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AngioDynamics swings to Q3 black, beats The Street

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AngioDynamics swings to Q3 black, beats The Street

AngioDynamics (NSDQ:ANGO) put some black ink in the ledger during its fiscal 3rd quarter and handily topped Wall Street’s earnings forecast, but investors have remained unmoved, sending ANGO shares down 12% since its April 9 earnings release.

Latham, N.Y.-based AngioDynamics reported profits of $5.1 million, or 14¢ per share, on sales of $88.2 million for the 3 months ended Feb 28. That compares with losses of- $992,000, or -3¢ per share, on sales of $81.6 million for the 3rd quarter of fiscal 2013, for sales growth of 8.1%.

Adjusted to exclude 1-time items, earnings per share were 16¢, 45.5% ahead of the 11¢ predicted on The Street. Still, ANGO shares were trading at $13.99 apiece as of 1:10 p.m. today, down 11.7% since their $15.85 close April 9.

"Our strong top-line performance marks the 4th consecutive quarter of improved sales results, reflecting continued market acceptance of our innovative products and solid execution by our global sales team. The 8% revenue increase was driven by double-digit sales growth in our Peripheral Vascular and Oncology/Surgery businesses of 11% and 15%, respectively, and a significant turnaround in Vascular Access, which grew 3% over last year’s comparable quarter and 7% from the prior quarter. The improvement in our Vascular Access business demonstrates the effectiveness of the BioFlo technology which now accounts for 40% of our global PICC revenue," president & CEO Joseph DeVivo said in prepared remarks.

AngioDynamics CFO Mark Frost added that the company is raising its sales outlook for the rest of fiscal 2014, but lowering its adjusted EPS prediction. Adjusted EPS are slated to be between 60¢ and 63¢, down from 63¢-67¢, on sales of $351 million to $355 million, up from prior guidance of $349 million to $353 million, Frost said.

"As a result of the updated fiscal year 2014 guidance, we anticipate revenue to range from $91 million to $95 million in the fiscal 4th quarter, up to 6% at the top end and 8% on an average daily sales basis, and adjusted EPS without amortization is expected to be in the range of $0.18-$0.21," Frost said in a statement.

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