Endologix, Inc. develops, manufactures, markets, and sells medical devices for the treatment of abdominal aortic aneurysms in the United States and internationally. The company offers minimally-invasive endovascular repair (EVAR) products, including EVAR stent graft and catheter delivery system under the Powerlink, IntuiTrak, AFX, and VELA Proximal Endograft brand names. It also provides endovascular sealing (EVAS) product that is based on the Nellix EVAS system to seal the aneurysm, and provides blood flow to the legs through two blood lumens. In addition, the company offers proximal aortic extensions and limb extensions, which attach to the main body of its EVAR device, allowing physicians to customize it to fit the patient's anatomy; and accessories to facilitate the optimal delivery of its EVAR products, including compatible guidewires, snares, and catheter introducer sheaths. It sells its products through direct sales force, network of agents, and independent distributors or agents. The company was formerly known as Radiance Medical Systems, Inc. and changed its name to Endologix, Inc. in May 2002. Endologix, Inc. was founded in 1992 and is headquartered in Irvine, California.
Endologix Sinks on Temporary Shipping Hold John McDermott, CEO of Endologix, commented: The temporary hold on AFX is not related to any reported events from physicians and we continue to see very good commercial clinical results with the latest versions of AFX and AFX2. The manufacturing issue was identified through our on-going product testing and we are proactively implementing the hold to ensure we always provide the safest possible products for patients. We believe we will be able to lift the hold on some sizes in the near future, with the timing for the remaining sizes dependent on the outcome of our investigation. In addition, the AFX manufacturing issue is unrelated to the manufacturing process for Nellix and Ovation, which continue to be available in approved markets. Shares of Endologix were last trading down almost 18% at $5.91, with a consensus analyst price target of $9.60 and a 52-week trading range of $5.76 to $14.50. http://finance.yahoo.com/news/endologix-sinks-temporary-shipping-hold-163512330.html
