Endologix, Inc. (NASDAQ: ELGX) shares rose after the company reported third-quarter preliminary sales of $34.3 million to $34.7 million. The company narrowed FY18 sales guidance from $145 million to $155 million, to $150 million to $155 million.
The Irvine, Calif.-based company is a developer and marketer of innovative treatments for aortic disorders. develops and manufactures minimally invasive treatments for aortic disorders. The Company's focus is endovascular stent grafts for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement.
Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for ruptured AAA is approximately 80%, making it a leading cause of death in the United States
In August, the company announced the grant of inducement equity awards to three newly appointed executives.
The inducement grants consisted of (i) options to purchase up to an aggregate of 538,243 shares of the Company’s common stock, par value $0.001 per share, at an exercise price of (A) $2.74 per share with respect to 381,601 shares of Common Stock underlying the Options, and (B) $2.54 per share with respect to 156,642 shares of Common Stock underlying the Options, and (ii) 185,357 restricted stock units
Shares began Wednesday up 23 cents, or 13.4%, to $1.95
