AngioDynamics Inc. (ANGO), a provider of therapeutic and diagnostic devices, Tuesday reported a rise in profit for the second quarter of fiscal 2010, benefiting primarily from a rise in the sales of Oncology/Surgery segment. Earnings topped analysts' estimates by 2 cents. The company also raised its outlook for the fiscal 2010.
The Queensbury, New York-based company's net income for the second quarter rose to $3.13 million or $0.13 per share from $2.91 million or $0.12 per share in the previous year.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased 10% to $53.46 million from $48.46 million last year. Analysts expected revenues of $51.97 million for the second quarter.
By segment, Access net sales were $16.68 million, up 4% from a year ago. Net sales from Oncology/Surgery segment rose 28% to $13.61 million from the prior-year quarter. The sales included $700,000 in NanoKnife IRE system sales. Peripheral Vascular sales increased by 6% from the second quarter a year ago to $23.2 million.
Gross margin declined to 59.1% for the second quarter from 61.3% a year ago, due to lower selling prices for certain products in a competitive pricing environment, higher material costs for certain products and product mix.
Jan Keltjens, president and chief executive, commented, "Our solid second quarter performance was led by strong sales from our Oncology/Surgery business unit and good operating expense control, which combined to offset the impact on our gross margin of product mix and a very competitive pricing environment for many product categories."
For the six-month period, net income was $5.24 million, higher than $5.12 million in the same period of the previous year. Earnings per share for both periods remained at $0.21. Net sales for the period rose to $103.55 million from $92.79 million a year ago.
Looking forward, the company now expects GAAP earnings in the range of $0.46 to $0.48 per share for the fiscal 2010, including a $0.24 per share impact from IRE investments. The company's previous guidance was in the range of $0.45 to $0.47 per share.
"As we look ahead, we anticipate the continuation of a challenging pricing environment and are striving to achieve continued solid top line growth, operating efficiencies and expense control to deliver bottom line performance. Based on our first half momentum and planned second half initiatives, today we are raising our guidance for the full fiscal year," said Keltjens.
For the ongoing fiscal year, net sales are expected to range from $214 million to $217 million, compared to the previous guidance in the range of $211 million to $215 million. The current guidance represents an increase of 10 to 11% over fiscal 2009 net sales.
Analysts currently expects the company to report earnings of $0.46 per share on revenues of $212.60 million for the fiscal 2010.
ANGO closed Tuesday's regular trading at $15.96, down 0.29 or 1.78%, on a volume of 148K shares on the Nasdaq.
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