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AngioDynamics(ANGO) - 2026 Q1 - Earnings Call Transcript
2025-10-02 13:02
Financial Data and Key Metrics Changes - Revenue increased by 12.2% to $75.7 million, driven by growth across both med-tech and med-device segments [12][21] - Gross margin for Q1 FY26 was 55.3%, a 90 basis point increase from the previous year [16] - Adjusted net loss for Q1 FY26 was $4.2 million, an improvement from a loss of $4.4 million in the same quarter last year [18] Business Line Data and Key Metrics Changes - Med-tech revenue was $35.3 million, a 26.1% increase, while med-device revenue was $40.4 million, an increase of 2.3% [13] - Auryon platform contributed $16.5 million in revenue, growing 20.1% year-over-year [14] - Mechanical thrombectomy revenue increased by 41.2% year-over-year, with AngioVac revenue at $8 million (37.1% increase) and AlphaVac revenue at $3.3 million (52.3% increase) [15] Market Data and Key Metrics Changes - Med-tech platforms comprised 47% of total revenue, up from 41% a year ago, illustrating the strategic shift towards med-tech [13] - International adoption of Auryon following CE mark approval contributed approximately $500,000 in revenue during the quarter [14] Company Strategy and Development Direction - The company is focused on expanding its product portfolio to compete in large, fast-growing markets, particularly in med-tech [5] - Continued investment in Auryon and plans to enter the coronary market are part of the long-term growth strategy [6] - The company aims to increase its market share in the hospital segment, driving both top-line growth and higher margins [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the med-tech segment, particularly in mechanical thrombectomy and NanoKnife [26] - The company expects to be cash flow positive for the current fiscal year, with significant cash generation anticipated in Q4 [20] - Guidance for FY26 was raised, expecting net sales in the range of $308 to $313 million, reflecting growth of 5% to 7% over the previous year [21] Other Important Information - The company continues to face tariff expenses, with an estimated impact of $4 to $6 million for the full fiscal year [17] - R&D expenses were $6.4 million, or 8.5% of sales, as the company remains committed to investing in long-term growth initiatives [18] Q&A Session Summary Question: Guidance on growth drivers - The increase in guidance is primarily driven by mechanical thrombectomy and NanoKnife segments, with expectations for continued solid contributions from Auryon [26] Question: NanoKnife disposable revenue specifics - The growth in NanoKnife disposable revenue is largely driven by prostate initiatives, with no significant one-time stocking effects noted [30] Question: Update on mechanical thrombectomy hospital penetration - There has been good uptake in hospitals, with ongoing efforts to convert accounts into value analysis committee approvals [33] Question: Sales force updates in mechanical thrombectomy - The sales force for mechanical thrombectomy has increased to 50 dedicated reps, with plans for further investments in the NanoKnife urology sales force [38] Question: Revenue growth attribution to price increases - Revenue growth in mechanical thrombectomy is attributed to a combination of price increases, new customer acquisitions, and increased utilization [42] Question: Update on ongoing clinical trials - The Ambition BTK study is progressing well, with positive expectations for Auryon's role in atherectomy treatments [44]
AngioDynamics(ANGO) - 2026 Q1 - Earnings Call Transcript
2025-10-02 13:02
Financial Data and Key Metrics Changes - Revenue increased by 12.2% to $75.7 million, driven by growth across both med-tech and med-device segments [12][21] - Gross margin for Q1 FY26 was 55.3%, a 90 basis point increase from the previous year [16] - Adjusted net loss for Q1 FY26 was $4.2 million, improving from a loss of $4.4 million in the same quarter last year [18] Business Line Data and Key Metrics Changes - Med-tech revenue was $35.3 million, a 26.1% increase, while med-device revenue was $40.4 million, an increase of 2.3% [13] - Auryon platform contributed $16.5 million in revenue, growing 20.1% year-over-year [14] - Mechanical thrombectomy revenue increased by 41.2% year-over-year, with AngioVac revenue at $8 million (37.1% increase) and