Medical technology and surgical device company AngioDynamics, Inc. (ANGO:NASDAQ), which focuses its efforts on developing products that help restore patients healthy vascular system blood flow and expand cancer treatment options, today announced financial results for Q3/22 ended February 28, 2022.
AngioDynamics' President and CEO Jim Clemmer led off the report by stating, "During the quarter, we made significant progress implementing our manufacturing capacity enhancement initiatives, exiting the quarter with an approximately 20% increase in production hours. Even as we started to see benefits of our capacity enhancement initiatives, we saw our backlog increase during our third quarter, signaling continued strong customer demand. Since mid-February, we have seen steady improvement in procedure volumes and remain confident in both the long-term growth trajectory of our portfolio and the strategic transformation of the company."
"We are pleased to announce the recent FDA clearance of our AlphaVac F18 thrombectomy system for use in the venous vasculature and approval of our IDE study for the use of AlphaVac F18 to treat pulmonary embolism," CEO Clemmer added.
The company reported that net sales in Q3/22 increased by 3.9% to $74.0 million, compared to $71.2 million in Q3/21. The firm indicated that Med Device and Med Tech sales accounted for $54.4 million and $19.6 million, respectively. The firm noted that while Med Device net sales decreased by 2.8% compared to Q3/21, Med Tech sales showed a healthy 28.6% increase year-over-year.
The company mentioned that its Med Tech product line includes its Auryon Peripheral Atherectomy, thrombectomy and NanoKnife platforms.
The firm's Med Device business includes its Endovascular Therapies which generated net sales of $38.1 million in Q3/22 and its atherectomy and thrombectomy portfolios which accounted for $7.3 million.
The company added that it posted $12.5 million in net sales in its Oncology business in Q3/22, which was 5% lower than the $13.1 million recorded in Q3/21 and stated that Vascular Access net sales in Q3/22 decreased by 4.5% to $23.4 million, compared to $24.8 million in Q3/21.
The company advised that for Q3/22 it posted a net loss of $5.0 million, or $0.13 per share, versus a net loss of $3.5 million, or $0.09 per share in Q3/21.
The firm stated that for Q3/22 it had adjusted EBITDA of $6.7 million, compared to $5.4 million in Q3/21.
In addition, the company advised that it is reiterating its prior FY/22 guidance and stated that for FY/22 it expects net sales of $310-$315 million and a gross margin of 52.0-54.0%.
The company said that it estimates FY/22 adjusted earnings will be between $(.02) and $0.02 per share.
AngioDynamics is a medical technology company based in Latham, N.Y. that concentrates its efforts on restoring healthy blood flow in the body's vascular system and developing improved cancer treatment options. The firm is working to develop innovative medical devices that aid in elevating care for chronic and acute disease states in vascular, peripheral vascular, and oncology medicine. The firm noted that its NanoKnife System, which is used in surgical ablation of soft tissue, has received 510(k) clearance by the U.S. Food and Drug Administration (FDA) and has been granted similar approvals in the EU, Australia and Canada.
AngioDynamics started the day with a market cap of around $834.0 million with approximately 38.72 million shares outstanding and a short interest of about 2.9%. ANGO shares opened 4% higher today at $22.44 (+$0.90, +4.18%) over yesterday's $21.54 closing price. The stock has traded today between $21.57 and $24.25 per share and is currently trading at $23.05 (+$1.51, +7.01%).
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