Intersect ENT (XENT) Receives CE Mark for PROPEL Contour
Intersect ENT Inc. XENT recently received CE Mark approval for its PROPEL Contour (mometasone furoate) sinus implant. This authorization permits the sales and distribution of this third localized drug delivery implant to ENT specialists in the European Union, expanding Intersect ENT’s portfolio of PROPEL products available in the market.
The authorization was supported by positive data of the PROGRESS clinical study in the United States, designed to assess the safety and efficacy of the PROPEL Contour. The study demonstrated a statistically significant 65% relative reduction in the requirement for post-operative interventions and no reported cases of serious implant related events among the 80 subjects.
More About the Product
The company’s range of steroid releasing sinus implants comprises PROPEL, PROPEL Mini and PROPEL Contour. These are clinically proven to optimize sinus surgery outcomes.
The PROPEL Contour sinus implant is designed specifically for placement in the frontal sinus ostia during sinus surgery in patients with chronic rhinosinusitis. The bioabsorbable implant features an hourglass shaped delivery system which retains itself against the sinus tissue lining and enables localized, controlled delivery of an advanced corticosteroid (mometasone furoate) with anti-inflammatory properties directly to the sinus ostium.
Industry Prospects
Per a report by Technavio published in businesswire, the global nasal implants market is expected to see a CAGR of close to 6% during the period 2019-2023. This can be attributed to the increasing prevalence of ENT-based medical conditions such as polyps, cancer, chronic sinusitis, non-allergic rhinitis and a growing demand for cosmetic surgery among individuals who want to improve their aesthetic appearance. Further, the development of biodegradable nasal implants and nasal dressings is expected to contribute to the nasal implant market.
Considering the huge global market prospects, the introduction of Contour is expected to make significant revenue contributions from Europe in the coming years.
Notable Developments in the PROPEL Family
In the first quarter of 2021, the company’s PROPEL product family registered revenue growth of 7% on growing demand led by reduced impact of the pandemic on elective surgical procedures.
Of late, the company has witnessed few notable developments in the PROPEL product family.
In April, Intersect ENT began the process of initiating the EXPAND Clinical Study. This study focuses on evaluating the long term clinical benefits of the PROPEL Contour, used in combination with balloon sinus dilation during sinus surgery as compared to balloon sinus dilation alone.
In February, the company announced the availability of the latest Straight Delivery System (SDS) packaged with the PROPEL Mini sinus implant in the United States. This announcement came after the receipt of the FDA’s premarket approval (PMA) for the same.
In January, the company received the Centers for Medicare and Medicaid Services (CMS) approval for a revised coding application for its family of PROPEL sinus implants. Previously PROPEL shared a billing code with the company’s SINUVA sinus implant.
Share Price Performance
The stock has outperformed its industry over the past year. It has grown 62.3% versus the industry’s 14.5% growth.
Zacks Rank and Key Picks
Currently, Intersect ENT carries a Zacks Rank #4 (Sell).
A few better-ranked stocks from the broader medical space include PetIQ, Inc. PETQ, Computer Programs and Systems, Inc. CPSI and Apollo Medical Holdings, Inc. AMEH.
PetIQ, currently sporting a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 25.00%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Computer Programs and Systems, which carries a Zacks Rank #1, has a long-term earnings growth rate of 14.00%.
Apollo Medical, which carries a Zacks Rank # 2 (Buy), has a long-term earnings growth rate of 5.00%.
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