Endologix promotes COO to corner office, posts mixed Q1 results

Endologix (NSDQ:ELGX) promoted chief operating officer John Onopchenko to CEO just in time for him to take the lead on the company’s first-quarter financial results.

Onopchenko served as the Irvine, Calif.-based company’s COO for the past seven months. He has spent 30 years in the medical device industry, including nearly a decade at Johnson & Johnson (NYSE:JNJ), where he led medical device investments and worldwide operations for the company’s advanced sterilization products unit.

“Since joining the company as COO, I have been deeply involved in the operations of the organization, and I’m excited about the bright future that Endologix has ahead of it. I am looking forward to further advancing the company’s innovative portfolio, enhancing its credibility and reputation with our physicians and customers, and building a culture of accountability, with the ultimate goal of delivering value to our stakeholders around the globe,” Onopchenko said in prepared remarks.

Former chief executive John McDermott announced his departure in February.

Endologix’s shares held steady today after the company topped sales estimates on Wall Street with its first-quarter results but missed earnings expectations.

The company reeled in its losses, posting a net loss of -$19.8 million on sales of $42.3 million for the three months ended March 31, for bottom-line growth of 7.3% on sales loss of -0.8% compared with the same period last year.

“Our top-line performance during the first quarter reflects slightly better-than-expected growth in our OUS business driven by solid AFX growth in both the European and CAPLA markets. In the U.S. market, a decline in our AFX business was partially offset by continued growth in our Ovation business,” CFO Vaseem Mahboob said in prepared remarks. “On the product development and clinical side, we successfully completed enrollment of the first patient in our EVAS2 IDE clinical study of the Nellix EndoVascular Aneurysm Sealing (EVAS) system. Additionally, we announced positive results from our global Encore analysis with polymer endovascular aneurysm repair (EVAR) using our Ovation Abdominal Stent Graft systems.”

ELGX shares were trading at $4.30 apiece in mid-morning activity today, down -0.9%.

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