AngioDynamics beats The Street with Q2 results

AngioDynamicsShares in AngioDynamics (NSDQ:ANGO) rose today after the medical device maker topped expectations on Wall Street with its second quarter financial results.

The Latham, N.Y.-based company posted profits of $2.1 million, or 6¢ per share, on sales of $91.5 million for the 3 months ended Nov. 30, for sales growth of 5.5% compared with the same period last year.

Adjusted to exclude 1-time items, earnings per share were 22¢, a penny ahead of the consensus on The Street, where analysts were looking for sales of $89.2 million.

“We are very pleased with our second quarter financial results, which are marked by growth across all of our business segments, expanding gross margins, and improved profitability. Our quarterly performance was positively impacted by our recent acquisitions, validating our portfolio optimization strategy and enhancing our value proposition within oncology,” president & CEO Jim Clemmer said in prepared remarks.

“In addition, we continue to make progress toward obtaining a pancreatic cancer indication for NanoKnife and recently received notification from the FDA that NanoKnife will be considered a Category B IDE once we receive approval to begin our Direct NanoKnife study for Stage III pancreatic cancer,” he added.

AngioDynamics said it expects to post adjusted EPS of 82¢ to 86¢ on sales of $354 million to $359 million for the full year.

ANGO shares were trading at $20.15 apiece in morning activity today, up 3.7%.

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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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