Navigation Links
Endologix Files Form 10-K; Nellix Purchase Price Allocation Finalized

IRVINE, Calif., March 16, 2011 /PRNewswire/ -- Endologix, Inc. (Nasdaq: ELGX), developer of minimally invasive treatments for aortic disorders, today announced the filing of its annual report on Form 10-K and certain revisions to its previously reported unaudited fourth quarter and full year 2010 financial results.

Upon finalization of the purchase price allocation related to Endologix's December 2010 acquisition of Nellix, Inc., the Company revised the amount of the purchase price allocated to in-process research and development (IPR&D) to $40.1 million and goodwill to $22.4 million.  Accordingly, the Company revised the associated deferred tax liability and the corresponding change in valuation allowance effect.  This resulted in an income tax benefit of $15.1 million compared to $11.3 million previously reported.  The revisions had no effect on cash flows or cash balances.

As a result, Endologix reported revised GAAP net earnings for the fourth quarter of 2010 of $11.7 million, or $0.22 per diluted share from the previously reported $8.0 million or $0.15 per diluted share; and GAAP net earnings for the full year 2010 of $10.7 million or $0.21 per fully diluted share from the previously reported $6.9 million or $0.14 per diluted share.

There were no other changes to Endologix's previously reported unaudited fourth quarter and full-year 2010 financial results, its previously reported adjusted (non-GAAP) results, or its previously reported financial guidance.Nellix Acquisition: Purchase Price Allocation($000's) Preliminary FinalizedIPR&D$


40,100Deferred tax liability(11,302)(15,067)Other net assets114114Net assets acquired18,71225,147Fair value of consideration given$


47,589Less: Net assets acquired18,71225,147Goodwill$


22,442Effect on Reported Net IncomeQ4 2010($000's)Previously ReportedRevisedTax benefit$


15,037Net earnings$


11,724Full Year 2010Previously ReportedRevisedTax benefit$


15,037Net earnings$


10,653About EndologixEndologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders.  The Company's flagship product is the Powerlink® System, which is an endovascular stent graft for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement.  Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture.  The overall patient mortality rate for ruptured AAA is approximately 75%, making it a leading cause of death in the U.S. Additional information can be found on Endologix's Web site at

Except for historical information contained herein, this news release contains forward-looking statements with respect to 2011 financial guidance, the accuracy of which are necessarily subject to risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Endologix. Many factors may cause actual results to differ materially from anticipated results, including the success of sales efforts for the Powerlink System and related new products, product research and development efforts, and other economic, business, competitive and regulatory factors. The Company undertakes no obligation to update its forward looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2010, and the Company's other filings with the Securities and Exchange Commission, for more detailed information regarding these risks and other factors that may cause actual results to differ materially from those expressed or implied.



The Ruth GroupJohn McDermott, CEO

Nick Laudico (646) 536-7030(949) 595-7200

Zack Kubow (646)

SOURCE Endologix, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Endologix Comments on Alleged Patent Infringement
2. Endologix Responds to Alleged Patent Infringement
3. Endologix to Report Third Quarter 2009 Financial Results on October 27, 2009
4. Endologix Reports 47% Third Quarter 2009 Revenue Growth
5. Endologix Files Motion to Discontinue Court Proceedings Related to Alleged Patent Infringement
6. Endologix Enters Development Agreement and Exclusive License for Balloon Expandable Stent Technology
7. Endologix Receives CE Mark Approval for Expanded Line of Powerlink Products and PowerFit Aortic Extensions
8. Endologix to Report Third Quarter 2010 Financial Results on October 27, 2010
9. Endologix Announces Publication of Clinical Trial Results Supporting Anatomical Fixation with a Suprarenal Aortic Extension
10. Endologix to Present at Oppenheimer 21st Annual Healthcare Conference
11. Endologix Reports 30% Third Quarter 2010 Revenue Growth
Post Your Comments:
(Date:6/23/2016)... , June 23, 2016 Bracket , ... launch its next generation clinical outcomes platform, Bracket eCOA (SM) ... held on June 26 – 30, 2016 in ... first electronic Clinical Outcome Assessment product of its kind to ... #715. Bracket eCOA 6.0 is a flexible platform ...
(Date:6/23/2016)... NORTHBROOK, Ill. and BOGOTA, Colombia , June 23, 2016  Astellas today announced the ... joins Astellas Farma Brasil as the company,s second affiliate in Latin America . ... ... appointed General Manager of Astellas Farma Colombia ... ...
(Date:6/23/2016)... Pa. , June 23, 2016 The ... in an outpatient dialysis facility.  Treatments are usually 3 ... 6 hours per visit, including travel time, equipment preparation ... a patient, but especially grueling for patients who are ... of a skilled nursing and rehabilitation centers for some ...
Breaking Medicine Technology:
(Date:6/24/2016)... ... 2016 , ... The Pulmonary Hypertension Association (PHA) learned during ... two significant new grants to support its work to advance research and patient ... recognizing patients, medical professionals and scientists for their work in fighting pulmonary hypertension ...
(Date:6/24/2016)... Diego, CA (PRWEB) , ... June 24, 2016 , ... ... with the American Cancer Society and the Road To Recovery® program to drive cancer ... to seniors and other adults to ensure the highest quality of life and ongoing ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... Clinical Decision Making in Emergency Medicine conference in Ponte Vedra Beach, FL. The ... published in Emergency Medicine Practice and Pediatric Emergency Medicine Practice. , ...
(Date:6/24/2016)... ... 2016 , ... Strategic Capital Partners, LLC (SCP) in concert ... capital for emerging technology companies. SCP has delivered investment events and professional ... than a million dollars of capital investment for five companies. The ...
(Date:6/24/2016)... ... June 24, 2016 , ... Today, MTI-GlobalStem, a provider of ... other difficult to transfect cells, announces its launch of the PluriQ™ G9™ Gene ... System is a complete system for culturing and transfecting human pluripotent stem ...
Breaking Medicine News(10 mins):