Endologix posts Street-beating Q3

Endologix (NSDQ:ELGX) today posted third quarter earnings that beat expectation on Wall Street and reiterated earlier guidance for the remaining year. The Irvine, Calif.-based company posted losses of $10.1 million, or 12¢ per share, on sales of $34.8 million for the three months ended September 30, seeing losses shrink 29.1% while sales shrunk 24.4% compared with the same period during the previous year. Losses per share were well ahead of the 24¢ consensus on The Street, where analysts were looking for sales of $34.5 million, which the company topped. “While there is still significant work to be done, our third quarter results reflect the Company’s commitment to realizing the full potential of our recently announced strategic plan, with the ultimate goal of restoring credibility with customers and building value for stockholders. Our revenue came in slightly above the pre-announced range, and we also demonstrated gross margin expansion and operating expense discipline during the quarter. These results were largely driven by recent process improvements, giving us confidence in our ability to achieve our 2018 financial targets. Additionally, we continue to make progress toward our clinical development and regulatory milestones and to educate customers and investigators around the world on the clinical benefits of AFX2, Ovation, Alto, and Nellix in the treatment of AAA,” CEO John Onopchenko said in a press release. Endologix reaffirmed its earlier full year ...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Featured MassDevice Earnings Roundup Wall Street Beat Endologix Source Type: news