Business
AngioDynamics Reports Fiscal 2021 Third Quarter Financial Results and Updates Guidance
Fiscal 2021 Third Quarter Highlights Net sales of $71.2 million increased 2.0% compared to the prior-year quarter Gross margin of 54.1%, a decline of 370
About this update from Angiodynamics, Inc.
[{"type":"text","content":"\nFiscal 2021 Third Quarter Highlights\n\n\nNet sales of $71.2 million increased 2.0% compared to the prior-year quarter \n\n\nGross margin of 54.1%, a decline of 370 basis points year over year \n\n\nGAAP loss per share of $0.09 and adjusted earnings per share of $0.02\n\n\nCash and cash equivalents on February 28, 2021 were $54.5 million \n\n\nThe Company is raising its fiscal year 2021 guidance. The Company now expects net sales between $285 and $288 million and fiscal year 2021 adjusted earnings per share between $0.04 and $0.06\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 third quarter of fiscal year 2021, which ended February 28, 2021.\n\n“I am pleased with our strong third quarter performance, driven by continued strength in our AngioVac and Auryon platforms. Our revenue grew 2% year over year despite continued COVID-19 headwinds, particularly in January and the first half of February. Further, we are encouraged by the recent improvements in our end markets and increasing availability of vaccines,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. “We continue to execute on our strategy to drive revenue growth through our key technology platforms: Auryon, AngioVac, and NanoKnife. In addition, our balanced approach to cash and expense management continues to yield profitability on an adjusted basis while allowing us to invest in the development and progression of these key platforms. I am excited about the planned launch of our new mechanical thrombectomy device later in calendar 2021, as well as a number of other planned product improvements and clinical and regulatory pathway expansions that will open up opportunities for us in larger, higher-growth markets.”\n\nThird Quarter 2021 Financial Results\n\nNet sales for the third quarter of fiscal 2021 were $71.2 million, an increase of 2.0% compared to the prior-year quarter. Net sales in the third quarter continued to be impacted by the disruption to procedure volumes resulting from the COVID-19 global pandemic. Foreign currency translation did not have a significant impact on the Company's sales in the quarter.\n\n\nVascular Interventions...