Shares of Endologix (NASDAQ: ELGX) were bottomward 37% on Friday afterwards the medical accessory maker announced disappointing balance at bazaar aing on Thursday. Specifically, acquirement decreased 7.9% year over year due to lower U.S. sales of AFX, its endovascular arrangement to amusement belly aortic aneurysms, and benevolence in Latin America.
The acceptable account is that sales of Endologix’s Ovation belly stent affix are growing in the U.S. and AFX sales are still growing in Japan. Unfortunately, it’s aloof not abundant to accomplish up for crumbling U.S. AFX sales.
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Management bargain its 2018 advice essentially and now expects acquirement in the ambit of $145 actor to $155 million, compared to the antecedent ambit of $170 actor to $180 million. On the balance line, Endologix now expects to lose amid $1.04 to $1.12, a bigger accident than the antecedent ambit of $0.89 to $0.95.
Seeing the autograph on the wall, administration has absitively to restructure to cut costs based on its lower revenue, but it’ll booty a while to get costs in band with the new revenue.
Revenue advance could resume with the barrage of its activity articles Alto, an belly stent affix system, and Nellix ChEVAS for belly aortic aneurysms with circuitous anatomy. But Alto isn’t appointed to barrage in the U.S. until aing year and Endologix is still alive with the Food and Drug Administration on the architecture of a analytic balloon for Nellix ChEVAS that won’t alpha until aing year.
If administration can cut costs and appropriate the ship, now could be a acceptable time to buy shares of Endologix at a discount. But it comes with accident that a turnaround could booty best than hoped and there are so abounding added medical accessory makers to accept from.
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Brian Orelli has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a acknowledgment policy.
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