Endologix, Inc. (NASDAQ:ELGX)
Endologix, Inc. (NASDAQ:ELGX) reported its financial results for first quarter ended March 31, 2017. The company specializes in the development and marketing of innovative therapies for aortic disorders.
In a statement, Chief Executive Officer of Endologix, Inc. (NASDAQ:ELGX), John McDermott, said the company made significant progress in the quarter which gives it a solid start for the year. He added that the impressive performance was a result of the company’s adoption of Ovation®. McDermott also added that the company managed to successfully lower its operating expenses during the quarter and that to the company’s joint venture with TriVascular.
The company reported $42.6 million in revenue from its global business which translates to a 0.6% increase from the $42.4 million that was reported during a similar period last year. Domestic revenue amounted to $30.9 million in the quarter ended March 31, 2017 which represents a 3.4% increase from that $29.9 million that was reported in last year’s first quarter.
Endologix, Inc. (NASDAQ:ELGX) reported $28.6 million in gross profits in the first quarter of 2017. This translated to a gross margin of 67.2%. The company reported a gross profit of $27.9 million and a gross margin of 66.0% for the quarter ended March 31, 2016.
Total operating expenses amounted to $44.3 million the quarter ended March 31, 2017 compared to $66.3 million in operational expenses that was reported in the quarter ended March 31, 2016. The first quarter operating expenses are inclusive of $12.1 million in merger expenses. It also includes litigation expenses of $4.7 million. Without these elements, the company’s operational expenses during the quarter stands at $5.5 million, representing a drop from what the company reported in the previous financial year. The drop is attributed to cost synergies drawn from the merger.
During the quarter, Endologix, Inc. (NASDAQ:ELGX) reported (-$21.3) million or (-$0.26) per share in net loss compared to (-$47.7) million of (-0.62) per share that was reported in the first quarter of 2016. The company’s Adjusted Net Loss during the quarter stood at $15.3 million as compared to $19.3 million in Adjusted Net Loss reported a year ago. The company reported a negative Adjusted EBITDA amounting to $9.8 million in first quarter of 2017 compared to $14.1 million reported a year ago.
At the close of the quarter, Endologix, Inc. (NASDAQ:ELGX) had $36.0 million in cash and cash equivalents as well as marketable securities.
Endologix, Inc. (NASDAQ:ELGX) was up by 2.92% in Wednesday’s trading session, ending the day at $4.94 a share.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.