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AngioDynamics Inc. Reports Operating Results (10-Q)

January 07, 2011 | About:
10qk

10qk

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AngioDynamics Inc. (ANGO) filed Quarterly Report for the period ended 2010-11-30.

Angiodynamics Inc. has a market cap of $399.9 million; its shares were traded at around $16.05 with a P/E ratio of 32.7 and P/S ratio of 1.9. ANGO is in the portfolios of Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

For the second quarter of fiscal 2011, we reported net income of $3.3 million, or $0.13 per diluted common share, on net sales of $53.4 million, compared with net income of $3.1 million, or $0.13 per diluted common share, on net sales of $53.5 million in the second quarter of the prior year. Gross profit was 59.1% in the second quarter of fiscal 2011, consistent with the 59.1% in the second quarter of the prior year.

From a geographical perspective, U.S. sales decreased $785 thousand or 2% in the second quarter of fiscal 2011 to $46.7 million from $47.5 million a year ago. This decrease is primarily attributable to a 2% decrease in average selling prices and decreased unit sales of dialysis products, Angiographic products, Sotradecol, Benephit renal infusion products, RF electrodes and Habib resection devices. This decline was partially offset by increased unit sales of LC Beads, RF electrodes and Nanoknife products. International sales were $6.7 million in the fiscal second quarter of 2011, an increase of 12% from $6.0 million in the same period of fiscal 2010. Increased unit sales of Nanoknife products, RF Ablation products and vascular access ports comprised the majority of this increase. A decline in unit sales of VenaCure EVLT products partially offset these increases.

Investment in Nanoknife Technology. The sales and costs associated with the Nanoknife technology is recorded in our Oncology division. Taking into account the sales and the related cost of sales and operating expenses, the net impact of our investment in Nanoknife technology in the second fiscal quarter of 2011 was $1.5 million on pretax income and $1.0 million or ($0.04) per share after tax compared with $2.2 million on pretax income and $1.4 million or ($0.06) per share after tax in the second fiscal quarter of 2010.

For the first six months of fiscal 2011, we reported net income of $5.2 million, or $0.21 per diluted common share, on net sales of $104.9 million, compared with net income of $5.2 million, or $0.21 per diluted common share, on net sales of $103.6 million in the first six months of the prior year. Gross profit was 58.7% in the first six months of fiscal 2011 compared with 59.6% in the first six months of the prior year.

From a geographical perspective, U.S. sales decreased $225 thousand or 0.2% in the first six months of fiscal 2011 to $92.2 million from $92.4 million a year ago. This decrease is primarily attributable to a 2% overall decrease in average selling prices and decreased unit sales of dialysis products, Habib resection devices, Angiographic and PTA catheters, and Benephit renal infusion products partially offset by increased unit sales of LC Beads, Nanoknife products, and micro access sets. International sales were $12.7 million in the six month period ended November 30, 2010, an increase of 14% and 17% on a constant currency basis from $11.2 million in the same period of fiscal 2010. Increased unit sales of RF Ablation products, Nanoknife products and vascular access ports comprised the majority of this increase which was partially offset by a decline in unit sales of VenaCure EVLT products.

Investment in Nanoknife Technology. Taking into account the sales and related cost of sales and operating expenses, the net impact of our investment in Nanoknife technology in the first half of 2011 was $3.1 million on pretax income and $2.0 million or ($0.08) per share after tax compared with $4.7 million on pretax income and $2.9 million or ($0.12) per share after tax in the first half of 2010.

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