AngioDynamics (Nasdaq:ANGO) shares ticked up today on third-quarter results that were mixed compared to the consensus forecast.
The Latham, N.Y.-based peripheral artery disease (PAD) treatment developer posted losses of nearly $5 million, or 13¢ per share, on sales of $74 million for the three months ended Feb. 28, 2022, for a 40% bottom-line slide on sales growth of 3.9%.
Adjusted to exclude one-time items, earnings per share were 3¢, 4¢ ahead of Wall Street, where analysts were looking for sales of $76.3 million.
We are proud of our team’s ability to drive continued growth in our business during the third quarter while operating amid macro-related supply chain disruptions, procedural volume challenges and ongoing inflation, particularly in December and January,” AngioDynamics President and CEO Jim Clemmer said in a news release. “Even as we started to see benefits of our capacity enhancement initiatives, we saw our backlog increase during our third quarter, signaling continued strong customer demand.
“Since mid-February, we have seen steady improvement in procedure volumes and remain confident in both the long-term growth trajectory of our portfolio and the strategic transformation of the company.”
AngioDynamics reaffirmed its 2022 guidance, with projected revenues set between $310 million and $315 million and total adjusted EPS expected to range between a loss of 2¢ per share or gains of 2¢ per share.
ANGO shares were up 6.3% at $22.90 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.3%.