Endologix Q4 Loss Narrows, Guides FY14 Below View - Update

(RTTNews) - Endologix Inc. (ELGX), a developer of innovative treatments for aortic disorders, Thursday reported a narrower fourth-quarter loss, as revenues climbed 21 percent, driven primarily by international sales. However, the firm guided fiscal 2014 below Wall Street expectations, sending the stock down 20 percent in the extended trade.

Net loss was $3.41 million or $0.05 per share, compared to $6.52 million or $0.11 per share last year.

The latest net loss included non-cash other expense of $0.05 per share, which reflects the increase in fair value of the contingent consideration related to the Nellix acquisition.

Adjusted loss for the fourth quarter was $0.00 per share, while it was a loss of $0.09 per share last year. On average, 7 analysts polled by Thomson Reuters expected the company to report loss per share of $0.05 for the quarter. Analysts' estimates typically exclude special items.

Global revenues increased to $35.25 million from $29.22 million last year. Analysts estimated revenues of $35.8 million for the quarter.

U.S. revenue advanced 8 percent to $25.4 million. The growth was due to percutaneous EVAR physician training courses, commencing in May 2013 immediately after FDA approval and by productivity gains of the U.S. sales force.

International revenue surged 69 percent to $9.8 million, as a rersult of strong direct sales growth in Europe with both AFX and Nellix and orders from international distributors.

Looking ahead, Endologix expects a GAPP loss of $0.31 to $0.44 per share and revenues of $146 million to $152 million for 2014. Analysts currently see breakeven per share and revenues of $161.15 million for 2014.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization, or EBITDA, is expected to be a loss of between $0.04 and $0.17 per share.

The stock closed down 0.2 percent at $17.87 and plunged 20 percent in the extended trade.