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

ficant change in the fair value of the Nellix contingent consideration, which is payable in common shares, resulted from the recent increase in Endologix's stock price.

For the six months ended June 30, 2011, the Company reported a net loss of $18.5 million, or $(0.33) per share, compared with a net loss of $605,000, or $(0.01) per share, for the six months ended June 30, 2010.  On an adjusted (non-GAAP) basis, excluding the $8.6 million non-cash fair value adjustment related to the contingent consideration for the Nellix acquisition, Endologix reported Adjusted Net Loss for the six months ended June 30, 2011 of $9.9 million, or $(0.18) per share.

Total cash and cash equivalents were $30.9 million as of June 30, 2011, compared with total cash and cash equivalents of $38.2 million as of December 31, 2010.

"Despite lower international sales in the second quarter of 2011 related to our anticipated transition to a direct sales force in Europe, we remain on track to achieve our full year revenue guidance," stated Endologix Chief Financial Officer Bob Krist.  "On the bottom line, excluding the charge related to the $1.3 million one-time payment associated with the early termination agreement with LeMaitre to be recorded in the third quarter, and the fair value adjustment of the contingent purchase consideration related to the Nellix acquisition, we continue to expect full year loss per share in the range of $0.25 to $0.30 per share."

Financial GuidanceBased on the second quarter results, the Company is reiterating its full year 2011 revenue and net loss per share guidance.  The Company anticipates total revenue to be in the range of $78 million to $82 million, representing growth of 16% to 22% over 2010.  In 2011, the Company expects to generate a net loss of between $0.25 to $0.30 per share due to planned investments in building a direct sales force in Europe and developing the acquired Nellix technology in anticipation
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SOURCE Endologix, Inc.
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