The Irvine, Calif.-based company posted losses of $10.1 million, or 12¢ per share, on sales of $34.8 million for the three months ended September 30, seeing losses shrink 29.1% while sales shrunk 24.4% compared with the same period during the previous year.
Losses per share were well ahead of the 24¢ consensus on The Street, where analysts were looking for sales of $34.5 million, which the company topped.
“While there is still significant work to be done, our third quarter results reflect the Company’s commitment to realizing the full potential of our recently announced strategic plan, with the ultimate goal of restoring credibility with customers and building value for stockholders. Our revenue came in slightly above the pre-announced range, and we also demonstrated gross margin expansion and operating expense discipline during the quarter. These results were largely driven by recent process improvements, giving us confidence in our ability to achieve our 2018 financial targets. Additionally, we continue to make progress toward our clinical development and regulatory milestones and to educate customers and investigators around the world on the clinical benefits of AFX2, Ovation, Alto, and Nellix in the treatment of AAA,” CEO John Onopchenko said in a press release.
Endologix reaffirmed its earlier full year guidance, expecting to post sales of between $150 million and $155 million with GAAP loss per share of between 91¢ and 87¢, down from previous guidance of between $1.12 and $1.04.
For its next fiscal year, the company expects to post revenue of at least $140 million, with operating expenses of between $130 million and $140 million.
Endologix shares closed up 3.3% today, at $1.26.
Last month, Endologix said it was floating $20 million in its own shares in a public offering as it looks to refinance its debt.