AlphaVac revenue at $3.3 million (52.3% increase) [15] Market Data and Key Metrics Changes - Med-tech platforms comprised 47% of total revenue, up from 41% a year ago, illustrating the strategic shift towards med-tech [13] - International adoption of Auryon following CE mark approval contributed approximately $500,000 in revenue [14] Company Strategy and Development Direction - The company is focused on expanding its product portfolio into large, fast-growing markets, particularly in med-tech [5] - Continued investment in Auryon and mechanical thrombectomy products is expected to drive long-term growth [6][10] - The company aims to increase its market share and expand access to new opportunities, particularly in the hospital market [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the med-tech segment, particularly Auryon and NanoKnife, as key drivers for future revenue [21][27] - The company anticipates continued strong performance in mechanical thrombectomy and NanoKnife, with expectations for growth in the urology market [27][28] Other Important Information - The company expects to incur between $4 million and $6 million in tariff expenses for the full fiscal year 2026 [17] - Cash utilization was better than expected, with a cash balance of $38.8 million at the end of Q1 FY26 [20] Q&A Session Summary Question: Guidance on growth drivers - The increase in guidance is primarily driven by mechanical thrombectomy and NanoKnife segments, with expectations for continued solid contributions from Auryon [25][26] Question: NanoKnife disposable revenue specifics - The strong growth in NanoKnife disposable revenue is largely driven by prostate initiatives, with no significant one-time stocking effects noted [29][30] Question: Update on mechanical thrombectomy hospital penetration - There has been good uptake in hospitals, with ongoing efforts to convert interest into approvals for product usage [32][33] Question: Sales force updates - The company has increased its sales force for mechanical thrombectomy by 25%, now totaling 50 dedicated sales reps [37][38] Question: Revenue growth attribution - Revenue growth in mechanical thrombectomy is attributed to a combination of price increases, new customer acquisitions, and increased utilization [41][42] Question: Clinical trials update - The Ambition BTK study is progressing well, with positive expectations for its impact on the Auryon business [43][44]
AngioDynamics(ANGO) - 2026 Q1 - Earnings Call Transcript
2025-10-02 13:00
Financial Data and Key Metrics Changes - Revenue increased by 12.2% to $75.7 million, driven by growth across both med-tech and med-device segments [12][21] - Gross margin for Q1 FY26 was 55.3%, a 90 basis point increase from the previous year [17] - Adjusted net loss for Q1 FY26 was $4.2 million, improving from a loss of $4.4 million in the same quarter last year [19] Business Line Data and Key Metrics Changes - Med-tech revenue was $35.3 million, a 26.1% increase, while med-device revenue was $40.4 million, an increase of 2.3% [13] - Auryon platform contributed $16.5 million in revenue, growing 20.1% year-over-year [15] - Mechanical thrombectomy revenue increased by 41.2% year-over-year, with AngioVac revenue at $8 million (37.1% increase) and AlphaVac revenue at $3.3 million (52.3% increase) [16] Market Data and Key Metrics Changes - Med-tech platforms comprised 47% of total revenue, up from 41% a year ago, illustrating the strategy to increase revenue from this segment [14] - The annual revenue of the med-tech segment grew from $41 million in 2020 to $127 million in 2025, representing a compound annual growth rate of 25% [15] Company Strategy and Development Direction - The company is focused on growing its med-tech segment, particularly through innovative products like Auryon and NanoKnife, which are expected to drive future growth [5][7] - Continued investment in R&D initiatives is planned to support long-term growth, targeting approximately 10% of sales [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the med-tech segment, particularly in mechanical thrombectomy and NanoKnife, with expectations for continued strong performance [26][27] - The company anticipates being cash flow positive for the current fiscal year, with significant cash generation expected in Q4 [20] Other Important Information - The company expects net sales for FY26 to