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Endologix Reports 22% Second Quarter 2011 Revenue Growth
Date:7/21/2011

mpared with $12.8 million in the second quarter of 2010, and an 8% increase sequentially from the first quarter of 2011.  International revenue was $2.6 million, an 11% decrease compared with $2.9 million in the second quarter of 2010, and a 19% decrease sequentially from the first quarter of 2011.  The decrease in international revenue was the result of lower sales of Endologix products to the Company's primary distributor in Europe, LeMaitre Vascular.  The Companies announced an early termination agreement for LeMaitre's European distribution rights of Endologix products on July 18, 2011.  The agreement will take effect September 1, 2011.

For the six months ended June 30, 2011, total revenue increased 25% to $37.7 million, compared with $30.1 million for the six months ended June 30, 2010.

Gross profit was $15.0 million in the second quarter of 2011, which represents a gross margin of 78.4%.  This compares with gross profit of $12.0 million and a gross margin of 76.9% in the second quarter of 2010. Gross profit was $29.2 million for the six months ended June 30, 2011, representing a gross margin of 77.4%.  This compares with gross profit of $23.2 million and a gross margin of 76.9% for the six months ended June 30, 2010.  Higher gross margin for the three and six months ended June 30, 2011 was driven by more favorable product mix associated with new products launched in the second half of 2010, and by faster overall revenue growth in the higher margin domestic market.

Total operating expenses were $20.2 million in the second quarter of 2011, a 65% increase compared with $12.2 million in the second quarter of 2010. Of this $8.0 million increase, $3.5 million is related to the Nellix acquisition, including the ongoing technology development work, the establishment of a direct sales organization in Europe, and general integration expenses.

Marketing and sales expenses increased to $10.8 million in the sec
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SOURCE Endologix, Inc.
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