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ALBANY, N.Y., March 7, 2013 (GLOBE NEWSWIRE) -- AngioDynamics (Nasdaq:ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today provided preliminary unaudited financial results for the fiscal 2013 third quarter ended February 28, 2013.
Currently, the Company expects to report net sales for the third quarter of approximately $82 million, compared to the Company's previous net sales forecast of $89 million to $90 million. The Company's third quarter net sales were primarily impacted by sales attrition in its Vascular Access business, softness in procedure volumes in the Company's Peripheral Vascular business, and delays in capital equipment purchases that reduced Oncology/Surgery sales. During the third quarter, the Company continued to implement its cost reduction initiatives, which partially offset the lower than expected sales level. As a result, the Company expects to report adjusted net income for the third quarter in the range of $0.04 per share to $0.06 per share.
"We just ended a disappointing quarter," said Joseph M. DeVivo, President and Chief Executive Officer of AngioDynamics. "At the beginning of the year, we expected to build momentum and grow in the second half, and achieving our goals has been delayed. Across most of our product lines, when comparing the third to the second quarter, our average daily sales were flat. The continued development of our global commercial organization post our integration contributed to our third quarter performance, but we also clearly did not anticipate the weaknesses we saw in elective procedures and in the overall market. Specifically, procedure volumes for VenaCure EVLT and Cardiology were below our expectations. So, too, were capital equipment sales.
"We did see many encouraging signs of progress in the quarter," continued Mr. DeVivo. "We executed a sole-sourced IDN agreement potentially worth more than $2 million annually, recognized our first U.S. Microsulis sales, converted several large PICC accounts to BioFlo, which now represents 10% of our overall PICC sales and generated more than $500,000 of AngioVac revenue while completing sales force training. Our original goal of $1 million in AngioVac sales during fiscal 2013 is well within reach. At the same time, we have managed cash, inventory and expenses well and remained solidly profitable while continuing to generate cash from operations.