be in the range of $308 to $313 million, an increase from previous guidance [21] - Tariff expenses for FY26 are estimated to be between $4 and $6 million [18] Q&A Session Summary Question: Guidance on growth drivers - The increase in guidance is primarily driven by mechanical thrombectomy and NanoKnife segments, with expectations for continued growth in these areas [25][26] Question: Update on mechanical thrombectomy hospital penetration - There has been good uptake in hospitals, with ongoing efforts to convert accounts into value analysis committee approvals [31][32] Question: Revenue growth attributable to price increases - Revenue growth is driven by a combination of price increases, new customer acquisitions, and increased utilization [38][39] Question: Update on clinical trials for Ambition BTK - The Ambition BTK study is progressing well, with enrollment in both RCT and registry segments, expected to significantly impact the Auryon business [40][41]
AngioDynamics (ANGO) Reports Q1 Loss, Tops Revenue Estimates
ZACKS· 2025-10-02 12:11
Company Performance - AngioDynamics reported a quarterly loss of $0.1 per share, which was better than the Zacks Consensus Estimate of a loss of $0.14, representing an earnings surprise of +28.57% [1] - The company posted revenues of $75.71 million for the quarter ended August 2025, exceeding the Zacks Consensus Estimate by 4.75% and showing an increase from $67.49 million year-over-year [2] - Over the last four quarters, AngioDynamics has surpassed consensus EPS estimates four times and topped revenue estimates in the same period [2] Stock Movement and Outlook - AngioDynamics shares have increased approximately 20.9% since the beginning of the year, outperforming the S&P 500's gain of 14.1% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at -$0.10 for the coming quarter and -$0.30 for the current fiscal year [4][7] - The current Zacks Rank for AngioDynamics is 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Medical - Instruments industry, to which AngioDynamics belongs, is currently in the top 35% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact AngioDynamics' stock performance [5]
Morning Market Movers: CIGL, UFG, FRMI, KDK See Big Swings
RTTNews· 2025-10-02 12:05
Core Viewpoint - Premarket trading is showing notable activity with significant price movements indicating potential investment opportunities before the market opens [1] Premarket Gainers - Concorde International Group Ltd. (CIGL) increased by 53% to $3.94 [3] - Fermi Inc. Common Stock (FRMI) rose by 13% to $36.99 [3] - Kodiak AI, Inc. (KDK) also saw a 13% increase, reaching $6.76 [3] - AngioDynamics, Inc. (ANGO) gained 12%, trading at $12.45 [3] - Angel Studios, Inc. (ANGX) was up 11% at $8.51 [3] - Spruce Biosciences, Inc. (SPRB) increased by 9% to $9.75 [3] - K Wave Media Ltd. (KWM) rose by 9% to $2.66 [3] - Shoals Technologies Group, Inc. (SHLS) saw an 8% increase, trading at $8.59 [3] - StableX Technologies, Inc. (SBLX) was up 7% at $5.65 [3] Premarket Losers - Uni-Fuels Holdings Limited (UFG) decreased by 51% to $2.42 [4] - Akanda Corp. (AKAN) fell by 13% to $2.91 [4] - Equifax Inc. (EFX) dropped 11%, trading at $224.57 [4] - TransUnion (TRU) also saw an 11% decline, reaching $73.24 [4] - Bolt Biotherapeutics, Inc. (BOLT) decreased by 11% to $4.99 [4] - Dogwood Therapeutics, Inc. (DWTX) fell by 8% to $6.50 [4] - Galaxy Payroll Group Limited (GLXG) decreased by 8% to $4.52 [4] - Old Market Capital Corporation (OMCC) dropped 7% to $5.08 [4] - Entero Therapeutics, Inc. (ENTO) fell by 7% to $3.96 [4] - Flux Power Holdings, Inc. (FLUX) decreased by 7% to $3.74 [4]
AngioDynamics(ANGO) - 2026 Q1 - Earnings Call Presentation
2025-10-02 12:00
Financial Performance - Net sales reached $75.7 million, a 12.2% year-over-year increase[5] - Med Tech segment sales grew by 26.1% year-over-year, reaching $35.3 million[5] - Med Device segment sales increased by 2.3% year-over-year, totaling $40.4 million[5] - Pro forma adjusted EBITDA was $2.2 million, a $2.3 million improvement from Q1 FY25[5] Med Tech Growth Drivers - Auryon sales reached $16.5 million, with a year-over-year growth of 20.1%[16] - Total Mech Thrombectomy sales, including AngioVac and AlphaVac, reached $11.3 million, a 41.2% year-over-year increase[20] - NanoKnife disposables sales were $5.4 million, a 31.3% year-over-year increase[25] - Total NanoKnife sales were $6.4 million, a 26.7% year-over-year increase[25] Financial Outlook - The company increased its net sales guidance for FY2026 to $308 - $313 million[26] - Med Tech net sales growth guidance increased to +14% – 16%[26] - Adjusted EBITDA guidance increased to +$6.0 - $10.0 million[26]
