Endologix shares plunge on Q2 earnings miss

Shares in Endologix (NSDQ:ELGX) have lost nearly 40% after the company released second quarter earnings that missed loss per share expectations on Wall Street and lowered its guidance for the full year. The Irvine, Calif.-based company posted losses of $23.9 million, or 28¢ per share, on sales of $44.7 million for the three months ended June 30, seeing losses grow 46.6% while sales shrunk 7.9% compared with the same period last year. Adjusted to exclude one-time items, losses per share were 18¢, just behind the 15¢ consensus on Wall Street. “Our second quarter results were in line with our expectations with solid growth from ovation in the U.S. and AFX in Japan, offset by slower sales of AFX in the U.S. market and Nellix in Europe. Looking at the remainder of this year and beyond, we are taking meaningful and necessary steps to reset our operational, clinical, and financial priorities in order to position the company for long-term success. Collectively, these initiatives would improve our competitiveness and lower our cost-to-serve. Our key strategic initiatives include strengthening the company’s leadership team, creating a culture of accountability, focused product and clinical development, rightsizing and investing in customer and market intelligence within our commercial organization, and exiting a number of small international markets. We firmly believe that Endologix has a well differentiated product portfolio delivering superior clinical outcomes, as ev...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wall Street Beat Endologix Source Type: news