AngioDynamics Breaks-Even In FY21, Issues Mixed Forecasts For FY22

AngioDynamics Inc ANGO reports break-even in 4Q of 2021 with adjusted EPS of $0.00, a turnaround from EPS of (0.06) posted a year ago.
The Company witnessed the pressure from COVID-19 gradually alleviate over the year, and business is now trending close to normalized run rates.
Fourth-quarter sales increased around 32% Y/Y to $76.84 million, beating the analyst consensus estimate of $72.67 million.
Endovascular Therapies net sales increased 72% to $38.1 million, driven by strength across the business relative to the prior-year period, led by sales of the Auryon and AngioVac platforms.
Oncology net sales were $14.3 million, +14.2% Y/Y primarily due to increased sales of NanoKnife and Microwave disposables and partially offset sales of the BioSentry Tract Sealant System.
Vascular Access net sales were up marginally by 3% to $24.5 million.
The gross margin for the quarter expanded 330 bps to 55.1%, primarily due to a reduction in COVID-related costs.
Adjusted EBITDA was $4.5 million, compared to $0.6 million in 4Q of 2020, with a free cash flow of $3.1 million.
The Company reduced its debt outstanding under its revolving credit facility to $20 million compared to $30 million.
Guidance: For the fiscal year 2022, net sales are expected in the range of $305 to $310 million, higher than the consensus of $297.9 million.
Though forecasts of adjusted EPS of $0.00 to $0.05 is lower than the consensus of $0.07.
Price Action: ANGO shares closed at $28.41 on Monday.

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