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Endologix Announces Preliminary Second Quarter 2013 Revenue Growth Of 33% And Update To Ventana Program

Stocks in this article: ELGX

Raises Full Year 2013 Revenue Guidance Conference Call Scheduled for Today, July 1, at 9:00 a.m. ET

IRVINE, Calif., July 1, 2013 (GLOBE NEWSWIRE) -- Endologix, Inc. (Nasdaq:ELGX), developer and marketer of innovative treatments for aortic disorders, announced today preliminary unaudited revenue for the second quarter ended June 30, 2013. Endologix anticipates second quarter 2013 global revenue of approximately $34.0 million, representing approximately 33% growth as compared to the second quarter of 2012 and 14% growth as compared to the first quarter of 2013.

The Company anticipates U.S. revenue to be approximately $26.3 million in the second quarter 2013, representing approximately 23% growth compared to $21.4 million for the same quarter in 2012. International revenue is anticipated to be approximately $7.6 million in the second quarter 2013, representing approximately 81% growth compared to $4.2 million for the same quarter in 2012.

John McDermott, Endologix Chairman, President and Chief Executive Officer, said, "We achieved strong sales growth during the second quarter, as a result of the excellent outcomes achieved by physicians with the AFX® Endovascular AAA System and the support provided by our sales and clinical people. Accordingly, we have raised our revenue guidance for the year and remain confident in our long-term outlook for sales growth of approximately 20% or greater year-over-year over the next several years."

Ventana Fenestrated System Program Update

On April 30, 2013, Endologix announced plans to temporarily suspend enrollment in its Ventana U.S. IDE clinical trial and delay the limited market introduction of Ventana in Europe in order to evaluate a higher than expected number of re-interventions. The Company has completed this initial evaluation and has identified training and design enhancements that are expected to reduce the re-intervention rate and improve clinical outcomes. In order to validate these design enhancements, the Company will conduct testing and meet with regulatory agencies to determine the requirements and commercialization timelines. Accordingly, the Company does not anticipate that it will restart enrollment in the Ventana U.S. IDE clinical trial or begin the limited market introduction of Ventana in Europe before the end of the year.

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