Endologix Inc has a market cap of $215.17 million; its shares were traded at around $4.42 with and P/S ratio of 4.1.
This is the annual revenues and earnings per share of ELGX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ELGX.
Highlight of Business Operations:Revenue. Revenue increased 22% to $14.5 million in the three months ended March 31, 2010 from $11.8 million in the three months ended March 31, 2009. Domestic sales increased 18% to $12.0 million in the three months ended March 31, 2010 from $10.2 million in the three months ended March 31, 2009. The increase in domestic sales was primarily due to increased productivity of our sales representatives. In addition, revenue increased as a result of our Intuitrak delivery system being available for the entire three months ended March 31, 2010. Intuitrak was introduced during the first quarter of 2009, and was not available for the entire three month period.
International sales increased 49% to $2.5 million in the three months ended March 31, 2010 from $1.7 million for the comparable period in the prior year. This increase was driven primarily by higher sales to our distributors in South America and Europe as a result of the transition to the Intuitrak delivery system.
Cost of Revenue. The cost of revenue increased 16% to $3.4 million in the three months ended March 31, 2010 from $2.9 million in the three months ended March 31, 2009, due to an increase in the volume of Powerlink System sales. As a percentage of revenue, cost of revenue decreased to 23% in the first quarter of 2010 as compared to 25% in the same period of 2009. The percentage decline in the cost of revenue was due to lower product costs driven by increasing volume and manufacturing efficiencies.
Marketing and Sales. Marketing and sales expense increased 5% to $7.0 million in the three months ended March 31, 2010 from $6.6 million in the three months ended March 31, 2009. The increase in the first quarter of 2010 resulted primarily from higher variable compensation expense on the 18% increase in domestic sales.
For the three months ended March 31, 2010, we incurred a net loss of $225,000. As of March 31, 2010, we had an accumulated deficit of approximately $146.4 million. Historically, we have relied on the sale and issuance of equity securities to provide a significant portion of funding for our operations. In August 2009, we completed a sale of our common stock that resulted in net proceeds of approximately $14.8 million. In 2009, we began to generate positive cash flows from operations for the first time in our history.
At March 31, 2010, we had cash and cash equivalents of $22.6 million. For the year ended December 31, 2009 we generated $5.0 million of cash flow from operations and in the three months ended March 31, 2010, we used $1.3 million to fund operations. We believe that our current cash balance, in combination with cash flows from operations and borrowings available under our credit facility, will be sufficient to meet anticipated cash needs for operating and capital expenditures for at least the next twelve months.
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