Endologix Reports Results For The Third Quarter 2016

IRVINE, Calif., Nov. 01, 2016 (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, 2016.

John McDermott, Endologix Chairman and Chief Executive Officer, said, "We have now delivered three consecutive quarters with good top-line results following the TriVascular merger, highlighting the positive momentum of our product platforms and expanded sales organization in the market. Growth was strong in the U.S. and international markets, reflecting our progress with the merger integration and the recent launch of AFX2 in the U.S. and Europe. Looking forward, we have multiple growth drivers anticipated in 2017, including the LUCY data for the Ovation platform, potential CE Mark for Ovation Alto and Nellix ChEVAS, and potential FDA approval of Nellix."

Financial Results

As a result of its merger with TriVascular Technologies, Inc. completed on February 3, 2016, Endologix's GAAP results ("as reported") include TriVascular's results from that date forward. In addition to reporting GAAP results, Endologix is providing a comparison to pro-forma financial results. The pro-forma results combine standalone Endologix and TriVascular results for the third quarter of 2015 and nine months ended September 30, 2015 in their entirety.

Global revenue in the third quarter of 2016 was $52.1 million, a 36% increase from $38.2 million in the third quarter of 2015 and a 10% constant currency increase from pro-forma revenue of $47.7 million in the third quarter of 2015. For the nine months ended September 30, 2016, global revenue was $145.5 million, a 27% increase from $114.4 million for the nine months ended September 30, 2015 and a 3% increase from pro-forma revenue of $141.6 million for the nine months ended September 30, 2015.

U.S. revenue in the third quarter of 2016 was $36.3 million, a 35% increase as reported and a 9% increase from pro-forma U.S. revenue of $33.4 million in the third quarter 2015. International revenue was $15.8 million, a 40% increase as reported and a 10% increase from pro-forma international revenue of $14.3 million in the third quarter of 2015. On constant currency basis, third quarter 2016 international revenue increased 42% as reported and increased 12% on a pro-forma basis.

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