Medical Devices Player AngioDynamics Exceeds Q1 Expectations, Sticks To Annual Guidance

AngioDynamics Inc (NASDAQ: ANGO) has reported a Q1 FY24 adjusted EPS loss of $(0.12), beating the consensus of $(0.13) but higher than $(0.06) reported a year ago.

Q1 sales decreased 3.5% Y/Y to $78.68 million, beating the analyst consensus of $77.69 million.

On a pro forma basis, excluding sales of Dialysis and BioSentry, net sales increased 5.7% Y/Y.

Med Tech net sales were $26.5 million, up 13.3% Y/Y, driven by Auryon sales during the quarter of $11.1 million, which increased 25.7%, NanoKnife disposable sales of $4.3 million, representing an increase of 34.5% over the prior year.

Also Read: AngioDynamics - Undervalued Gem In Med Tech: Analyst Eyes Stellar Growth With A 'Buy' Stance.

Med Device net sales were $52.8 million, down 10% Y/Y. When excluding sales of Dialysis and BioSentry, Med Device net sales increased 2.3%.

The gross margin for Q1 FY24 was 50.9%. On a pro forma basis, excluding Dialysis and BioSentry, the gross margin of 50.8% decreased 20 basis points compared to Q1 FY23.

Adjusted EBITDA was $0.8 million. On a pro-forma basis, adjusted EBITDA was $0.4 million compared to negative adjusted EBITDA of $1.6 million a year ago.

Guidance: AngioDynamics expects its fiscal year 2024 net sales to be $328 million - $333 million and adjusted EPS loss of $(0.28) - $(0.34) versus the consensus estimate of $328.56 million and $(0.32), respectively.

Price Action: ANGO shares are up 2.76% at $7.39 on the last check Wednesday.