Menlo Park, Calif.-based Intersect ENT shared its third-quarter financial results in a Nov. 2 press release. Here are five takeaways:
1. The company saw $22.7 million in revenue, a dip from $24.1 million during the same period last year.
2. Revenue for the company's Propel family of products was $21.1 million.
3. Sinuva, a nasal polyp treatment, saw $1.7 million in revenue, which is an increase of 53 percent from the same period last year.
4. The company saw a net loss of $11.5 million in the third quarter, or $0.35 per share, compared to $12.8 million in the third quarter last year. Adjusted net loss was $11 million, or $0.34 per share.
5. The company withdrew its annual guidance for 2020 due to the COVID-19 pandemic. It expects fourth-quarter revenue to be 85 percent to 90 percent compared to the fourth quarter of 2019. The company expects to have adequate capital to operate through 2022.
Read more details here.