**Exhibit 99.2**

 
|                      |  |
|---------------------------|--|
| Angeion Corporation       |
| 350 Oak Grove Parkway     |
| St. Paul, MN 55127 USA    |
| Telephone: (651) 484-4874 |
| Facsimile: (651) 484-4826 |

 

 

**FORIMMEDIATE RELEASE**

 
| Contact: | Rodney  A. Young, President and CEO, (651) 484-4874 |
|----------|-----------------------------------------------------|
|     | Dale  Johnson, CFO, (651) 484-4874                  |

 

**Angeion Corporation Reports 17% Third Quarter Revenue Growth**

 

***During Quarter, Company Settled ICD Claimwith ELA Medical; Court Ruled Medmarc Breached “Duty to Defend”***

 

**SAINT PAUL, Minn. (September 9,2005) —**AngeionCorporation  **(NASDAQSC: ANGN)** today reportedresults for its third quarter ended July 31, 2005.  Total revenue increased by 17.3 percent to$6.1 million for the three months ended July 31, 2005 compared to $5.2million for the same period in 2004.  Thenet loss for the three months ended July 31, 2005 was $268,000, or $0.07per share, compared to a net loss of $488,000, or $0.14 per share, for the sameperiod in 2004.  For the nine monthsended July 31, 2005, total revenue increased 16.7 percent to $17.1 millionfrom $14.7 million for the same period in 2004. The net loss for the nine months ended July 31, 2005 was $1.2million, or $0.34 per share, compared to a net loss of $2.1 million, or $0.58per share, for the same period in 2004. The net losses for the three and nine months ended July 31, 2005included a $191,000 loss from discontinued operations compared to a $350,000loss from discontinued operations for the nine months ended July 31,2004.  Overall increases in operatingexpenses reflect planned investments in sales and marketing programs to supportthe growth in all of the Company’s products.

 

“Therewere a few notable events that occurred this quarter, each of which will havean impact on our business going forward,” commented Rodney A. Young, Presidentand Chief Executive Officer of Angeion Corporation.  “We are pleased our revenue trend continues toshow year over year improvement in both our cardiorespiratory and New Leafhealth & fitness markets.  As a resultof our revenue growth, our margins for the third quarter of 2005 showed animprovement of 5.1%,” continued Young.

 

“In addition to positive revenue growth and marginimprovement, also significant was the progress we made regarding our legacyissues surrounding the ELA litigation,” Young stated.  “On June 30, 2005 we settled our matterwith ELA, and on August 25, 2005, the Judge’s Order concurred with our original position that Medmarc wasrequired to defend Angeion in this matter with ELA.  This very positive news is important as weget closer to eliminating this challenge and distraction,” concluded Young.

 

A detailed discussion of the Company’sfinancial position and results of operations is contained in the Company’s Form 10-KSBfor the year ended October 31, 2004 and Forms 10-QSB for the quartersended January 31, 2005, April 30, 2005 and July 31, 2005.

 

**- more -**

 

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Founded in 1986, Angeion Corporation acquired Medical Graphics(www.medgraphics.com) in December 1999. Medical Graphics develops, manufactures and markets non-invasivecardiorespiratory diagnostic systems for the management and improvement ofcardiorespiratory health.  The Companyhas also introduced a line of health and fitness products, many of which arederived from Medical Graphics’ cardiorespiratory product technologies.  These products, marketed under the New LeafHealth and Fitness brand (www.newleaffitness.com), help consumers effectivelymanage their weight and improve their fitness. They are marketed to the consumer primarily through personal training studios,health and fitness clubs and other exercise facilities.  For more information about Angeion, visitwww.angeion.com.

