AngioDynamics sales surge in fiscal 2007

Jul 25, 2007

Progress in integrating the operations of RITA Medical, as well as product sales growth, helped propel interventional technology provider AngioDynamics to a 73% increase in sales in its fiscal 2007 fourth quarter.

For the period (end-June 2), the Queensbury, NY-based vendor had sales of $40.9 million, up from the $23.6 million booked a year ago. AngioDynamics had fourth-quarter net income of $2.9 million, up from $2 million in the same period last year.

Fourth-quarter highlights included a 36% increase in interventional product sales and the substantial completion of the integration of RITA Medical into its operations and systems, according to AngioDynamics.

For fiscal 2007, AngioDynamics had $112.2 million in sales, up 43% compared with the $78.5 million recorded in fiscal 2006. The company had a net loss of $9.1 million, including charges for accounting of the RITA acquisition, litigation damages, and stock-based compensation. In fiscal 2006, AngioDynamics had profit of $6.9 million.

Looking ahead to fiscal 2008, AngioDynamics is projecting net sales in the range of $170 million to $175 million, with generally accepted accounting principles (GAAP) earnings per share in the range of 56¢ to 60¢ per share.

By AuntMinnie.com staff writers
July 26, 2007

AngioDynamics to launch new VenaCure line, April 2, 2007

AngioDynamics to fight patent verdict, taps CFO, March 29, 2007

AngioDynamics unveils Smart Port CT, March 1, 2007

AngioDynamics wraps up RITA buy, January 30, 2007