AngioDynamics(ANGO) - 2026 Q1 - Quarterly Results
2025-10-02 11:30
Fiscal Year 2026 First Quarter Overview [Executive Summary and Key Highlights](index=1&type=section&id=1.1.%20Executive%20Summary%20and%20Key%20Highlights) AngioDynamics reported strong Q1 FY26 results with significant Med Tech growth, improved Adjusted EBITDA, and raised full-year guidance, while expecting positive cash flow Quarter Ended August 31, 2025 | Metric | Quarter Ended August 31, 2025 | Pro Forma* YoY Growth | | :--- | :--- | :--- | | Net Sales | $75.7 million | 12.2% | | Med Tech Net Sales | $35.3 million | 26.1% | | Med Device Net Sales | $40.4 million | 2.3% | - Med Tech segment delivered its **fourth consecutive quarter of over 20% revenue growth**[4](index=4&type=chunk) Metric | Metric | Value | | :--- | :--- | | Reported Adjusted EBITDA | $2.2 million (compared to ($0.2) million in prior year) | | GAAP loss per share | $0.26 | | Adjusted loss per share | $0.10 | | Cash and cash equivalents (end of Q1 FY26) | $38.8 million | - **Raised full year FY 2026 guidance** for net sales, Med Tech net sales growth, Adjusted EBITDA, and Adjusted EPS[4](index=4&type=chunk) - Continues to expect to be **cash flow positive** for the full fiscal year 2026[4](index=4&type=chunk)[5](index=5&type=chunk) [CEO Commentary](index=1&type=section&id=1.2.%20CEO%20Commentary) CEO Jim Clemmer attributed Q1 success to strategic platform technologies and operational excellence, driving consistent profitable growth - Strategy to bring unique platform technologies to large, fast-growing global markets has paid off, resulting in **four consecutive quarters of MedTech growth over 20%**[3](index=3&type=chunk) - Continued performance combined with disciplined focus on operational excellence is driving **sustained profitable growth**[3](index=3&type=chunk) - Company is well-positioned to drive **consistent, profitable growth and deliver sustained value creation** during the balance of 2026 and beyond, supported by superior technologies, clinical investments, and balance sheet strength[6](index=6&type=chunk) Detailed Fiscal Year 2026 First Quarter Financial Results [Net Sales Performance](index=2&type=section&id=2.1.%20Net%20Sales%20Performance) Q1 FY26 net sales grew **12.2%** to **$75.7 million**, driven by **26.1% Med Tech** growth, with Med Device sales up **2.3%** Net Sales Performance (Pro Forma YoY Growth) | Category | Q1 FY26 Net Sales | YoY Growth | | :--- | :--- | :--- | | Total Net Sales | $75.7 million | 12.2% | | Med Tech Net Sales | $35.3 million | 26.1% | | Med Device Net Sales | $40.4 million | 2.3% | Med Tech Segment Sales Performance | Med Tech Platform | Q1 FY26 Sales | Increase | | :--- | :--- | :--- | | Auryon | $16.5 million | 20.1% | | Mechanical Thrombectomy (AngioVac, AlphaVac) | $11.3 million | 41.2% | | NanoKnife | $6.4 million | 26.7% (including 31.3% growth in probes) | [Gross Margin Analysis](index=2&type=section&id=2.2.%20Gross%20Margin%20Analysis) Q1 FY26 GAAP gross margin improved to **55.3%**, up **90 basis points** year-over-year, due to Med Tech revenue and efficiency Gross Margin Performance | Metric | Q1 FY26 | Q1 FY25 | | :--- | :--- | :--- | | GAAP Gross Margin | 55.3% | 54.4% | | Sequential Gross Margin (Q4 FY25) | 55.3% | 52.7% | | Tariff Expense | $1.7 million | N/A | - Gross margin improvement primarily due to **increased Med Tech revenue and operational efficiencies**[9](index=9&type=chunk) [Net Loss and Adjusted Net Loss](index=2&type=section&id=2.3.%20Net%20Loss%20and%20Adjusted%20Net%20Loss) Q1 FY26 GAAP net loss was **$10.9 million** (**$0.26 per share**), adjusted net loss improved to **$4.2 million** Net Loss and Adjusted Net Loss (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 | Q1 FY25 (Pro Forma) | | :--- | :--- | :--- | | GAAP Net Loss | $(10.9) million | $(12.9) million | | GAAP Loss per share | $(0.26) | $(0.32) | | Adjusted Net Loss | $(4.2) million | $(4.4) million | | Adjusted Loss per share | $(0.10) | $(0.11) | [Adjusted EBITDA](index=3&type=section&id=2.4.