AngioDynamics Inc. Misses Estimates (ANGO)
AngioDynamics Inc. (NASDAQ: ANGO) reports Q3 earnings of $0.08 versus consensus of $0.14. AngioDynamics Inc. reports revenues of $51.5 million versus consensus of $107.93 million.
ANGO issued the following guidance:
Net sales in the range of $220.0 million to $225.0 million, an increase of 2% to 4% over fiscal 2010 net sales Gross margin in the range of 58% to 59% of net sales GAAP operating income in the range of $20.5 million to $22.0 million EBITDA in the range of $33.0 million to $34.5 million GAAP EPS in the range of $0.47 to $0.50, inclusive of a $0.21 to $0.23 per share negative impact from the ongoing investment in the NanoKnife program
"The first quarter results reflect the challenging environment we face in several markets," said Jan Keltjens, President and Chief Executive Officer. "As we noted last month, a procedure volume slowdown in some of our U.S. markets, compounded by the impact of our first quarter transition to a unified U.S. vascular sales force reduced our revenue growth in the quarter. The softness in the Vascular division offset ongoing strong growth from our Oncology business in the U.S. and Asia Pacific.”
She added, “We completed the recruitment of our senior leadership team and implemented organizational changes in our research and development organization that we believe will increase productivity. Our goal is to grow significantly faster than the broader market. We remain confident that our focus on Oncology, Venous Intervention and Access markets, investments in innovative products and financial strength position us to drive our long-term growth and profitability."
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