Why AngioDynamics (ANGO) Shares Are Diving Today - AngioDynamics (NASDAQ:ANGO)

AngioDynamics Inc (NASDAQ: ANGO) has reported a Q1 FY23 adjusted EPS loss of $(0.06), missing the consensus EPS of $0.02 and lower than $(0.02) a year ago.
Q1 sales increased 5.9% Y/Y to $81.5 million, missing the analyst consensus of $83.42 million.
Med Tech's net sales were $22.8 million, up 29.6%, driven by Auryon sales and NanoKnife disposable sales.
Med Device net sales were $58.7 million, a decline of 1.1% compared to the prior-year period.
The gross margin compressed 20 bps to 51.9%, impacted by macro forces, including labor shortages and increased costs for labor, raw materials, and freight.
Adjusted EBITDA was $3 million, compared to $3.6 million a year ago.
Guidance: For FY23, AngioDynamics reaffirms sales of $342- $348 million versus the consensus of $344.21 million.
The company expects a gross margin of approximately 52.5% - 54.5% and adjusted EPS of $0.01 - $0.06 (consensus of $0.02).
Price Action: ANGO shares are down 13.02% at $18.75 on the last check Thursday.

AngioDynamics Shares Fall On Lower Than Expected Q1 Earnings, Reaffirms Annual Guidance