Business
AngioDynamics Reports Fiscal 2022 Second Quarter Financial Results; Reaffirms Revenue Guidance; Revises Gross Margin and Adjusted EPS Guidance
Fiscal 2022 Second Quarter Highlights Net sales of $78.3 million increased 7.6% compared to the prior-year quarter Med Tech growth of 36.4% and Med Device
About this update from Angiodynamics, Inc.
[{"type":"text","content":"\nFiscal 2022 Second Quarter Highlights\n\n\nNet sales of $78.3 million increased 7.6% compared to the prior-year quarter\n\n\nMed Tech growth of 36.4% and Med Device growth of 0.8% year over year\n\n\nGross margin of 51.8% declined 340 basis points year over year\n\n\nGAAP loss per share of $0.21, and adjusted loss per share of $0.02\n\n\nThe Company commenced full market release of its AlphaVac Mechanical Thrombectomy device subsequent to quarter end\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 second quarter of fiscal year 2022, which ended November 30, 2021.\n\n“We are pleased with our continued strong revenue growth as our team navigates this dynamic macro environment and manages through persistent COVID headwinds,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics. “Revenue growth this quarter was driven by our Med Tech platforms, particularly our atherectomy and thrombectomy portfolios. The ongoing disruptions from the COVID pandemic and resulting labor and supply chain headwinds led to a $4.0 million backlog at quarter end, impacting our gross margin and earnings. We have implemented measures to address these challenges. Our solid revenue growth and this backlog illustrate the strong demand for our products in the marketplace, and, despite these challenges, we remain firmly in investment mode. I am confident in our team’s ability to sustain the growth of our portfolio over time as we execute on our strategic plan to transform the company through investment in key growth technologies like our AlphaVac F22 mechanical thrombectomy system, which entered full market release in early December.”\n\nSecond Quarter 2022 Financial Results\n\nNet sales for the second quarter of fiscal 2022 were $78.3 million, an increase of 7.6% compared to the prior-year quarter.\n\nForeign currency translation did not have a significant impact on the Company’s sales in the quarter.\n\nMed Tech net sales were $18.9 million, a 36.4% increase from $13.8 million in the prior year period, while Med Device net sales were $59.4 million, an increase of 0.8% compared to $58.9 million in the prior year period. Med Tech includes...