velopment plan that not only includes succession planning, but also expansion of the senior management team in order to fully capitalize on the company’s growth opportunities and maximize the potential for shareholder returns.
 Hobbs, who will become vice chairman of the Board of Directors,  and the board appear to be on the same page.

“With the significant growth that our company has experienced over the past two years, and the increased potential for more significant growth ahead of us, I believe the time is right to further develop the breadth and depth of AngioDynamics’ leadership team,” Hobbs said.

“My managerial strengths and interests are entrepreneurial in nature, and we have reached a point with the continued growth of our three business divisions, and with the enormous and immediate opportunity of IRE (irreversible electroporation) — where we need to expand our senior management team. A key element of the expansion plan is a search to identify a true world class candidate to become president and chief executive officer of AngioDynamics.
“Under this element of the plan, I will actively participate in the search and, once we bring the successful candidate on board, will become vice chairman of the Board of Directors. Under this new role, I will continue my long-term dedication to AngioDynamics by focusing my efforts on maximizing the potential of our emerging IRE technology within the medical community, as well as on other potential strategic initiatives.

 “I look forward to working with the successful candidate during the leadership expansion and transition process. I also eagerly look forward to building awareness within the global medical community, as well as among our shareholders and the general public of the potential of our IRE technology as well as the NanoKnife system. Recently, NanoKnife was used to treat patients afflicted with cancer other than prostate and I’m excited about being able to turn the administrative and operational responsibilities of our company over to a seasoned and proven leader while I focus on the IRE opportunity,” Hobbs concluded.

Vincent Bucci, chairman of the Board of Directors, praised Hobbs for leading AngioDynamics for some 20 years.
“The plan we are announcing today is one of the many examples of his unwavering and continued dedication to the growth and success of the company,” Bucci said. “We have retained a leading executive search firm to work with the board in identifying and recruiting the right candidate to lead our company into the future. Our leadership development plan also incorporates our on-going search for a senior management team member to lead our oncology/surgery business unit, and we expect to shortly announce the appointment of a senior management team member to lead our regulatory, quality and clinical efforts.

“The board remains very confident of the company’s prospects both short- and long-term, and we look forward to working with Eamonn in his new role. We are also very confident in the future potential that IRE has for the company and the medical community. Our development plan reflects the board’s belief that IRE could significantly enhance shareholder returns in the near future if we provide appropriate resources and leadership to the program,” Bucci said.

Second Quarter Results

The company currently expects net sales for the fiscal second quarter to be approximately $48.5 million, which would represent an increase of approximately 17 percent over fiscal second quarter 2008 net sales of $41.5 million. Earnings per share for the second fiscal quarter are expected to be approximately 11 to 12 cents.
The company expects to release financial results for the fiscal second quarter after the close of the financial markets on Jan. 6, 2009.