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Endologix Reports 25% And 21% Revenue Growth For The Full Year And Fourth Quarter 2013

Stocks in this article: ELGX

IRVINE, Calif., Feb. 27, 2014 (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, 2013.

John McDermott, Endologix Chairman and Chief Executive Officer, said, "We achieved strong growth in 2013 from the continued adoption of the AFX ® Endovascular AAA System. During the year we also benefited from the initial rollout of our PEVAR physician training programs in the U.S. and the limited market release of the Nellix ® EndoVascular Aneurysm Sealing System in Europe. Fourth quarter 2013 revenue growth of 21% was driven primarily by international sales, with U.S. revenue up 8%, representing continued market share growth in all geographies.

Mr. McDermott added, "Looking forward, we expect revenue growth of 11 to 15 percent in 2014. In the U.S., the recent launch of the VELA™ Proximal Endograft System together with continued PEVAR physician training courses should enable us to capture additional market share in 2014. Outside the U.S., there is tremendous interest in Nellix and we look forward to continuing our gradual roll-out of this exciting new technology. We remain highly confident in our sales and clinical teams, product portfolio and growth strategy".

Financial Results

Global revenue in the fourth quarter of 2013 was $35.2 million, a 21% increase from $29.2 million in the fourth quarter of 2012. For the year ended December 31, 2013, global revenue increased 25% to $132.3 million, compared to $105.9 million for the year ended December 31, 2012.

U.S. revenue in the fourth quarter of 2013 was $25.4 million, an 8% increase compared with $23.4 million in the fourth quarter of 2012. The increase was driven by percutaneous EVAR (PEVAR) physician training courses, commencing in May 2013 immediately after FDA approval and by productivity gains of the U.S. sales force. International revenue was $9.8 million, a 69% increase compared to $5.8 million in the fourth quarter of 2012. The international sales increase was primarily attributable to strong direct sales growth in Europe with both AFX and Nellix and orders from our international distributors.

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