AngioDynamics (Nasdaq:ANGO) shares took a hit today on first-quarter results that came up shy of the consensus forecast.
Shares of ANGO dipped 12.6% at $18.84 apiece as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.5%.
The Latham, N.Y.–based peripheral artery disease (PAD) treatment developer posted losses of $13 million, or 33¢ per share. It registered sales of $81.5 million for the three months ended Aug. 31, 2022, for an 86.5% bottom-line slide deeper into the red on sales growth of 5.9%.
Adjusted to exclude one-time items, losses per share were 6¢, 4¢ behind Wall Street, where analysts were looking for sales of $83.4 million.
The company reported net medtech sales of $22.8 million. Growth drivers there included the Auryon peripheral atherectomy platform, the thrombus management platform and the NanoKnife irreversible electroporation platform. Medical device net sales totaled $58.7 million.
“We are pleased with our performance during the quarter as we continued to deliver on our long-term strategic objectives,” said Jim Clemmer, president and CEO of AngioDynamics. “The challenging and uncertain macro environment continued during our first fiscal quarter of 2023, with persistent inflation, as well as hospital staffing and procedural pressures.
“Our commitment to executing our strategic plan based on our key growth drivers. Auryon, AngioVac, AlphaVac and NanoKnife, enabled us to build on the momentum we generated in fiscal 2022 to deliver solid results even in the face of this challenging environment.”
AngioDynamics said projects 2023 adjusted EPS to come between 1¢ and 6¢ thanks to expected new product launches. It predicts net sales to fall between $342 million and $348 million.