Angeion Corp. reported a $409,000 net loss in its second quarter Thursday, affected by delayed deliveries of its medical diagnostic systems.
Sales declined about 8 percent to $6.3 million in the quarter ending April 30. Revenue was down because a number of Angeion's customers requested that they receive their product orders at a later date, said CEO Gregg Lehman. Most of those products will be delivered in the third quarter, Lehman said.
"We do not believe that these delays will have a material impact and we expect solid operational and financial results throughout the remainder of fiscal year 2012," he said.
Angeion's net loss was 11 cents a share, compared to a loss of $138,000 or 4 cents, a year ago.
Lehman said moving forward, the Vadnais Heights-based company will try to increase the amount of long-term service contracts with customers and improve its sales strategy.
Angeion, which sells non-invasive cardiorespiratory diagnostic systems, announced at the company's annual meeting on Wednesday that it will be changing its name to MGC Diagnostics Corp. The company also said it has signed a letter of intent to complete the sale of its New Leaf business.
Angeion's stock closed at $5.78 a share on Thursday, up 10 cents.