 

The discussion above contains forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995.  These statements by their nature involvesubstantial risks and uncertainties. Actual results may differ materially depending on a variety of factors,including (i) the Company’s ability to successfully operate its MedicalGraphics business including, its ability to develop, improve and update itscardiorespiratory diagnostic products, (ii) the Company’s ability tosuccessfully introduce its New Leaf Health & Fitness products, (iii) theCompany’s ability to successfully defend itself from product liability claimsrelated to its Medical Graphics products and claims associated with its priorcardiac stimulation products, (iv) the Company’s ability to successfullyresolve all issues in connection with the Company’s product liability insurancecoverage; (v) the Company’s ability to protect its intellectual property,and (vi) the Company’s dependence on third-party vendors.  Additional information with respect to therisks and uncertainties faced by the Company may be found in, and the priordiscussion is qualified in its entirety by, the other risk factors that aredescribed from time to time in Angeion’s Securities and Exchange Commissionreports, including but not limited to the Annual Report on Form 10-KSB forthe year ended October 31, 2004, and subsequently filed reports.

 

**– Financials follow –**

 

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Angeion Corporation and Subsidiaries

Condensed Unaudited Consolidated Financial Statements

(In thousands, except per share data)

 
| ** **                                  | ** ** | **Three Months Ended****July 31,** | ** ** | **Nine Months Ended****July 31,** | ** ** |
|---------------------------------------------|------------|-----------------------------------------|------------|----------------------------------------|------------|
| ** **                                  | ** ** | **2005**                                | ** ** | **2004**                               | ** ** | **2005** | ** ** | **2004** | ** ** |
| Consolidated Statements of Operations       |       |                                    |       |                                   |       |   |   |   |   |
| Revenue                                     |       | $                                       | 6,058      |                                   | $          | 5,165 |   | $ | 17,120 |   | $ | 14,676 |   |
|                                        |       |                                    |       |                                   |       |   |   |   |   |
| Gross margin                                |       | 3,001                                   |       | 2,294                                  |       | 8,322 |   | 6,655 |   |
| Operating expenses                          |       | 3,088                                   |       | 2,786                                  |       | 9,374 |   | 8,414 |   |
| Interest income                             |       | 10                                      |       | 4                                      |       | 26 |   | 12 |   |
|                                        |       |                                    |       |                                   |       |   |   |   |   |
| Loss from continuing operations             |       | (77                                     | )          | (488                                   | )          | (1,026 | ) | (1,747 | ) |
| Loss from discontinued operations           |       | (191                                    | )          | —                                 |       | (191 | ) | (350 | ) |
| Net loss                                    |       | (268                                    | )          | (488                                   | )          | (1,217 | ) | (2,097 | ) |
|                                        |       |                                    |       |                                   |       |   |   |   |   |
| Net loss per share – basic and diluted |       | $                                       | (0.07      | )                                      | $          | (0.14 | ) | $ | (0.34 | ) | $ | (0.58 | ) |

 
| ** **                                     | ** ** | **July 31,  2005** | ** ** | **October 31,  2004** | ** ** |
|------------------------------------------------|------------|-------------------------|------------|----------------------------|------------|
| Consolidated  Balance Sheets                   |       |                    |       |                       |       |
| Cash                                           |       | $                       | 904        |                       | $          | 2,390 |   |
| Cash restricted for discontinued operations    |       | 400                     |       | —                     |       |
| Other current assets                           |       | 7,607                   |       | 7,398                      |       |
| Current assets of discontinued operations      |       | 700                     |       | 700                        |       |
| Equipment and intangible assets                |       | 6,811                   |       | 7,542                      |       |
|                                           |       | $                       | 16,422     |                       | $          | 18,030 |   |
|                                           |       |                    |       |                       |       |
| Current liabilities                            |       | $                       | 4,145      |                       | $          | 4,106 |   |
| Current liabilities of discontinued operations |       | 623                     |       | 1,092                      |       |
| Shareholders’ equity                      |       | 11,654                  |       | 12,832                     |       |
|                                           |       | $                       | 16,422     |                       | $          | 18,030 |   |

 

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