IRVINE, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Endologix, Inc. , developer of minimally invasive treatments for aortic disorders, today announced financial results for the three and nine months ended September 30, 2009.
Mr. McDermott continued, “The international business benefitted from initial product shipments to China, an earlier than expected limited release of the IntuiTrak(TM) Delivery System in Europe and continued growth in the Japanese market. Our European distribution partners were particularly pleased to begin receiving IntuiTrak(TM), which will allow them to introduce the device to a select group of leading physicians ahead of the full product launch in 2010.”
Total revenue in the third quarter of 2009 was $13.8 million, a 47% increase from $9.4 million in the third quarter of 2008, and a 5% increase from $13.2 million in the second quarter of 2009.
International revenue was $2.5 million, a 91% increase compared with $1.3 million in the third quarter of 2008 and a 41% sequential increase compared with $1.8 million in the second quarter of 2009. For the nine months ended September 30, 2009, total revenue increased 44% to $38.8 million, compared with $27.0 million for the nine months ended September 30, 2008.
Total operating expenses were $10.2 million in the third quarter of 2009, compared with $9.9 million in the third quarter of 2008. Marketing and sales expenses increased to $6.6 million in the third quarter of 2009 from $6.1 million in the same period last year. Research, development and clinical expenses increased to $1.6 million in the third quarter of 2009 from $1.4 million in the same period last year. General and administrative expenses decreased to $2.0 million in the third quarter of 2009 from $2.4 million in the same period last year.
Endologix reported a net loss for the third quarter of 2009 of $156,000, or $0.00 per share, compared with a net loss of $3.0 million, or $0.07 per share, for the third quarter of 2008. For the nine months ended September 30, 2009, the Company reported a net loss of $1.8 million, or $0.04 per share, compared with a net loss of $10.4 million, or $0.24 per share, for the nine months ended September 30, 2008.
“During the third quarter we continued to improve our balance sheet, generating $2.7 million in positive cash flow from operations and raising net proceeds of $14.7 million in an underwritten public offering. In addition, we have paid off our bank debt, putting the Company in a strong financial position to execute on our growth strategy,” stated Endologix Chief Financial Officer Bob Krist.
The Company is re-affirming its full year 2009 guidance of revenue in the range of $51 to $53 million.
Endologix management will host a conference call to discuss these topics today beginning at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). To participate via telephone please call (877) 407-0789 from the U.S. or (201) 689-8562 from outside the U.S. A telephone replay will be available for seven days following the completion of the call by dialing (877) 660-6853 from the U.S. or (201) 612-7415 from outside the U.S., and entering account number 3055 and conference ID number 335438. The conference call will be broadcast live over the Internet at www.endologix.com and will be available for 30 days.
Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders. The Company’s flagship product is the Powerlink(R) System, which is an endovascular stent graft for the treatment of abdominal aortic aneurysms (AAA). AAA is 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 ruptured AAA is approximately 75%, making it a leading cause of death in the U.S. Additional information can be found on Endologix’s Web site at www.endologix.com.
Endologix, Inc.
