Business
AngioDynamics Reports Fiscal 2020 First Quarter Financial Results
Fiscal 2020 First Quarter Highlights Net sales of $66.0 million, an increase of 3.3% year over year Gross margin increased 170 basis points year over year to
About this update from Angiodynamics, Inc.
[{"type":"text","content":"\nFiscal 2020 First Quarter Highlights\n\n\n\nNet sales of $66.0 million, an increase of 3.3% year over year \n\n\nGross margin increased 170 basis points year over year to 57.9%\n\n\nGAAP loss per share of $0.03; adjusted earnings per share of $0.08\n\n\n LATHAM, N.Y.--(BUSINESS WIRE)--\nAngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, peripheral vascular disease, and oncology, today announced financial results for the first quarter of fiscal year 2020, which ended August 31, 2019.\n\n\n“Our top-line and gross-margin performance in the quarter was in line with our expectations,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. “We continue to build momentum and remain focused on driving growth by creating a suite of disruptive and differentiated technology. The divestiture of the NAMIC Fluid Management business allowed us to begin the year with a strong balance sheet, enabling strategic acquisitions like Eximo Medical, Ltd., which we announced this morning. Additionally, we continue to make steady progress with site initiation in our NanoKnife DIRECT study for pancreatic cancer.”\n\n\nFirst Quarter 2020 Financial Results\n\n\nNet sales for the first quarter of fiscal 2020 were $66.0 million, an increase of 3.3%, compared to $63.9 million a year ago and representing a decline of 1.0% organically. Excluding the impact of Asclera, sales of which were discontinued during fiscal year 2019, net sales grew 5.6% year over year and grew 1.3% organically. Foreign currency translation did not have a significant impact on the Company’s sales in the quarter.\n\n\n\nOncology net sales were $14.0 million, an increase of 20.9% from $11.6 million a year ago, led by sales of the Company’s BioSentry Tract Sealant System, the Alatus and IsoLoc balloon products, NanoKnife, and Solero.\n\n\nVascular Interventions and Therapies (“VIT”) net sales were $28.9 million, an increase of 1.1%, compared to $28.6 million a year ago. Excluding last year’s Asclera Sales of $1.4 million in the first quarter, VIT grew 6.4%, as strong growth in sales of the Company’s AngioVac and Thrombolytic product line offerings was partially offset by a decline in the overall Core VIT business.\n\n\nVascular Access net sales were $23.2 million, a decrease of 2.7% from...