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Endologix Reports 33% Revenue Growth For The Second Quarter 2013

Stocks in this article: ELGX

IRVINE, Calif., July 30, 2013 (GLOBE NEWSWIRE) -- Endologix, Inc. (Nasdaq:ELGX), developer and marketer of innovative treatments for aortic disorders, today announced financial results for the three and six months ended June 30, 2013.

John McDermott, Endologix President and Chief Executive Officer, said, "Our second quarter revenue was in-line with preliminary results released earlier this month. We continue to generate positive momentum globally with our AFX® Endovascular AAA System, which was supported by the launch of our U.S. PEVAR training program during the quarter. There has been strong interest in PEVAR from current and new physician customers, who will continue to be trained throughout the year. In Europe, our controlled market release of the Nellix® EndoVascular Aneurysm Sealing System is tracking to plan, providing us an excellent opportunity to further enhance the procedure and training ahead of a broader commercial launch anticipated in 2014."

Financial Results

Global revenue in the second quarter of 2013 was $34.0 million, a 33% increase from $25.5 million in the second quarter of 2012. For the six months ended June 30, 2013, global revenue increased 27% to $63.7 million, compared to $50.0 million for the six months ended June 30, 2012.

U.S. revenue in the second quarter of 2013 was $26.4 million, a 23% increase compared with $21.4 million in the second quarter of 2012. The increase was driven by continued adoption of the AFX system and by productivity gains from prior period expansion of the U.S. sales force including the addition of clinical specialists who provide field support to sales representatives. International revenue was $7.6 million, an 81% increase compared to $4.2 million in the second quarter of 2012. The international sales increase is primarily attributable to strong procedural growth and to the transition to a direct sales organization in Europe, which began in September 2011.

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