AngioDynamics Inc. (NASDAQ: ANGO) on Tuesday reported a modest profit for the fourth quarter of 2022 compared to breakeven last year. Revenues increased in double-digits and topped expectations.
The medical device maker reported adjusted earnings of one cent during the three-month period, marking an improvement from the prior-year quarter when the bottom line was breakeven. The latest number came in line with the consensus estimates.
Revenues increased 13% year-over-year to $86.9 million in the May quarter and topped analysts’ forecast. The top line benefitted from strong performance by all three operating segments.
Check this space to read management/analysts’ comments on AngioDynamics’ Q4 2022 earnings
“We delivered on the strategic objectives for the fiscal year 2022 that we laid out a year ago during our Investor and Technology Day while managing through a number of macro-related headwinds, including supply chain disruptions and ongoing inflationary pressures. During our fourth quarter, we reduced our backlog as our manufacturing capacity improved, exiting the quarter more than 40% above the lows we experienced in December,” said AngioDynamics’ CEO Jim Clemmer.