AngioDynamics Posts Downbeat Q3 Results, Issues Weak Forecast

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Shares of
AngioDynamics Inc.
ANGO
dropped more than 6 percent in after-hours trading after the company reported weaker-than-expected results for the third quarter and issued a downbeat outlook. The Latham, New York-based company posted a quarterly GAAP net loss of $4.3 million, or $0.12 per share, versus net income of $4.5 million, or $0.13 per share, in the year-ago quarter. Excluding items, adjusted net income fell to $0.12 per share, from $0.14 per share. Its net sales slipped 2 percent to $86.6 million from $88.2 million. However, analysts were expecting earnings of $0.16 per share on revenue of $89.84 million. Peripheral Vascular net sales in the third quarter fell 2 percent year-over-year to $46.2 million, while Vascular Access net sales dropped 3 percent to $26.4 million. Oncology/Surgery net sales gained 9 percent to $13.1 million. Net sales in the U.S. declined 2 percent to $68.4 million from $69.8 million, while international net sales rose 3 percent to $17.3 million from $16.8 million. Adjusted EBITDA in the latest quarter slipped to $13.5 million, versus $13.9 million. At February 28, 2015, the company had $21.4 million in cash and investments and $148.9 million in debt. The average estimate among 12 Estimize users was for earnings of $0.17 per share and revenue of $90.22 million. "We delivered mixed financial results in the fiscal 2015 third quarter," said Joseph M. DeVivo, President and Chief Executive Officer. "Facing an extremely difficult operating environment, coupled with a decision to withdraw from the market our Morpheus PICC product line, we delivered at the low end of our expectations, excluding currency effects. Otherwise our team continues to execute well, driving more of our top line to higher growth thanks to our focus on innovative products that improve patient outcomes and reduce overall healthcare costs." AngioDynamics expects FY 2015 adjusted earnings of $0.57 to $0.60 per share on sales of $356 million to $360 million. Analysts had projected earnings of $0.68 per share on revenue of $365.7 million. AngioDynamics projects Q4 adjusted earnings of $0.13 to $0.16 per share on revenue of $90 million to $94 million. Analysts had expected earnings of $0.19 per share on revenue of $96.9 million. AngioDynamics shares slipped 6.25 percent to $17.11 in the after-hours trading session.
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