AngioDynamics Inc. (ANGO, Financial) filed Quarterly Report for the period ended 2008-11-30.
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 $302.33 million; its shares were traded at around $11.58 with a P/E ratio of 19.2 and P/S ratio of 1.82.
Financial Summary. For the second quarter of fiscal 2009, we reported net income of $2.9 million, or $0.12 per diluted common share, on net sales of $48.5 million, compared with net income of $3.1 million, or $0.13 per diluted common share, on net sales of $41.5 million in the second quarter of the prior year. Gross profit percentage remained a consistent 61.3% for the second quarter of 2009 as compared to the prior year period.
From a geographical perspective, US sales increased $5.3 million or 14.2% in the second quarter of 2009 to $42.9 million from $37.6 million a year ago. Approximately $3.5 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 $1.6 million or 41.6% in the second quarter of 2009 to $5.5 million from $3.9 million a year ago. Approximately $2.1 million of this increase is attributable to the sales of products acquired from Diomed, offset by decreased sales of our RF Ablation devices. We recorded our first commercial sale of IRE products in the second quarter of 2009, amounting to $42,000 in International Oncology/Surgery business segment sales.
Financial Summary. For the first six months of fiscal 2009, we reported net income of $5.1 million, or $0.21 per diluted common share, on net sales of $92.8 million, compared with net income of $5.5 million, or $0.23 per diluted common share, on net sales of $79.0 million in the first six months of the prior year. Gross profit percentage improved to 61.6% for the first six months of 2009 from 60.7% one year ago.
From a geographical perspective, US sales increased $10.6 million or 14.8% in the first six months of 2009 to $82.2 million from $71.6 million a year ago. Approximately $5.6 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 and Angiographic products. International sales increased $3.2 million or 42.7% in the first six months of 2009 to $10.6 million from $7.4 million a year ago. All of this increase is attributable to the sales of products acquired from Diomed.
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.
Read the The complete ReportMore on ANGO:
Gurus buys and sells of ANGO
10-year financial history of ANGO.
Insider buys/sells of ANGO.
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 $302.33 million; its shares were traded at around $11.58 with a P/E ratio of 19.2 and P/S ratio of 1.82.
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).Financial Summary. For the second quarter of fiscal 2009, we reported net income of $2.9 million, or $0.12 per diluted common share, on net sales of $48.5 million, compared with net income of $3.1 million, or $0.13 per diluted common share, on net sales of $41.5 million in the second quarter of the prior year. Gross profit percentage remained a consistent 61.3% for the second quarter of 2009 as compared to the prior year period.
From a geographical perspective, US sales increased $5.3 million or 14.2% in the second quarter of 2009 to $42.9 million from $37.6 million a year ago. Approximately $3.5 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 $1.6 million or 41.6% in the second quarter of 2009 to $5.5 million from $3.9 million a year ago. Approximately $2.1 million of this increase is attributable to the sales of products acquired from Diomed, offset by decreased sales of our RF Ablation devices. We recorded our first commercial sale of IRE products in the second quarter of 2009, amounting to $42,000 in International Oncology/Surgery business segment sales.
Financial Summary. For the first six months of fiscal 2009, we reported net income of $5.1 million, or $0.21 per diluted common share, on net sales of $92.8 million, compared with net income of $5.5 million, or $0.23 per diluted common share, on net sales of $79.0 million in the first six months of the prior year. Gross profit percentage improved to 61.6% for the first six months of 2009 from 60.7% one year ago.
From a geographical perspective, US sales increased $10.6 million or 14.8% in the first six months of 2009 to $82.2 million from $71.6 million a year ago. Approximately $5.6 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 and Angiographic products. International sales increased $3.2 million or 42.7% in the first six months of 2009 to $10.6 million from $7.4 million a year ago. All of this increase is attributable to the sales of products acquired from Diomed.
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.
Read the The complete ReportMore on ANGO:
Gurus buys and sells of ANGO
10-year financial history of ANGO.
Insider buys/sells of ANGO.
