The Latham, N.Y.-based company posted profits of $14 million, or 37¢ per share, on sales of $83.9 million for the 3 months ended February 28, for bottom-line growth of 385.6% while sales shrunk 2% compared with the same period during the previous year.
Earnings per share were ahead of the 19¢ consensus on Wall Street, while sales fell short of their $85.2 million expectations.
“Our third quarter results demonstrate continued execution against our operational goals as evidenced by meaningful gross margin expansion and strong profitability. Revenue growth remains negatively impacted by competitive headwinds in our venous and PICCs product lines, but we continue to believe that our ongoing portfolio evaluation and reshaping efforts will drive long-term sustainable top-line growth. We remain committed to creating value through both organic efforts and M&A as we continue transforming AngioDynamics into a dynamic leader in our industry,” prez & CEO Jim Clemmer said in a press release.
AngioDynamics reaffirmed earlier released guidance for the 2018 fiscal year, expecting to post net sales between $345 million and $350 million, with adjusted earnings per share between 70¢ and 74¢.
Shares in AngioDynamics have fallen 7.6% so far today, at $15.59 as of 10:21 a.m. EDT.