The Ruth Group
John McDermott, CEO
Nick Laudico (646) 536-7030
Zack Kubow (646) 536-7020
Endologix Reports 24% and 22% Revenue Growth for the Full Year and Fourth Quarter 2011
IRVINE, CA (February 22, 2012) - Endologix, Inc. (NASDAQ: ELGX), developer and marketer of innovative medical devices for the treatment of aortic disorders, today announced financial results for the three and twelve months ended December 31, 2011.
John McDermott, Endologix President and Chief Executive Officer, said, “In 2011 we continued to capture market share, while also making significant progress in our new product portfolio, expanding our domestic sales force and beginning to build our sales and marketing organization in Europe. Turning to 2012, we will continue to advance our new product pipeline and expect limited market introductions of both Nellix and Ventana in Europe, as well as a percutaneous indication for AFX by year end. Overall, we believe the Company is well positioned to achieve another year of robust revenue growth and look forward to making our new aortic technologies available to patients worldwide."
Fourth Quarter Financial Results
Global revenue in the fourth quarter of 2011 was $23.4 million, a 22% increase from the same quarter of 2010. U.S. revenue was $19.4 million in the fourth quarter of 2011, a 26% increase from the fourth quarter of 2010, and included increased sales related to the U.S. launch of the AFX™ Endovascular AAA System. International revenue was $4.0 million in the fourth quarter of 2011, a 4% increase from the fourth quarter of 2010.
Gross profit was $18.0 million in the fourth quarter of 2011, which represents a gross margin of 77%. This compares with a gross margin of 78% in the fourth quarter of 2010.
Total operating expenses were $21.3 million in the fourth quarter of 2011. Marketing and sales expenses increased to $11.5 million in the fourth quarter of 2011, from $8.7 million in the same period in 2010. This increase was driven by the ongoing expansion of the U.S. sales force, marketing expenses associated with the AFX launch, and costs associated with building the direct sales organization in Europe.
Research & development, and clinical/regulatory expenses increased to $5.4 million in the fourth quarter of 2011, from $3.1 million in the same period in 2010, driven by the ongoing development activities associated with the Nellix® Endovascular System and Ventana™ Fenestrated Stent Graft System.
General and administrative expenses decreased to $4.4 million in the fourth quarter of 2011, from $6.5
The following information was filed by Endologix Inc (ELGX) on Wednesday, February 22, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.