Don't Forget To
Rate This Article

Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe


Surgical Device Maker's Shares Rise 7% on Q3 Earnings
Trending Company

Share on Stocktwits


Shares of AngioDynamics Inc. traded higher after the company reported Q3/22 financial results highlighting a 28.6% YoY increase in net Med Tech sales.

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%).

Want to be the first to know about interesting Medical Devices investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. Subscribe

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

Want to read more about Medical Devices investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe