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AngioDynamics Affirms Outlook

First-quarter earnings meet estimates.

AngioDynamics (ANGO) - Get Report met Wall Street's earnings expectations and reaffirmed its 2008 outlook Monday.

The Queensbury, N.Y., company reported fiscal first-quarter earnings of $2.4 million, a 25% increase from $1.9 million in the year-ago quarter. AngioDynamics earned 10 cents a share, compared with 12 cents a share in the first quarter of 2007, due to a 53% increase in diluted shares outstanding.

Net sales grew by 85% to $37.5 million from $20.3 million in the year-ago quarter. Analysts surveyed by Thomson Financial had expected earnings of 10 cents a share on revenue of $37.7 million.

Looking ahead, AngioDynamics projected net sales between $170 million and $175 million and earnings of 56 cents to 60 cents a share on a GAAP basis for the year.

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Shares closed up 96 cents, or 5.1%, at $19.81 in the regular session and rose another 39 cents, or 2%, to $20.20 in late trading.