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Apollo Endosurgery, Inc.

apolloendo.com

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2022 10-K, filed Mar 30, 2023. Its latest SEC filing is a SC 13G/A from May 8, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells endoscopic suturing and tacking systems and intragastric balloons for gastroenterologists and bariatric surgeons treating gastrointestinal conditions and obesity.

How Did They Make Money?

Sells products to healthcare providers and distributors, who generally pay under specified terms after the products ship. Distributors owe payment whether or not they have resold the products.

FY2022 revenue

Who Were Their Customers?

Sells mainly to hospitals, outpatient surgical centers, clinics and physicians through its own sales force in the U.S., Australia and certain European countries; in other markets where it has regulatory clearance but no employees, it sells through distributors.

Did Revenues Turn Into Profits?

No. It lost $39.8M in FY2022.

Operating income, FY2022
−41% of revenue
▲ +64% (Loss) vs FY2021 (−$19.2M, −30%)
Net income, FY2022
−52% of revenue
▲ +61% (Loss) vs FY2021 (−$24.7M, −39%)
Free cash flow, FY2022
−44% of revenue
▲ +114% (Loss) vs FY2021 (−$15.6M, −25%)

How Were They Changing?

Since the FY2022 annual report
  • Apr 4, 2023 Boston Scientific completed its acquisition of Apollo Apollo became an indirect wholly owned subsidiary, and it requested suspension and delisting of its shares from Nasdaq.

Grew. Revenue grew 26% in 4 years, from $60.9M in FY2018 to $76.9M in FY2022, about 6% a year.

Broader endoscopy product line The older report centered the endoscopy portfolio on OverStitch and Orbera; the latest report also includes X-Tack and Apollo ESG and REVISE systems.

Who Did They Compete With?

Competes with Boston Scientific, Olympus Medical, Endo Tools Therapeutics, Steris, Cook Medical, Endomina, USGI Medical, EndoTools, SC MedSil, Medicone, Allurion Technologies, Spatz Laboratories, ReShape Lifesciences, Spatz FGIA, Johnson & Johnson, and Medtronic

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