Angiodynamics and Bill Barrett Corp Hit 52-Week Lows Tuesday

Angiodynamics (NASDAQ:ANGO): AngioDynamics has initiated a voluntary recall in the U.S. of the NanoKnife System’s Ablation Zone Estimator software, including the User’s Manual and Troubleshooting Guide. The recall does not impact NanoKnife Systems or sales outside of the U.S. The NanoKnife System has FDA 510 (NYSE:K) clearance for the surgical ablation of soft tissue. AngioDynamics added the AZE feature to the NanoKnife System pursuant to a Letter to File, a process by which companies make modifications to products that were already cleared by the U.S. Food and Drug Administration. The FDA recently indicated that the AZE feature should be the subject of a 510 (NYSE:K) premarket notification submission and clearance. AngioDynamics has decided to remove the AZE feature and expects to resume shipments of the system once this software modification has been completed. The company has notified U.S. customers they should not use the AZE feature for clinical determination of the ablation zone and it should not be used in the U.S. for treatment planning of the therapy area. The shares closed at $13.59, up $0.32 or 2.41% on the day. They have traded in a 52-week range of $12.60 to $17.19.

Bill Barrett Corp. (NYSE:BBG): Bill Barrett stated “We enter 2012 with eight of nine drilling rigs targeting oil and NGLs, focusing our capital expenditures on the highest return programs in the face of natural gas forward strip prices at a 10-year low. Our capital expenditure budget for 2012 is $900M-$1,000M, yet our plan offers flexibility to be adjusted to meet macro-industry trends. Capital expenditures beyond expected cash flows represent an operational transition to higher margin liquids growth. Our three-year plan will ultimately allow us to closer align capital expenditures and cash flow while maintaining double digit production growth. Our 2012 capital budget includes approximately 15% for exploration, where we have built an exciting and active portfolio of prospects, all of which are horizontal oil targets. Our production guidance for 2012 is 126B-130B cubic feet equivalent offering 18% to 22% growth, including nearly 80% growth in oil production. Currently, we have approximately 50% of natural gas production hedged at an average price of $4.33 per million British thermal units, partially mitigating our exposure to the current negative commodity price environment for natural gas. We expect approximately 13% of 2012 production to be oil and approximately 16% of production to benefit from NGL pricing.” The shares closed at $28.40, down $1.91 or 6.3% on the day. They have traded in a 52-week range of $28.25 to $52.13.

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To contact the reporter on this story: Derek Hoffman at

To contact the editor responsible for this story: Damien Hoffman at