Acquisitions hit earnings for AngioDynamics Q1

AngioDynamics (NSDQ:ANGO) took an earnings hit during its fiscal first quarter on increased acquisition expenses, but raised its sales outlook for the rest of the year.

Losses grew 1,240% to -$469 million, or -1¢ per share, on flat sales of $85.3 million for the three months ended August 31.

Adjusted to exclude one-time items – including the acquisitions of Surgical Specialties’ BioSentry Tract Sealant assets and dose monitoring tech developer RadiaDyne and a $13 million settlement with the U.S. Justice Dept. – Latham, N.Y.-based AngioDynamics reported earnings per share of 16¢, two pennies below the consensus forecast on Wall Street, where analysts were looking for sales of $84.0 million.

“Our operating and financial accomplishments during the first quarter reflect our ongoing commitment to building a more cohesive, patient-focused product portfolio. As evidenced by our two recent acquisitions, we are making progress on our portfolio optimization efforts with a focus on the continuum of care within oncology, as well as on disruptive and differentiated technologies,” president & CEO Jim Clemmer said in prepared remarks. “Our first-quarter results give us continued confidence in meeting our financial goals for fiscal 2019.”

AngioDynamics stood pat on its prior outlook for adjusted EPS of 82¢ to 86¢ for fiscal 2019, but raised its top-line forecast to $354 million to $359 million, compared with $344 million to $349 million previously.

Still, investors sent ANGO shares down -5.7% to $22.85 apiece today in mid-morning trading.

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