AngioDynamics (NSDQ:ANGO) shares skyrocketed today on first-quarter results that topped the consensus forecast.
Shares of ANGO were up 13.2% at $12.01 per share in mid-morning trading today.
The Latham, N.Y.-based peripheral artery disease (PAD) treatment developer posted losses of -$4.3 million, or -11¢ per share, on sales of $70.2 million for the three months ended Aug. 31, 2020, posting sales growth of 6.3% despite its bottom line remaining in the red.
Adjusted to exclude one-time items, earnings per share were 2¢, 9¢ ahead of Wall Street, where analysts were looking for sales of $65.1 million.
“We had a strong first quarter, as our customers continued to show signs of recovery from the disruption of COVID-19,” AngioDynamics president & CEO Jim Clemmer said in a news release. “While customer demand has not yet returned to pre-COVID levels, the team is clearly executing in this challenging environment. Our key technology platforms performed well during the quarter, including strong sales growth of our AngioVac platform and more than $1 million in sales of our Auryon platform.
“We’re still seeing the impact of COVID, particularly in our oncology business, but, despite the unique challenges presented by this environment, we remain confident in our ability to efficiently manage the business while growing our key technology platforms.”
AngioDynamics said it now expects to log full-year adjusted EPS of between $0.00 and 5¢, setting its 2021 sales guidance for between $278 million and $284 million.
The Company expects fiscal year 2021 net sales to be in the range of $278 to $284 million and fiscal year 2021 adjusted earnings per share to be in the range of $0.00 to $0.05.
While shares of ANGO were up, MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.5% today.
