Endologix shares tumble on Q2 miss

Shares in Endologix (NSDQ:ELGX) fell over 10% today after the medical device maker missed expectations on Wall Street with its 2nd quarter earnings results.

The Irvine, Calif.-based company posted losses of $16.3 million, or 20¢ per share, on sales of $48.6 million for the 3 months ended June 30, seeing losses shrink 75.6% while sales shrunk 4.7% compared with the same period during the previous year.

Losses per share were higher than the 18¢ losses per share consensus on Wall Street, where analysts were expecting to see revenues of $47.6 million.

“While we are pleased with the overall results in the second quarter, the recovery in AFX2 sales in the U.S. has been slower than expected. Ovation continues to perform nicely and is currently the fastest growing endovascular AAA device in the U.S. market. Enrollment in the ELEVATE clinical study with Ovation Alto is on schedule, and we recently filed our clinical study design with the FDA for the Nellix confirmatory IDE. Looking toward the remainder of the year, we will continue our investment in innovative aortic technologies, while also focusing on increasing revenue and our operating efficiencies,” CEO John McDermott said in a press release.

Endologix lowered its guidance for the full year, expecting to see revenues between $185 million and $190 million, down from previous guidance of $193 million to $200 million. The company said it expects to posts losses per share of between 91¢ and 95¢, up from previous guidance of between 83¢ and 86¢.

Endologix shares fell 10.5% today, closing at $4.35.

The post Endologix shares tumble on Q2 miss appeared first on MassDevice.

from MassDevice http://ift.tt/2wbpmQG