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.