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MGC Diagnostics Corporation Reports Third Quarter Fiscal Year 2012 Operating Results
Date:8/30/2012

SAINT PAUL, Minn., Aug. 30, 2012 /PRNewswire/ -- MGC Diagnostics Corporation (NASDAQ: MGCD) (formerly Angeion Corporation (NASDAQ: ANGN)), a global medical technology company, today reported financial results for the third quarter of fiscal year 2012, ended July 31, 2012.

(Logo: http://photos.prnewswire.com/prnh/20120821/LA60189LOGO) Third Quarter Highlights and Recent Developments:

  • Total revenues increased 8% to $6.9 million from $6.4 million in Q3 2011;
  • International sales increased 14% to $1.3 million versus Q3 2011;
  • Equipment sales increased 13% to $4.1 million versus Q3 2011;
  • Order backlog at end of Q3 2012 was approximately $600,000 higher compared to Q3 2011;
  • Recurring revenue in the third quarter of $2.7 million accounted for 39% of total revenues in the quarter;
  • Maintenance and service contract billings increased 22%;
  • Strong balance sheet with $8.7 million in cash and investments, $12.7 million of working capital and no long-term debt;
  • Rated #1 by MD Buyline User Satisfaction Survey in all categories, July 1, 2012;
  • As announced earlier today, the Company sold the assets of its New Leaf business to Life Time Fitness (NYSE: LTM), effective August 28, 2012. Life Time Fitness paid the Company $1.0 million at closing, and will pay an additional $235,000 over the next 18 months.
  • For the third quarter of fiscal year 2012, total revenues increased 8% to $6.9 million compared to $6.4 million in the third quarter of fiscal 2011. Domestic sales for the third quarter totaled $5.6 million, compared to $5.3 million in the previous year's third quarter and international sales were $1.3 million, versus $1.1 million in last year's comparab
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