AngioDynamics 1Q Profit Falls As Expenses Grow

QUEENSBURY, N.Y. (AP) — Medical device maker AngioDynamics Inc. said Tuesday its profit fell 5 percent in the fiscal first quarter due to greater marketing costs and other expenses.

For the quarter ended Aug. 31, the company said its profit decreased to $2.1 million from $2.2 million. Earnings per share were unchanged at 9 cents per share. Sales rose 13 percent to $50.1 million form $44.3 million.

Analysts expected a profit of 8 cents per share and $47.8 million in revenue, according to Thomson Reuters.

AngioDynamics reported lower gross margins due to competition, increased cost of sales, and greater expenses. The company also spent more money on sales and marketing, and invested more money in irreversible electroporation technology, which is designed to treat tumors with electrical pulses.

The company raised the lower end of its fiscal 2010 profit and revenue forecasts, and in aftermarket trading, its shares rose 15 cents to $14. In the regular session before the earnings report, the stock lost 16 cents to close at $13.85.