AngioDynamics Inc (ANGO) Reports Strong Q1 2024 Performance, Reaffirms Fiscal Year 2024 Guidance
On October 4, 2023, AngioDynamics Inc (NASDAQ:ANGO), a leading medical technology company, announced its financial results for the first quarter of fiscal year 2024, which ended on August 31, 2023. The company reported strong performance across its businesses, driven by continued strength from NanoKnife and its international markets.
Financial Highlights
AngioDynamics Inc (NASDAQ:ANGO) reported net sales of $78.7 million for the first quarter of fiscal year 2024, including $0.7 million of Dialysis and BioSentry Tract Sealant System sales. On a pro forma basis, excluding sales of Dialysis and BioSentry, net sales increased 5.7% compared to the prior-year quarter. The company recorded a net income of $45.9 million, or earnings per share of $1.15, in the first quarter of fiscal 2024.
Performance Analysis
Med Tech net sales were $25.9 million, a 13.3% increase from $22.8 million in the prior-year period. This growth was driven by Auryon sales during the quarter of $11.1 million, which increased 25.7%, NanoKnife disposable sales of $4.3 million, which grew 34.5%, and AlphaVac sales of $1.8 million, which grew 1.8%. Med Device net sales were $52.8 million, a 2.3% increase compared to $51.0 million in the prior-year period.
Financial Outlook
AngioDynamics Inc (NASDAQ:ANGO) reaffirms its fiscal year 2024 guidance, expecting its net sales to be in the range of $328 to $333 million, gross margin to be approximately 50% to 52%, and adjusted loss per share in the range of $0.28 to $0.34.
Balance Sheet and Cash Flow
As of August 31, 2023, the company had $57.6 million in cash and cash equivalents. During the first quarter, the company used the proceeds from the divestiture of its Dialysis and BioSentry Tract Sealant System Biopsy businesses to extinguish its debt. In the first quarter of fiscal 2024, the Company used $25.9 million in operating cash, had capital expenditures of $0.8 million and $0.8 million in Auryon placement and evaluation units.
Management Commentary
We started Fiscal Year 2024 with strong performance across both businesses, driven by continued strength from NanoKnife and our International markets, commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. We remain focused on bringing innovative new products to market, expanding the approved indications for our existing products, and continuing to build a body of compelling clinical evidence in support of these indications and products.
This article first appeared on GuruFocus.
