
87,369 |
|
||||
Gross margin |
69 |
% |
|
77 |
% |
|
62 |
% |
|
80 |
% |
||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
31,151 |
|
|
27,233 |
|
|
98,550 |
|
|
108,480 |
|
||||
Research and development |
5,635 |
|
|
5,831 |
|
|
19,350 |
|
|
24,283 |
|
||||
Total operating expenses |
36,786 |
|
|
33,064 |
|
|
117,900 |
|
|
132,763 |
|
||||
Loss from operations |
(17,252 |
) |
|
(8,516 |
) |
|
(67,652 |
) |
|
(45,394 |
) |
||||
Interest expense |
(1,380 |
) |
|
— |
|
|
(2,752 |
) |
|
— |
|
||||
Other income (expense), net |
(1,981 |
) |
|
559 |
|
|
(2,331 |
) |
|
2,400 |
|
||||
Loss before income taxes |
(20,613 |
) |
|
(7,957 |
) |
|
(72,735 |
) |
|
(42,994 |
) |
||||
Provision for income tax (benefit) |
(416 |
) |
|
— |
|
|
(416 |
) |
|
— |
|
||||
Net loss |
(20,197 |
) |
|
(7,957 |
) |
|
(72,319 |
) |
|
(42,994 |
) |
||||
Net loss per share, basic and diluted |
$ |
(0.62 |
) |
|
$ |
(0.25 |
) |
|
$ |
(2.22 |
) |
|
$ |
(1.37 |
) |
Weighted average common shares used to compute net loss per share, basic and diluted |
32,804 |
|
|
31,778 |
|
|
32,615 |
|
|
31,388 |
|
Condensed Consolidated Balance Sheets (in thousands) (unaudited) |
|||||||
|
|
||||||
|
2020 |
|
2019 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash, cash equivalents and short-term investments |
$ |
88,027 |
|
|
$ |
90,638 |
|
Accounts receivable, net |
14,592 |
|
|
19,113 |
|
||
Inventories, net |
12,054 |
|
|
17,000 |
|
||
Prepaid expenses and other current assets |
3,494 |
|
|
2,300 |
|
||
Total current assets |
118,167 |
|
|
129,051 |
|
||
Property and equipment, net |
5,624 |
|
|
6,312 |
|
||
Operating lease right-of-use assets |
17,151 |
|
|
11,980 |
|
||
Intangible assets, net |
21,193 |
|
|
— |
|
||
|
46,639 |
|
|
— |
|
||
Restricted cash |
17,500 |
|
|
— |
|
||
Other non-current assets |
1,107 |
|
|
559 |
|
||
Total assets |
$ |
227,381 |
|
|
$ |
147,902 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
6,042 |
|
|
$ |
4,056 |
|
Accrued compensation |
13,559 |
|
|
12,717 |
|
||
Deferred acquisition related consideration, current |
21,071 |
|
|
— |
|
||
Other current liabilities |
3,575 |
|
|
2,163 |
|
||
Total current liabilities |
44,247 |
|
|
18,936 |
|
||
Operating lease liabilities |
17,736 |
|
|
10,886 |
|
||
Convertible notes, net |
63,650 |
|
|
— |
|
||
Deferred acquisition related consideration, non-current |
33,167 |
|
|
— |
|
||
Deferred tax liability and other non-current liabilities |
1,569 |
|
|
22 |
|
||
Total liabilities |
160,369 |
|
|
29,844 |
|
||
Total stockholders’ equity |
67,012 |
|
|
118,058 |
|
||
Total liabilities and stockholders’ equity |
$ |
227,381 |
|
|
$ |
147,902 |
|
Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures (in thousands, except per share data) (unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Non-GAAP Net Loss |
|
|
|
|
|
|
|
||||||||
Net Loss, as reported (GAAP) |
$ |
(20,197 |
) |
|
$ |
(7,957 |
) |
|
$ |
(72,319 |
) |
|
$ |
(42,994 |
) |
Loss on embedded derivatives |
453 |
|
|
— |
|
|
1,248 |
|
|
— |
|
||||
Transaction costs |
2,118 |
|
|
— |
|
|
3,984 |
|
|
— |
|
||||
Restructuring costs |
— |
|
|
— |
|
|
242 |
|
|
— |
|
||||
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Loss (non-GAAP) |
$ |
(17,626 |
) |
|
$ |
(7,957 |
) |
|
$ |
(66,845 |
) |
|
$ |
(42,994 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic and Diluted Net Loss per Share: |
|
|
|
|
|
|
|
||||||||
Net Loss per share, as reported (GAAP) |
$ |
(0.62 |
) |
|
$ |
(0.25 |
) |
|
$ |
(2.22 |
) |
|
$ |
(1.37 |
) |
Adjusted Net Loss per share (non-GAAP) |
$ |
(0.54 |
) |
|
$ |
(0.25 |
) |
|
$ |
(2.05 |
) |
|
$ |
(1.37 |
) |
|
|
|
|
|
|
|
|
||||||||
Shares used to compute GAAP and Non-GAAP Basic and Diluted Net Loss per Share |
32,804 |
|
|
31,778 |
|
|
32,615 |
|
|
31,388 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210309005196/en/
ir@intersectENT.com
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