Endologix (ELGX) saw its loss widen to $15.24 million, or $0.18 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.92 million, or $0.16 a share. On an adjusted basis, net loss for the quarter was almost stable at $9.13 million, when compared with last year period. Revenue during the quarter surged 36.33 percent to $52.12 million from $38.23 million in the previous year period. Gross margin for the quarter expanded 14 basis points over the previous year period to 70.85 percent. Operating margin for the quarter stood at negative 21.55 percent as compared to a negative 24.41 percent for the previous year period.
Operating loss for the quarter was $11.23 million, compared with an operating loss of $9.33 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $3.78 million compared to negative $4.94 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 7.26 percent for the quarter compared to negative 12.92 percent in the last year period.
John McDermott, Endologix chairman and chief executive officer, said, "We have now delivered three consecutive quarters with good top-line results following the TriVascular merger, highlighting the positive momentum of our product platforms and expanded sales organization in the market. Growth was strong in the U.S. and international markets, reflecting our progress with the merger integration and the recent launch of AFX2 in the U.S. and Europe. Looking forward, we have multiple growth drivers anticipated in 2017, including the LUCY data for the Ovation platform, potential CE Mark for Ovation Alto and Nellix ChEVAS, and potential FDA approval of Nellix."
Endologix projects revenue to be in the range of $198 million to $201 million for financial year 2016. For financial year 2016, the company forecasts diluted loss per share to be in the range of $1.80 to $1.85.
Debt increases substantially
Endologix has witnessed an increase in total debt over the last one year. It stood at $174.73 million as on Sep. 30, 2016, up 139.19 percent or $101.68 million from $73.05 million on Sep. 30, 2015. Endologix has witnessed an increase in long-term debt over the last one year. Total debt was 45.90 percent of total assets as on Sep. 30, 2016, compared with 31.88 percent on Sep. 30, 2015. Debt to equity ratio was at 1.31 as on Sep. 30, 2016, up from 0.74 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
