Total revenue was
Gross profit for the third quarter of 2021 was
Operating expenses for the third quarter of 2021 were
Net loss for the third quarter of 2021 was
The balance of cash, cash equivalents, restricted cash, and short-term investments as of
Medtronic Transaction Update
On
In light of this transaction,
Non-GAAP Measures vs. GAAP Financial Measures
This release contains financial measures, adjusted gross profit, adjusted gross margin, and adjusted net loss, that are not calculated in accordance with
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.
Forward-Looking Statements
The statements in this press release regarding Intersect ENT’s beliefs regarding the timing of closing of the acquisition of
Condensed Consolidated Statements of Operations (in thousands, except percentages and per share data) (unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Revenue |
$ |
24,400 |
|
|
$ |
22,720 |
|
|
$ |
76,077 |
|
|
$ |
52,326 |
|
Cost of sales |
5,087 |
|
|
7,845 |
|
|
21,874 |
|
|
21,612 |
|
||||
Gross profit |
19,313 |
|
|
14,875 |
|
|
54,203 |
|
|
30,714 |
|
||||
Gross margin |
79.2 |
% |
|
65.5 |
% |
|
71.2 |
% |
|
58.7 |
% |
||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
29,473 |
|
|
21,702 |
|
|
86,281 |
|
|
67,399 |
|
||||
Research and development |
6,719 |
|
|
4,551 |
|
|
19,449 |
|
|
13,715 |
|
||||
Total operating expenses |
36,192 |
|
|
26,253 |
|
|
105,730 |
|
|
81,114 |
|
||||
Loss from operations |
(16,879 |
) |
|
(11,378 |
) |
|
(51,527 |
) |
|
(50,400 |
) |
||||
Interest expense |
(1,760 |
) |
|
(886 |
) |
|
(4,544 |
) |
|
(1,372 |
) |
||||
Other income (expense), net |
(13,654 |
) |
|
799 |
|
|
(13,716 |
) |
|
(350 |
) |
||||
Loss before income taxes |
(32,293 |
) |
|
(11,465 |
) |
|
(69,787 |
) |
|
(52,122 |
) |
||||
Provision for income tax (benefit) |
(444 |
) |
|
— |
|
|
(1,306 |
) |
|
— |
|
||||
Net loss |
$ |
(31,849 |
) |
|
$ |
(11,465 |
) |
|
$ |
(68,481 |
) |
|
$ |
(52,122 |
) |
Net loss per share, basic and diluted |
$ |
(0.95 |
) |
|
$ |
(0.35 |
) |
|
$ |
(2.06 |
) |
|
$ |
(1.60 |
) |
Weighted average common shares used to compute net loss per share, basic and diluted |
33,352 |
|
|
32,695 |
|
|
33,187 |
|
|
32,552 |
|
Condensed Consolidated Balance Sheets (in thousands) |
|||||||
|
|
|
|
||||
|
(unaudited) |
|
(1) |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash, cash equivalents and short-term investments |
$ |
80,996 |
|
|
$ |
88,027 |
|
Accounts receivable, net |
14,402 |
|
|
14,592 |
|
||
Inventories, net |
20,057 |
|
|
12,054 |
|
||
Prepaid expenses and other current assets |
4,406 |
|
|
3,494 |
|
||
Total current assets |
119,861 |
|
|
118,167 |
|
||
Property and equipment, net |
5,416 |
|
|
5,624 |
|
||
Operating lease right-of-use assets |
16,038 |
|
|
17,151 |
|
||
Intangible assets, net |
18,923 |
|
|
21,193 |
|
||
|
47,035 |
|
|
46,639 |
|
||
Restricted cash |
17,978 |
|
|
17,500 |
|
||
