Key Developments For NxStage Medical, Inc.
NxStage Medical, Inc. (NXTM.O) (Consolidated Issue listed on NASDAQ Global Market)
NxStage Medical, Inc. Issues Q4 2009 Guidance; EBITDA Guidance Above Analysts' Estimates; Raises FY 2009 Revenue Guidance
NxStage Medical, Inc. announced that for fourth quarter 2009 it expects revenue to be between $37.0 to $39.0 million, a net loss in the range of $8.5 to $9.5 million or ($0.18) to ($0.21) per share, and an Adjusted EBITDA loss in the range of $1.5 to $2.5 million. For fiscal 2009 the Company now expects revenue to be in a range of $145 to $147 million, compared with its prior guidance for revenue to be in a range of $135 to $145 million. According to Reuters Estimates, analysts are expecting the Company to report revenue of $37.7 million, EBITDA of $(3.5) million and EPS of $(0.21) for fourth quarter 2009; revenue of $141 million for fiscal 2009.
NxStage Medical, Inc. Reports Significant Interim FREEDOM Study Results
NxStage Medical, Inc. announced the latest interim results from its ongoing FREEDOM study. The FREEDOM analysis shows a significant reduction in the need for anti-hypertensive medications experienced by patients performing daily home hemodialysis (DHD) therapy with the NxStage System One, and this reduction was maintained through the twelve month study period. These interim results from the FREEDOM study compared the number of anti-hypertensive medications (used to control blood pressure) that were prescribed at the patients' baseline (when they were on thrice-weekly, in-center hemodialysis), then at 4 months and 12-months after starting DHD. The study also looked at the number of patients who were not prescribed anti-hypertensive medications at those intervals. Key findings include; A nearly 50% reduction in the average number of prescribed anti-hypertensive medications over 12 months; 33% of patients completely discontinued anti-hypertensive medications; and, 56% of patients experienced a 50% or greater decrease in anti-hypertensive medications. Additional FREEDOM data demonstrates a 40% reduction in expected mortality of patients using daily home hemodialysis (DHD) therapy with the NxStage System One when compared to patients from the United States Renal Data System (USRDS). The Standardized Mortality Ratio, calculated from actual vs. expected deaths, was 0.6 for DHD patients compared to patients from the USRDS of similar age, gender, race and primary cause of ESRD.
NxStage Medical, Inc.'s Subsidiary Signs New Three-year Product Supply Agreement
NxStage Medical, Inc. announced that its wholly-owned subsidiary, Medisystems Corporation, has signed a new three-year product supply agreement with Reliant Renal Care, Inc., for the delivery of Streamline airless blood tubing sets, as well as MasterGuard safety needles with FingerShield to Reliant's dialysis center network.
NxStage Medical, Inc. Reaffirms FY 2009 Guidance; Issues Q3 2009 Mixed Guidance
NxStage Medical, Inc. maintained fiscal 2009 guidance for revenues to be between $135-$145 million, a net loss in the range of $42-$47 million or ($0.90)-($1.01) per share, and for an adjusted EBITDA loss in the range of $13-$18 million. For third quarter of 2009, it expects revenue to be within a range of $32.5-$34.5 million. This forecast reflects the Company recognizing approximately $2.0 million of third quarter In-Center shipments in the fourth quarter of 2009, in connection with the transition of DaVita's bloodline distribution from Henry Schein, Inc. to Gambro Renal Products, Inc. At this adjusted revenue level, the Company would expect a net loss in the range of $10.0-$11.0 million or ($0.21) to ($0.24) per share, and an Adjusted EBITDA loss in the range of $3.0 to $4.0 million for the third quarter of 2009. According to Reuters Estimates, analysts were expecting the Company to report revenues of $141 million, EBITDA of $(18) million and EPS of $(0.94) for fiscal 2009; revenues of $35.4 million, net income of $(44.18) million, EBITDA of $(17.70) million and EPS of $(0.94) for third quarter of 2009.
NxStage Medical, Inc. Announces Extension of Medisystems Needle Supply and Distribution Agreement
NxStage Medical, Inc. announced that its Medisystems subsidiary has extended for three years a supply and distribution agreement with Fenwal, Inc. of Lake Zurich, Ill. Medisystems provides needle sets and assemblies to Fenwal, a global medical technology company focused on improving blood collection, separation, safety and availability for patient care. Medisystems products involved in this agreement include the MasterGuard needle sets with FingerShield safety technology, the leading worldwide needle-stick prevention device.
