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MGC Diagnostics Corporation Reports 2013 First Fiscal Quarter Operating Results
Date:3/5/2013

SAINT PAUL, Minn., March 5, 2013 /PRNewswire/ -- MGC Diagnostics Corporation (NASDAQ: MGCD) (formerly Angeion Corporation), a global medical technology company, today reported financial results for the first quarter fiscal 2013 ended January 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20120821/LA60189LOGO)

First Quarter Highlights:

  • Solid first quarter revenue of $7.0 million, an increase of 9% over the fiscal 2012 first quarter;
  • First quarter 2013 recurring revenue (service and supplies revenues) totaled $2.7 million, or 39% of total first quarter revenue;
  • GPO sales increased 109% to $3.2 million, compared to $1.5 million in the 2012 first quarter;
  • First quarter 2013 maintenance and service contract billings increased 14% on a year-over-year basis, while maintenance and service gross margin improved to 70.8%, compared to 68.4% in the fiscal 2012 fiscal quarter; 
  • Spirometry shipments for the first quarter increased 51% to 121 units, compared to 80 units in the prior year's first quarter;
  • International revenues increased 25% to $1.7 million, compared to $1.4 million in last year's first quarter;
  • Backlog at January 31, 2013, increased 36% to $530,000, compared to backlog of $390,000 at January 31, 2012;
  • Strong balance sheet with $8.9 million in cash and cash equivalents, $13.2 million of working capital and no long-term debt;
  • At January 31, 2013, the Company had federal net operating loss carry forwards of approximately $14.5 million that may be used to offset a portion of the Company's future tax liability;
  • Rated #1 in all product and service categories under a December 20, 2012 User Satisfaction Survey by MD Buyline, a provider of objective, evidence-based information used in the selection,
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  • SOURCE MGC Diagnostics Corporation
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