logo-loader
viewEndologix Inc

Endologix narrows 1Q loss as revenue soars

The medical-device company has completed its restructuring in the US, which saw a reduction in sales force, realignment of resources

Surgery being performed on a patient
Endologix develops and manufactures minimally invasive treatments for aortic disorders

Endologix Inc (NASDAQ:ELGX) stock climbed Friday after the Irvine, California-based medical-device company reported a narrower first quarter loss, and revenue that topped Wall Street estimates.

For the quarter ended March 2018, the company reported a loss of $1.12 per share on revenue of $35.6 million. The consensus estimate was a loss of $1.56 per share on revenue of $34.2 million.

Shares in Endologix climbed 3.9% to $6.56.

READ: Endologix stock extends rally after reporting sterling 3Q revenue and raised guidance

The company said it expects second quarter revenue of approximately $36 million and continues to expect to close out 2019 with at least $140 million in revenue.

The current consensus estimate is revenue of $35.1 million for the quarter ending June 30 and revenue of $141.3 million for the year ending December 31, 2019.

“Our first quarter financial and operational performance provides us with a solid foundation to accomplish our goals for the rest of 2019,” said Endologix CEO John Onopchenko. “We addressed the vast majority of our near-term debt maturities while increasing our liquidity position, allowing us to move forward with a singular focus on maintaining consistent delivery against our commitments.”

As part of a transformation, Endologix has completed its planned restructuring in the US, which saw a reduction in sales force, and realignment of resources with an emphasis on high-volume accounts.

The company's focus is on endovascular stent grafts for the treatment of abdominal aortic aneurysms, or AAA, which lead to a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement.

Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for a ruptured AAA is approximately 80%, making it a leading cause of death in the United States.

Endologix develops and manufactures minimally invasive treatments for aortic disorders.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

Quick facts: Endologix Inc

Price: - -

NASDAQ:ELGX
Market: NASDAQ
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Alpha Growth PLC’s Danny Swick and Austin King describe the BlackOak Alpha...

Alpha Growth PLC (LON: ALGW) Chief Operations Officer Danny Swick and Investor Relations Officer Austin King joined Steve Darling from Proactive with news the company has started their BlackOak Alpha Growth Fund which is their life settlement investment fund geared toward U.S. investors. Both...

3 hours, 43 minutes ago

2 min read