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Angeion Corporation Reports First Quarter Fiscal Year 2012 Operating Results
Date:2/28/2012

Gross margin for the quarter remained firm at 56.4% compared to the first quarter of fiscal year 2011. General and administrative expenses in the first quarter of fiscal 2012 decreased 14.9% primarily due to the absence of severance and related one-time expenses. Management will continue to examine operating expenses going forward to ensure they remain at reasonable levels. Sales and marketing expenses increased 1.2% compared to the first quarter of fiscal 2011 while research and development costs increased 13.8%. As management disclosed in the fourth quarter, the Company has made a strategic decision to dedicate additional resources to advance software and hardware development initiatives to enhance current product offerings and develop future new products.

Gregg O. Lehman, Ph.D., president and chief executive officer of Angeion Corporation commented, "We are pleased with the measurable progress achieved in the past two quarters by refocusing the Company on our new strategy and installing more disciplined business processes. The top-line and bottom-line results of the first fiscal quarter of 2012 are generally in line with our internal expectations.  Domestic sales for the quarter were up 10% despite the fact our fiscal first quarters are generally most affected by the inherent seasonality in the medical device business. Our strategic decision to focus on developing GPO partnerships continues to pay dividends, as the GPO sales channel delivered a strong quarter with revenues more than three times that of the first quarter of fiscal 2011 and accounted for 20% of total sales for the quarter. Service revenues increased 19% in the first quarter as our direct sales force continued to execute on our initiative to expand service revenues, and in turn, recurring revenues, which accounted for 55% of the quarter's total revenues."

"Outside the U.S. market," continued Dr. Lehman, "economic conditions in Europe continue to be very challenging and substanti
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