AngioDynamics Inc. (ANGO, Financial) filed Quarterly Report for the period ended 2009-02-28.
AngioDynamics Inc. is a leading provider of innovative medical devices used by interventional radiologists vascular surgeons and other physicians for the minimally invasive diagnosis and treatment of peripheral vascular disease. AngioDynamics Inc. designs develops manufactures and markets a broad line of therapeutic and diagnostic devices that enable interventional physicians such as interventional radiologists vascular surgeons and others to treat peripheral vascular diseases and other non-coronary diseases. The Company's diverse product line includes angiographic products and accessories dialysis products vascular access products PTA products drainage products thrombolytic products and venous products. AngioDynamics Inc. has a market cap of $298.5 million; its shares were traded at around $12.25 with a P/E ratio of 21.8 and P/S ratio of 1.7.
From a business unit perspective, Peripheral Vascular sales increased 35% to $20.7 million from $15.4 million. $5.2 million of the increase was attributable to increased sales of laser ablation products, including those acquired from Diomed. Laser ablation sales increased from $3.1 million in the fiscal third quarter of 2008 to $8.3 million in the fiscal third quarter of 2009, reflecting the acquisition of Diomed and the integration of the VenaCure EVLT product line. Access sales were $17.2 million, an increase of 8%, primarily attributable to increased unit sales of SmartPort CT. Oncology/Surgery sales were $11.5 million, an increase of 22% over the prior year primarily as a result of strong sales of our chemoembolization product, LC Bead.
From a geographical perspective, US sales increased $7.1 million or 19% in the third quarter of 2009 to $44.1 million from $37.0 million a year ago. Approximately $3.3 million of this increase is attributable to the sales of products acquired from Diomed. The balance of this increase is primarily attributable to increased unit sales of LC Bead and the SmartPort CT. International sales increased $1.7 million or 45% in the third quarter of 2009 to $5.4 million from $3.7 million a year ago. Approximately $1.9 million of this increase is attributable to the sales of products acquired from Diomed, offset by decreased sales of our RF Ablation devices. IRE products (Nanoknife) contributed $110,000 in the third quarter of 2009 in International Oncology/Surgery business segment sales.
Financial Summary. For the first nine months of fiscal 2009, we reported net income of $7.0 million, or $0.29 per diluted common share, on net sales of $142.2 million, compared with net income of $10.4 million, or $0.43 per diluted common share, on net sales of $119.7 million in the first nine months of the prior year. Gross profit percentage improved to 61.4% for the first nine months of 2009 from 61.2% one year ago.
From a business unit perspective, Peripheral Vascular sales increased 33% to $60.9 million from $45.9 million. $14.2 million of the increase was attributable to increased sales of laser ablation products, including those acquired from Diomed. Laser ablation sales increased from $9.5 million in the fiscal first nine months of 2008 to $23.7 million in the fiscal first nine months of 2009, reflecting the acquisition of Diomed and the integration of the VenaCure EVLT product line. Access sales were $48.9 million, an increase of 6%, primarily attributable to increased unit sales of SmartPort CT and the Morpheus insertion kits. Oncology/Surgery sales were $32.4 million, an increase of 18% over the prior year, primarily as a result of strong sales of our chemoembolization product, LC Bead.
From a geographical perspective, US sales increased $17.6 million or 16.3% in the first nine months of 2009 to $126.3 million from $108.6 million a year ago. Approximately $9.1 million of this increase is attributable to the sales of products acquired from Diomed. The balance of this increase is primarily attributable to increased unit sales of LC Bead, SmartPort CT, Morpheus insertion kits and Angiographic products. International sales increased $4.8 million or 43.5% in the first nine months of 2009 to $15.9 million from $11.1 million a year ago. This increase is attributable to the sales of products acquired from Diomed, offset by decreased sales of our RF Ablation devices.
