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Intersect ENT (XENT) Posts Preliminary Q3 Data, Dull Q4 View

Zacks Equity Research
·3 min read

Intersect ENT, Inc. XENT announced preliminary revenue results for third-quarter 2020 on Oct 15, 2020. Management will provide additional information in conjunction with the release of its third-quarter financial results, which is scheduled for November 2.

Intersect ENT projects third-quarter 2020 revenues in the band of $22.4-$22.8 million. The Zacks Consensus Estimate for the same is pinned at $22.6 million.

The company expects to report the strongest quarterly revenue to date of approximately $1.7 million for its SINUVA product line. Moreover, as of Sep 2020, cash and marketable securities are expected to be approximately $130 million.

The company is upbeat about the continuation of increased sequential sinus surgery procedure demand leading to strong volumes of PROPEL. Further, notable year-on-year growth of the PROPEL product line in the office setting has also been observed. The closing of the buyout deal of Fiagon AG Medical Technologies has enabled Intersect ENT to strengthen its commercial product portfolio and expand geographical footprint.

Guidance

Intersect ENT expects fourth-quarter revenues to be 85-90% of fourth-quarter 2019 revenues based on the ongoing difficult elective procedure volumes and referral trends.

However, it expects to post higher revenues in 2021 compared to 2019.

Post the announcement of a downbeat Q4 guidance, the stock fell 8.3% to close at $16.23 yesterday.

Price Performance

The stock has outperformed its industry over the past six months. The stock has gained 55.6% compared with the 30.9% rise of the industry and 25.2% growth of the S&P 500 composite.

Zacks Rank and Key Picks

Currently, Intersect ENT carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are QIAGEN N.V. QGEN, Thermo Fisher Scientific Inc. TMO and Boston Scientific Corporation BSX.

QIAGEN’s long-term earnings growth rate is estimated at 17.2%. It currently flaunts a Zacks Rank #1. (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Thermo Fisher’s long-term earnings growth rate is estimated at 15.5%. It currently sports a Zacks Rank #1.

Boston Scientific’s long-term earnings growth rate is estimated at 10%. The company presently carries a Zacks Rank #2 (Buy).

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