CORRECTED - CORRECTED-UPDATE 1-AngioDynamics posts Q3 profit; sees '08 above
(Corrects quarter in headline to Q3 from Q4)
(Recasts; adds details, stock movement)
April 2 (Reuters) - Medical device supplier AngioDynamics Inc (ANGO.O) posted a profit for the third quarter, helped by higher revenue and lower expense, and forecast 2008 earnings above market expectations, sending its shares up 13 percent.
The company, which supplies medical devices for the minimally invasive treatment of cancer and peripheral vascular diseases, also said it settled a patent infringement lawsuit with Diomed Inc DIO.A, originally filed in January 2004.
The settlement resulted in a gain of 8 cents a share in the latest third-quarter results.
The company reported net income of $4.9 million, or 20 cents a share, compared with a loss of $16.4 million, or 88 cents a share, a year ago. Adjusted earnings were 30 cents per share.
Revenue rose 52 percent to $40.7 million.
Analysts on average were expecting earnings of 12 cents a share, before items, on revenue of $40.7 million, according to Reuters Estimates.
For 2008, AngioDynamics expects earnings of 58 cents to 61 cents per share, on revenue of $165 million to $167 million. Analysts were expecting earnings of 50 cents a share, before special items, on revenue of $165.0 million, for the year.
Shares of the company were up 13 percent in trading after the bell. They closed at $11.55 Wednesday on Nasdaq. (Reporting by Esha Dey in Bangalore; Editing by Gopakumar Warrier)
