sludgehound
6 years ago
R/S to be 1-10 at Open
https://www.streetinsider.com/Press+Releases/Endologix+Announces+Approval+of+Reverse+Stock+Split/15219992.html
IRVINE, Calif.--(BUSINESS WIRE)-- Endologix, Inc. (the “Company”) (NASDAQ: ELGX) previously announced that a proposal was approved at its Special Meeting of Stockholders, held February 22, 2019, authorizing its Board of Directors to amend the Company's certificate of incorporation to effect a reverse stock split of the Company’s issued and outstanding shares of common stock at a ratio not less than 1-for-5 and not greater than 1-for-10 (inclusive), with the exact ratio to be set within that range by the Company’s Board of Directors. The number of authorized shares of common stock would remain at 170 million shares, and the number of authorized shares of preferred stock would remain at 5 million shares.?The Company’s Board of Directors had previously directed that the proposal be submitted to the stockholders for approval and has subsequently approved the reverse stock split at a ratio of 1-for-10. The reverse stock split will take effect at 4:00 p.m. ET on March 5, 2019. Beginning with the opening of trading on March 6, 2019, the Company's common stock will trade on the NASDAQ Global Select Market on a reverse stock split-adjusted basis.
Upon the effectiveness of the reverse stock split, every ten shares of the Company's issued and outstanding common stock will be automatically reclassified and converted into one issued and outstanding share of common stock, par value $0.001 per share. As a result of the reverse split, there will be approximately 10.3 million shares of common stock issued and outstanding. The shares of common stock will trade under a new CUSIP number, 29266S304, effective March 6, 2019.?The Company’s trading symbol will remain “ELGX.” All options, warrants, and convertible securities of the Company outstanding immediately prior to the reverse stock split will be adjusted.
No fractional shares of common stock will be issued as a result of the reverse stock split. Stockholders who would otherwise be entitled to receive a fractional share as a result of the reverse stock split will instead receive one whole share of common stock.
The Company has chosen its transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), to act as exchange agent for the reverse stock split.?Stockholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, and will not be required to take further action in connection with the reverse stock split, subject to brokers' particular processes.?For those stockholders holding physical stock certificates, AST will send instructions for exchanging those certificates for shares held in book-entry form representing the post-split number of shares. AST can be reached at (800) 937-5449.
About Endologix, Inc.
The Company develops and manufactures minimally invasive treatments for aortic disorders. The Company's focus is in 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 an 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 U.S. For more information, visit www.endologix.com.
The Nellix® EndoVascular Aneurysm Sealing System and Ovation Alto® Abdominal Stent Graft System, the Company's next generation Ovation system device, are approved only as investigational devices and are not currently approved for commercial purposes in any market.
johnsyn
12 years ago
Endologix Reports 22% Revenue Growth for the First Quarter 2013
Provides Update on New Product Pipeline Including Enhancements to Ventana Program That Will Delay IDE Enrollment and Limited Market Introduction in Europe
Reiterates 2013 Financial Guidance
Endologix, Inc. (Nasdaq:ELGX), developer and marketer of innovative treatments for aortic disorders, today announced financial results for the three months ended March 31, 2013 and provided an update on the company's new product pipeline.
John McDermott, Endologix President and Chief Executive Officer, said, "We are very pleased with our sales growth in the U.S. and international markets in the first quarter 2013, driven by continued adoption of the AFX® Endovascular AAA System. In Europe, we began the limited market introduction of the Nellix® EndoVascular Aneurysm Sealing System and have received very positive physician feedback on its ease-of-use and clinical outcomes from these first commercial procedures. In addition, we recently received FDA approval for our percutaneous EVAR (PEVAR) indication with AFX and have physician training courses scheduled to begin in May. After our first 120 procedures with the Ventana™ Fenestrated System, we have seen good overall safety results, but a higher than expected number of renal re-interventions. Before we continue enrolling patients in the IDE clinical study and begin the EU limited introduction, we plan to integrate our next generation covered renal stent and conduct additional testing and training to optimize future outcomes. We hope to begin enrolling patients in the study again and start the limited market introduction in Europe by the end of this year."
Mr. McDermott concluded, "Despite the temporary delay in the Ventana program, we are reiterating our guidance for the year based on the strong performance trends in our core business. We continue to believe Ventana represents a significant new innovation in the treatment of juxta and para-renal aortic aneurysms, with the potential to expand the addressable EVAR market. In addition, the limited market introduction of Nellix is going extremely well and we hope to begin enrolling patients in the U.S. IDE by the end of this year".
Financial Results
Global revenue in the first quarter of 2013 was $29.8 million, a 22% increase from $24.5 million in the first quarter of 2012. U.S. revenue in the first quarter of 2013 was $24.7 million, a 17% increase compared with $21.1 million in the first quarter of 2012, which was largely driven by the continued adoption of the AFX system and the expansion of the U.S. sales force through the addition of sales representatives and clinical specialists that exclusively provide field support to our sales representatives, increasing overall sales force productivity. International revenue was $5.1 million, a 46% increase compared to $3.5 million in the first quarter of 2012. The international sales increase is primarily attributable to a transition to a direct sales organization in Europe, beginning in September 2011.
Gross profit was $22.5 million in the first quarter of 2013, which represents a gross margin of 76%. This compares with gross margin of 78% in the first quarter of 2012. Lower gross margins are primarily the result of product mix and the greater proportion of our global sales from international customers, as opposed to U.S. customers.
Total operating expenses were $27.0 million in the first quarter of 2013, compared to $22.8 million in the first quarter of 2012.
Marketing and sales expenses were $15.2 million in the first quarter of 2013, an increase from $13.5 million in the prior year period. The increase was driven by the costs associated with our direct sales expansion in Europe, and the increase in variable compensation expense associated with our revenue increase.
