The company posted a net loss of $0.83 per share on revenue of $11.1 million, while analysts expected a $0.66 loss on $12 million in revenue.
Shares collapsed 30% to $6.55 Thursday afternoon.
Revenue from Algovita, the company’s flagship spinal cord stimulation system, increased 22% year over year to $11 million.
“Our primary focus remains on advancing Algovita to deliver stronger results through the duration of 2019,” CEO Fred Parks said. “We are continuing to drive our clinical efforts, accelerating productivity, and increasing our sales force from approximately 60 territories as of May 1, 2019 to approximately 75 by year end. Therefore, we are introducing full year 2019 Algovita revenue guidance of $57-62 million.”
The Plano, Texas company also announced it was providing additional information to the FDA regarding its premarket approval application for Virtis, its sacral nerve stimulation treatment for chronic urinary retention.
It expects to submit the information near the end of 2019, pushing back potential approval to early 2020.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel