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Endologix's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, July 26, 2012. Endologix undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this call.

With that said, I’d like to turn the call over to John.

John McDermott

Thanks Zack. During the second quarter, we continue to drive growth in our core business and advance our new product pipeline. We have successfully launched the AFX System in the U.S. and Europe and are planning launches in the other markets in the second half of this year.

Our strong core business combined with significant opportunities for market expansion and share gains with PEVAR, Ventana, and Nellix give us a unique growth profile over the next several years. I’ll start today’s call with a quick overview of our results for the quarter, followed by an operational and pipeline update. Then, I’ll turn the call over to Bob for his financial review, and after that, I’ll come back on to discuss our goals for the remainder of the year.

Second quarter global revenue was up 33% to a record $25.5 million. In the U.S., we achieved 29% year-over-year growth driven by the continued effectiveness of our sales team and the clinical results with AFX. We ended the quarter with 71 U.S. reps and clinical specialists and are targeting to finish the year around 78 to 80. In Europe, Q2 was our first full quarter with AFX and the team did a very nice job growing 175% over last year. Although we are still in the early stages of building our European organization, we are very pleased with the caliber of talent in their early results.

To further strengthen and expand our European business, during the quarter, we completed the acquisition of our Italian distributor. Italy is the second largest EVAR in Europe and we are excited to welcome four people and an established network of sub-dealers. Similar to our decision to go direct in other European markets, this enables us to build relationships with thought-leading physicians and control the training and introduction of our new devices. With the addition of Italy, we now expect to finish 2012 with 28 to 32 dedicated employees in Europe, of which about 70% will be dedicated to clinical and sales support.

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