AngioDynamics posts lower net income, despite sales growth

AngioDynamics, a provider of medical devices used by interventional radiologists for the minimally invasive treatment of cancer and peripheral vascular disease, has reported its financial results for the first quarter of 2009, which ended Aug. 31.

The results include its acquisition Diomed assets on June 17.

The Queensbury, N.Y.-based company posted unaudited net income of $2.2 million for its first quarter of 2009, compared to $2.38 million from its year-ago results.

However, net sales in the 2009 fiscal first quarter were $44.3 million, an 18 percent increase over the $37.5 million reported in the first quarter of 2008. The company attributed some losses to its operating income, which increased in the first quarter to $3.8 million, compared with $3.5 million a year ago.

During the first quarter of fiscal 2009, AngioDynamics began operating three business units: Peripheral vascular, access and oncology/surgery. Peripheral vascular business unit sales were $18.4 million in the quarter, an increase of 31 percent from the first quarter a year ago, inclusive of the laser ablation products acquired from Diomed. Access business unit sales were $15.7 million in the quarter, an increase of 6 percent from the first quarter a year ago, and oncology/surgery sales grew 18 percent to $10.2 million in the first quarter, according to the company.

“During the quarter, we hired 35 former Diomed employees and integrated them into our peripheral vascular business unit. In addition, we immediately began implementing laser system and disposable product transition strategies,” said Eamonn P. Hobbs, AngioDynamics’ president and CEO.

The company reported cash and investments at Aug. 31 of $59.2 million and long term debt of $7.3 million.