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XENT on NASDAQ

Intersect ENT

Logo: intersectent.com5

Health care equipment company, subsidiary of Medtronic

Intersect ENT, a subsidiary of Medtronic, is a health care equipment company based in Menlo Park, California. It manufactures drug-delivery devices used by Ear, Nose & Throat (ENT) clinicians in the treatment of sinusitis. Intersect ENT is best known for developing the first bioabsorbable drug-eluting sinus stent PROPEL, which delivers anti-inflammatory medication directly to the sinuses.3 Its shares trade on NASDAQ under the symbol XENT.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2003Founded1

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  • TickerXENT on NASDAQ1
  • Industrymedical technology1
  • HeadquartersMenlo Park1
  • Websitewww.intersectent.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address1555 Adams Drive, Menlo Park, Ca 940256
  • Filer categoryAccelerated filer6
  • LEI549300SWZUVLSFMOXR504
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O NATIONAL REGISTERED AGENTS, INC., 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 37120914

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Intersect ENT image from its website
Image: intersectent.com5

Intersect ENT, a subsidiary of Medtronic, is a health care equipment company based in Menlo Park, California. It manufactures drug-delivery devices used by Ear, Nose & Throat (ENT) clinicians in the treatment of sinusitis. Intersect ENT is best known for developing the first bioabsorbable drug-eluting sinus stent PROPEL, which delivers anti-inflammatory medication directly to the sinuses. The company holds over 20 issued patents in the United States and more than 80 patents and patent applications worldwide. The company was named on the Forbes list of America's Most Promising Companies and was also on the Fierce 15 list of Most Promising Companies in 2013.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2021

71.9%Gross margin8
-132.1%Operating margin8
-149.5%Net margin8
32.5%Revenue growth, 20218
-$61.5MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2021

  • Cost of revenue16¢$30.0M
  • Research and development15¢$27.9M
  • Selling, general and admin65¢$122.1M
  • Interest3¢$6.4M
  • Income tax1¢$1.7M

Out of $106.7M in revenue.8 The company lost money this year.

Financial statements

Revenue91011128$106.7M in 2021+73% since 2015
0$50.0M$100.0M$150.0M2015: $61.6M$61.6M20152016: $78.7M$78.7M2016+28%2017: $96.3M$96.3M2017+22%2018: $108.5M$108.5M2018+13%2019: $109.1M$109.1M2019+1%2020: $80.6M$80.6M2020−26%2021: $106.7M$106.7M2021+33%
Gross profit91011128$76.7M in 2021+56% since 2015
0$25.0M$50.0M$75.0M$100.0M2015: $49.3M$49.3M20152016: $65.7M$65.7M2016+33%2017: $80.8M$80.8M2017+23%2018: $85.9M$85.9M2018+6%2019: $87.4M$87.4M2019+2%2020: $50.2M$50.2M2020−42%2021: $76.7M$76.7M2021+53%
Operating income91011128-$141.0M in 2021+424% since 2015
-$150.0M-$100.0M-$50.0M02015: -$26.9M-$26.9M20152016: -$26.1M-$26.1M2016−3%2017: -$17.6M-$17.6M2017−33%2018: -$25.0M-$25.0M2018+42%2019: -$45.4M-$45.4M2019+82%2020: -$67.7M-$67.7M2020+49%2021: -$141.0M-$141.0M2021+108%
Net income91011128-$159.6M in 2021+499% since 2015
-$200.0M-$150.0M-$100.0M-$50.0M02015: -$26.6M-$26.6M20152016: -$25.2M-$25.2M2016−5%2017: -$16.4M-$16.4M2017−35%2018: -$22.9M-$22.9M2018+40%2019: -$43.0M-$43.0M2019+88%2020: -$72.3M-$72.3M2020+68%2021: -$159.6M-$159.6M2021+121%
Fiscal year2015201620172018201920202021
Revenue$61.6M9$78.7M10$96.3M11$108.5M12$109.1M8$80.6M8$106.7M8
Cost of revenue$12.3M9$13.0M10$15.5M11$22.6M12$21.8M8$30.3M8$30.0M8
Gross profit$49.3M9$65.7M10$80.8M11$85.9M12$87.4M8$50.2M8$76.7M8
Research and development$16.6M9$18.9M10$18.4M11$19.3M12$24.3M8$19.4M8$27.9M8
Selling, general and admin$59.6M9$72.9M10$80.0M11$91.6M12$108.5M8$98.5M8$122.1M8
Operating expenses$217.8M8
Operating income-$26.9M9-$26.1M10-$17.6M11-$25.0M12-$45.4M8-$67.7M8-$141.0M8
Interest$012$08$2.8M8$6.4M8
Income tax$09$010$010$012$08-$416.0K8-$1.7M8
Net income-$26.6M9-$25.2M10-$16.4M11-$22.9M12-$43.0M8-$72.3M8-$159.6M8

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Corporate structure

Intersect ENT is part of a group headed by Medtronic plc. 351 entities, 69 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Intersect ENT

