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 $338.4 million; its shares were traded at around $13.85 with a P/E ratio of 27.7 and P/S ratio of 1.8.
Highlight of Business Operations:On June 17, 2008, we completed the acquisition of certain U.S. assets of Diomed, Inc. and UK assets of Diomed UK Limited., in separate transactions, for an aggregate purchase price of approximately $11.1 million in cash including capitalized acquisition costs. With this acquisition, we substantially strengthened our position in the market for the treatment of varicose veins. The combination of Diomed endovenous laser products with our existing venous product line provides us with a comprehensive venous product offering. The total of the net tangible assets acquired was $5.5 million. Goodwill recorded as a result of these acquisitions was approximately $1.9 million. Intangibles assets acquired, other than goodwill, totaled approximately $3.7 million of which $3.6 million has been identified as customer relationships (8 -year estimated weighted average useful life) and $100,000 has been identified as product technologies (10 -year estimated weighted average useful life).
Under the October 2006 Stock Purchase Agreement, we agreed to pay a total purchase price of $25.4 million, including $400,000 of assumed liabilities. We made payments of $5.0 million upon the execution of the stock purchase agreement in October 2006, $10.0 million on May 9, 2008 upon the closing of the acquisition, and $5.0 million in November 2008. The remaining $5.0 million is payable in November 2009.
Financial Summary. For the first quarter of fiscal 2010, we reported net income of $2.1 million, or $0.09 per diluted common share, on net sales of $50.1 million, compared with net income of $2.2 million, or $0.09 per diluted common share, on net sales of $44.3 million in the first quarter of the prior year. Gross profit was 60.2% in the first quarter of fiscal 2010 compared with 61.9% in the first quarter of the prior year.
From a business unit perspective, Peripheral Vascular sales increased 14% to $21.1 million from $18.4 million. This increase was driven primarily by laser ablation sales and sales of the Benephit renal infusion systems acquired in the FlowMedica acquisition. Access sales were $16.2 million, an increase of 3%, primarily attributable to increased unit sales of SmartPort CT. Oncology/Surgery sales were $12.8 million, an increase of 25% over the prior year primarily as a result of strong sales of our embolization product, LC Bead. IRE sales totaled $74,000 in the first quarter of fiscal 2010.
From a geographical perspective, US sales increased $5.8 million or 15% in the first quarter of 2010 to $45.0 million from $39.3 million a year ago. This increase is primarily attributable to increased unit sales of LC Bead, increased sales of laser ablation products, including those acquired from Diomed, and increased unit sales of the SmartPort CT. International sales were $5.1 million in the fiscal first quarter of 2010 and 2009. IRE products (Nanoknife) contributed $74,000 in the first quarter of 2010 in International Oncology/Surgery business segment sales.
On May 9, 2008, we completed the acquisition of all the issued and outstanding shares of capital stock of Oncobionic, Inc. pursuant to the terms of a stock purchase agreement entered into on October 12, 2006. The closing of the acquisition came as a result of the successful use of Oncobionics irreversible electroporation (IRE) technology in the first human clinical trial for the treatment of soft tissue, conducted during the first week of April 2008. Under this stock purchase agreement, we agreed to pay a total purchase price of $25.4 million, including $400,000 of assumed liabilities. We made a payment of $5.0 million upon the execution of the stock purchase agreement in October 2006. We paid $10.0 million on May 9, 2008 upon the closing of the acquisition and $5.0 million in November 2008. The remaining $5.0 million is payable in November 2009.
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