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Medical device maker forecasts growth

By Bethany Bump
Friday, July 12, 2013

AngioDynamics expects modest sales growth for the current fiscal year after finishing the 2013 fiscal year with an increase in net sales and a smaller net loss.

The Latham-headquartered medical device maker saw its net sales increase 54 percent over the last fiscal year from $221.8 million to $342 million. In the fiscal year ending May 31, the company narrowed its net loss to $600,000, or 2 cents per share — down from a net loss of $5.1 million, or 20 cents per share, one year ago.

"We expect to deliver modest sales growth during fiscal year 2014, ranging from $346 million to $352 million, reflecting a 3 percent increase at the top end of the range," said company CFO and Executive Vice President Mark Frost in a news release issued Thursday.

AngioDynamics also reported fourth quarter results, which also showed net sales growth and a smaller net loss.

Net sales in March, April and May were $90 million compared to $57.7 million during this three-month period one year ago. The company narrowed its net loss in the fourth quarter to $900,000, or 2 cents per share — down from a net loss of $7 million, or 27 cents per share, one year ago.

AngioDynamics manufactures minimally invasive medical devices in Queensbury and Glens Falls for the vascular access, surgery, peripheral vascular disease and oncology fields.

"The fourth quarter was highlighted by encouraging signs of progress," said company President and CEO Joseph DeVivo in the release, "and while the Vascular Access franchise continues to face challenges despite the strong performance of our BioFlo technology, the Peripheral Vascular, Oncology/Surgery and International franchises all experienced healthy improvements over the fiscal 2013 third quarter."

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