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BMO's Physician Survey Results Indicate Good Health Of Endologix

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BMO Capital upgraded Endologix, Inc. (NASDAQ: ELGX) to Outperform from Market Perform, increasing the price target to $16 from $11.50. The move was triggered by the early feedback from physicians concerning the integration of TRIV, the de-risking of the Nellix data set, and positive survey results.

The physician survey revealed the following results:

  • 1. Seventy-nine percent of physicians are happy with the integration process
  • 2.They anticipate increasing Nellix utilization to 20 percent of cases over the next 12 months from 5 percent currently,
  • 3. Forty-six percent expect that Nellix will replace other EVAR devices, 17 percent expect that it will replace only the Ovation and AFX cases (cannibalization), and 37 percent believe that Nellix will shift more cases to minimally invasive procedures from open surgery
  • 4. Thirty-eight percent expect Nellix to increase the number of procedures, 21 percent expect it to change patient follow-up, and 21 percent believe it will provide peace of mind.

The biggest concern for the analysts remain the fact that 83 percent are still looking for more long-term clinical data.

Shares traded recently at $13.63, up 3.6 percent.

Latest Ratings for ELGX

Nov 2017Stifel NicolausMaintainsHold
May 2017Stifel NicolausDowngradesBuyHold
Nov 2016BMO CapitalDowngradesOutperformMarket Perform

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Posted-In: BMO Capital MarketsAnalyst Color Upgrades Price Target Analyst Ratings


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