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MGC Diagnostics Corporation Reports 2013 Second Quarter Operating Results
Date:5/30/2013

SAINT PAUL, Minn., May 30, 2013 /PRNewswire/ -- MGC Diagnostics Corporation (NASDAQ: MGCD) (formerly Angeion Corporation), a global medical technology company, today reported financial results for the second quarter ended April 30, 2013.

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

Second Quarter Highlights:

  • Robust second quarter revenue of $7.6 million, an increase of 35% over the fiscal 2012 second quarter. Sequential quarterly revenue growth of 8% from the first quarter of fiscal 2013;
  • Net income for the second quarter was $252,000, or $0.06 per diluted share, compared to a net loss of $409,000, or ($0.11) per diluted share in the 2012 second quarter;
  • Group Purchasing Organization ("GPO") sales increased 69% to $3.9 million, compared to $2.3 million in the 2012 second quarter;
  • Second quarter service revenue increased 8% on a year-over-year basis, while service gross margin improved to 70.3%, compared to 64.2% in the fiscal 2012 second quarter; 
  • Gross margin in the second quarter improved 210 basis points to 55.7%, compared to 53.6% in last year's second quarter;
  • The Attachment Rate of extended service contracts sold at the point of system sale improved to 27.4%, compared to 6.2% in last year's second quarter;
  • Second quarter 2013 recurring revenue (service and supplies revenues) totaled $2.6 million, or 35% of total second quarter revenue;
  • The Company declared and paid a special, one-time cash dividend of $0.45 per share during the quarter;
  • Strong balance sheet with $8.2 million in cash and cash equivalents, $12.4 million of working capital and no long-term debt after payment of the $1.8 million dividend;
  • At April 30, 2013, the Company had federal net operating loss carry f
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  • SOURCE MGC Diagnostics Corporation
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