Intersect ENT, Inc. (XENT) stock released second-quarter 2021 financial results and signed a definitive agreement with Medtronic plc today. XENT stock price in response to these couple of announcements saw a push of 12.97% to reach $27.70 a share as of this writing. The stock went high by 0.16% at the previous closing. Let’s dig in to understand more about it.
Second Quarter 2021 Financial Results:
- XENT stock generated $27.3 million in Q2 2021, 180% higher as compared to $9.8 million in the prior year same quarter. The quarterly revenue for SINUVA has been reached a record height of $2.7 million.$1.6 million revenue recorded from the Global Navigation and Balloon portfolio
- XENT stock recorded a $19.0 million gross profit and 69.5% gross margin in the second quarter of 2021. The gross profit and gross margin for the Q2 2020 were $2.4 million and 24.8% Adjusted gross profit and gross margin for the XENT stock was $19.5 million and 71.3% respectively without intangible asset amortization impact.
- Operating expenses increased from $23.5 million in Q2 2020 to $35.1 million in Q2 2021. Research and development expenses jumped from $4.0 million in Q2 2020 to $6.4 million in Q2 2021.
- XENT stock reported a net loss of $16.6 million, or $0.50 per share in the second quarter of 2021. The net loss for the same quarter last year was $23.1 million, or $0.71 per share.
- As of June 30, 2021 XENT stock had cash, cash equivalents, and short-term investments of $76.2 million. At the start of 2021, cash, cash equivalents and short-term investments of Intersect stock were $76.2 million.
XENT stock’s agreement with Medtronic plc
Medtronic plc has signed the definitive agreement with Intersect ENT for the acquisition of all outstanding shares of the latter. Medtronic will buy all the outstanding shares of the XENT stock at a share price of $28.25.The acquisition will happen through the all-cash transaction which represents approximately $1.1 billion enterprise value. The acquisition is will possibly end by the end of the ongoing fiscal year of XENT stock after meeting the customary closing conditions.
Medtronic plc is one of the largest medical technology services and solutions companies across the globe. It has an operating network in more than 150 countries and has more than 90,000 employees across the globe.
Wrap Up:
The second-quarter financial results of the XENT stock represent a positive recovery after the pandemic suffering. The revenue from the electrical surgical process and SINUVA have been significantly increased in this three months tenure. The acquisition agreement with Medtronic is another positive sign representing the growth of the stock.
