AngioDynamics (NSDQ:ANGO) shares jumped today after the company reported fiscal 4th-quarter and 2016 results that beat Wall Street’s consensus forecast.
The Latham, N.Y.-based company posted losses of -$44.0 million, or -$1.21 per share, on sales of $93.4 million for the 3 months ended May 31, for a top-line gain of 2.7%. And although losses widened by some 5,300% compared with the same period last year, earnings per share were 19¢ after adjusting for 1-time items, 3¢ ahead of The Street. Analysts there were looking for sales of $88.4 million for the quarter.
Full-year losses were -$44.5 million, or -$1.23 per share, on sales of $353.7 million, for a top-line slip of -0.9% compared with fiscal 2015. But again, adjusted EPS were 58¢, 2¢ ahead of the consensus, which also forecast sales of $348.8 million.
“Our 4th-quarter results reflect a solid quarter of revenue and adjusted EPS growth, driven primarily by outperformance in our peripheral vascular business, which saw a 10% increase over the prior-year period,” new president & CEO Jim Clemmer said in prepared remarks. “The peripheral vascular business growth was driven by the successful launch of Asclera, as well as opportunities created by the recent Cook Medical recall. We also drove strong free cash flow generation during the quarter of $18.1 million, which was primarily attributable to improved inventory management.
“In addition to ensuring that we delivered solid 4th-quarter financial results, during my 1st quarter with AngioDynamics I have spent a significant amount of time focusing on a plan that will increase our operating efficiency, facilitate investment in areas where we have a competitive advantage and bring products to market that improve patient outcomes and reduce costs to the health system. As we move in to [the] 2017 fiscal year, this focus on execution, excellence and innovation will enable us to build upon our recent momentum and put us on a pathway to sustainable and profitable growth,” Clemmer said.
AngioDynamics said it expects to put up fiscal Q1 adjusted EPS of 11¢ to 14¢ on sales of $84 million to $87 million. Full-year adjusted EPS are pegged at 62¢ to 65¢ on sales of $355 million to $360 million, the company said.
ANGO shares were up 9.1% to $15.82 apiece today in mid-afternoon trading.