Latham, N.Y.-based AngioDynamics posted losses of $99,000 and no earnings per share on sales of $88.6 million for the 3 months ended Nov. 30, representing sales growth of 1.8%. Profits were $2.0 million during the same period last year.
Adjusted to exclude 1-time items, however, EPS reached 14¢, double the forecast on The Street.
"AngioDynamics’ better-than-expected sales reflects improved performance in our 3 businesses – peripheral vascular, vascular access and oncology/surgery – compared to the prior quarter. Our new products, specifically AngioVac, BioFlo PICCs and ports, and the Acculis microwave system, represent disruptive emerging technologies that are contributing to our growth while improving patient outcomes and reducing costs to the healthcare system," president & CEO Joseph DeVivo said in prepared remarks. "Having stabilized our U.S business while successfully introducing new products to the market, we have taken actions to improve our international operations, which can potentially be a more significant contributor to our future results. We entered the second half of our fiscal year with strong momentum and believe we are well-positioned to meet our financial goals for 2014."
CFO Mark Frost said AngioDynamics expects to post full-year sales of $349 million to $353 million, representing a boost to the low end of the range, previously $347 million. Adjusted EPS are still pegged at 63¢-67¢, Frost said in a statement.
"We are anticipating revenue to range from $85 million to $88 million in the fiscal third quarter of 2014, a 4% to 8% increase at the top end compared with the year ago fiscal 3rd quarter," Frost said. "Adjusted EPS, excluding amortization, is expected to be 15¢ to 18¢ per share."
ANGO shares were trading at $18.52 apiece as of about 11:30 today, up 3.0%.