It’s been a roller coaster of a year for AngioDynamics. In the past, I’ve professed my high opinion of the company. I still like ANGO and I think it’s fairly valued, but a less than stellar quarter should give growth-obsessed investors pause. The company expects revenues to shrink by $5 million in 2009. Access sales, historically a slow-growth business for the company, were $16.1 million in the most recent quarter, an increase of 2% year-over year. Oncology/Surgery sales grew 13% to $10.6 million. The one bright spot: Peripheral Vascular sales. Revenues totaled $21.8 million in the second quarter, an increase of 33% over Q2 2007. The growth was primarily the result of the laser ablation products acquired from Diomed. The Diomed deal illustrates AngioDynamics’ stated strategy of acquiring of “tuck-in” products. Given its strong cash position, I hope the company will pursue similar transactions in 2009, leveraging its significant sales infrastructure in the cancer and vascular space. Overall, AngioDynamics reported $48.5 million in second quarter revenue, an increase of 17% year-over-year, but below the previous consensus of $50.5 million. Given its stagnating product portfolio, the company and its co-founder, Eamonn Hobbs, are placing a lot of weight on the recently acquired irreversible electroporation (IRE) technology. While promising, it could be a long time before AngioDynamics realizes any significant revenues from NanoKnife. The company reported cash and investments at November 30, 2008 of $57.8 million and long term debt of $7.2 million.