AGA Medical Holdings, Inc. (NSDQ:AGAM) posted a 10 percent increase in sales during the second quarter, helping the company reverse a $2 million loss from the same period last year.
For the three month period ended on June 30 the Minneapolis, Minn.-based company posted a $3.6 million profit on $53.7 million, compared to a $2 million loss on $49.9 million for the same period last year.
For the six month period the company’s net losses widened to $17.5 million on $105 million in sales, compared to a $12.6 million loss on $94 million in sales, according to a prepared release .
Leerink Swann analyst Rick Wise in a note to investors called the quarterly results “basically in-line” with expectations.
“We continue to view the AGA story as largely on track,” he wrote.
AGA also lowered its sales guidance for 2010 to $217 million for the year, which it blamed on unfavorable currency exchange rates for the Euro. This compares with prior sales guidance of $221 million to $226 million.