Endologix's 10-K report includes 'going concern' warning

By Lisa Kerner

Erie, Pa., March 16 - Endologix, Inc. has filed its 10-K report for the year ended Dec. 31 with the Securities and Exchange Commission, and the report includes an explanatory paragraph from Pricewaterhouse Coopers LLP raising doubt as to Endologix's ability to continue as a going concern based on the company's losses since inception.

"Based on our expected revenue from sales of the Powerlink System and our ability to adjust certain operating expenses if revenues do not meet our expectations, we believe that our current cash balance, in combination with cash receipts generated from product sales, will be sufficient to fund ongoing operations through at least Dec. 31, 2006," president and chief executive officer Paul McCormick said in a company news release.

"However, if appropriate, we may consider alternatives for additional financing, which could involve equity or debt."

Powerlink is the company's endoluminal stent graft for treating abdominal aortic aneurysms.

Endologix, located in Irvine, Calif., develops and manufactures minimally invasive treatments for vascular diseases.

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