Intersect ENT Q3 Net Loss Widens On Higher Operating Expenses; Revenue Up 56%

(RTTNews) - Intersect ENT, Inc. (XENT), a company dedicated to improving the quality of life for patients with ear, nose and throat conditions, reported a net loss for the third quarter of 2015 of $9.7 million, versus a loss of $5.9 million in the same period last year. Basic and diluted net loss per share for the quarter widened to $0.35 from $0.32 in the last year period.

Revenue increased 56 percent to $14.23 million from $9.10 million in the year-ago quarter due o higher unit sales driven largely by the acquisition of LOGO new accounts and expanded adoption by existing customers.

Gross margin for the quarter improved to 80%, up from 72% in the same period last year due primarily to spreading the company's manufacturing costs over higher production volumes.

Operating expenses for the quarter increased 71 percent driven primarily by growth in headcount, notably in sales and clinical staffing, an increase in clinical trial spending, as well as expenses associated with being a public company and stock-based compensation expense.

XENT closed Friday's regular trading session at $17.07.