AngioDynamics Posts Larger Third Quarter Loss on Higher Costs, Reaffirms FY22 Outlook
- AngioDynamics Inc. NGO reported Q3 FY22 Adjusted EPS of $0.03, above consensus of ($0.01) and better than consensus of $0.02 released a year ago.
- Third-quarter sales rose 3.9% year-on-year to $73.97 million, missing analyst consensus of $76.32 million.
- Endovascular therapies net sales increased 14.5% to $38.1 million, driven by strength in the atherectomy and thrombectomy portfolios.
- Oncology net sales were down 5% year-over-year to $12.5 million due to COVID-related procedure volume pressures and lower NanoKnife capital sales.
- Vascular Access net sales decreased 5.6% to $23.4 million.
- Gross margin compressed 190 basis points to 52.2%, impacted by the tight labor market and increased raw material, labor and freight expenses.
- Adjusted EBITDA was $6.7 million, compared to $5.4 million in Q3 FY21.
- Advice: For FY22, AngioDynamics restated its sales guidance of $310 million to $315 million versus consensus of $313.65 million.
- The company expects gross margin of approximately 52.0% to 54.0% and adjusted EPS of ($0.02) to $0.02 ($0.01 consensus loss).
- price action: ANGO stock traded up 10.50% at $23.80 when last checked on Thursday.
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