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:11/25/2015)... Developmental, commercial, and regulatory/legal strategies ... of pharmaceutical products, says GBI Research ... strategies all play a key role in boosting the ... . --> Developmental, commercial, ... boosting the profitability of pharmaceutical products, says GBI ...
(Date:11/25/2015)... 2015 ... the  "Global Drug Device Combination Products ... offering.  --> ) ... "Global Drug Device Combination Products Market ... --> Research and Markets ( ...
(Date:11/24/2015)... , Nov. 24, 2015  Natera, ... in non-invasive genetic testing and the analysis ... it will present at the 27 th ... December 2, 2015 at 1:00 p.m. ET.  Matthew Rabinowitz, Ph.D., ... financial results, business activities and financial outlook. ...
Breaking Medicine Technology:
(Date:11/25/2015)... ... , ... Many people know of the common symptoms of low thyroid hormone ... But many people who find their cholesterol levels and weight are creeping up are ... if they don’t have any of the other symptoms. , Thyroid hormone plays a ...
(Date:11/25/2015)... ... November 25, 2015 , ... Students and parents have something to be thankful ... Create Real Impact awards. California Casualty is proud to support the contest ... distracted and reckless driving, the number one killer of young drivers. , Almost ...
(Date:11/24/2015)... ... November 24, 2015 , ... Eric C. Seidel, DMD and ... of the revolutionary BIOLASE WaterLase iPlus 2.0™ system. This advanced laser technology uses ... a dentist in Gettysburg, PA . From routine visits to cosmetic treatments, ...
(Date:11/24/2015)... Tucson, AZ (PRWEB) , ... November 24, 2015 , ... ... iPlus 2.0™ treatments from Dr. Angela Wolfman and Dr. Kedar S. Lele, who are ... used for frenectomies, cavities and fillings, the WaterLase iPlus 2.0™ system causes minimal discomfort ...
(Date:11/24/2015)... ... 2015 , ... In an article published November 12th by Obesity ... are or are not eligible for bariatric surgery. The article explains that candidates for ... than 100 pounds overweight, or have a BMI of 35 and over with at ...
Breaking Medicine News(10 mins):