Endologix Announces Fourth Quarter and Full-Year 2018 Preliminary Financial Results and Provides 2019 Financial Guidance
January 07 2019 - 8:00AM
Business Wire
Endologix, Inc. (the “Company”) (NASDAQ:ELGX), a developer and
marketer of innovative treatments for aortic disorders, today
announced that its preliminary unaudited revenue for the fourth
quarter ended December 31, 2018 is expected to be approximately $34
million. Revenue for the full year ended December 31, 2018 is
expected to be $155.8 million.
Total cash, cash equivalents, and restricted cash as of December
31, 2018 are expected to be approximately $24 million.
2019 Financial GuidanceThe Company reaffirms its
previously issued annual guidance and continues to expect 2019
revenue of at least $140 million. The Company anticipates revenue
for the first quarter ending March 31, 2019 of approximately $35
million. The Company continues to expect 2019 operating expenses in
the range of $130 million to $140 million. The Company’s 2019
financial guidance contemplates the anticipated impact of the
voluntary recall of the Nellix System and issuance of its January
4, 2019 field safety notice (FSN).
About Endologix, Inc.Endologix, Inc. develops and
manufactures minimally invasive treatments for aortic disorders.
The Company's focus is endovascular stent grafts for the treatment
of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall
of the aorta, the largest artery in the body, resulting in a
balloon-like enlargement. Once AAA develops, it continues to
enlarge and, if left untreated, becomes increasingly susceptible to
rupture. The overall patient mortality rate for ruptured AAA is
approximately 80%, making it a leading cause of death in the United
States. For more information, visit www.endologix.com.
Cautionary Note Regarding Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can generally be identified by the use
of words such as “anticipate,” “expect,” “could,” “may,” “will,”
“believe,” “estimate,” “forecast,” “goal,” “project,” "continue,"
"outlook," “guidance,” "future,” and other words with similar
meanings. Forward-looking statements used in this press release
relate to, among other things, Endologix’s: preliminary revenue and
cash balance for the fourth quarter ended December 31, 2018;
preliminary revenue for the year ended December 31, 2018; projected
revenue and operating expenses for 2019; projected revenue for the
quarter ending March 31, 2019, and contemplation in the Company’s
2019 financial guidance of the anticipated impact of the voluntary
recall of the Nellix System and issuance of the January 4, 2019
FSN. The forward-looking statements made in this press release are
subject to numerous risks and uncertainties that could cause actual
results to differ materially from those anticipated or projected in
the forward-looking statements. For example, the Company’s
preliminary revenue for the quarter ended December 31, 2018 has
been disclosed based on information currently available to
management, has not been subject to any review procedures by our
independent registered public accounting firm, and are subject to
adjustment based on final internal and external review and audit.
In addition, the Company’s ability to achieve its projected revenue
for 2019 will be impacted by numerous factors, including: continued
market acceptance of Endologix's products; the success of
Endologix’s restructuring and strategic initiatives; Endologix’s
ability to access the capital markets on terms acceptable to it, or
at all; Endologix’s ability to comply with its financial and other
lending covenants and restrictions; the success of clinical trials
relating to Endologix’s products; Endologix’s product research and
development efforts; uncertainty in the process of obtaining and
maintaining regulatory approval for Endologix's products;
Endologix’s ability to protect its intellectual property rights and
proprietary technologies; and other economic, business, competitive
and regulatory factors. The forward-looking statements contained in
this press release speak only as of the date of this press release.
Endologix undertakes no obligation to update any forward- looking
statements contained in this press release to reflect new
information, events or circumstances after the date they are made,
or to reflect the occurrence of unanticipated events. Please refer
to Endologix's filings with the Securities and Exchange Commission
including its Annual Report on Form 10-K for the year ended
December 31, 2017, and its Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2018, June 30, 2018, and
September 30, 2018 for more detailed information regarding
these risks and uncertainties and other factors that may cause
actual results to differ materially from those expressed or
implied.
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version on businesswire.com: https://www.businesswire.com/news/home/20190107005345/en/
INVESTORS:Endologix, Inc.Vaseem Mahboob, CFO(949) 595-7200
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