IRVINE, Calif., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Endologix, Inc. (Nasdaq:ELGX), developer and marketer of innovative treatments for aortic disorders, today announced financial results for the three and twelve months ended December 31, 2012.
John McDermott, Endologix President and Chief Executive Officer, said, "In 2012 we achieved another year of strong revenue growth driven by continued adoption of the AFX® Endovascular AAA System. Our U.S. sales team continues to gain share with existing customers while also introducing more physicians to the unique benefits of anatomical fixation. Internationally we grew 61% in 2012, led by our new direct sales and marketing team in Europe that has done a great job building the Endologix business in a short period of time. Overall, we believe we are well positioned to continue gaining market share, particularly as we begin to leverage our new product pipeline."
Mr. McDermott added, "During the first quarter 2013, we received CE Mark for the Nellix® EndoVascular Aneurysm Sealing System. This significant milestone will allow us to begin a controlled market introduction in Europe of the Nellix system in March 2013. The Nellix system is a revolutionary new device that we expect will simplify aortic aneurysm repair and improve clinical outcomes."Financial Results Global revenue in the fourth quarter of 2012 was $29.2 million, a 25% increase from $23.4 million in the same quarter of 2011. For the year ended December 31, 2012, total revenue increased 27% to $105.9 million, compared to $83.4 million for the year ended December 31, 2011. U.S. revenue in the fourth quarter of 2012 was $23.4 million, a 20% increase compared with $19.4 million in the fourth quarter of 2011, which was largely driven by the continued adoption of the AFX system and the expansion of the U.S. sales force through the addition of clinical specialists. International revenue was $5.9 million, a 47% increase compared to $4.0 million in the fourth quarter of 2011. The international sales increase is attributable to a transition to a direct sales organization in Europe, beginning in September 2011, and improved penetration in the Latin American and Japanese markets.