Dialysis product manufacturer NxStage Medical Inc reported second quarter financial results with total revenue at the top end of its guidance range.
Revenue for the second quarter of 2013 increased 11% to a record $65.5 million, compared with revenue of $59 million for the second quarter of 2012. The higher revenues were driven by increased adoption of the System One, according to NxStage.
Home dialysis revenue for the second quarter of 2013 increased almost 7% to $32.7 million compared with revenue of $30.7 million for the same quarter last year.
Critical Care revenue increased almost 15% to $10.8 million for the second quarter of 2013 compared with revenue of $9.4 million for the second quarter of 2012. In-center dialysis revenue increased to more than 16% to $21.2 million for the second quarter of 2013 compared with revenue of $18.2 million for the second quarter of 2012.
NxStage reported a net loss of $3.4 million, or $0.06 per share for the second quarter of 2013 compared with a net loss of $5.1 million, or $0.09 per share for the same quarter last year. Net loss for the second quarter of 2013 includes a $1.2 million tax benefit related to the conclusion of a foreign tax audit.
"Our results reflect solid progress and early benefit from our strategic growth initiatives, including our new direct to patient marketing programs," stated Jeffrey H. Burbank, Founder and chief executive officer of NxStage. "We believe our efforts to further penetrate both the US and international markets are on track to deliver 15% annual home revenue growth in 2014 and beyond."
Separately, the company announced the opening of its first dialysis center in St. Louis, MO, through its wholly owned subsidiary, NxStage Kidney Care Inc.
The company also announced its expansion into Canada through a newly established entity, NxStage Medical Canada, Inc. Through this new entity, NxStage is marketing and selling the System One and related products and services directly in Canada. NxStage highlighted that its first Canadian customer has initiated patient treatment with the System One.