Endologix Reports revised Q4 GAAP EPS of $0.22 vs. Previously Announced $0.15

Endologix, Inc. ELGX today announced the filing of its annual report on Form 10-K and certain revisions to its previously reported unaudited fourth quarter and full year 2010 financial results.

Upon finalization of the purchase price allocation related to Endologix's December 2010 acquisition of Nellix, Inc., the Company revised the amount of the purchase price allocated to in-process research and development to $40.1 million and goodwill to $22.4 million.

Accordingly, the Company revised the associated deferred tax liability and the corresponding change in valuation allowance effect. This resulted in an income tax benefit of $15.1 million compared to $11.3 million previously reported. The revisions had no effect on cash flows or cash balances.

As a result, Endologix reported revised GAAP net earnings for the fourth quarter of 2010 of $11.7 million, or $0.22 per diluted share from the previously reported $8.0 million or $0.15 per diluted share; and GAAP net earnings for the full year 2010 of $10.7 million or $0.21 per fully diluted share from the previously reported $6.9 million or $0.14 per diluted share.