LAWRENCE, Mass.— NxStage Medical today reported record financial results for the third quarter ended September 30, with total revenue above the top end of its guidance range.
Revenue for the third quarter of 2012 increased 9 percent to $61.2 million, compared with revenue of $55.9 million for the third quarter of 2011. The higher revenues were driven by increased adoption of the NxStage System One.
Home revenue for the third quarter of 2012 increased 17 percent to a record $31.9 million compared with revenues of $27.2 million for the third quarter of 2011.
"Home growth remains strong," commented Jeffrey H. Burbank, founder and chief executive officer. "We continue to deliver double digit growth because we're doing the right thing for patients. We remain committed to increasing adoption of home, more frequent dialysis, and see multiple catalysts for growth including; increased patient demand, our robust product portfolio and our centers of excellence strategy. With continued execution, we believe we can achieve over 14 percent annual growth in the Home for 2012."
Critical Care revenue decreased slightly to $9.1 million for the third quarter of 2012 compared with revenues of $9.2 million for the third quarter of 2011 reflecting equipment purchasing delays by hospitals. Revenue in the In-Center market was $19.6 million for the third quarter of 2012.
NxStage reported a net loss of $2.6 million or $(0.04) per share for the third quarter of 2012 compared with a net loss of $5.3 million or $(0.10) per share for the third quarter of 2011.
For the third quarter of 2012, the Company reported Adjusted EBITDA, adjusted for stock-based compensation, deferred revenue recognized, manufacturing transition costs and other non-cash expenses, of $2.4 million compared with $2.4 million for the third quarter of 2011. (See the exhibits for a reconciliation of this non-GAAP measure.)