COMPANY CONTACT:
INVESTOR CONTACTS:
Endologix, Inc.
The Ruth Group
John McDermott, CEO
Nick Laudico (646) 536-7030
(949) 595-7200
Zack Kubow (646) 536-7020
www.endologix.com
 
 
Endologix Files Form 10-K; Nellix Purchase Price Allocation Finalized
 
 
IRVINE, Calif. (March 16, 2011)
- Endologix, Inc. (NASDAQ: ELGX), developer of minimally invasive treatments for aortic disorders, today announced the filing of its annual report on Form 10-K and certain revisions to its previously reported unaudited fourth quarter and full year 2010 financial results.
 
Upon finalization of the purchase price allocation related to Endologix's December 2010 acquisition of Nellix, Inc., the Company revised the amount of the purchase price allocated to in-process research and development (IPR&D) to $40.1 million and goodwill to $22.4 million. Accordingly, the Company revised the associated deferred tax liability and the corresponding change in valuation allowance effect. This resulted in an income tax benefit of $15.1 million compared to $11.3 million previously reported. The revisions had no effect on cash flows or cash balances.
As a result, Endologix reported revised GAAP net earnings for the fourth quarter of 2010 of $11.7 million, or $0.22 per diluted share from the previously reported $8.0 million or $0.15 per diluted share; and GAAP net earnings for the full year 2010 of $10.7 million or $0.21 per fully diluted share from the previously reported $6.9 million or $0.14 per diluted share.
There were no other changes to Endologix's previously reported unaudited fourth quarter and full-year 2010 financial results, its previously reported adjusted (non-GAAP) results, or its previously reported financial guidance.
Nellix Acquisition: Purchase Price Allocation
 
 
 
($000's)
 
 Preliminary
 
 Finalized
 
IPR&D
 
$
29,900
 
 
$
40,100
 
Deferred tax liability
 
(11,302
)
 
(15,067
)
Other net assets
 
114
 
 
114
 
Net assets acquired
 
18,712
 
 
25,147
 
 
 
 
 
 
Fair value of consideration given
 
$
47,589
 
 
$
47,589
 
Less: Net assets acquired
 
18,712
 
 
25,147
 
Goodwill
 
$
28,877
 
 
$
22,442
 
 

 

The following information was filed by Endologix Inc (ELGX) on Wednesday, March 16, 2011 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.

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