AngioDynamics 3Q Profit Falls On Higher Costs

QUEENSBURY, N.Y. (AP) — Medical device maker AngioDynamics Inc. said Thursday its fiscal third-quarter profit plunged due to higher costs that included acquisitions and the replacement of its chief executive.

For the quarter ended Feb. 28, AngioDynamics reported net income of $1.9 million, or 8 cents per share, compared with profit of $4.9 million, or 20 cents per share, a year prior. Revenue rose 21 percent to $49.4 million from $40.7 million.

The prior year results included a one-time litigation gain.

During the quarter, the company cited charges for the buyout of Diomed assets and FlowMedica assets. Also, the company said combined costs for the stock options of its exiting CEO and recruitment of its new chief executive added up to about $2.8 million.

In January, the company announced the resignation of President and CEO Eamonn Hobbs and the appointment of former CryoCath CEO Jan Keltjens.

Excluding the CEO costs, the company said it earned 15 cents per share. On average, analysts polled by Thomson Reuters expected profit of 11 cents per share on revenue of $49.6 million.