Shares in AngioDynamics (NSDQ:ANGO) rose today after the medical device maker met expectations on Wall Street with its fiscal 2nd quarter results.
The Albany, N.Y.-based company posted profits of $45 million, or 37¢ per share, on sales of $89 million for the 3 months ended Nov. 30, for bottom-line loss of -2% on sales loss of -0.3% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 37¢, ahead of consensus on The Street, where analysts were looking for sales of $91.9 million.
“Our second quarter results reflect a solid quarter of execution against our fiscal 2017 plan and expectations,”president & CEO Jim Clemmer said in prepared remarks. “We again saw results driven by the peripheral vascular franchise, enhanced by demand created by the Cook Medical angiographic catheter recall. Looking across the business, other areas of strength include continued momentum in BioFlo Midline in the Vascular Access franchise, as well as increased utilization in NanoKnife within Oncology/Surgery.”
“As we move forward into the 2nd half of fiscal 2017, we continue to make solid progress towards enhancing our operations and developing our long-term growth strategy. During the quarter, we implemented some operational improvements in the form of SKU rationalization, supply chain optimization and a more disciplined approach to controlling our SG&A costs, which we believe will result in improved profitability. Our senior management team continues to work diligently to develop and refine a growth strategy that will improve our operational performance, unlock strategic opportunities and create long-term value for our shareholders. We look forward to providing further updates on our strategic progress in the coming months.”
AngioDynamics said it expects to post adjusted EPS of 65¢ to 67¢ on sales of $335 million to $360 million for the full year
ANGO shares were trading at $16.72 apiece today in mid-afternoon trading, up 0.1%.