AngioDynamics’ net sales jump 6.3% in the fiscal first quarter
- AngioDynamics’ net sales jump 6.3% in the fiscal first quarter.
- The company expects £215.97 to £220.63 million of annual net sales.
- AngioDynamics values its cash and equivalents at £37.21 million.
AngioDynamics Inc. (NASDAQ: ANGO) reported its quarterly earnings on Tuesday before the bell. The company said its net sales jumped 6.3% in the fiscal Q1 to £54.54 million on the back of an order from the United Kingdom’s NHS (National Health Service) valued at £4.04 million.
Shares of the company remained almost flat in premarket trading on Tuesday. AngioDynamics currently has a per-share price of £8.27 that marks an over 30% decline in the stock market on a year to date basis. The U.S. company had slid to as low as £6.42 per share in late July. Interested in investing in the stock market online? Here’s a simple guide to get you started.
AngioDynamics’s first-quarter financial results
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On a GAAP basis, AngioDynamics recorded 8.55 pence of per-share loss in the first quarter. But on an adjusted basis, the company earned 1.55 pence per share. The medical devices manufacturer boasted to have concluded the recent quarter with £37.21 million of cash and investment securities. In comparison, it had valued its cash position at a higher £42.26 million at the end of May.
AngioDynamics noted 700 basis points of annualised decline in gross margin in the first quarter to 50.9%. For the full year, the company expects its net sales to fall in the range of £215.97 million to £220.63 million. Its estimate for adjusted earnings per share in fiscal 2021 currently stands at up to 3.88 pence.
In related news, AngioDynamics announced the commercial launch of Auryon Atherectomy System in the U.S. last week. Its head of oncology business left the company at the start of September.
Other prominent figures in AngioDynamics’ earnings report
Other prominent figures in Angio’s earnings report on Tuesday include £9.56 million of net sales (12.3% lower than last year) from its Oncology segment, £23.23 million of net sales from VIT (Vascular Interventions and Therapies), and £21.83 million of Vascular Access net sales (21.4% higher than last year) in the first quarter.
At £42.03 million, its U.S. net sales saw a 2.2% annualised growth in Q1. In separate news from the United States, McCormick also published better than expected financial results for Q3 on Tuesday.
AngioDynamics performed fairly downbeat in the stock market last year with an annual decline of about 20%. At the time of writing, the American medical device maker has a market cap of £314 million.