Angiodynamics shares tumble on Q1 sales, EPS miss

Shares in AngioDynamics (NSDQ:ANGO) have dropped over 10% today after the medical device maker missed expectations on Wall Street with its 1st quarter results.

The Albany. N.Y.-based company posted losses of $35,000, or 0¢ per share, on sales of $85.4 million for the 3 months ended August 31, seeing the bottom-line swing 102.7% into the red while sales shrunk 3.1% compared to the same period the previous year.

After adjusting to exclude 1-time items, earnings per share were 12¢, behind the 16¢ consensus on Wall Street, where analysts were expecting to see sales of $86.1 million for the quarter.

“The 1st quarter of fiscal 2018 reflects early results of our commitment to improving our core operational efficiency and strengthening our business. Sales for our oncology/surgery business saw an 11% increase over last year, primarily driven by Solero, which received FDA clearance during the fiscal 2017 4th quarter. In addition, we saw strong sales from other areas of our business, including Fluid Management, Thrombus Management, the BioFlo family of products and NanoKnife disposables. We remain committed to our strategic plan and will continue to invest in the right areas to drive sustainable, long-term growth,” prez & CEO Jim Clemmer said in a press release.

“There were a couple of factors that impacted our financial results during the 1st quarter when compared to prior year, including decisions we made to address the recall and voluntary market withdrawal of Acculis and the inventory build in our core/angiographic catheter business. Our results for the 1st quarter were in-line with our expectations and given the strength of our overall execution we are reaffirming our fiscal 2018 guidance to reflect that confidence,” CFO Michael Greiner said in a prepared statement.

Angiodynamics reaffirmed its fiscal year 2018 financial guidance, expecting to see sales between $352 and $359 million and adjusted earnings per share of between 64¢ and 68¢.

Shares in Angiodynamics have dropped 13.2% so far today, at $16.29 as of 1:31 p.m. EDT.

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