On January 10, 2022 Apollo Endosurgery, Inc. ("Apollo" or the "Company") (NASDAQ: APEN), a global leader in less invasive medical devices for gastrointestinal and bariatric procedures, reported preliminary unaudited revenue results for the fourth quarter and full year ended December 31, 2021 (Press release, Apollo Endosurgery, JAN 10, 2022, View Source [SID1234598557]).
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Preliminary, Unaudited 2021 Revenue
Preliminary, unaudited full year 2021 revenue increased approximately 50% compared to 2020. In addition, preliminary, unaudited fourth quarter 2021 revenue grew approximately 25% year-over year, despite the impact of the recent surge in COVID-19 cases, which pressured procedural volumes in several key geographies, both domestic and international.
"Our 2021 performance gives me great confidence in our ability to capitalize on momentum in our business. Even with the recent pandemic-related procedure volume variability that returned in the fourth quarter, we continue to see strong adoption of our products for gastrointestinal and weight loss procedures in markets around the world," said Chas McKhann, president and CEO. "2021 was a transformational year for Apollo. We have revitalized our organization and built a strong foundation to positively impact patient care and address enormous unmet clinical needs in gastrointestinal and weight loss applications."
Anticipated revenue growth for 2021 was led by the company’s endoscopic suturing (ESS) portfolio, which grew between 37% and 38% in the fourth quarter and between 55% and 56% for the full year compared to 2020, highlighting continued demand for Apollo’s OverStitch and X-Tack products across a range of patient indications. Anticipated intragastric balloon (IGB) revenue grew between 19% and 20% in the fourth quarter and between 49% and 50% for the full year compared to 2020, reflecting recovery in elective procedures for the ORBERA balloon from lower volumes experienced at the outset of the global COVID pandemic in 2020.
The Company expects to announce its fourth quarter and full-year 2021 financial and operating results and full year 2022 revenue guidance on February 22, 2022, after market close.
Financial Disclosure Advisory
The Company reports its financial results in accordance with U.S. generally accepted accounting principles. The expected financial results discussed in this press release are preliminary and represent the most current information available to the Company’s management, as financial closing procedures for the quarter and year ended December 31, 2021 are not yet complete. These estimates are not a comprehensive statement of the Company’s financial results for the quarter and year ended December 31, 2021, and actual results may differ materially from these estimates as a result of the completion of normal quarter-end accounting procedures and adjustments, including the execution of the Company’s internal control over financial reporting, the completion of the preparation and review of the Company’s financial statements for the year ended December 31, 2021 and the subsequent occurrence or identification of events prior to the formal issuance of such financial results. In addition, Moss Adams LLP, our independent registered public accounting firm, has not audited, reviewed, compiled or performed any procedures with respect to these preliminary financial results. Accordingly, Moss Adams LLP does not express an opinion or any other form of assurance with respect thereto.