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AngioDynamics Inc. is a leading provider of innovative medical devices used by interventional radiologists vascular surgeons and other physicians for the minimally invasive diagnosis and treatment of peripheral vascular disease. AngioDynamics Inc. designs develops manufactures and markets a broad line of therapeutic and diagnostic devices that enable interventional physicians such as interventional radiologists vascular surgeons and others to treat peripheral vascular diseases and other non-coronary diseases. The Company's diverse product line includes angiographic products and accessories dialysis products vascular access products PTA products drainage products thrombolytic products and venous products. AngioDynamics Inc. has a market cap of $298.5 million; its shares were traded at around $12.25 with a P/E ratio of 21.8 and P/S ratio of 1.7.
Highlight of Business Operations:
Financial Summary. For the third quarter of fiscal 2009, we reported net income of $1.9 million, or $0.08 per diluted common share, on net sales of $49.4 million, compared with net income of $4.9 million, or $0.20 per diluted common share, on net sales of $40.7 million in the third quarter of the prior year. Gross profit was 61.1% in the third quarter of fiscal 2009 compared with 62.2% in the third quarter of the prior year.From a business unit perspective, Peripheral Vascular sales increased 35% to $20.7 million from $15.4 million. $5.2 million of the increase was attributable to increased sales of laser ablation products, including those acquired from Diomed. Laser ablation sales increased from $3.1 million in the fiscal third quarter of 2008 to $8.3 million in the fiscal third quarter of 2009, reflecting the acquisition of Diomed and the integration of the VenaCure EVLT product line. Access sales were $17.2 million, an increase of 8%, primarily attributable to increased unit sales of SmartPort CT. Oncology/Surgery sales were $11.5 million, an increase of 22% over the prior year primarily as a result of strong sales of our chemoembolization product, LC Bead.
From a geographical perspective, US sales increased $7.1 million or 19% in the third quarter of 2009 to $44.1 million from $37.0 million a year ago. Approximately $3.3 million of this increase is attributable to the sales of products acquired from Diomed. The balance of this increase is primarily attributable to increased unit sales of LC Bead and the SmartPort CT. International sales increased $1.7 million or 45% in the third quarter of 2009 to $5.4 million from $3.7 million a year ago. Approximately $1.9 million of this increase is attributable to the sales of products acquired from Diomed, offset by decreased sales of our RF Ablation devices. IRE products (Nanoknife) contributed $110,000 in the third quarter of 2009 in International Oncology/Surgery business segment sales.
Financial Summary. For the first nine months of fiscal 2009, we reported net income of $7.0 million, or $0.29 per diluted common share, on net sales of $142.2 million, compared with net income of $10.4 million, or $0.43 per diluted common share, on net sales of $119.7 million in the first nine months of the prior year. Gross profit percentage improved to 61.4% for the first nine months of 2009 from 61.2% one year ago.
From a business unit perspective, Peripheral Vascular sales increased 33% to $60.9 million from $45.9 million. $14.2 million of the increase was attributable to increased sales of laser ablation products, including those acquired from Diomed. Laser ablation sales increased from $9.5 million in the fiscal first nine months of 2008 to $23.7 million in the fiscal first nine months of 2009, reflecting the acquisition of Diomed and the integration of the VenaCure EVLT product line. Access sales were $48.9 million, an increase of 6%, primarily attributable to increased unit sales of SmartPort CT and the Morpheus insertion kits. Oncology/Surgery sales were $32.4 million, an increase of 18% over the prior year, primarily as a result of strong sales of our chemoembolization product, LC Bead.
From a geographical perspective, US sales increased $17.6 million or 16.3% in the first nine months of 2009 to $126.3 million from $108.6 million a year ago. Approximately $9.1 million of this increase is attributable to the sales of products acquired from Diomed. The balance of this increase is primarily attributable to increased unit sales of LC Bead, SmartPort CT, Morpheus insertion kits and Angiographic products. International sales increased $4.8 million or 43.5% in the first nine months of 2009 to $15.9 million from $11.1 million a year ago. This increase is attributable to the sales of products acquired from Diomed, offset by decreased sales of our RF Ablation devices.
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