The diverse product lines of AngioDynamics, Inc. (Nasdaq:ANGO) include market-leading ablation systems, vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products, embolization products and venous products. AngioDynamics is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, surgery, peripheral vascular disease and oncology.
AngioDynamics yesterday reported financial results for the fiscal 2012 first quarter ended August 31, 2011. Net sales in the first quarter were $54.4 million, a 6% increase over the $51.5 million reported in the prior year period. U.S. sales were $47.3 million and increased 4% over the first quarter of fiscal 2011. International sales of $7.1 million were up 18% from the prior year period. Oncology/Surgery sales were $17.9 million, an increase of 15% from the prior year, and included $2.3 million in NanoKnife(R) System sales, a 105% year-over-year increase. Vascular sales were $36.6 million, an increase of 2% from the first quarter a year ago.
Gross margin increased to 59.1% compared with 57.7% in the fiscal 2011 fourth quarter and 58.3% a year ago. The increase is primarily attributable to material cost reduction programs and improved manufacturing facility utilization. Operating income in the first quarter was $2.7 million, or $3.6 million excluding $0.9 million of restructuring and other items, compared with $3.5 million of operating income a year ago.
The restructuring and other items primarily include the CEO transition and the beginning of a program to close a facility in the UK. Net income in the first quarter was $1.4 million, or $0.05 per share, and $2.0 million, or $0.08 per share, excluding restructuring and other costs, compared with $1.9 million, or $0.08 per share, a year ago. During the first quarter, AngioDynamics generated cash flow from operations of $3.0 million, while cash and investments increased $5.1 million to $136.7 million at August 31, 2011.
For more information about AngioDynamics, please visit www.angiodynamics.com
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