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."
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.