Endologix (ELGX) fell to its lowest level in more than six years on the stock market today after the company announced it is halting shipments of its AFX Endovascular AAA System while it probes a manufacturing issue with some sizes of the device.
Shares crashed 27% to 5.27 on Tuesday, hitting their lowest price since October 2010.
Endologix expects to lift its hold in the "near future," adding that the halt does not affect its Nellix and Ovation devices. The AFX system, Endologix's top-selling product, treats abdominal aortic aneurysms. The company plans to offer another update later this week.
Endologix is not profitable, but sales growth has accelerated in the last three quarters, from 1% to 36%. The stock has tumbled from a 17-month high of 14.49 on July 12.
