Business
AngioDynamics Reports Fiscal 2022 Third Quarter Financial Results; Reaffirms Fiscal Year 2022 Guidance
Fiscal 2022 Third Quarter Highlights Net sales of $74.0 million increased 3.9% compared to the prior-year quarter Med Tech grew 28.6% and Med Device declined
About this update from Angiodynamics, Inc.
[{"type":"text","content":"\nFiscal 2022 Third Quarter Highlights\n\n\nNet sales of $74.0 million increased 3.9% compared to the prior-year quarter\n\n\nMed Tech grew 28.6% and Med Device declined 2.8% year over year\n\n\nGross margin of 52.2% declined 190 basis points year over year\n\n\nGAAP loss per share of $0.13 and adjusted earnings per share of $0.03\n\n\nSubsequent to quarter end:\n\n\nthe Company enrolled the first patients in its PRESERVE study for the use of NanoKnife in prostate;\n\n\nthe Company received FDA approval for its AlphaVac F18 thrombectomy system; and\n\n\nthe Company received FDA approval for its IDE study for the use of AlphaVac F18 to treat pulmonary embolism\n\n\n\n\n LATHAM, N.Y.--(BUSINESS WIRE)--\nAngioDynamics, Inc. (NASDAQ: ANGO), a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options and improving quality of life for patients, today announced financial results for the third quarter of fiscal year 2022, which ended February 28, 2022.\n\n“We are proud of our team’s ability to drive continued growth in our business during the third quarter while operating amid macro-related supply chain disruptions, procedural volume challenges and ongoing inflation, particularly in December and January. During the quarter, we made significant progress implementing our manufacturing capacity enhancement initiatives, exiting the quarter with an approximately 20% increase in production hours. Even as we started to see benefits of our capacity enhancement initiatives, we saw our backlog increase during our third quarter, signaling continued strong customer demand. Since mid-February, we have seen steady improvement in procedure volumes and remain confident in both the long-term growth trajectory of our portfolio and the strategic transformation of the Company,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics.\n\nClemmer continued, “Despite the increased COVID and macro headwinds in our third quarter, we continued to invest in our transformation to make Med Tech comprise a larger, faster-growing piece of our business. As an example, we are pleased to announce the recent FDA clearance of our AlphaVac F18 thrombectomy system for use in the venous vasculature and approval of our IDE study for the use of AlphaVac F...