New CEO vows to focus on stabilizing the struggling Vadnais Heights-based firm.
Updated: September 1, 2011 - 8:29 PM
Angeion Corp. reported Thursday a $81,000 net loss during its third quarter, hurt by charges and fees related to the sudden departure of its previous CEO.
The company said third-quarter sales were $6.8 million, down 4 percent from a year ago. Although Angeion is still unprofitable, it was an improvement from last year's $126,000 net loss during the third quarter.
The company missed analysts' estimates of a net gain of four cents a share, instead bringing in a loss of 2 cents per share.
The Vadnais Heights-based company, which makes medical diagnostic systems, has undergone several management changes recently, including three CEOs since 2010. Philip Smith, the previous CEO, resigned after less than five months on the job.
Gregg Lehman stepped in as interim CEO in May and took over the job permanently in July.
"Bringing stability to Angeion as an operating company is well underway," Lehman said in a press release. "Change is needed to become a consistently profitable company and we are examining every aspect of the company to determine where improvements need to be made."
Lehman said the company is in the initial stages of executing a plan that will focus on automation, reducing expenses, innovation and helping the company gain a larger market share with a "renewed strategic marketing focus."
The results were released after the markets closed. Angeion shares dropped 8 cents on Thursday, closing at $3.93 a share.
Wendy Lee • 612-673-1712
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