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Articles 

Endologix Inc Reports Operating Results (10-Q)

July 30, 2010 | About:

Endologix Inc (NASDAQ:ELGX) filed Quarterly Report for the period ended 2010-06-30.

Endologix Inc has a market cap of $222.4 million; its shares were traded at around $4.57 with and P/S ratio of 4.3. ELGX is in the portfolios of Pioneer Investments.

Highlight of Business Operations:

Revenue. Revenue increased 19% to $15.7 million in the three months ended June 30, 2010 from $13.2 million in the three months ended June 30, 2009. Domestic sales increased 12% to $12.8 million in the three months ended June 30, 2010 from $11.4 million in the three months ended June 30, 2009. The increase in domestic sales was primarily due to the expansion of our sales force and sales force productivity.

Cost of Revenue. The cost of revenue increased 11% to $3.6 million in the three months ended June 30, 2010 from $3.3 million in the three months ended June 30, 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 second quarter of 2010 as compared to 25% for the same period of 2009. The percentage decreased primarily due to a more favorable product mix, volume related efficiencies, and utilization of our in-house ePTFE graft material for products sold to our Japanese distributor.

Revenue. Revenue increased 21% to $30.1 million in the six months ended June 30, 2010 from $25.0 million in the six months ended June 30, 2009. Domestic sales increased 15% to $24.8 million in the six months ended June 30, 2010 from $21.6 million in the six months ended June 30, 2009. The increase in domestic sales was primarily due to the expansion and productivity increase of our sales force.

International sales increased 57% to $5.4 million in the six months ended June 30, 2010 from $3.4 million for the comparable period in the prior year. This increase was driven primarily by release of the IntuiTrak delivery system in select European and South American markets.

Cost of Revenue. The cost of revenue increased 13% to $7.0 million in the six months ended June 30, 2010 from $6.2 million in the six months ended June 30, 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 six months ended June 30, 2010 from 25% in the same period of 2009. The percentage decline in the cost of revenue was due to a more favorable product mix, volume related efficiencies, and utilization of our in-house ePTFE graft material for products sold to our distributor in Japan.

For the six months ended June 30, 2010, we incurred a net loss of $605,000. As of June 30, 2010, we had an accumulated deficit of approximately $146.8 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. During 2009, we began to generate positive cash flows from operations for the first time in our history.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

Rating: 4.0/5 (5 votes)

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