Angeion Corp. slipped into the red during the third quarter, reversing a $136,000 profit into an $81,000 loss for the three month period that ended on July 31, 2011.
Officials at the St. Paul, Minnesota-based cardiorespiratory diagnostic device maker blamed the reversal on legal fees and severance payouts to former CEO Philip Smith, who the company sacked after just five months on the job.
Smith was named Angeion’s CEO in November 2010, but departed after less than six months in charge.
In addition, the company said it was seeking more aggressive measures to control costs in the future.
“Change is needed to become a consistently profitable company and we are examining every aspect of the Company to determine where improvements need to be made,” said Angeion’s current CEO and President Gregg Lehman in a prepared release. Gregg Lehman was named CEO in May.
Angeion’s sales dropped nearly 4 percent to $6.8 million this quarter compared to $7.1 million reported this time last year.
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.
Here’s a quick rundown of a few releases over the past couple days:
Aethlon must seek new sources of financing or shutter its doors
Aethlon Medical Inc. (OTC:AEMD) may be ready to shutter its doors after another disappointing quarter with no profits to speak of.
The San Diego, Calif.-based therapeutic filtration devices company posted no sales last quarter, compared to $1.4 million during the same period last year.
"We have experienced continuing losses from operations, are in default on certain debt, have negative working capital of approximately $6,859,000, recurring losses from operations and a deficit accumulated during the development stage of approximately $51,058,000 at June 30, 2011, which among other matters, raises significant doubt about our ability to continue as a going concern," according to the company’s latest earning report.
The company narrowed losses by 26 percent to $2.6 million, or a loss of 3 cents per diluted share, compared to $3.5 million, or 5 cents per diluted share in Q2 of 2010.
SYNO) saw strong growth in the three months ended July 31. The St. Paul, Minn.-based surgical tools company posted a 19 percent increase in sales to $21 million, compared to $17.6 million during the same period last year.
Company profits soared 33 percent to $2 million, or 17 cents per diluted share, compared to $1.5 million, or 13 cents per diluted share in Q3 2010.
Unilife profits sink, losses widen
Unilife Corp. (NSDQ:UNIS) saw heavy losses in the three months ended June 30. The York, Pa.-based drug delivery devices company posted a 74 percent decrease in sales to $700,000, compared to $2.7 million during the same period last year.
Company losses widened 8 percent to $10.5 million, or a loss of 17 cents per diluted share, compared to a loss of $9.7 million, or 18 cents per diluted share in Q2 of 2010.