AngioDynamics (NSDQ:ANGO) saw its first-quarter profits slump despite posting a 5.7 percent top-line increase during the three months ended August 31.

The Albany, N.Y.-based medical device maker reported net income of $1.4 million, or 5 cents per share, on sales of $54.4 million for the quarter. That compares with profits of $1.9 million, or 8 cents EPS, on sales of $51.5 million during the same period last year.

"Our team generated solid first quarter results and achieved the guidance they provided in July," new president & CEO Joseph DeVivo said in prepared remarks. "Since joining the company, I have been spending time getting to know the organization and see many positive attributes. We have two strong U.S. sales organizations and a very professional international team driving above-market growth. At the same time, key opinion leaders have confirmed to me the significant opportunity ahead for the NanoKnife System. In addition, we are committed to a balanced approach to managing our cash. Our top priority is acquiring tuck-in technologies that can leverage our sales forces, are synergistic to the core business and complement our organic growth. Also, we will initiate a stock repurchase program to use some of the free cash flow generated in fiscal 2012."

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AngioDynamics said it expects sales of between $55.5 million and $57.5 million during the second quarter and full-year sales of between $217.0 million and $225.0 million. Second-quarter earnings are expected to be 9 cents to 11 cents, with full-year EPS ranging between 33 cents and 41 cents.

The company also said its board OK’d a stock buyback plan that could see it repurchase up to $20 million worth of shares before May 31, 2012.

KCI sets shareholders meeting to approve Apax buyout
Kinetic Concepts Inc. (NYSE:KCI) is planning a shareholders’ meeting Oct. 28 for a vote on Apax Partners’ $6.3 billion offer to take the wound care company private.

The meeting, slated to be held in San Antonio, will see KCI’s investors decide whether to accept the $68.50-per-share leveraged buyout, now that a bid by rival ConvaTec is officially dead and the financial terms settled.

Apax and a pair of Canadian pension funds agreed July 12 to buy KCI for $68.50 per share. The London-based private equity firm and its partners plan to finance the buyout with about $5 billion in debt, backed by lenders Bank of America Corp., Credit Suisse Group AG and Morgan Stanley.

If approved, the deal is expected to close in November. Read more

Citigroup lowers Abbott price target
Citigroup (NYSE:C) cut its price target for Abbott Laboratories (NYSE:ABT) price target from $50 to $46.

The move comes a week after researchers at JP Morgan Chase & Co. downgraded ABT shares from "overweight" to "neutral." Read more

Angeion buys back $2.8M worth of shares

Angeion Corp. (NSDQ:ANGN) spent more than $2.8 million buying back shares of its own stock, according to a filing with the federal Securities & Exchange Commission.

The St. Paul-based cardiac diagnostic systems maker said it repurchased 12,000 shares in September.

Angeion slipped into the red during the third quarter, reversing a $136,000 profit into an $81,000 loss for the three months ended July 31, blaming legal fees and severance payouts to former CEO Philip Smith, whom the company sacked after just five months on the job. Read more

Cardiovascular Systems predicts Q1 sales growth, narrower losses
Cardiovascular Systems Inc. (NSDQ:CSII) said it expects to post sales growth of about 2 percent and narrower net losses for its fiscal first quarter.

The St. Paul-based peripheral artery disease firm posted its preliminary Q1 results, saying sales should reach $18.7 million for the three months ended Sept. 30, compared with $18.2 million during the same period last year.

Net losses are expected to range between $3.9 million and $4.2 million, down from the $4.3 million loss posted during fiscal 2011’s first quarter.

"After five consecutive quarters of double-digit revenue growth, CSI’s growth slowed in the fiscal 2012 first quarter and was below our guidance. While we are still reviewing the results, we believe several factors disrupted growth in the short-term, but will lead to higher revenue growth in the future," president & CEO David Martin said in prepared remarks. Read more