Business
AngioDynamics Reports Fiscal 2023 Third Quarter Financial Results; Revises Guidance
Fiscal Year 2023 Third Quarter Highlights Net sales of $80.7 million increased 9.1% compared to the prior-year quarter Med Tech net sales of $22.9 million
About this update from Angiodynamics, Inc.
[{"type":"text","content":"\nFiscal Year 2023 Third Quarter Highlights\n\n\nNet sales of $80.7 million increased 9.1% compared to the prior-year quarter\n\n\nMed Tech net sales of $22.9 million increased 16.6%\n\n\nMed Device net sales of $57.8 million increased 6.4%\n\n\n\n\nGross margin of 50.2% decreased 200 basis points year over year\n\n\nGAAP loss per share of $0.24 and adjusted loss per share of $0.03\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 2023, which ended February 28, 2023.\n\n“We continued to make solid progress during the quarter executing on our strategic plan. Auryon, AlphaVac, NanoKnife, and our Med Device portfolio were bright spots during the third quarter, and while we experienced continued softness in AngioVac, we have taken steps to address the performance, and it remains an important driver for AngioDynamics’ growth,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. “While our quarterly results were softer than we would have liked, I am pleased with our continued operational improvements and expense discipline, which drove positive cash flow from operations during the quarter in the face of continued inflationary pressures. Our team remains committed to pursuing innovation and driving sustained growth in attractive end markets.”\n\nThird Quarter 2023 Financial Results\n\nNet sales for the third quarter of fiscal 2023 were $80.7 million, an increase of 9.1% compared to the prior-year quarter. Foreign currency translation did not have a significant impact on the Company's net sales in the quarter.\n\nMed Tech net sales were $22.9 million, a 16.6% increase from the prior-year period. Med Tech includes the Auryon peripheral atherectomy platform, the thrombus management platform and the NanoKnife irreversible electroporation platform. Growth was driven by Auryon sales during the quarter of $10.4 million, which increased 42.8%, and NanoKnife sales of $4.1 million, which increased 5.4% compared to the third quarter of fiscal 2022. NanoKnife disposable sales were $3.5 million, which increased 22.2% com...