Angeion Corp. (NSDQ:ANGN) narrowed its 1st-quarter losses despite flat sales for the 3 months ended Jan. 31.
Although dragged down by a tough European climate, focusing on group purchasing organization and service revenues kept the company’s sales from sliding, the cardiorespiratory diagnostic systems maker said.
The Saint Paul, Minn.-based company posted losses of $249,000, or 7 cents per share, on sales of $7.1 million. That’s a 23% improvement over losses of $324,000, or 9 cents per share, on sales of $7.1 million during the prior-year period.
"Our strategic decision to focus on developing GPO partnerships continues to pay dividends, as the GPO sales channel delivered a strong quarter with revenues more than three times that of the first quarter of fiscal 2011 and accounted for 20% of total sales for the quarter," president & CEO George Lehman said in prepared remarks. "Service revenues increased 19% in the first quarter as our direct sales force continued to execute on our initiative to expand service revenues, and in turn, recurring revenues, which accounted for 55% of the quarter’s total revenues.”
Domestic sales grew 10% to $5.7 million during the quarter, but outside U.S. sales sank 26%. Nevertheless, Lehman remained optimistic.
"We continue to believe that international markets will be a significant contributor in the coming years and we are dedicated to strengthening our distribution capabilities in those markets as economic conditions improve," he said.
ANGN stock got a bump on Wall Street today, trading 1.4% higher at $5.70 as of about 2:15 p.m.
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
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