  • Medtronic plc Ireland
    • Intersect ENT Menlo Park, California, United States
    • Medtronic (Germany) Subsidiary · Meerbusch, Germany
    • Medtronic (Israel) Subsidiary · Herzliya, Israel
    • Medtronic (Italy) Subsidiary · Milan, Italy
    • Medtronic (Netherlands) Subsidiary · Heerlen, Netherlands
    • Medtronic (Switzerland) Subsidiary · Zug, Switzerland
    • 2074417 Alberta ULC Subsidiary · Canada
    • A&E Products de Honduras S.A. Subsidiary · Honduras
    • A&E Products do Brasil Ltda. Subsidiary · Brazil
    • A&E Products Group, Inc. Subsidiary · Delaware, United States
    • Advanced Medical Technologies GmbH Subsidiary · Germany
    • Affera, Inc. Subsidiary · Delaware, United States
    • AI Biomed Corp Subsidiary · California, United States
    • Aircraft Medical Ltd. Subsidiary · United Kingdom
    • Airox Subsidiary · France
    • Arterial Vascular Engineering Canada, Company Subsidiary · Canada
    • Arterial Vascular Engineering UK Limited Subsidiary · United Kingdom
    • Auto Suture do Brasil Ltda. Subsidiary · Brazil
    • Batts LLC Subsidiary · Delaware, United States
    • Biostar Biomedikal Mühendislik Anonim Sirketi Subsidiary · Turkey
    • Bo Yao (Shanghai) Medical Device Co. Ltd. Subsidiary · China
    • CardioInsight Technologies Inc. Subsidiary · Delaware, United States
    • Carlisle Philippines, Inc. Subsidiary · Philippines
    • Carmel Biosensors Ltd. Subsidiary · Israel
    • CathWorks Japan G.K. Subsidiary · Japan
    • and 325 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Intersect ENT reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$16.1M8 Dec 31, 2021$16.1M8 Dec 31, 2020+0.2%
Accumulated depreciation$11.1M8 Dec 31, 2021$10.5M8 Dec 31, 2020+6.3%
Property and equipment, net$5.0M8 Dec 31, 2021$5.6M8 Dec 31, 2020−11.2%
Operating-lease assets (leased space)$15.1M8 Dec 31, 2021$17.2M8 Dec 31, 2020−11.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$38.4M8 Dec 31, 2021$13.5M8 Dec 31, 2020+184.0%
Marketable securities, current$74.5M12 Dec 31, 2020$70.0M12 Dec 31, 2019+6.5%
Long-term investments$08 Dec 31, 2021$08 Dec 31, 2020

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$08 Dec 31, 2021$46.6M8 Dec 31, 2020−100.0%
Intangible assets, net (excluding goodwill)$08 Dec 31, 2021$21.2M8 Dec 31, 2020−100.0%
Finite-lived intangibles, gross$21.9M8 Dec 31, 2020
Accumulated amortization$2.8M8 Dec 31, 2021$707.0K8 Dec 31, 2020+296.0%
Finite-lived intangibles, net$21.2M8 Dec 31, 2020

Inventory

ItemLatestA year beforeChange
Inventory, total$18.6M8 Dec 31, 2021$12.1M8 Dec 31, 2020+54.3%
Raw materials$3.1M8 Dec 31, 2021$2.9M8 Dec 31, 2020+9.0%
Work in process$4.1M8 Dec 31, 2021$3.4M8 Dec 31, 2020+20.6%
Finished goods$11.4M8 Dec 31, 2021$5.8M8 Dec 31, 2020+96.7%

The story

Intersect ENT was founded in 2003 by Don Eaton who conceived of the product over dinner with ENT surgeon, Mary Lynn Moran, MD. The company received its Series A funding in 2006, prompting the hiring of a team to develop the product. It was originally headquartered in Palo Alto, California, then moved to Menlo Park, CA in April 2012 to a new 32,000-foot facility. The facility houses all of its business and manufacturing operations.

Prior to the company becoming public, venture capital investors in the company include medical device company Medtronic Inc. and venture capital firms Kleiner Perkins Caufield & Byers, U.S. Venture Partners, PTV Sciences and Norwest Venture Partners. In 2013, it received $30 million in a series D round of financing led by Norwest Venture Partners, and included all named investors. Intersect ENT announced that the funding would be used for commercial expansion of its PROPEL and PROPEL mini devices, as well as clinical studies for additional devices manufactured to add to the company's portfolio of drug-delivery products.

In 2014, Intersect ENT went public on the NASDAQ with an offering of 5,750,000 shares of common stock. It began officially trading on July 24, 2014.

In August 2021, Medtronic announced that it would acquire Intersect for $1.1 billion. The acquisition completed in May 2022.

