Endologix outlook disappoints Wall Street, shares -24%

|About: Endologix Inc (ELGX)|By:, SA News Editor

Endologix (ELGX -23.9%) shares plummet after the medical device maker reports mixed Q4 results and forecasts FY 2014 revenues below analyst consensus due to slow growth in U.S. device sales.

ELGX sees FY 2014 GAAP EPS loss of $0.44-$0.31 vs. analyst consensus estimate of flat earnings, and revenues of $146M-$152M vs. $161M consensus.

Oppenheimer downgrades shares to Perform from Outperform and lowers its price target to $16 from $20 on ELGX's disappointing 6%-10% 2014 U.S. growth forecast following 18% growth in 2013; the firm still sees Nellix as a long-term growth driver, but there's little to offset near-term U.S. uncertainty with no Nellix data read-outs expected this year and EU constraints not expected to be alleviated until Q4.