AngioDynamics' acquisitions pay off in booming Q2
AngioDynamics is roaring through its 2013 fiscal year with soaring sales, driven by a boost from acquisitions, new products and increased international demand.
The Albany company ($ANGO), which focuses on vascular access devices, reported $87 million in net sales booked during its fiscal 2013 second quarter, which ended Nov. 30. That's a big jump over $58.1 million in net sales the company generated over the same period last year.
Credit for the high sales numbers comes, in part, from the company's $372 million acquisition of rival Navilyst Medical in February 2012, which provided the path to a number of vascular access, interventional radiology and interventional cardiology devices and tools. Broken down, the numbers reflect this. Oncology/surgery net sales for the company, for example, jumped 12%. International net sales, at the same time, grew a whopping 21%. Vascular net sales, however, grew a tiny 1%.
AngioDynamics saw its net income decline during the quarter, dropping to $2 million, compared to $2.3 million over the same period last year. Net income would have been much higher, with costs relating to the Navilyst Medical acquisition chipping away at net income for the quarter.
President and CEO Joseph DeVivo said in a statement that he sees the numbers reflecting an improved performance for the company overall. New products such as AngioVac, a device that removes clots from clogged vessels, have also helped. Vortex Medical developed AngioVac and other related devices, and AngioDynamics snatched up the company in October to the tune of $55 million.