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Endologix Reports 12% Global Revenue Growth For The First Quarter 2014

Stocks in this article: ELGX

Europe Revenue Growth Exceeds 90%

Reiterates 2014 Financial Guidance

IRVINE, Calif., April 30, 2014 (GLOBE NEWSWIRE) -- Endologix, Inc. (Nasdaq:ELGX), developer and marketer of innovative treatments for aortic disorders, today announced financial results for the three months ended March 31, 2014.

John McDermott, Endologix Chairman and Chief Executive Officer, said, "We achieved strong growth in Europe during the first quarter, which allowed us to continue gaining global market share. In the U.S., we have experienced increasing procedure volume since January, driven by the launch of the VELA™ Proximal Endograft System and our PEVAR physician training programs. During the first quarter, we also made progress in our IDE and global registry for the Nellix® EndoVascular Aneurysm Sealing System and remain on track to complete enrollment in both clinical studies by the end of the year."

Financial Results

Global revenue in the first quarter of 2014 was $33.3 million, a 12% increase from $29.8 million in the first quarter of 2013. U.S. revenue in the first quarter of 2014 was $24.0 million, a 3% decrease compared with $24.7 million in the first quarter of 2013. The decrease in the U.S. was due to a slow start to the year, but current procedure trends are encouraging. International revenue was $9.3 million, an 82% increase compared to $5.1 million in the first quarter of 2013. The international sales increase was primarily attributable to strong direct sales growth in Europe with both Nellix and AFX.

Gross profit was $24.3 million in the first quarter of 2014, which represents a gross margin of 73%. This compares with gross margin of 76% in the first quarter of 2013. The decrease in gross margin was primarily driven by geography and product mix, with a greater proportion of sales from international markets, with lower gross margins.

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