Why AngioDynamics Shares Are Trading Lower Today

AngioDynamics ANGO shares are trading lower on Thursday after the company reported worse-than-expected Q3 revenue and reduced its 2023 revenue guidance.

AngioDynamics reported quarterly losses of $0.03 per share, which missed the analyst consensus estimate of a loss of $0.01 per share. The company also reported quarterly sales of $80.71 million, missing the analyst consensus estimate of $83.19 million, according to Benzinga Pro.

"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 CEO of AngioDynamics.

The company also reduced its FY23 revenue outlook to $338 million to $342million, a decrease from its prior guidance of $342 million to $348 million. The company now expects an adjusted EPS loss of $0.01 to $0.06, down from its prior guidance of net income of $0.01 to $0.06.

AngioDynamics is a 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.

ANGO Price Action: AngioDynamics has a 52-week high of $24.84 and a 52-week low of $11.33.

AngioDynamics shares are down 24.2% at $9.45 at the time of writing, according to Benzinga Pro.