Benzinga | Jul 23, 2021 08:42AM EDT

Intersect ENT Sees Q2 Sales Lag Wall Street Estimates; Raises $60M In Debt Funding

* Intersect ENT Inc (NASDAQ:XENT) expects Q2 sales of approximately $27.3 million, slightly below the consensus estimate of $28.02 million.

* Record quarterly revenue from the Sinuva sinus implant is approximately $2.7 million.

* The quarter ended with cash, cash equivalents, restricted cash, and short-term investments of approximately $76.2 million.

* The Company reiterates full-year 2021 revenue guidance of $117 million - $121 million.

* "While elective sinus procedures continue to trend positively, the recovery in procedures has only returned to approximately 90%-95% of pre-COVID levels. Looking ahead, we expect a return to normalized procedure rates in the second half of 2021," said Thomas A. West, President & CEO.

* Intersect ENT entered a $60 million secured term loan agreement with Deerfield Management Company LP, structured in three $20 million tranches over the next three years.

* The Company will release full Q2 2021 financial results on August 6.

* Price Action: XENT shares are down 0.71% at $19.50 during the premarket session on the last check Friday.