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news.Endologix has reported a gross profit of $5.8 million in the first quarter of 2008, which represented a gross margin of 70% of revenue. This compares with $3.7 million and 59%, respectively, in the first quarter of 2007.
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The improvement in gross margin for the 2008 first quarter was due primarily to the utilization of ePTFE graft material produced in-house. Total product revenue in the first quarter of 2008 totaled $8.3 million, a 33% increase from $6.3 million in the first quarter of 2007, and a 5% increase from $7.9 million in the fourth quarter of 2007.
Domestic product revenue of $6.8 million represented a 34% increase, compared with $5.1 million in the 2007 first quarter, and 2% from $6.7 million in the 2007 fourth quarter. International product revenue increased to $1.5 million, up 30% compared with $1.1 million during the comparable quarter of 2007 and up 25% from $1.2 million in the fourth quarter of 2007.
Endologix reported a net loss for the first quarter of 2008 of $3.7 million, or $0.09 per share, compared with a net loss of $4.4 million, or $0.10 per share, for the first quarter of 2007.
Paul McCormick, president and CEO of Endologix, said: “Given our increasing sales, improved margin and expense controls, we are on track to achieve our 2008 guidance, which includes a revenue increase of 44% to 59%, compared with 2007, and reaching cash-flow positive from operations later in 2008.”