AngioDynamics' ($ANGO) new CEO Joseph DeVivo is upbeat about his company's future even as its net income during the first quarter came in at $1.4 million, down from $1.9 million a year ago.
The Latham, NY-based maker of medical instruments has experienced pressure recently with the rising unemployment rate, weak economy and patients skipping doctor's appointments because of high co-pays, as Dow Jones notes. It has also faced a number of shakeups this year. Back in June, then-CEO Jan Keltjens announced his resignation after the company reported flat sales for the fiscal year. And late last month, Scott Solano, the company's senior VP and CTO, said he'll be stepping down as of Oct. 14.
Despite the drop in income and other pressures, the company saw net sales jump to $54.4 million, a 6% increase over the same period last year. Oncology and surgery sales were strong, coming in at $17.9 million, up 15% from the prior year.
In addition, the board reiterated its guidance for the 2012 fiscal year. Included in the guidance are $1 million related to the CEO transition and $1.6 million to be recorded over the course of the fiscal year associated with the closure of a facility in the U.K., according to a company statement.
"Our team generated solid first quarter results and achieved the guidance they provided in July," DeVivo said in a statement. "Since joining the company, I have been spending time getting to know the organization and see many positive attributes. We have two strong U.S. sales organizations and a very professional international team driving above-market growth. At the same time, key opinion leaders have confirmed to me the significant opportunity ahead for the NanoKnife System. In addition, we are committed to a balanced approach to managing our cash. Our top priority is acquiring tuck-in technologies that can leverage our sales forces[.]"
- read the AngioDynamics' release
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