AngioDynamics (Nasdaq:ANGO) shares are up today on second-quarter results that topped the consensus forecast.
Shares of ANGO were up more than 11% at $15.24 apiece by the late morning. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up more than 7%.
The Latham, New York–based peripheral artery disease (PAD) treatment developer posted losses of $8.5 million. That amounts to losses of 21¢ per share on sales of $85.4 million for the three months ended Nov. 30, 2022.
AngioDynamics recorded a slight bottom-line slide further into the red on sales growth of 9.1%.
Adjusted to exclude one-time items, earnings per share totaled 1¢. That falls 2¢ ahead of projections on Wall Street. Analysts expected sales of $84.33 million.
The company’s medtech business sales grew 29.7% year-over-year. AngioDynamics attributed that growth to drivers including sales of its Auryon peripheral atherectomy platform. Medical device sales increased 2.6% year-over-year to $60.9 million.
“We drove strong performance during the second quarter, and we believe our results through the first half of the year position us well to achieve our full-year targets,” said Jim Clemmer, president and CEO of AngioDynamics. “I am pleased with the way the team has managed through the current macro environment as we continue to execute on our strategy of pursuing attractive markets where our med tech platforms possess a differentiated technology advantage.”
AngioDynamics reaffirmed its 2023 guidance. Its sales projection falls between $342 million and $348 million. The company expects adjusted EPS to range between 1¢ and 6¢ for the year.