Sales up, but net loss at AngioDynamics
Latham medical device maker AngioDynamics reported a net loss of 3 cents per share in the third quarter, despite a year-over-year increase in net sales, according to a filing made last week with the U.S. Securities and Exchange Commission.
Net sales in the fiscal 2013 third quarter ending Feb. 28 were $81.6 million, up from $51.6 million a year ago. But taking into account the company's sales from its 2012 acquisition of global medical device company Navilyst and discounting sales of a device its no longer allowed to sell, the company actually saw its net sales for the quarter shrink 2 percent from prior-year net sales of $83.4 million.
"We had a very challenging sales quarter," said AngioDynamics President and CEO Joseph DeVivo in a news release. "Our U.S. sales organization is still managing the effects of significant change while re-establishing positive momentum in our business. Third quarter sales were in line with our reduced expectations, while we continued to execute operationally, generating higher profitability than our revised expectations by successfully delivering cash improvements and cost savings."
The company's Vascular device net sales decreased 4 percent from $72 million to $69 million. Its U.S. net sales decreased 5 percent from $69.1 million to $65.9 million.
But third quarter financial results did bring some silver linings: AngioDynamics managed to narrow its net loss to $1 million, or 3 cents per share, compared to last year's net loss of $1.8 million, or 7 cents per share. This was possible because of the company's ongoing cost reduction efforts.
Other good news: Oncology/Surgery net sales increased 10 percent, from $9.5 million to $10.4 million over a one-year period and international net sales increased 10 percent, from $14.3 million to $15.7 million over the same period.
"We firmly believe our acquisitions and investments position us to become a more competitive force in the markets we serve, and are committed to delivering top and bottom line growth for our investors," said DeVivo.
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