AngioDynamics (NSDQ:ANGO) said it’s revising its financial results back to the beginning of its 2012 fiscal year, estimating the revision will impact earnings on an adjusted per-share basis by a combined 3¢ to 4¢ through the close of its 1st fiscal quarter in August.
Latham, N.Y.-based AngioDynamics said the changes do not affect its results in a material way, and shares were up 2% Friday morning to $14.36 as the company upped its earnings guidance for its current fiscal year to between 65¢ and 71¢ on an adjusted basis.
AngioDynamics sells a range of devices used in the diagnosis and treatment of cardiovascular and peripheral vascular disease, with brands including NAMIC, VenaCure, AngioVac and BioFlo, among others.
AngioDynamics reported profits of $630,000, or 2¢ a share, on sales of $87.3 million for the fiscal 1st quarter ended August 31, reversing a -$375,000 loss a year earlier. AngioDynamics left unchanged its estimates for fiscal 2015 revenues of between $362 million and $368 million.
In a conference call yesterday, CEO Joe DeVivo said the company has begun using a new enterprise resource planning system and installed a new controller in July after identifying an unspecified "inter-company" issue. An assessment of internal controls is continuing, DeVivo added.
"We feel like this is something we have bracketed, and I am very encouraged by the overall changes, improvements and the improved strength of our finance organization," DeVivo said. "I am also very encouraged by the benefit of now having this ERP system. We have been flogging this thing for 18 months. … It gives us immediate line of sights on operating expenses, and it allows us to lean out the organization more, make quicker, better decisions, and I think is probably the main contributor as to why we are going to be able to deliver faster and stronger earnings growth."