AngioDynamics Posts Wider Q3 Loss On Higher Costs, Reaffirms FY22 Outlook

AngioDynamics Inc ANGO has reported a Q3 FY22 adjusted EPS of $0.03, ahead of the consensus of $(0.01), and better than the consensus of $0.02 reported a year ago.
Q3 sales increased 3.9% Y/Y to $73.97 million, missing the analyst consensus of $76.32 million.
Endovascular Therapies net sales increased 14.5% to $38.1 million, driven by strength in atherectomy and thrombectomy portfolios.
Oncology net sales declined 5% Y/Y to $12.5 million due to procedural volume pressures related to COVID and lower NanoKnife capital sales.
Vascular Access's net sales declined 5.6% to $23.4 million.
The gross margin compressed 190 bps to 52.2%, impacted by the tight labor market and increased expenses for raw materials, labor, and freight.
Adjusted EBITDA was $6.7 million, compared to $5.4 million in Q3 of FY21.
Guidance: For FY22, AngioDynamics reaffirmed sales guidance of $310 million - $315 million versus the consensus of $313.65 million.
The company expects gross margin of approximately 52.0% to 54.0% and adjusted EPS of $(0.02) - $0.02 (consensus loss of $0.01).
Price Action: ANGO stock traded 10.50% higher at $23.80 on the last check Thursday.

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