When Angeion Corporation (NASDAQ:ANGN) reports its 2006 Q4 and full-year results, shareholders will be looking for the medical-device maker to post its fifth consecutive quarter of profitability. Since filing for Chapter 11 bankruptcy in 2002, the company has exhibited a great deal of resilience in attaining its current market standing. Most recently, the company has had nine consecutive quarters of double-digit revenue growth on a year-over-year basis and appears to be well-positioned for FY 2007.

The company develops non-invasive diagnostic devices that can assist physicians, athletic trainers, and coaches in obtaining an overall view of a person's cardiorespiratory health and fitness. For instance, the company's CPX Ultima device provides health professionals with diagnostic metrics that are above and beyond those of a traditional stress test. The company prides itself on its new product development.

Those fortunate enough to own shares of Angeion in 2006 experienced a 350% return for the year as the stock climbed from $2.71 to $12.23. The rise is largely attributable to the company's Q3 results, in which it reported net income of $655,000 on revenue of $8.8 million. These figures represent a 45% increase in revenue and a decisive move out of the red from the year-ago quarter, in which Angeion reported a net loss of $268,000. The company's president and CEO, Rodney A. Young, was very pleased with the outcome of the third quarter, noting, "Our primary goals for 2006 have been to drive year-over-year revenue growth and sustain profitability. With three solid quarters behind us, the majority of our 2006 goals are well within reach."

Amidst an aging baby boomer population, Angeion has been one of a myriad of medical-device stocks that have benefited from a high level of demand for cutting-edge technology. Viasys Healthcare (NYSE:VAS) is another example of a small-cap company that saw its respiratory diagnostics line contribute to double-digit revenue growth for the company in 2006.

From a cash flow perspective, Angeion is in great shape. The company has been able to finance its liquidity needs from its operating revenues and has not needed to borrow to sustain itself. The company presently has no long-term debt and had a net increase in cash of $1.4 million during its third quarter, with a large portion of that increase being attributable to its continuing operations.

On an average day, Angeion's stock will have a trading volume of approximately 250,000 shares, meaning its price is certainly subject to larger fluctuations than, say, that of your typical blue chip. Another risk associated with Angeion is the fact that 38% of its Q3 sales were to a single customer. As an offset to this risk, management has noted that in the absence of this customer, revenue would still have grown by 9.3% for the first three quarters of 2006 when compared to the first three quarters of 2005.

While micro caps in general may not be the best play for the faint of heart, Angeion could be a stock to consider for the Fool with a penchant for growth stocks.

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Fool contributor Billy Fisher does not own shares of any of the companies mentioned. The Fool has a disclosure policy.