Intersect Ent - XENT STOCK NEWS

Orthofix Medical Inc (NASDAQ:OFIX) has appointed Thomas A. West to its Board of Directors and the Compensation and Talent Development Committee. Mr. West brings over 30 years of experience in the medical device industry, including his role as President and CEO of Intersect ENT, Inc (NASDAQ:XENT), where he played a key role in its $1.1 billion acquisition by Medtronic. The Chair of the Board, Catherine Burzik, believes his experience will enhance Orthofix’s domestic and international strategies.

Intersect ENT (XENT) reported a 7% revenue increase for Q3 2021, totaling $24.4 million, up from $22.7 million in Q3 2020. Gross profit rose to $19.3 million, with a gross margin of 79.2%, compared to 65.5% in the prior year. Operating expenses surged to $36.2 million, leading to a net loss of $31.8 million or $0.95 per share. Intersect ENT continues to pursue an acquisition by Medtronic, with shareholders approving the transaction aimed for completion by April 2022, pending regulatory approvals.

Intersect ENT (NASDAQ: XENT) announced that Helios Dr. Horst Schmidt Kliniken Wiesbaden in Germany is the first hospital outside the U.S. to use its PROPEL Contour sinus implant after functional endoscopic sinus surgery (FESS). This drug-eluting device aims to reduce complications from chronic rhinosinusitis. PROPEL Contour has demonstrated a 65% reduction in subsequent interventions post-surgery. The implant, designed for patient-specific needs, dissolves naturally within 4-6 weeks. This marks a significant expansion of Intersect ENT's product offering in the EU.

Intersect ENT, Inc. (XENT) reported a 180% revenue increase in Q2 2021, reaching $27.3 million, up from $9.8 million in Q2 2020, primarily driven by recovery in elective surgical procedures post-COVID-19. The company entered a definitive agreement for Medtronic to acquire all outstanding shares. Gross profit was $19.0 million with a gross margin of 69.5%. Operating expenses totaled $35.1 million, leading to a net loss of $16.6 million. As of June 30, 2021, cash equivalents amounted to $76.2 million. The financial results reflect a positive trajectory in product demand.

Medtronic has announced a definitive agreement to acquire Intersect ENT for $28.25 per share in an all-cash deal, totaling approximately $1.1 billion. This acquisition aims to enhance Medtronic's portfolio in ear, nose, and throat procedures. Intersect's products, including the PROPEL^® and SINUVA^® implants, will complement Medtronic's existing offerings, facilitating better treatment for patients with chronic rhinosinusitis (CRS). The deal is expected to close by the end of Medtronic's fiscal year, pending regulatory approvals and stockholder consent.

Intersect ENT (Nasdaq: XENT) has launched the U.S. commercial availability of the VenSure™ Balloon Sinus Dilation System and Cube™4D Navigation System with VirtuEye™ photo registration technology. These innovations address chronic rhinosinusitis (CRS), a condition affecting 1 in 8 adults in the U.S., offering less invasive treatment options. The VenSure device enables precise sinus dilation, while the Cube system enhances operational efficiency. These products expand Intersect ENT's offerings alongside their established PROPEL® and SINUVA® sinus implants, aiming to improve patient outcomes and streamline treatment.

Intersect ENT, Inc. (Nasdaq: XENT) will announce its second quarter 2021 financial results on August 6, 2021, at approximately 7:00 a.m. ET. Following the release, management will host a conference call at 8:30 a.m. ET, which can be accessed via phone or through its website. The company is committed to enhancing patient care through its specialized ENT medical technologies, including steroid releasing implants. Intersect ENT continues to expand its product offerings after acquiring Fiagon AG Medical Technologies, enhancing its reach and capabilities in the ENT sector.

Intersect ENT, Inc. (Nasdaq: XENT) reported preliminary second quarter 2021 revenue of approximately $27.3 million, including record SINUVA revenue of $2.7 million. The company retains its full-year revenue guidance of $117 million - $121 million. As of June 30, 2021, cash and investments totaled $76.2 million. They announced a $60 million secured term loan to bolster liquidity and fund the Fiagon acquisition. Management expects recovery in elective sinus procedures, aiming for normalized rates in the second half of the year, supported by improved market conditions.

Intersect ENT (Nasdaq: XENT) has received CE Mark approval for its PROPEL Contour sinus implant, enhancing its product portfolio in the EU. This implant is designed to optimize surgical outcomes for chronic rhinosinusitis patients by maintaining sinus patency and delivering steroids directly to affected areas. The PROPEL Contour implant features a unique hourglass shape and a flexible delivery system for better access. Clinical data showed a significant 65% reduction in post-operative interventions, with no serious adverse events reported.