%20Adjusted%20EBITDA) Q1 FY26 Adjusted EBITDA significantly improved to **$2.2 million**, a positive shift from **$(0.2) million** in Q1 FY25 Adjusted EBITDA Performance | Metric | Q1 FY26 | Q1 FY25 (Pro Forma) | | :--- | :--- | :--- | | Adjusted EBITDA | $2.2 million | $(0.2) million | [Cash Flow and Balance Sheet](index=3&type=section&id=2.5.%20Cash%20Flow%20and%20Balance%20Sheet) Q1 FY26 cash utilization was **$17.1 million**, ending with **$38.8 million** cash and a debt-free balance sheet, expecting positive full-year cash flow - Company used **$17.1 million of cash** in Q1 FY26, which was **better than expectations** for the historically highest cash utilization quarter[13](index=13&type=chunk) Cash and Cash Equivalents | Date | Cash and Cash Equivalents | | :--- | :--- | | August 31, 2025 | $38.8 million | | May 31, 2025 | $55.9 million | - The Company maintains a **debt-free balance sheet**[14](index=14&type=chunk) - Continues to expect to be **cash flow positive** for the full year fiscal 2026[13](index=13&type=chunk) Clinical and Research Achievements [AMBITION BTK Trial Enrollment](index=3&type=section&id=3.1.%20AMBITION%20BTK%20Trial%20Enrollment) First patient enrolled in AMBITION BTK trial, assessing Auryon Atherectomy System for critical limb ischemia - **First patient enrolled** in the AMBITION BTK trial, a prospective, multicenter, randomized controlled trial[15](index=15&type=chunk) - Trial investigates the **Auryon Atherectomy System** for treating challenging below-the-knee lesions in patients with Critical Limb Ischemia[15](index=15&type=chunk) - The trial will include up to **224 patients** at up to **30 sites**, with a companion registry enrolling up to **1,500 additional patients**[15](index=15&type=chunk) [RECOVER-AV Clinical Trial Enrollment](index=3&type=section&id=3.2.%20RECOVER-AV%20Clinical%20Trial%20Enrollment) First patient enrolled in RECOVER-AV trial, evaluating AlphaVac F1885 System for acute pulmonary embolism - **First patient enrolled** in the RECOVER-AV clinical trial[16](index=16&type=chunk) - The study evaluates the **AlphaVac F1885 System** for the treatment of acute, intermediate-risk pulmonary embolism[16](index=16&type=chunk) - Multi-center, multi-national study across Europe, Canada, and Hong Kong, following patients for **12 months** to assess functional and quality-of-life outcomes[16](index=16&type=chunk) [NanoKnife PRESERVE Study Publication](index=4&type=section&id=3.3.%20NanoKnife%20PRESERVE%20Study%20Publication) PRESERVE study results published, showing NanoKnife System's effectiveness for prostate cancer with **84.0%** disease-free rate and preserved quality of life - Results from the **PRESERVE study published in European Urology**, a leading journal in urologic research[18](index=18&type=chunk) - The study assessed the safety and effectiveness of irreversible electroporation with the **NanoKnife System** to ablate prostate tissue in patients with intermediate-risk prostate cancer[18](index=18&type=chunk) - Met primary effectiveness endpoint with **84.0% of men free from in-field, clinically significant disease at 12 months** post-procedure, and demonstrated strong quality-of-life outcomes (**96% urinary continence, 84% good sexual function**)[18](index=18&type=chunk) Fiscal Year 2026 Financial Guidance [Updated Guidance Metrics](index=4&type=section&id=4.1.%20Updated%20Guidance%20Metrics) AngioDynamics raised its full-year FY26 guidance for net sales, Med Tech net sales growth, Adjusted EBITDA, and Adjusted EPS, reflecting increased confidence Fiscal Year 2026 Financial Guidance Update | Guidance Metric | Guidance Action | Current Guidance (as of Oct 2, 2025) | Previous Guidance (as of July 15, 2025) | | :--- | :--- | :--- | :--- | | Net Sales | Increased | $308 - $313 million | $305 - $310 million | | Med Tech Net Sales Growth | Increased | 14% - 16% | 12% - 15% | | Med Device Net Sales Growth | Unchanged | Flat | Flat | | Gross Margin | Unchanged | 53.5% - 55.5% | 53.5% - 55.5% | | Adjusted EBITDA | Increased | $6.0 - $10.0 million | $3.0 - $8.0 million | | Adjusted EPS | Increased | ($0.33) – ($0.23
AngioDynamics Reports Fiscal Year 2026 First Quarter Financial Results; Med Tech Growth of 26.1% Drives Continued Momentum
Businesswire· 2025-10-02 10:00
