In addition, today’s presentation includes certain financial measures used to better understand our business that have not been prepared in accordance with the Generally Accepted Accounting Principles, better known as GAAP. An explanation and reconciliation of these non-GAAP measures has been provided in today’s news release issued by AngioDynamics and is available on the website at www.angiodynamics.com.AngioDynamics uses non-GAAP measures to establish operational goals and believes that non-GAAP measures may assist investors in analyzing the underlying trends of the company’s business overtime. Investors should consider these non-GAAP measures in addition to, not as a substitute for or superior to financial reporting measures prepared in accordance with GAAP. In today's call, the company has reported non-GAAP EBITDA and EBITDA per share and has reviewed these measures as an internal analysis and review of operation performance. Finally, during the question-and-answer period today we’d like to request each caller to limit themselves to two questions and encourage callers to re-queue to ask additional questions. We appreciate everyone’s cooperation with this procedure. And now, I’d like to turn the call over to Jan Keltjens, President and Chief Executive Officer of AngioDynamics. Jan Keltjens Thanks, Doug, and good afternoon everyone. Thank you for joining us in our fourth quarter conference call. With me today is Joe Gersuk, our CFO. There's a lot we like about our fourth quarter financial performance. Top line growth of 14% and operating income growth excluding items of 17%, combined with a rock solid cash flow provided a very strong finish to fiscal 2010. With this performance, we delivered on one of our key objectives for the year which was profitable growth. The drivers for our fourth quarter was strong revenue growth paired with strong operating expense leverage. These drivers have proven to be more than sufficient to offset the impact of an on-going price environment as well as unfavorable sales mix on our gross margin. Our fourth quarter revenue growth was broad based as all three businesses contributed at 14% our organic growth rate is as strongest as it has been in the last two years.
Engines of growth in Q4 were Varicose Vein products, Micro-introducer kits, LC Beads and last but not least our RF and NanoKnife ablation products. LC Beads still benefited from the competitive product entitled been out of the market this quarter.We believe the LC Bead growth rate will slowdown from the fourth quarter because this competitive product has returned to the market. However, we also believe that LC Bead should generate positive growth during fiscal 2011. The partnership at Biocompatibles, the manufacturer of LC Beads continuous to be mutually beneficial and we will be exploring ways to continue this beyond January 1, 2012. At the same time our shareholder should know that we believe there are a number of scenarios that will allow us to be able to achieve continued profitable growth into calendar year 2010 and beyond. We are very pleased with the strong performance of a very varicose vein in a healthy market environment which we continue to target about 15% annual growth rate. We continue to gain market share. The combination of a NeverTouch laser fiber platform which was launched a little over 1 year ago and our strong sales force supported by a revamp and broad practice development program is driving solid sales growth. We believe that through ongoing innovation international expansion and increasing U.S. penetration our VenaCure EVLT franchise will continue to be an engine of growth. We also manage to stabilize our Access revenue in the fourth quarter, this despite the competitive pricing environment. Our results were aided by launch of both the central split-tip dialysis catheters and a Triple Lumen Smart PICC. Our strategic goal is to obtain a number two position in key segments of the excess market, how we plan to use innovation, corporate accounts and international expansion to drive revenue growth and create economy of scale. Read the rest of this transcript for free on seekingalpha.com