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Angeion Corporation Reports Fourth Quarter and Fiscal Year 2011 Operating Results
Date:12/16/2011

SAINT PAUL, Minn., Dec. 16, 2011 /PRNewswire/ -- Angeion Corporation (NASDAQ: ANGN) today reported financial results for its fourth quarter and fiscal year ended October 31, 2011.

Fourth Quarter Highlights:

  • Revenues of $8.4 million comparable to the fourth quarter of 2010, sequentially up 22% from the third quarter;
  • Service revenue improved 33% to $1.2 million, compared to $888,000 in last year's fourth quarter;
  • GPO (group purchasing organization) revenue during the fourth quarter increased 146% to $1.6 million, compared to $650,000 in the comparable quarter;
  • Gross margin for the fourth quarter remained solid at 56.5%;
  • International sales increased to $1.6 million, a 12% increase over the prior year's fourth quarter; and
  • Strong balance sheet with $9.2 million in cash and investments and no long-term debt.
  • Angeion reported revenue of $8.4 million compared to $8.5 million in the fourth quarter of fiscal 2010. Angeion reported net income of $391,000, or $0.10 per diluted share, versus net income of $410,000, or $0.10 per diluted share, in the comparable quarter last year. Sequentially, revenues in the fourth quarter increased 22% from $6.8 million in the third quarter of fiscal 2011.

    Gross margin for the quarter improved to 56.5% compared to the 56.1% gross margin in the fourth quarter of fiscal year 2010. General and administrative expenses in the fourth quarter of fiscal 2011 decreased 13.4% primarily due to the absence of severance and related one-time expenses in the fourth quarter of fiscal 2010. Management will continue to examine operating expenses going forward to maintain profitability. Sales and marketing expenses decreased 3.4% compared to the fourth quarter of fiscal 2010 while research and development costs increased 33.2% as management dedicated additional resources to advance s
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