Endologix shares dip on Q4, FY2016 miss

Shares in Endologix (NSDQ:ELGX) fell today after the medical device maker missed expectations on Wall Street with its 4th quarter earnings result.

The Irvine, Calif.-based company posted losses of $24.9 million, or 30¢ per share, on sales of $47.5 million for the 3 months ended Dec. 31. That equates to growth of losses on the bottom-line of 63%, while revenue grew 21% compared with the same period last year.

Earnings per share and revenue were both off of consensus from the street, which was expecting the company to post 18¢ per share losses and sales of $48.6 million.

For the full year, Endologix reported losses of $154.7 million, or $1.91 per share, on sales of $192.9 million, with losses on the bottom-line growing 206.8% while sales grew a smaller 25.6% compared with its fiscal year 2015.

“In 2016, we successfully completed the TriVascular integration, advanced our strategic initiatives, and remain well positioned to execute on our long-term growth strategy. Looking forward, we have several opportunities to build value and enhance our position in the global aortic market. We anticipate CE Mark approval for Ovation Alto and Nellix ChEVAS in 2017, further expanding the number of AAA patients that can be treated with our innovative technologies. We also have several clinical milestones anticipated over the coming year, including presentation of the Lucy data and initiation of U.S. IDE clinical trials for Ovation Alto and Nellix ChEVAS. We also remain on track to submit the Nellix two-year IDE results and updated IFU to the FDA in the second quarter, which will be a key milestone towards Nellix FDA approval,” CEO John McDermott said in a prepared statement.

Endologix released updated guidance for the coming year, expecting to see revenue between $193 million and $200 million, with GAAP losses per share between 70¢ and 76¢.

Shares have dipped in trading today, down 3.9% to close at $6.28.

The post Endologix shares dip on Q4, FY2016 miss appeared first on MassDevice.

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