Business
AngioDynamics Reports Fiscal Year 2023 Fourth Quarter and Full-Year Financial Results; Issues Fiscal Year 2024 Guidance
Fiscal Year 2023 Fourth Quarter Highlights Net sales of $91.1 million increased 4.7% compared to the prior-year quarter Med Tech net sales of $26.5 million
About this update from Angiodynamics, Inc.
[{"type":"text","content":"\nFiscal Year 2023 Fourth Quarter Highlights\n\n\n\nNet sales of $91.1 million increased 4.7% compared to the prior-year quarter\n\n\nMed Tech net sales of $26.5 million increased 17.2%\n\n\n\nMed Device net sales of $64.6 million increased 0.3%\n\n\n\n\n\n\nGross margin of 50.9% declined 250 basis points year over year\n\n\n\nGAAP loss per share of $0.54, inclusive of a goodwill impairment of $14.5 million, or $0.37 per share, in connection with the transaction announced on June 8, 2023\n\n\n\nAdjusted earnings per share of $0.02\n\n\n\nCash and cash equivalents at May 31, 2023 were $44.6 million\n\n\n\nOn June 8, 2023, the Company completed the sale of its Dialysis and BioSentry Tract Sealant System Biopsy businesses to Merit Medical Systems, Inc. for $100 million in cash\n\n\n\nSubsequent to quarter end, the Company completed enrollment in its PRESERVE study for the treatment of prostate cancer with NanoKnife\n\n\n\nFull-Year 2023 Highlights\n\n\n\nNet sales of $338.8 million increased 7.1% year over year\n\n\n\nGross margin declined 100 basis points year over year to 51.4%\n\n\n\nGAAP loss per share of $1.33, inclusive of a goodwill impairment of $14.5 million, or $0.37 per share, in connection with the transaction announced on June 8, 2023\n\n\n\nAdjusted loss per share of $0.06\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 fourth quarter and fiscal year 2023, which ended May 31, 2023.\n\n\n“AngioDynamics’ fourth quarter and fiscal year 2023 saw continued growth driven by our team’s commitment to innovation,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. “Additionally, we recently took another significant step in our transformation by announcing the divestiture of our Dialysis and BioSentry Biopsy businesses, which strengthens our balance sheet and enables an even clearer focus on our high-growth Med Tech platforms. Looking ahead, we will continue to seek opportunities to further focus the portfolio in order to drive growth and margin expansion.”\n\n\nMr. Clemmer continued, “We are now two years into the three-ye...