AngioDynamics (NSDQ:ANGO) shares took a hit today on second-quarter results that were mixed compared to the consensus forecast.
The Latham, N.Y.-based peripheral artery disease (PAD) treatment developer posted losses of $8.4 million, or 21¢ per share, on sales of $78.3 million for the three months ended Nov. 30, 2021, nearly doubling its losses from the same period last year despite sales growth of 7.6%.
Adjusted to exclude one-time items, earnings per share were 2¢, coming in just behind EPS projections of $0 on Wall Street, where analysts were looking for sales of $77.9 million.
“We are pleased with our continued strong revenue growth as our team navigates this dynamic macro environment and manages through persistent COVID headwinds,” AngioDyanmics President & CEO Jim Clemmer said in a news release. “Revenue growth this quarter was driven by our medtech platforms, particularly our atherectomy and thrombectomy portfolios.”
AngioDynamics said it now expects to log adjusted EPS of between losses of 2¢ and gains of 2¢, compared with 0¢ to 5¢ previously, and reaffirmed its prior sales guidance set between $310 million and $315 million.
“The ongoing disruptions from the COVID pandemic and resulting labor and supply chain headwinds led to a $4.0 million backlog at quarter-end, impacting our gross margin and earnings,” Clemmer added. “We have implemented measures to address these challenges. Our solid revenue growth and this backlog illustrate the strong demand for our products in the marketplace, and, despite these challenges, we remain firmly in investment mode.”
ANGO shares 6% at $26.09 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — remained practically even.