AngioDynamics Revises FY11 Guidance Down

AngioDynamics

F1Q11 in line with EPS preannouncement of $0.08. The company guided to this range versus the then Consensus estimate of $0.10. AngioDynamics revised full year F2011 guidance down to $0.47-$0.50 from $0.53-$0.56, which assumes organic sales growth of 2% to 4%. Net sales of $51.5m were up 3% and in line with the preannouncement, but were below the company initial expectations. Management attributed the weakness to realignment in the vascular sales force, as well as decline in procedure volumes during the quarter stemming from unemployment, in procedure volumes during the quarter stemming from unemployment, broader economic conditions, the expiration of COBRA benefits, as well as higher insurance copays. ANGO closed Thursday at $14.33