Shares in Apollo Endosurgery (NSDQ:APEN) fell today after the medical device maker missed earnings per share expectations on Wall Street with its fourth quarter and full fiscal year 2017 earnings report.
The Austin, Texas-based company posted losses of $7.3 million, or 42¢ per share, on sales of $16.1 million for the 3 months ended December 31, seeing losses shrink 62.9% while sales grew 5.3% compared with the same period during the prior year.
Losses per share were larger than the 34¢ consensus on Wall Street, where analysts were expecting to see sales of $16.1 million.
For the full year, Apollo Endosurgery posted losses of $27.3 million, or $2.01 per share, on sales of $64.3 million, seeing losses shrink 33.7% while sales shrunk a smaller 0.5% compared with the previous fiscal year.
“The fourth quarter marks our second consecutive quarter of consolidated total revenue growth on the sales of our Endo-bariatric products especially in our international markets. Demand for OverStitch was especially strong during the fourth quarter in all markets as the treatments possible with this new technology gained physician adoption. Our Endo-bariatric product sales are now 60% of our total sales and we look to build on this momentum in 2018,” CEO Todd Newton said in a prepared statement.
Shares in Apollo Endosurgery have fallen 12.2% today, at $5.96 as of 9:53 a.m. EST.
Last month, Apollo Endosurgery won approval in South Korea for its Orbera intragastric weight-loss balloon system.
