Angeion Corporation Reports Fiscal 2010 Second-
Quarter Results (Quarter Ended April 30, 2010)
l Second-quarter revenue of $6.9 million increases 10.4% from second quarter of FY2009
l Balance sheet remains strong with $11.4 million in cash and investments with no debt
l Second-quarter gross margin of 52.0% up sequentially from first-quarter rate of 50.9%
l New Ultima™ CardiO2 metabolic stress testing solution introduced to market
May 24, 2010 04:03 PM Eastern Daylight Time
ST. PAUL, Minn.--(EON: Enhanced Online News)--Angeion Corporation (NASDAQ: ANGN) today reported
results for its fiscal second quarter ended April 30, 2010.
For the 2010 second quarter, Angeion posted a net loss of $559,000, or $0.13 per diluted share, on revenues of
$6.9 million. Compared to the prior-year second quarter, which generated a net loss of $225,000, or $0.05 per
diluted share, current-year earnings decreased $334,000, or $0.08 per diluted share, due to a $593,000 increase in
operating expenses partially offset by $258,000 in improved gross margin.
The increase in operating expenses were largely the result of continued current-year investments in marketing and
new product development initiatives. During the 2010 second quarter, for example, Angeion invested an additional
$331,000 in research and development (R&D) activities compared to the 2009 second quarter—the majority of
which related to new software development. As previously stated, the Company believes these investments will
result in technological improvements to existing products or entirely new product offerings.
Excluding R&D, year-over-year second-quarter operating expenses rose $262,000, with a $286,000 increase in
selling and marketing, and a $53,000 increase in general and administrative. This was partially offset by a $77,000
reduction in amortization expense. The rise in selling and marketing expense included staffing additions and
promotional activities surrounding new product launch activities, in addition to sales commi