AngioDynamics fiscal 2Q profit edges higher
Medical device maker AngioDynamics Inc. said Tuesday its profit edged higher in the fiscal second quarter despite a decline in revenue.
AngioDynamics said its profit rose 5 percent to $3.3 million in the quarter ended Nov. 30, up from $3.1 million a year ago. On a per-share basis, its profit was unchanged at 13 cents. Revenue edged down to $53.4 million from $53.5 million.
Analysts expected net income of 12 cents per share and $54.4 million in revenue, according to Thomson Reuters.
AngioDynamics said its operating expenses decreased because it spent less money on sales and marketing, and its amortization costs shrank. The company said its revenue from sales of vascular products fell 6 percent to $37.5 million. Revenue from oncology products grew 16 percent to $15.9 million as sales of its NanoKnife surgical device improved. AngioDynamics reported $1.6 million in NanoKnife revenue.
Shares of AngioDynamics fell 25 cents to $15.39 in Tuesday trading.