AngioDynamics Inc. (NASDAQ: ANGO) on Thursday reported higher earnings for the third quarter of 2022 when the medical device maker’s net sales increased by 4%. The bottom line also exceeded Wall Street’s estimates.
Earnings, adjusted for one-off items, increased to $0.03 per share in the most recent quarter from $0.02 per share in the same period of last year and came in above the market’s projection. On an unadjusted basis, it was a net loss of $4.9 million or $0.13 per share, compared to a loss of $3.5 million or $0.09 per share in the third quarter of 2021.
At $73.9 million, net sales were up 4% year-over-year. Analysts were looking for faster growth. Looking ahead, the management expects net sales to be in the range of $310 million to $315 million in the whole of fiscal 2022. It is estimated that the bottom line would range between a loss of $0.02 per share and earnings of $0.02 per share in the fiscal year.
“Even as we started to see benefits of our capacity enhancement initiatives, we saw our backlog increase during our third quarter, signaling continued strong customer demand. Since mid-February, we have seen steady improvement in procedure volumes and remain confident in both the long-term growth trajectory of our portfolio and the strategic transformation of the Company,” said Jim Clemmer, chief executive officer of AngioDynamics.
Shares of AngioDynamics traded higher early Thursday, after closing the previous session slightly above $21. The stock has lost about 26% since the beginning of the year.
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