Endologix, a developer of minimally invasive treatments for aortic disorders, has reported a total revenue of $13.7m in the fourth quarter of 2009, a 28% increase from $10.7m compared to the fourth quarter of 2008.
Gross profit was $10.3m, representing a gross margin of 75%. This compares with gross profit of $7.8m and a gross margin of 73% in the previous year.
Total operating expenses were $11m, compared with $9.3m. Marketing and sales expenses increased to $6.7m from $5.8 million.
Research, development and clinical expenses increased to $2.1m from $1.4m. General and administrative expenses increased to $2.3m from $2.2m.
The net loss for the fourth quarter was $676,000, compared with a net loss of $1.6m, for the same period in 2008.
John McDermott, president and chief executive officer of Endologix, said: “The fourth quarter marks the close of a significant year for Endologix. In 2009, we launched our new delivery systems, IntuiTrak and IntuiTrak Express, which simplify AAA procedures for physicians and give us the lowest profile device available in the US to treat large neck aneurysms.
“We strengthened our domestic sales force, continued to expand in international markets, generated positive cash flow and raised additional capital so we can continue investing in the growth of our business. In November, we became the first company to receive FDA approval for a fully percutaneous EVAR clinical trial. Overall, we are in an excellent position to execute on our growth strategy in 2010.”
The company anticipates total revenue to be in the range of $62m to $66m, representing annual growth of 18% to 26%, for the full year 2010, and also expects to generate positive GAAP earnings per share.