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Earnings Review and Free Research Report: AngioDynamics Reported Lower than Expected Quarterly Results

Research Desk Line-up: IsoRay Post Earnings Coverage

LONDON, UK / ACCESSWIRE / October 11, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on AngioDynamics, Inc. (NASDAQ: ANGO), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ANGO, following the Company's posting of its financial results on September 28, 2017, for the first quarter fiscal 2018. The medical device maker reported a y-o-y decline in sales and earnings, while it reiterated its guidance for fiscal 2017. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:


Get more of our free earnings reports coverage from other constituents of the Medical Instruments & Supplies industry. Pro-TD has currently selected IsoRay, Inc. (NYSE AMER: ISR) for due-diligence and potential coverage as the Company announced on September 28, 2017, its financial results for Q4 FY17 and FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on IsoRay when we publish it.

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Earnings Reviewed

For the first quarter of the fiscal year 2018 ended August 31, 2017, AngioDynamics reported net sales of $85.4 million, down 3% compared to $88.1 million in Q1 FY17, primarily related to its Core/Angiographic Catheter business. During the year-ago same period, the Company had observed a $4.0 million increase in sales as a result of the inventory build by its customers related to a competitor product recall. AngioDynamics' reported numbers fell short of analysts' expectation of $86.1 million.

During Q1 FY18, AngioDynamics' gross margins were 48.3% compared to 51.1% in Q1 FY17. The decline in gross margin is primarily driven by a recall and voluntary market withdrawal of the Acculis Microwave Tissue Ablation System which was initiated in Q4 FY17. AngioDynamics' adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was $10.6 million in the reported quarter compared to $14.2 million in the prior year's same quarter.

AngioDynamics recorded a net loss of $35,000, or $0.00 on a per share basis, in Q1 FY18 compared to net income of $1.3 million, or $0.04 on a per share basis, in Q1 FY17. The Company's adjusted net income was $4.6 million, or $0.12 per share, for the reported quarter compared to an adjusted net income of $6.4 million, or $0.17 per share, in the prior year's corresponding quarter. AngioDynamics' earnings numbers lagged behind Wall Street's expectations of $0.16 per share.

Segment Results

During Q1 FY18, AngioDynamics' Peripheral Vascular's net sales were $49.9 million, down from $52.0 million in Q1 FY17 because of declines in the Venous and Core businesses, offset by growth in Fluid Management and Thrombus Management.

The Company's Vascular Access' net sales were $23.2 million in the reported quarter, down from $25.0 million in the year-earlier comparable quarter as a result of declines of non-BioFlo products, offset by growth in the BioFlo family of products. For Q1 FY18, the Oncology/Surgery's net sales totaled $12.3 million, up from $11.1 million in Q1 FY17, primarily due to sales related to the recently launched Solero Microwave Tissue Ablation System.

AngioDynamics' overall US net sales in Q1 FY18 were $68.9 million, down compared to net sales of $72.2 million in Q1 FY17, due to declines in Venous and Core businesses, offset by growth in the Oncology portfolio. The Company's overall International net sales were $16.5 million in the reported quarter, up from $15.9 million in the year-ago same period due to increased sales across the Oncology/Surgery business.

Cash Matters

In Q1 FY18, AngioDynamics generated $3.0 million in operating cash flow and $2.5 million in free cash flow. As of August 31, 2017, the Company's cash and cash equivalents were $48.2 million and debt was $96.3 million.

Financial Guidance

AngioDynamics reaffirmed its FY18 financial guidance for net sales in the range of $352 million to $359 million, adjusted earnings per share (EPS) of $0.64 to $0.68 and free cash flow of greater than $35 million.

Stock Performance

AngioDynamics' share price finished yesterday's trading session at $16.74, marginally sliding 0.36%. A total volume of 129.00 thousand shares have exchanged hands. The Company's stock price advanced 4.17% in the last three months and 5.88% in the past six months. Shares of the Company have a PE ratio of 174.37 and currently have a market cap of $613.86 million.

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SOURCE: Pro-Trader Daily