NxStage Medical first quarter revenue increases 25% to $50.6 million

NxStage Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today reported financial results for the first quarter of 2011 ended March  31, 2011, with total revenue above the top end of its guidance range.

Net revenue for first quarter of 2011 increased 25 percent to a record $50.6 million compared with revenue of $40.4 million for the first quarter of 2010.  The increase was primarily driven by continued strong growth in the Home as a result of increased adoption of home hemodialysis with the NxStage System One™, and solid performance in Critical Care and In-Center.

Home revenue for the first quarter increased 37 percent to a record $26.0 million compared with revenues of $19.0 million for the first quarter of 2010.  

Critical Care revenue increased 23 percent to $7.4 million for the first quarter of 2011 compared with revenues of $6.1 million for the first quarter of 2010.  Revenue in the In-Center market increased to $17.1 million for the first quarter of 2011 compared with revenues of $15.3 million for the first quarter of 2010.  

"In Q1, we continued our trend of delivering solid operating and financial results, and top line revenue ahead of our expectations," stated Jeffrey H. Burbank, Chief Executive Officer of NxStage Medical, Inc. "We continue to be encouraged by evidence that our strategy to increase adoption of home hemodialysis with the System One continues to gain traction. We're focused on maintaining our growth momentum across our business while continuing to execute against our long-term growth strategy, which includes creating appropriate reimbursement for home hemodialysis that is both simple and predictable. We believe we are well positioned to deliver continued improvements and are maintaining our outlook for fiscal 2011."

NxStage reported a net loss of $6.0 million or ($0.11) per share for the first quarter of 2011 compared with a net loss of $9.0 million or ($0.19) per share for the first quarter of 2010.  

For the first quarter of 2011, the Company reported Adjusted EBITDA, adjusted for stock-based compensation, deferred revenue recognized and other non-cash expenses, of $1.1 million, compared with an Adjusted EBITDA loss of $1.3 million in the first quarter of 2010.