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Endologix Inc Reports Operating Results (10-K)

March 16, 2011 | About:

Endologix Inc (NASDAQ:ELGX) filed Annual Report for the period ended 2010-12-31.

Endologix Inc has a market cap of $327.7 million; its shares were traded at around $5.82 with and P/S ratio of 4.9.

Highlight of Business Operations:

Also on December 10, 2010, concurrent with the closing of our acquisition of Nellix, we issued and sold to Essex Woodlands Health Ventures Fund VII, L.P., or Essex Woodlands Fund VII, and Essex Woodlands Fund VII purchased from us, an aggregate of 3,170,577 unregistered shares of our common stock, at purchase price of $4.731 per share, resulting in gross proceeds to us of $15,000,000.

Over the next several years, we estimate that the United States ELG market will increase by at least 8% per year, and we estimate that up to 75% of AAA procedures will be performed using ELGs by 2015. We estimate that the current total worldwide AAA market is approximately $885 million, with approximately $535 million of the market in the United States alone, and the total worldwide AAA market is expected to grow to approximately $1.3 billion by 2015. We expect that the total aortic stent graft market (including thoracic stent grafts, for which we have future product development plans, but do not currently have an approved product) will grow to $1.7 billion by 2015.

We spent $11.2 million in 2010, $6.6 million in 2009, and $6.1 million in 2008, on research and development, including clinical studies. Our focus is to continually develop innovative and cost effective medical device technology for the treatment of aortic disorders. We believe that our ability to develop new technologies is a key to our future growth and success. Our research and development activities have focused on technology that makes our existing products easier to use, developing products to treat more AAA patients, and new technologies to address other aortic disorders, such as stent grafts for the thoracic region of the aorta. Historically, we have focused on developing devices for infrarenal AAA. However, we expect to devote more resources in the future to developing new technologies to treat juxtarenal and thoracic aneurysms, in order to continue growing our business. Completing these new product development activities will likely require significant cash resources and could take many years to complete, if at all.

Read the The complete Report

About the author:

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

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