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AngioDynamics Inc. Reports Operating Results (10-Q)

January 08, 2010 | About:
10qk

10qk

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AngioDynamics Inc. (ANGO) filed Quarterly Report for the period ended 2009-11-30.

Angiodynamics Inc. has a market cap of $404 million; its shares were traded at around $16.49 with a P/E ratio of 33 and P/S ratio of 2.1. ANGO is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
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:

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 closing the acquisition, $5.0 million in November 2008 and $5.0 million in November 2009.

For the second quarter of fiscal 2010, we reported net income of $3.1 million, or $0.13 per diluted common share, on net sales of $53.5 million, compared with net income of $2.9 million, or $0.12 per diluted common share, on net sales of $48.5 million in the second quarter of the prior year. Gross profit was 59.1% in the second quarter of fiscal 2010 compared with 61.3% in the second quarter of the prior year.

From a business unit perspective, Peripheral Vascular sales increased 6% to $23.2 million from $21.8 million. This increase was driven primarily by $832,000 in sales of Benephit renal infusion products acquired in the FlowMedica acquisition. Access sales were $16.7 million, an increase of 4%, primarily attributable to increased sales of dialysis products. Oncology/Surgery sales were $13.6 million, an increase of 28% over the prior year primarily as a result of strong sales of our embolization product, LC Bead, sales of Nanoknife IRE generators and electrodes and increased sales of Habib resection devices. Nanoknife IRE sales totaled $700,000 in the second quarter of fiscal 2010.

For the first six months of fiscal 2010, we reported net income of $5.2 million, or $0.21 per diluted common share, on net sales of $103.6 million, compared with net income of $5.1 million, or $0.21 per diluted common share, on net sales of $92.8 million in the first six months of the prior year. Gross profit was 59.6% in the first six months of fiscal 2010 compared with 61.6% in the first six months of the prior year.

From a business unit perspective, Peripheral Vascular sales increased 10% to $44.2 million from $40.2 million. This increase was driven primarily by $1.5 million in sales of Benephit renal infusion products acquired in the FlowMedica acquisition and increased unit sales of laser ablation products. Access sales were $32.9 million, an increase of 4%, primarily attributable to increased unit sales of SmartPort CT and sales of the recently introduced DuraMax catheter product. Oncology/Surgery sales were $26.4 million, an increase of 27% over the prior year primarily as a result of strong sales of our embolization product, LC Bead, sales of Nanoknife IRE generators and electrodes and increased RF product sales. Nanoknife IRE sales totaled $776,000 in the first six months of fiscal 2010.

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 Oncobionic’s irreversible electroporation (IRE) technology in the first human clinical trial for the treatment of soft tissue in 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, $5.0 million in November 2008 and $5.0 million in November 2009.

Read the The complete Report

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