Endologix (NSDQ:ELGX) posted sales growth of nearly 25% during the 3rd quarter, but losses widened by nearly 58%.
Irvine, Calif.-based Endologix posted losses of $9.5 million, or 14¢ per share, on sales of $33.3 million for the 3 months ended Sept. 30. That’s a profit slide of 57.9% on sales growth of 24.6% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 1¢, ahead of Wall Street’s -5¢ forecast
"We had a strong third quarter with top line growth led by the ongoing adoption of the AFX endovascular AAA system and our PEVAR training programs in the U.S. In Europe, we have experienced good continued growth with the AFX endovascular AAA System and also added more centers to the controlled market release of the Nellix endovascular aneurysm sealing system. This week, we achieved an additional milestone by enrolling the first patient in the EVAS FORWARD – Global Registry. The registry is planned to include at least 300 patients enrolled at up to 30 international centers and provide real world clinical results to further demonstrate the effectiveness and broad applicability of the Nellix technology. We also made progress in evaluating our plans for the Ventana program and remain on track to provide an update by year end," president & CEO John McDermott said in prepared remarks.
Endologix narrowed its sales guidance but raised its earnings forecast the rest of the year, saying it now expects to post revenues of $131 million to $133 million, compared with prior guidance of $128 million to $134 million, according to a press release. The medical device company boosted its earnings outlook from adjusted EPS of -18¢ to -22¢ to new guidance of -14¢ to -18¢.
ELGX shares were trading at $17.59 apiece as of about 10:15 a.m. today, down 0.8% but flat since their $17.62 close Oct. 29, the day before its earnings release.