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AngioDynamics 1Q results expected to be lower

Tue, 09/07/2010 - 3:45pm
The Associated Press

Medical device maker AngioDynamics Inc. gave preliminary results for its fiscal first quarter Tuesday that fell short of Wall Street expectations, as sales were hurt by a slowdown in medical procedures.

The company said earnings were 7 cents to 8 cents per share, compared with 9 cents per share a year earlier.

Analysts surveyed by Thomson Financial expected 10 cents per share.

The company said revenue rose to $51.5 million from $50.1 million in the same period last year. Analysts forecast $54.4 million. Oncology and surgery sales grew 22 percent but other sales slipped.

The company is scheduled to release results and update guidance on Oct. 7.

Shares fell 37 cents, or 2.4 percent, to $15.23 in regular trading. After the preliminary first-quarter figures were released, the shares lost another 73 cents, or 4.8 percent, to $15.23 in less than half an hour of extended trading.

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