AngioDynamics (NSDQ:ANGO) posted fourth-quarter results that missed the consensus forecast on Wall Street.
The company reported losses of -$156.1 million, or -$4.10 per share, on sales of $58.3 million for the three months ended May 31, for a sales loss of -18.1% compared with Q4 2019.
Adjusted to exclude one-time items, earnings per share were -6¢, 8¢ ahead of The Street, where analysts were looking for sales of $58.3 million.
“Our fourth-quarter sales were impacted by the deferral of elective procedures associated with COVID-19, and we adjusted accordingly throughout the quarter to minimize the impact of the global pandemic on our business,” president and CEO Jim Clemmer said in a news release.
“Despite these temporary challenges, the underlying long-term fundamentals of our business remain intact, and we intend to continue investing strategically in our key growth platforms like Auryon, NanoKnife, and AngioVac. The steps that we took to manage the business through the end of the year will enable us to resume growth and improve our profitability as the environment eventually normalizes,” Clemmer said. “While much of our near-term attention has been on managing through the impacts of COVID-19, we remain focused on our long-term strategy and the transformation of AngioDynamics into a Company with differentiated technology platforms that compete in larger, higher-growth addressable markets.”
AngioDynamics said it will not be providing financial guidance for fiscal year 2021 due to the uncertainties surrounding the COVID-19 pandemic.
Shares in ANGO were down -9.55% to $9.66 apiece in mid-morning trading.
