AngioDynamics Inc. (NASDAQ: ANGO) on Wednesday reported a net loss, on an adjusted basis, for the second quarter of 2024 when its revenue declined. The medical device maker also provided guidance for fiscal 2024.
Net loss, excluding special items, was $0.05 per share in the November quarter, compared to earnings of $0.01 per share in the same period of 2023. On an unadjusted basis, net loss was $29.05 million or $0.72 per share in Q2, compared to a loss of $8.49 million or $0.21 per share in the prior-year quarter.
Second-quarter revenues decreased 7% year-over-year to $79.1 million. The company expects fiscal 2024 revenues to be in the range of $320 million to $325 million.
Commenting on the results, AngioDynamics’ CEO Jim Clemmer said, “Currently, more than 80% of our Med Tech revenue utilizes third-party manufacturing. Fully shifting both Med Device and Med Tech to this model will allow us to more effectively compete in our chosen markets, fundamentally changing our corporate gross margin profile and driving us to profitability in two years.”