Other non-current assets |
2,715 |
|
|
1,107 |
|
||
Total assets |
$ |
227,966 |
|
|
$ |
227,381 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
10,249 |
|
|
$ |
6,042 |
|
Accrued compensation |
14,555 |
|
|
13,559 |
|
||
Deferred acquisition related consideration, current |
20,338 |
|
|
21,071 |
|
||
Other current liabilities |
5,646 |
|
|
3,575 |
|
||
Total current liabilities |
50,788 |
|
|
44,247 |
|
||
Operating lease liabilities |
15,101 |
|
|
17,736 |
|
||
Long-term debt |
111,661 |
|
|
63,650 |
|
||
Deferred acquisition related consideration, non-current |
32,806 |
|
|
33,167 |
|
||
Deferred tax liability and other non-current liabilities |
1,396 |
|
|
1,569 |
|
||
Total liabilities |
211,752 |
|
|
160,369 |
|
||
Total stockholders’ equity |
16,214 |
|
|
67,012 |
|
||
Total liabilities and stockholders’ equity |
$ |
227,966 |
|
|
$ |
227,381 |
|
(1) | Amounts have been derived from the |
Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures (in thousands, except per share data) (unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Non-GAAP Gross Profit |
|
|
|
|
|
|
|
|||||||||
Gross Profit, as reported (GAAP) |
$ |
19,313 |
|
|
$ |
14,875 |
|
|
$ |
54,203 |
|
|
$ |
30,714 |
|
|
Amortization of intangible assets |
478 |
|
|
— |
|
|
1,433 |
|
|
— |
|
|||||
Adjusted Gross Profit (non-GAAP) |
$ |
19,791 |
|
|
$ |
14,875 |
|
|
$ |
55,636 |
|
|
$ |
30,714 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-GAAP Gross Margin |
|
|
|
|
|
|
|
|||||||||
Gross Margin, as reported (GAAP) |
79.2 |
% |
|
65.5 |
% |
|
71.2 |
% |
|
58.7 |
% |
|||||
Amortization of intangible assets |
2.0 |
|
|
— |
|
|
1.9 |
|
|
— |
|
|||||
Adjusted Gross Margin (non-GAAP) |
81.2 |
% |
|
65.5 |
% |
|
73.1 |
% |
|
58.7 |
% |
|||||
|
|
|
|
|
|
|
|
|||||||||
Non-GAAP Net Loss |
|
|
|
|
|
|
|
|||||||||
Net Loss, as reported (GAAP) |
$ |
(31,849 |
) |
|
$ |
(11,465 |
) |
|
$ |
(68,481 |
) |
|
$ |
(52,122 |
) |
|
Loss (gain) on embedded derivatives |
13,034 |
|
|
(1,001 |
) |
|
12,721 |
|
|
795 |
|
|||||
Amortization of intangible assets |
694 |
|
|
— |
|
|
2,270 |
|
|
— |
|
|||||
Transaction and integration costs |
2,014 |
|
|
1,461 |
|
|
4,095 |
|
|
1,866 |
|
|||||
Restructuring costs |
— |
|
|
— |
|
|
— |
|
|
242 |
|
|||||
Adjusted Net Loss (non-GAAP) |
$ |
(16,107 |
) |
|
$ |
(11,005 |
) |
|
$ |
(49,395 |
) |
|
$ |
(49,219 |
) |
|
Basic and Diluted Net Loss per Share: |
|
|
|
|
|
|
|
|||||||||
Net Loss per share, as reported (GAAP) |
$ |
(0.95 |
) |
|
$ |
(0.35 |
) |
|
$ |
(2.06 |
) |
|
$ |
(1.60 |
) |
|
Adjusted Net Loss per share (non-GAAP) |
$ |
(0.48 |
) |
|
$ |
(0.34 |
) |
|
$ |
(1.49 |
) |
|
$ |
(1.51 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Shares used to compute GAAP and Non-GAAP Basic and Diluted Net Loss per Share |
33,352 |
|
|
32,695 |
|
|
33,187 |
|
|
32,552 |
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211102006202/en/
ir@intersectENT.com
Source: