Profits were nearly halved for Latham, N.Y.-based AngioDynamics during the three months ended Feb. 28, falling some -94.3% to $796,000, or 2¢ per share compared with Q3 2018. Sales grew 3.0% to $86.3 million compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 19¢, 2¢ below the consensus estimate on Wall Street, where analysts were looking for revenues of $88.3 million.
“While we had pockets of softness in our financial performance during the third quarter, our overall performance remains strong and we are confident that we will achieve our full-year guidance. We saw strong growth contributions during the quarter from AngioVac and Solero, as well as from fluid management,” president & CEO Jim Clemmer said in prepared remarks. “Additionally, I am very excited that the FDA has approved the IDE for our NanoKnife Direct clinical study, which is the next step toward this incredible technology improving the standard of care for patients afflicted with Stage III pancreatic cancer. The IDE approval also represents a milestone for AngioDynamics as we transform into an evidence-based Company focused on therapies and outcomes facilitated by our unique technologies.”
AngioDynamics stood by its prior guidance for fiscal 2019, saying it still expects to report adjusted EPS of 82¢ to 86¢ on sales of $354 million to $359 million.
ANGO shares, which closed up 9.4% at $25.01 apiece yesterday on news of the IDE approval, were off -7.2% to $23.20 each in pre-market trading. The stock was at $24.48 per share today, down -2.1%, in mid-afternoon activity.