Endologix, Inc. (ELGX) saw its loss narrow to $21.31 million, or $0.26 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $47.67 million, or $0.62 a share. On an adjusted basis, net loss for the quarter was $15.27 million, when compared with $19.30 million in the last year period. Revenue during the quarter went up marginally by 0.58 percent to $42.61 million from $42.37 million in the previous year period. Gross margin for the quarter expanded 126 basis points over the previous year period to 67.22 percent. Operating margin for the quarter stood at negative 36.75 percent as compared to a negative 90.65 percent for the previous year period.
Operating loss for the quarter was $15.66 million, compared with an operating loss of $38.40 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $9.85 million compared to negative $14.09 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 23.11 percent for the quarter compared to negative 33.25 percent in the last year period.
"We are pleased with our progress during the quarter and our solid start to the year. Our top-line performance was driven by continued adoption of Ovation. Weve also made excellent progress in lowering our operating expenses by driving synergies from the merger with TriVascular last year. Additionally, shortly after the end of the quarter, we secured a new credit facility, which we anticipate will provide the resources we need to execute our strategic initiatives,” commented John McDermott, Endologixs chief executive officer. “Looking forward, we remain focused on providing value through our comprehensive portfolio of innovative aortic technologies."
Endologix, Inc. expects revenue to be in the range of $193 million to $200 million for financial year 2017. For financial year 2017, the company projects diluted loss per share to be in the range of $0.83 to $0.86.
Working capital drops significantlyEndologix, Inc. has witnessed a decline in the working capital over the last year. It stood at $72.60 million as at Mar. 31, 2017, down 35.58 percent or $40.09 million from $112.68 million on Mar. 31, 2016. Current ratio was at 2.80 as on Mar. 31, 2017, down from 2.89 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 114 days for the quarter from 193 days for the last year period. Days sales outstanding went down to 64 days for the quarter compared with 73 days for the same period last year.
Days inventory outstanding has decreased to 138 days for the quarter compared with 224 days for the previous year period. At the same time, days payable outstanding went down to 87 days for the quarter from 105 for the same period last year.
Debt moves up
Endologix, Inc. has witnessed an increase in total debt over the last one year. It stood at $179.67 million as on Mar. 31, 2017, up 5.67 percent or $9.64 million from $170.03 million on Mar. 31, 2016. Endologix, Inc. has witnessed an increase in long-term debt over the last one year. Total debt was 52.71 percent of total assets as on Mar. 31, 2017, compared with 41.77 percent on Mar. 31, 2016. Debt to equity ratio was at 1.89 as on Mar. 31, 2017, up from 1.26 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