From Wikipedia’s article on Intersect ENT, shared under CC BY-SA 4.0.7

Leadership

Who has led Intersect ENT, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Lisa D. Earnhardt2015–2019
  2. Thomas A. West2019–2022

Chair

  1. Kieran Gallahue2019

President

  1. Lisa D. Earnhardt2015–2019
  2. Thomas A. West2019–2022

Chief financial officer

  1. Jeryl L. Hilleman2014–2019
  2. Richard A. Meier2019–2022

Chief operating officer

  1. Richard E. Kaufman2015–2018
  2. Christine R. Kowalski2020–2021
20052010201520202025
Board members and other officers (24)

Products and brands

Intersect ENT develops products for Ear, Nose and Throat conditions as well as the treatment of sinusitis. Its most known device is the Propel mometasone furoate implant that is used after sinus surgery to keep the sinus passageways open and aid in the healing process by delivering an anti-inflammatory steroid directly to the sinuses. The company began clinical trials of the device in 2011 with a double-blind pilot study, and has completed three clinical studies in total. Intersect ENT received FDA pre-market approval for Propel in August 2011 and for a mini version in November 2012. In 2014, it began clinical studies for its RESOLVE device, an in-office treatment for chronic sinusitis, designed to be an alternative to surgery and oral steroid pills.

From Wikipedia’s article on Intersect ENT, shared under CC BY-SA 4.0.7

Former names

  • SINEXUS INCNov 24, 2003 to Jun 6, 20086

Timeline

  1. May 13, 20228-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer44
  2. May 9, 20228-K Other events45
  3. Apr 18, 20228-K Entered a material agreement; New debt or obligation46
  4. Mar 23, 20228-K Other events47
  5. Nov 2, 20218-K Results of operations48
  6. Oct 8, 20218-K Shareholder vote49
  7. Jul 24, 2019New chief executive Thomas A. West becomes CEO15
  8. Jan 23, 2015New chief executive Lisa D. Earnhardt becomes CEO16
  9. 2003Founded Founded1

Calendar

When it reported results

  1. Nov 2, 2021Reported quarterly or annual results48

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

57 filings to the SEC since October 2021: 2 annual reports, 2 quarterly reports, 6 major events, 17 insider forms, 11 large holders, 19 other. The latest 20:

  1. Feb 10, 2023SC 13G/A EDGAR
  2. Sep 12, 2022POSASR EDGAR
  3. Sep 12, 2022RW WD EDGAR
  4. May 23, 202215-12B EDGAR
  5. May 19, 2022S-8 POS EDGAR
  6. May 17, 2022EFFECT EDGAR
  7. May 16, 20224 PRIMARY DOCUMENT EDGAR
  8. May 16, 20224 PRIMARY DOCUMENT EDGAR
  9. May 16, 20224 PRIMARY DOCUMENT EDGAR
  10. May 16, 20224 PRIMARY DOCUMENT EDGAR
  11. May 16, 20224 PRIMARY DOCUMENT EDGAR
  12. May 16, 20224 PRIMARY DOCUMENT EDGAR
  13. May 16, 20224 PRIMARY DOCUMENT EDGAR
  14. May 16, 20224 PRIMARY DOCUMENT EDGAR
  15. May 16, 20224 PRIMARY DOCUMENT EDGAR
  16. May 16, 20224 PRIMARY DOCUMENT EDGAR
  17. May 13, 202225-NSE EDGAR
  18. May 13, 2022RW EDGAR
  19. May 13, 2022POS AM S-3 POS AM EDGAR
  20. May 13, 2022S-8 POS EDGAR

The 57 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Mar 6, 2019Donna Shalala, HouseBuy$1,001 - $15,000Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Intersect ENT is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARIntersect ENT, Inc.2
  • CIK0001271214
  • Employer ID (EIN)20-02808372
  • Filer statusAccelerated filer2
  • Incorporated inDelaware2
  • Fiscal year endsDecember 312
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus2
  • Business address1555 Adams Drive, Menlo Park, CA 940252
  • Phone650-641-21002
  • Shares outstanding33,813,722 as of Apr 27, 202213
  • Public float$565.5M as of Jun 30, 202157
  • On EDGAR sinceNov 24, 20032
  • Filings648 in all: 4 (304), 8-K (93), SC 13G/A (49), 3 (34), SC 13G (25), 10-Q (24), DEFA14A (13), S-8 POS (11)2
    All 44 form types

    CT ORDER (10), S-8 (10), UPLOAD (9), 10-K (8), DEF 14A (7), REGDEX (7), CORRESP (5), EFFECT (4), S-1/A (4), 424B4 (2), D (2), D/A (2), S-1 (2), 10-K/A (1), 15-12B (1), 25-NSE (1), 3/A (1), 4/A (1), 424B3 (1), 8-A12B (1), CERTNAS (1), DEFM14A (1), DRS (1), DRS/A (1), POS AM (1), POSASR (1), PRE 14A (1), PREM14A (1), PRER14A (1), REGDEX/A (1), RW (1), RW WD (1), S-1MEF (1), S-3 (1), S-3ASR (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Mar 8, 2022
    Quarterly report (10-Q) May 4, 2022
    Proxy statement (DEF 14A) Apr 20, 2021
    Latest 8-K (8-K) May 13, 2022

Sources

The numbers on this page point here. Each one links to the record it came from.

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    Company websiteIntersect ENT logo
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    SEC EDGAROther events
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    SEC EDGAROther events
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