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Endologix Reports 25% Revenue Growth For The Third Quarter 2013

Stocks in this article: ELGX

IRVINE, Calif., Oct. 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 nine months ended September 30, 2013.

John McDermott, Endologix President and Chief Executive Officer, said, "We had a strong third quarter with top line growth led by the ongoing adoption of the AFX ® Endovascular AAA System and our PEVAR training programs in the U.S. In Europe, we have experienced good continued growth with the AFX Endovascular AAA System and also added more centers to the controlled market release of the Nellix ® EndoVascular Aneurysm Sealing System. This week, we achieved an additional milestone by enrolling the first patient in the EVAS FORWARD - Global Registry. The registry is planned to include at least 300 patients enrolled at up to 30 international centers and provide real world clinical results to further demonstrate the effectiveness and broad applicability of the Nellix technology. We also made progress in evaluating our plans for the Ventana program and remain on track to provide an update by year end."

Financial Results

Global revenue in the third quarter of 2013 was $33.3 million, a 25% increase from $26.7 million in the third quarter of 2012. For the nine months ended September 30, 2013, global revenue increased 26% to $97.0 million, compared to $76.7 million for the nine months ended September 30, 2012.

U.S. revenue in the third quarter of 2013 was $26.5 million, a 24% increase compared with $21.3 million in the third quarter of 2012. The increase was driven by continued adoption of the AFX system and by productivity gains from expansions of the U.S. sales force, including the addition of clinical specialists who provide field support to sales representatives. International revenue was $6.8 million, a 26% increase compared to $5.4 million in the third quarter of 2012. The international sales increase was 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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