AngioDynamics (NSDQ:ANGO) reported its 1st quarter results for fiscal 2017 yesterday, posting a 5% top-line gain and a swing to black ink.
Despite the good news, ANGO shares closed down more than 6% yesterday, but recovered somewhat today.
The Latham, N.Y.-based company reported profits of $1.3 million, or 4¢ per share, on sales of $88.1 million for the 3 months ended August 31. That amounts to a 5.2% top-line gain and a turnaround from losses of -$775,000 during the same period last year.
Adjusted to exclude 1-time items, profits were $6.4 million and earnings per share were 17¢, up from an adjusted $4 million in sales and 11¢ in earnings per share.
“I’m pleased with our 1st-quarter performance, which lays the foundation for continued positive momentum in fiscal 2017. These results were primarily driven by growth in the peripheral vascular franchise as a result of opportunities created by the Cook Medical recall. Looking across the business, we also delivered a solid performance in BioFlo Midline and dialysis in the vascular access franchise, and growth for NanoKnife and microwave in oncology/surgery. As we move through fiscal 2017, we remain committed to executing on our long-term strategy of pursuing initiatives where we have a clear competitive advantage, focusing on driving operational efficiency and developing products that improve patient outcomes and lessen the burden on the provider and healthcare system,” CEO Jim Clemmer said in prepared remarks.
“In addition to delivering solid financial performance in revenue and EPS, we continued to generate strong free cash flow in the 1st quarter. Going forward we will remain focused on improving our operating performance and free cash flow generation. By doing so, we will be able to support long-term value creation for our stakeholders by strategically investing in growth opportunities and further strengthening our balance sheet,” added CFO Michael Greiner.
AngioDynamics said it expects to report adjusted EPS of 62¢ to 65¢ on sales of $355 million to $360 million for fiscal 2017.
ANGO shares opened at $17.60 yesterday, and were down 6.4% at close, trading at $16.47. The stock was up 1.6% today to $16.73 in mid-day trading.