Research and development expenses were $3.5 million in the first quarter of 2013, substantially similar to the prior year period. Research and development expenses in the first quarter of 2013 were primarily related to the continued development of our Nellix and Ventana systems and enhancements to the AFX system.
Clinical and regulatory affairs expenses were $2.4 million in the first quarter of 2013, an increase from $1.4 million in the prior year period. The increase was primarily driven by the continued enrollment in the Ventana U.S. clinical trial, follow-up costs associated with Ventana and Nellix studies, and regulatory costs for CE and FDA submissions.
General and administrative expenses were $5.9 million in the first quarter of 2013, up from $4.1 million in the prior year period. The increase was driven primarily by the Company's expanding European operations, the new federal Medical Device Excise Tax, and legal and consulting expenses associated with general business growth.
Endologix reported a net loss for the first quarter of 2013 of $9.3 million, or $(0.15) per share, compared with a net loss of $16.7 million, or $(0.29) per share, for the first quarter of 2012. The first quarter 2013 loss includes a $5.2 million non-cash charge, or $(0.08) per share, for the increase of the contingent consideration (solely payable in the form of our common stock) related to the Nellix acquisition. Endologix reported Adjusted Net Loss (non-GAAP and defined below) for the first quarter of 2013 of $4.1 million, or $(0.07) per share, compared with an Adjusted Net Loss (non-GAAP and defined below) for the first quarter of 2012 of $4.3 million, or $(0.07) per share.
Total cash and cash equivalents were $42.0 million as of March 31, 2013, compared to $45.1 million as of December 31, 2012.
Financial Guidance
Based on the first quarter 2013 results and recent developments, Endologix is reiterating its full year 2013 financial guidance. Endologix anticipates 2013 revenue to be in the range of $126 million to $133 million, representing growth of 19% to 25% from 2012. Endologix anticipates a GAAP loss in 2013 of $(0.14) to $(0.17) per share, excluding the effect of increases or decreases in the Nellix contingent consideration and an Adjusted EBITDA (non-GAAP and defined below) of $0.01 to $0.05 per share. Endologix anticipates generating positive cash flows from operations in the second half of 2013.
Conference Call Information
Endologix's management will host a conference call today to discuss these topics, beginning at 5:00 P.M. Eastern time (2:00 P.M. Pacific time). To participate via telephone please call (877) 407-0789 from the U.S. or 1-201-689-8562 from outside the U.S. A telephone replay will be available for seven days following the completion of the call by dialing (877) 870-5176 from the U.S. or 1-(858)-384-5517 from outside the U.S., and entering pin number 412281. The conference call will be broadcast live over the Internet at www.endologix.com and will be available for 30 days. After the live webcast, a webcast replay of the call and a transcript of the call will be available online from the investor relations page of Endologix's website for 30 days.http://seekingalpha.com/news-article/6396241-endologix-reports-22-revenue-growth-for-the-first-quarter-2013
surf1944
12 years ago
8:33AM Endologix announces presentation of data From PEVAR randomized trial; 94% procedural technical success rate; 'significantly' reduced procedure times and time to hemostasis (ELGX) 15.63 : Co announced that data from the first prospective, multicenter, randomized clinical trial of a totally percutaneous approach (PEVAR) to endovascular abdominal aortic aneurysm repair (EVAR) was recently presented at two medical meetings. Key points from the trial include:
The primary trial endpoint was met (P<.0036), definitively demonstrating the non-inferiority of PEVAR using the ProGlide closure device to surgical EVAR
A 94% procedural technical success rate was achieved in a multicenter setting
Mean procedure time was reduced in PEVAR patients by 34 minutes (P=.006). Likewise, mean time to hemostasis was reduced following PEVAR by 13 minutes (P=.002)
PEVAR patients required significantly fewer concomitant procedures
Favorable trending of PEVAR in several clinical utility outcomes including reduced anesthesia time, reduced blood loss and need for transfusion, shorter hospital length of stay, and less analgesics prescribed for groin pain
The PEVAR non-inferiority to surgical EVAR persisted through the final 6-month follow-up
mlkrborn
13 years ago
Reported: $12
Endologix misses by $0.01, reports revs in-line; guides FY12 EPS below consensus, revs in-line (ELGX) : Reports Q4 (Dec) loss of $0.06 per share, $0.01 worse than the Capital IQ Consensus Estimate of ($0.05); revenues rose 21.9% year/year to $23.4 mln vs the $23.51 mln consensus. Co issues mixed guidance for FY12, sees EPS of ($0.12)-(0.18) vs. ($0.05) Capital IQ Consensus Estimate; sees FY12 revs of $102-107 mln vs. $106.42 mln Capital IQ Consensus Estimate. Co expects quarterly progress towards profitability over the course of the year. Guidance takes into account the planned growth of the direct sales force in Europe, and research & development and clinical/regulatory initiatives, particularly for the Nellix and Ventana devices. Not included in this loss per share guidance are potential adverse litigation outcomes, fair value adjustments associated with the Nellix acquisition, or the effect of other possible business development transactions. The Company expects to be cash flow positive in the second half of 2012 and believes that it has adequate cash resources to fund its operations and growth strategies.
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Renee
4 years ago
StockBull
4 years ago
ClayTrader
4 years ago
$Pistol Pete$
4 years ago
instock58
4 years ago
FORDGT
4 years ago
swingingRichard
4 years ago
$Parabolic2030?$
5 years ago
willlbone
5 years ago
cottonmather
6 years ago
interloper
6 years ago
whytestocks
6 years ago
stocktrademan
8 years ago
Sunnygthe1st
11 years ago
Penny Roger$
13 years ago
Hot Features
Premium
