Angiodynamics Inc. has a market cap of $354.8 million; its shares were traded at around $14.33 with a P/E ratio of 28.7 and P/S ratio of 1.6. ANGO is in the portfolios of Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
This is the annual revenues and earnings per share of ANGO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ANGO.
Highlight of Business Operations:For the first quarter of fiscal 2011, we reported net income of $1.9 million, or $0.08 per diluted common share, on net sales of $51.5 million, compared with net income of $2.1 million, or $0.09 per diluted common share, on net sales of $50.1 million in the first quarter of the prior year. Gross profit was 58.3% in the first quarter of fiscal 2011 compared with 60.2% in the first quarter of the prior year.
From a reportable segment perspective, Vascular sales decreased 4% to $35.9 million from $37.3 million. This decrease was driven primarily by decreased unit sales of dialysis products, vascular access ports and Benephit renal infusion products. Oncology/Surgery sales were $15.6 million, an increase of 22% over the prior year primarily as a result of increased unit sales of our LC Beads and Nanoknife generators and probes, partly offset by decreased unit sales of Habib resection devices. Nanoknife sales totaled $1.1 million in the first quarter of fiscal 2011.
From a geographical perspective, US sales increased $0.6 million or 1% in the first quarter of fiscal 2011 to $45.5 million from $44.9 million a year ago. This increase is primarily attributable to increased unit sales of LC Beads, Nanoknife generators and probes and Sotradecol, partially offset by decreased unit sales of dialysis products, Venacure EVLT products, vascular access ports and Habib resection devices. International sales were $6.0 million in the fiscal first quarter of 2011, an increase of 17% from $5.2 million in the same period of fiscal 2010. Increased unit sales of RF Ablation products comprised the majority of this increase.
Sales and marketing expenses. Sales and marketing (S&M) expenses consist primarily of salaries, commissions, travel and related business expenses, attendance at medical society meetings, product promotions and samples. S&M expenses decreased $915,000 or 6% to $14.4 million in the first quarter of fiscal 2011. This decrease is primarily due to reduced sales headcount in the U.S. following the reorganization of the sales force into the new Vascular segment, reduced commissions expense and a continued focus on managing discretionary spending. As a percentage of net sales, S&M expenses were 28.0% for the fiscal first quarter of 2011, compared with 30.7% for the prior year period. $254,000 was spent on NanoKnife sales and marketing activities in the first quarter of fiscal 2011. At August 31, 2010, we employed 198 people in sales and marketing activities compared with 204 people a year ago.
Net income. For the first quarter of 2011, we reported net income of $1.9 million, a decrease of $0.2 million from net income of $2.1 million for the prior year quarter.
Our cash, cash equivalents and marketable securities totaled $102.0 million at August 31, 2010, compared with $100.1 million at May 31, 2010. Marketable securities are comprised of U.S. government issued or guaranteed securities, corporate bonds and auction rate securities. At August 31, 2010, total debt was $6.7 million comprised of short and long-term bank debt that financed our facility expansions in Queensbury, New York. This compared with $6.8 million at May 31, 2010.
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