AngioDynamics, Inc. (NASDAQ:ANGO) Misses Revenue Estimates

By Swapna Meka October 4, 2024, 4:42 pm • Posted in Companies, Stocks

AngioDynamics, Inc. (NASDAQ:ANGO) stock fell 7.22% (As on October 4, 11:21:26 AM UTC-4, Source: Google Finance) after the company posted mixed results for the first quarter of FY 25. Med Tech net sales were $28.0 million, an 8.7% increase from $25.7 million in the prior-year period. Med Tech includes the Auryon peripheral atherectomy platform, the thrombus management platform, which includes the AlphaVac and AngioVac mechanical thrombectomy systems, and the NanoKnife irreversible electroporation platform. The growth was driven by Auryon sales during the quarter of $13.7 million, which increased 24.9% and AlphaVac sales of $2.2 million, an increase of 21.1% over the prior year. NanoKnife sales were $5.1 million during the quarter, a decrease of 6.9% compared to the prior year period, primarily due to the timing of international orders during last year. Med Device net sales were $39.5 million, a decrease of 3.6% compared to $41.0 million in the prior-year period. U.S. net sales of Med Device products grew 2.1% during the first quarter compared to last year. U.S. net sales in the first quarter of fiscal 2025 were $59.5 million, an increase of 6.2% from $56.0 million a year ago. International net sales were $8.0 million, a decrease of 25.4%, compared to $10.7 million a year ago, primarily due to the timing of international orders during last year. Gross margin for the first quarter of fiscal 2025 was 54.4%, which was 40 basis points down compared to the first quarter of fiscal 2024, and 10 basis points sequentially up from 54.3% in the fourth quarter of fiscal 2024. Gross margin for the Med Tech business was 63.3%, a decrease of 160 basis points from the first quarter of fiscal 2024 due to increased capital placements and inflationary costs. Gross margin for the Med Device business was 48.2%, a decrease of 40 basis points compared to the first quarter of fiscal 2024 due to inflationary pressures and costs associated with the transition to outsourced manufacturing.

ANGO in the first quarter of FY 25 has reported the adjusted loss per share of 11 cents, beating the analysts’ estimates for the adjusted loss per share of 15 cents, according to Zacks Investment Research. The company had reported the adjusted revenue of $67.5 million in the first quarter of FY 25, missing the analysts’ estimates for revenue of $68.5 million.