AngioDynamics, Inc. (NASDAQ:ANGO) stock fell 5.40% (As on October 5, 11:46:12 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 24. Med Tech net sales were $25.9 million, a 13.3% increase from $22.8 million in the prior- year period. Med Tech includes the Auryon peripheral atherectomy platform, the thrombus management platform and the NanoKnife irreversible electroporation platform. Year-over-year growth was driven by Auryon sales during the quarter of $11.1 million, which increased 25.7%, NanoKnife disposable sales of $4.3 million, which grew 34.5%, and AlphaVac sales of $1.8 million, which grew 1.8%. AngioVac sales were $6.3 million in the quarter, a decline of 7.7% year over year and up 3.6% sequentially from the fourth fiscal quarter of FY23. Med Device net sales were $52.8 million. When excluding sales of Dialysis and BioSentry, Med Device net sales increased 2.3% compared to $51.0 million in the prior-year period.

Moreover, U.S. net sales in the first quarter of fiscal 2024 were $64.4 million. When excluding sales of Dialysis and BioSentry, U.S. net sales increased 2.1% from $62.4 million a year ago. International net sales were $14.3 million. When excluding sales of Dialysis and BioSentry, International net sales increased 25.7%, compared to $11.3 million a year ago. Gross margin for the first quarter of fiscal 2024 was 50.9%. Gross margin for the Med Tech business was 64.7%, an increase of 150 basis points from the first quarter of fiscal 2023. Gross margin for the Med Device business was 44.2%. Gross margin continued to be impacted by inflationary pressures including increased costs for labor and raw materials as well as geographic mix.

ANGO in the first quarter of FY 24 has reported the adjusted loss per share of 12 cents, beating the analysts’ estimates for the adjusted loss per share of 14 cents, according to Zacks Investment Research. The company had reported the adjusted revenue of $78.7 million in the first quarter of FY 24, beating the analysts’ estimates for revenue of $77.7 million. This includes $0.7 million of Dialysis and BioSentry Tract Sealant System sales. On a pro forma basis, excluding sales of Dialysis and BioSentry, net sales increased 5.7% compared to the prior-year quarter.

AngioDynamics expects full-year results to range from a loss of 34 cents per share to a loss of 28 cents per share, with revenue in the range of $328 million to $333 million.