AngioDynamics acquires Surgical Specialties’ BioSentry sealant, updates on Bard antitrust suit

AngioDynamics (NSDQ:ANGO) said today it acquired Surgical Specialties’ BioSentry Tract Sealant assets for an undisclosed amount, and touted a recent legal win in a case against Becton Dickinson & Co. (NYSE:BDX) subsidiary C.R. Bard.

The newly acquired BioSentry system is designed to prevent the occurrence of pneurmothorax during CT-guided percutaneous lung biopsies using a proprietary hydrogel plug which prevents air leakage during the procedure. The sealant has both FDA clearance and CE Mark approval in the European Union.

As part of the acquisition, AngioDynamics said that Surgical Specialties’ 12-person commercial organization will join the company as part of its oncology business.

“The addition of the BioSentry technology to our oncology portfolio is the type of strategic and thoughtful acquisition that aligns with our plans to deliver safer, clinically relevant, and economically favorable solutions that improve patient outcomes. By expanding our offerings in the oncology discipline, we are creating an opportunity to serve patients who may also benefit from our core products earlier in their disease state,” prez & CEO Jim Clemmer said in a press release.

The company also touted a legal win after a federal judge in New York denied a motion from BD’s Bard to dismiss an antitrust lawsuit filed by AngioDynamics alleging unfair competition, allowing AngioDynamic’s suit to proceed forward.

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AngioDynamics shares fall on Q2 sales miss

Shares in AngioDynamics (NSDQ:ANGO) have fallen today after the medical device maker missed sales expectations, despite nailing earnings per share expectations, with its second quarter fiscal 2018 earnings results.

The Latham, N.Y.-based company posted profits of $249,000, or 1¢ per share, on sales of $86.7 million for the three months ended November 30, 2017, seeing the bottom-line shrink 98.2% while sales shrunk 2.6% compared with the same period during the previous year.

After adjusting to exclude one-time items, earnings per share were 16¢, just in line with consensus on The Street, where analysts were expecting to see sales of $88.4 million for the quarter.

“Our top-line performance during the quarter did not meet our expectations and resulted in a reduction to our full-year net sales and free cash flow guidance. While we continue to improve our operating efficiencies and generate significant cash flow, we recognize that revenue growth is key to accomplishing our strategic goals. Our focus on financial discipline and building a high-quality capital structure will allow us to continue making investments in our innovative product portfolio while also pursuing strategic acquisitions, both of which will ensure that we meet our longer-term revenue and strategic expectations,” prez & CEO Jim Clemmer said in a press release.

The company reduced its guidance for the remaining fiscal year, lowering its revenue guidance from between $352 million and $359 million to between $345 million and $350 million. For earnings per share, the company reaffirmed earlier guidance, expecting to see adjusted EPS of between 64¢ and 68¢.

Shares have fallen 6.4% so far today, at $15.36 as of 10:40 a.m. EST.

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