The company — maker of endovascular stent-grafts for the treatment of abdominal aortic aneurysms (AAA) — reported losses of -$18.1 million, or -90¢ per share, on sales of $28.5 million for the three months ended March 31 for a sales loss of -19.9% compared with Q1 2019.
Earnings per share were -90¢, 20¢ behind The Street, where analysts were looking for sales of $29.7 million.
“Our first-quarter results were impacted by the deferral of AAA procedures related to the COVID-19 pandemic,” CEO John Onopchenko said in a news release. “We are confident that these deferred procedures will be rescheduled once hospitals widen the criteria for treating AAA patients from today’s ’emergent only’ standard.”
“We are taking the necessary actions to prepare for a return to pre-pandemic procedure volume and to provide necessary case support and ongoing execution of our continuous improvement mandate,” Onopchenko said.
Endologix said the COVID-19 pandemic is expected to have a negative impact on its financial results and business operations. The company withdrew its 2020 financial guidance due to the uncertainties surrounding the pandemic.
Shares in ELGX were down 8.41% to 80¢ apiece in morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.3%.