AngioDynamics beats The Street with Q2 results

January 4, 2019 By Sarah Faulkner Leave a Comment

Shares in AngioDynamics (NSDQ:ANGO) rose today after the medical device maker topped expectations on Wall Street with its second quarter financial results.

The Latham, N.Y.-based company posted profits of $2.1 million, or 6¢ per share, on sales of $91.5 million for the 3 months ended Nov. 30, for sales growth of 5.5% compared with the same period last year.

Adjusted to exclude 1-time items, earnings per share were 22¢, a penny ahead of the consensus on The Street, where analysts were looking for sales of $89.2 million.

“We are very pleased with our second quarter financial results, which are marked by growth across all of our business segments, expanding gross margins, and improved profitability. Our quarterly performance was positively impacted by our recent acquisitions, validating our portfolio optimization strategy and enhancing our value proposition within oncology,” president & CEO Jim Clemmer said in prepared remarks.

“In addition, we continue to make progress toward obtaining a pancreatic cancer indication for NanoKnife and recently received notification from the FDA that NanoKnife will be considered a Category B IDE once we receive approval to begin our Direct NanoKnife study for Stage III pancreatic cancer,” he added.

AngioDynamics said it expects to post adjusted EPS of 82¢ to 86¢ on sales of $354 million to $359 million for the full year.

ANGO shares were trading at $20.15 apiece in morning activity today, up 3.7%.

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