Endologix Shares Drop 16% On Its Investigation Into Medical Device Manufacturing Issue

By Emma CourtMarketsMarketWatch Pulse

Endologix Inc. shares dropped 16.4% in pre-market trade Tuesday on the company's investigation into a manufacturing issue with some sizes of a medical device. The AFX Endovascular AAA System, which treats abdominal aortic aneurysms and was first approved by the Food and Drug Administration in 2011, will have a temporary hold on shipments which should be lifted in the "near future," Endologix said. The company said that the issue was discovered during its product testing and doesn't relate to its Nellix or Ovation aortic treatments. Endologix shares have dropped 27.4% year-to-date, compared with a 10.9% rise in the S&P 500 . Shares were priced at $7.19 as of Friday's close.

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