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Endologix Reports 30% Third Quarter 2010 Revenue Growth
Date:10/27/2010

and administrative expenses in third quarter of 2010 included $575,000 in legal expense related to the patent disputes with Cook Medical and Bard Peripheral Vascular, Inc. and $290,000 in expenses related to the Nellix acquisition.  In total, the above amounts for litigation and business development expenses during the third quarter equaled $1.4 million, or $0.03 per share.

Total operating expenses for the nine months ended September 30, 2010 were $38.1 million, compared with $30.6 million for the nine months ended September 30, 2009.  Marketing and sales expenses increased to $23.1 million in the first nine months of 2010, up from $19.8 million in the same period last year.  Research, development and clinical expenses increased to $8.0 million in the first nine months of 2010, up from $4.5 million in the same period last year.  General and administrative expenses were $7.0 million, compared with $6.3 million for the nine months ended September 30, 2009.

Endologix reported a net loss for the third quarter of 2010 of $466,000 or $(0.01) per share, compared with a net loss of $156,000 or $(0.00) per share, for the third quarter of 2009.  For the nine months ended September 30, 2010, the Company reported a net loss of $1.1 million, or $(0.02) per share, compared with a net loss of $1.8 million, or $(0.04) per share, for the nine months ended September 30, 2009.  Total cash and cash equivalents were $22.9 million as of September 30, 2010, compared with total cash and cash equivalents of $24.1 million as of December 31, 2009.

"Excluding legal expenses related to the Cook and Bard patent cases and the business development investments noted above, our core business was profitable during the third quarter.  This was driven by strong revenue growth and improving gross margins," stated Endologix Chief Financial Officer Bob Krist.  "During the quarter we added 3 new sales representatives, bringing the total number o
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SOURCE Endologix, Inc.
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