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06.05.2019 23:32:16

Intersect ENT stock falls 16%; company lowers guidance, says CEO to leave

Intersect ENT Inc. shares fell more than 16% in the extended session Monday after the maker of implants used to treat ear, nose, and throat conditions posted a wider-than-expected first-quarter loss, lowered its 2019 guidance, and said Chief Executive Lisa Earnhardt will step down on June 5. Intersect ENT said it lost $10.8 million, or 35 cents a share, in the quarter, compared with a loss of $6.1 million, or 21 cents a share, in the year-ago quarter. Revenue rose 8% to $26.7 million from $24.7 million a year ago. Analysts polled by FactSet had expected a loss of 31 cents a share on sales of $26.3 million. Intersect ENT said it expects revenue between $113 million and $117 million in 2019, compared with a prior guidance of revenue between $123 million and $127 million. The company called for "modest growth" in the second quarter. In a separate press release, the company said Earnhardt has accepted "another opportunity" but will remain a board member. Kieran Gallahue, the company's lead director, has been appointed chairman of the board, effective Tuesday, and interim CEO effective June 5.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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