AngioDynamics misses Q3 earnings

AngioDynamics (NASDAQ: ANGO) posted third-quarter earnings on Tuesday before the regular trading hours. Net sales for the period increased 3% to $86.3 million, while adjusted net profit declined to $0.19 per share from $0.23 a year ago.

The market expected earnings of $0.22 per share on revenue of $88.65 million. Both the top line and bottom line missed the consensus.

US net sales in the quarter rose 3.9% to $68.3 million, while international sales edged down 0.3% to $18 million.

CEO CEO Jim Clemmer said, “While we had pockets of softness in our financial performance during the third quarter, our overall performance remains strong, and we are confident that we will achieve our full-year guidance. We saw strong growth contributions during the quarter from AngioVac and Solero, as well as from Fluid Management.”

The Latham, New York-based medical devices firm reiterated its FY 2019 guidance, continuing to expect net sales in the range of $354 to $359 million. Adjusted EPS is projected to be in the range of $0.82 to $0.86.

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ANGO ended its last trading session 9.4% higher on Monday. The stock has gained 46% in the trailing 52 weeks.

Last year, AngioDynamics announced that it would acquire privately held medical diagnostic and device company RadiaDyne. The latter designs and develops patient dose monitoring technology to improve cancer treatment outcomes.

This deal added to AngioDynamics’ portfolio RadiaDyne’s early-stage, proprietary real-time radiation dose monitoring platform, and other market-leading oncology solutions.

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