
Shares of AngioDynamics (NSDQ:ANGO) are up today after the medical device company beat Wall Street’s earnings expectations with its fiscal 1st-quarter results.
Albany, N.Y.-based AngioDynamics posted losses of $426,000, or 1¢ per share, on sales of $83.6 million for the 3 months ended August 31, paring its losses by 40.9% on a 0.2% sales gain compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 12¢, well ahead of the 3¢-per-share mark expected by analysts on The Street.
That sent ANGO shares up 3.2% to $14.73 apiece as of about 10:20 a.m. today.
"Our growth drivers performed at, or above, our expectations in the first quarter, demonstrating the value in our strategic initiatives and ability to expand market opportunities for our products," president & CEO Joseph DeVivo said in prepared remarks. "Our sales team is approaching the market with solutions, including our AngioVac cannula and circuit, and growing BioFlo portfolio, that are valued by the healthcare industry not only for their potential to improve patient outcomes, but also for reducing overall treatment costs. Early data following the commercialization of our BioFlo PICCs has shown the capability to dramatically reduce PICC-related upper extremity deep vein thrombosis – a problem that is estimated to cost hospitals more than $1 billion annually. The market’s response and product results are encouraging, and coupled with other positive developments, supports our expectation of accelerated growth commencing in the fiscal 2014 second half."
AngioDynamics raised its fiscal 2014 sales forecast to $347 million to $353 million and boosted its adjusted EPS guidance to 63¢-67¢, CFO Mark Frost added.
"We are anticipating revenue to range from $85 million to $88 million in the 2nd quarter, up 1% on the top end. Adjusted EPS without amortization is expected to be 12¢-15¢," Frost said, according to a press release.
In a separate announcement, AngioDynamics said it inked a 3-year sole-source supply deal for its entire port line with the Large Integrated Delivery Network Group, a subset of 8 IDNs from members of group purchasing organization Premier Inc. (NSDQ:PINC) members.