AngioDynamics, Inc. (NASDAQ:ANGO), a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options and improving quality of life for patients, stock rose 12.56% (As on April 5, 11:16:53 AM UTC-4, Source: Google Finance) after the company missed the market’s expectations for the third quarter of FY 24. Med Tech net sales were $25.7 million, a 12.6% 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 $11.8 million, which increased 14.7%, and NanoKnife sales of $6.0 million, which increased 46.7% compared to the third quarter of fiscal 2023. NanoKnife disposable sales were $4.2 million, which increased 19.8% compared to the third quarter of fiscal 2023. AngioVac sales were $5.5 million, similar to the prior-year quarter, while AlphaVac sales were $1.1 million, down from $2.0 million in the third quarter of fiscal 2023. Med Device net sales were $40.3 million, an increase of 5.2% compared to the prior-year period. U.S. net sales in the third quarter of fiscal 2024 were $55.8 million, an increase of 5.9% from sales of $52.7 million a year ago. International net sales were $10.1 million, an increase of 20.8% from sales of $8.4 million in the prior-year period.
Moreover, on a pro forma basis, gross margin for the third quarter of fiscal 2024 was 51.1%, a decline of 290 basis points from the third quarter of fiscal 2023. Gross margin for the Med Tech business was 61.5%, a decline of 300 basis points from the third quarter of fiscal 2023. Gross margin for the Med Device business was 44.4%, a decrease of 330 basis points compared to the third quarter of fiscal 2023.
ANGO in the third quarter of FY 24 has reported the adjusted loss per share of 3 cents, missing the analysts’ estimates for the adjusted loss per share of 1 cent, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 8 percent to $80.71 million in the third quarter of FY 24, beating the analysts’ estimates for revenue by 2.28%.
Angiodynamic expects the fiscal year 2024 sales of $270 million-$275 million, reflecting the PICC and midline businesses divestiture and discontinuance of radiofrequency ablation and syntrax businesses, which accounted for ~$50 million of prior guidance of $320 million -$325 million vs. the consensus of $312.14 million.
The company expects FY2024 gross margin to be approximately 52%-54% and adjusted EPS of $(0.54)-$(0.58) versus consensus of $(0.43).