Core Insights - AngioDynamics reported a strong first quarter for fiscal year 2026, with net sales reaching $75.7 million, reflecting a year-over-year growth of 12.2% [2][7] - The Med Tech segment experienced significant growth, with net sales of $35.3 million, marking a 26.1% increase compared to the previous year [2][8] - The company continues to focus on operational excellence and innovative technologies to drive profitable growth and enhance patient care [4][5] Financial Performance - Net sales for the first quarter of fiscal year 2026 were $75.7 million, an increase of 12.2% from the prior year [2][7] - Med Tech net sales were $35.3 million, a 26.1% increase from $28.0 million in the prior-year period [2][8] - Med Device net sales were $40.4 million, a 2.3% increase compared to $39.5 million in the prior-year period [9] Profitability Metrics - The company reported a GAAP gross margin of 55.3%, which is 90 basis points higher than the first quarter of fiscal 2025 [10] - Adjusted EBITDA for the first quarter was $2.2 million, compared to a loss of $0.2 million in the prior year [12] - The company recorded a GAAP net loss of $10.9 million, or a loss per share of $0.26, while the adjusted net loss was $4.2 million, or a loss per share of $0.10 [11][12] Cash Flow and Guidance - The company ended the first quarter with $38.8 million in cash and cash equivalents, down from $55.9 million at the end of the previous quarter [14] - AngioDynamics expects to be cash flow positive for the full fiscal year 2026 [5][13] - The company raised its full-year guidance for net sales, Med Tech net sales growth, Adjusted EBITDA, and Adjusted EPS [5][19] Clinical Developments - The first patients were enrolled in the AMBITION BTK and RECOVER-AV clinical trials, demonstrating the company's commitment to advancing clinical evidence [15][16] - Results from the NanoKnife PRESERVE study were published, showing promising outcomes for prostate cancer treatment [18]
AngioDynamics, Globant And 3 Stocks To Watch Heading Into Thursday - AngioDynamics (NASDAQ:ANGO)
Benzinga· 2025-10-02 08:15
Group 1 - AngioDynamics, Inc. (NASDAQ:ANGO) is expected to report a quarterly loss of 12 cents per share on revenue of $72.72 million [2] - Grindr Inc (NYSE:GRND) appointed John North as chief financial officer, effective immediately [2] - Entero Therapeutics (NASDAQ:ENTO) acquired 100% of GRID AI Corp [2] - Gulf Island Fabrication Inc (NASDAQ:GIFI) received a $35 million fabrication contract for the Francis Scott Key Bridge project in Baltimore, Maryland [2] - Globant SA (NYSE:GLOB) approved a share repurchase program of up to $125 million [2]
Stocks Rally as Weak US Jobs News Reinforces Fed Rate Cut Hopes
Yahoo Finance· 2025-10-01 20:45
Economic Indicators - US MBA mortgage applications fell by -12.7% in the week ended September 26, with the purchase mortgage sub-index down -1.0% and the refinancing sub-index down -20.6% [1] - The September ISM manufacturing index rose +0.4 to a 7-month high of 49.1, exceeding expectations of 49.0 [6] - The September ADP employment change unexpectedly fell by -32,000, marking the largest decline in 2.5 years, while August was revised lower to -3,000 from +54,000 [5] Market Reactions - Stocks initially moved lower due to the US government shutdown, but later recovered, with the S&P 500 and Nasdaq 100 reaching new all-time highs [2][4] - The dollar index fell to a one-week low, while gold prices climbed to a record high amid risk-off sentiment [2] - Rising corporate earnings expectations are a bullish backdrop for stocks, with over 22% of S&P 500 companies providing guidance for Q3 earnings that are expected to beat analysts' expectations [8] Sector Performance - Pharmaceutical stocks rallied, with AstraZeneca closing up more than +9% and Eli Lilly up more than +8%, driven by hopes from Pfizer's deal with the US government [15] - Chipmakers and AI-infrastructure stocks also saw gains, with Super Micro Computer closing up more than +9% and Micron Technology up more than +8% [16] - Grocery retailers declined after Amazon announced a new private-label food brand, leading to Dollar Tree and Dollar General closing down more than -4% and -3% respectively [22] Upcoming Economic Data - Weekly initial unemployment claims are expected to increase by +7,000 to 225,000, and August factory orders are expected to rise by +1.4% month-over-month [9] - September nonfarm payrolls are anticipated to increase by +51,000, with the unemployment rate expected to remain unchanged at 4.3% [9]