AngioDynamics (NASDAQ: ANGO), a leading provider of innovative medical devices for the minimally-invasive treatment of cancer and peripheral vascular disease, reported financial results for the fiscal fourth quarter and year ended May 31, 2010.

Net sales in the fourth quarter were $60.3 million, a 14% increase over the $52.8 million reported for the fourth quarter last year. Gross margin was 58.0% compared with 61.9% a year ago, with the decline primarily attributable to lower selling prices for certain Peripheral Vascular and Access products in a competitive pricing environment, higher material costs for certain products, and product mix. Operating income was $6.4 million in the quarter compared with $4.8 million a year ago, which included $702,000 in certain non-recurring costs. Operating income grew 17% excluding non-recurring items. Net income was $3.7 million, or $0.15 per share, compared with the prior year’s $2.9 million, or $0.12 per share, and $3.4 million, or $0.14 per share excluding non-recurring items.

Oncology/Surgery sales grew 35% to $16.8 million from the fourth quarter a year ago and included $1.0 million in NanoKnife IRE System sales. Fiscal 2010 NanoKnife IRE System sales totaled $2.5 million. Peripheral Vascular sales increased by 13% from the fourth quarter a year ago to $25.5 million. Access sales were $18.0 million in the quarter, an increase of 1% from a year ago.

AngioDynamics generated cash flow from operations of $16.1 million in the fourth quarter and $40.0 million in the fiscal year. The Company ended fiscal 2010 with $100.1 million in cash and investments, and $6.8 million in long-term debt.

For the fiscal year, net sales were $216.0 million, an 11% increase over the $195.1 million reported in fiscal 2009; gross margin was 58.8% compared with 61.6% for the prior year; operating income was $20.9 million compared with $16.1 million for the prior year, which included $3.7 million in certain non-recurring costs; and net income was $12.3 million, or $0.50 per share, compared with the prior year’s $9.9 million, or $0.41 per share, and $12.4 million, or $0.51 per share, excluding non-recurring items.

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