The Irvine, Calif.-based stent graft maker’s losses grew 78.7% to -$26.0 million, or -26¢ per share, on sales growth of -18.6% to $24.0 million for the three months ended Dec. 31, 2018, compared with the same period in 2017. Analysts on Wall Street were looking for losses per share of -20¢ on sales of $32.0 million.
Full-year losses were up 24.6% to -$80.5 million, or -91¢ per share, on a -11.5% top-line slide to $109.1 million, compared with the prior year. Analysts were looking for losses per share of -68¢ on sales of $154.0 million.
“Our performance in the fourth quarter and second half of the year reinforces confidence in our strategic planning process and our ability to implement improvements. The objectives we accomplished during the second half of 2018 align with those we laid out during our second-quarter earnings call as part of our strategic reset. As we enter 2019, our single biggest lever will be a consistent and unwavering application of individual and company-wide accountability. We will lean heavily on this lever throughout the year as the critical enabler of consistent delivery on our commitments to patients, customers, investors and other stakeholders. We are determined to sustain the momentum generated over the last two quarters as we continue to take steps to improve the company’s operational and financial footing. While there are still challenges ahead, the entire Endologix team remains singularly dedicated to data-driven superior outcomes in the treatment of [abdominal aortic aneurysms],” CEO John Onopchenko said in prepared remarks.
Endologix said it still expects to log first-quarter sales of roughly $35 million and 2019 sales of “at least” $140 million.
ELGX shares were up 0.5% to 53.12¢ apiece today in mid-morning trading.