The Irvine, Calif.-based AFX stent graft developer posted losses of -$7.8 million, or -40¢ per share, on sales of 35.8 million for the three months ended Sept. 30, for a 23.2% bottom-line gain on sales growth of 2.9%.
Adjusted to exclude one-time items, losses per share were -54¢, 10¢ ahead of Wall Street, where analysts were looking for sales of $35.3 million.
“Our persistent focus on execution has resulted in improved performance across the business including AFX2 in the U.S., as evidenced by our third-quarter results,” Endologix CEO John Onopchenko said in prepared remarks. “We posted solid financial results, with the company returning to annualized growth while effectively managing our expenses and meaningfully reducing our quarterly cash burn to less than $5 million. Our operational progress to-date has steadily improved, and we are positioned to build off these results in the fourth quarter and into 2020.”
Endologix stood fast on its prior sales guidance, projecting revenues of at least $140 million at the end of fiscal 2019.
ELGX shares were up 7.6% at $2.85 per share in mid-afternoon trading today.