Angeion Corporation Reports Fiscal 2010 Second-Quarter Results (Quarter Ended April 30, 2010)
Angeion Corporation (NASDAQ: ANGN) today reported results for its fiscal second quarter ended April 30, 2010.
For the 2010 second quarter, Angeion posted a net loss of $559,000, or $0.13 per diluted share, on revenues of $6.9 million. Compared to the prior-year second quarter, which generated a net loss of $225,000, or $0.05 per diluted share, current-year earnings decreased $334,000, or $0.08 per diluted share, due to a $593,000 increase in operating expenses partially offset by $258,000 in improved gross margin.
The increase in operating expenses were largely the result of continued current-year investments in marketing and new product development initiatives. During the 2010 second quarter, for example, Angeion invested an additional $331,000 in research and development (R&D) activities compared to the 2009 second quarter—the majority of which related to new software development. As previously stated, the Company believes these investments will result in technological improvements to existing products or entirely new product offerings.
Excluding R&D, year-over-year second-quarter operating expenses rose $262,000, with a $286,000 increase in selling and marketing, and a $53,000 increase in general and administrative. This was partially offset by a $77,000 reduction in amortization expense. The rise in selling and marketing expense included staffing additions and promotional activities surrounding new product launch activities, in addition to sales commissions on $647,000 in incremental year-over-year second-quarter revenue.Revenue from international customers in the 2010 second fiscal quarter was 21.1% of total sales, up strongly from 16.2% for the second quarter of fiscal 2009. Driving international revenue growth was strong performance in Europe and Asia-Pacific. “To execute our long-term growth strategy, it is critical that we make investments today to create and market new product platforms and software systems that are smaller, easier to use and result in more cost-effective solutions across the continuum of health,” said Rodney A. Young, Angeion’s President and Chief Executive Officer. “While this spending impacts our near- term bottom line, we believe that these investments provide the foundation for a future product pipeline of new patient management and consumer health programs that will deliver sustained growth.
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