AngioDynamics (ANGO) Q3 Earnings and Revenues Miss Estimates

Core Viewpoint - AngioDynamics, Inc. reported a wider-than-expected adjusted loss per share for the third quarter of fiscal 2024, alongside lower revenues compared to the previous year and consensus estimates [1][9]. Financial Performance - The adjusted loss per share for Q3 fiscal 2024 was 16 cents, compared to a loss of 3 cents in the same quarter last year and a consensus estimate of 14 cents [1]. - GAAP loss per share was $4.73, significantly wider than the prior year's loss of 24 cents [1]. - Total revenues for the fiscal third quarter were $75.2 million, down 6.9% year over year, missing the consensus estimate by 1.9% [2]. Pro Forma Analysis - On a pro forma basis, net sales were $65.9 million, reflecting a 7.9% increase year over year [2]. - U.S. net revenues were $62.3 million, down 7.8% year over year, while pro forma U.S. revenues were $55.8 million, up 5.9% [3]. - International revenues were $12.8 million, down 1.9% year over year, with pro forma international revenues at $10.2 million, up 20.8% [3]. Segment Performance - Med Tech revenues for Q3 were $25.8 million, up 12.9% year over year, driven by strong sales of Auryon and NanoKnife products [4]. - Med Device revenues totaled $49.3 million, down 14.7% from the previous year, while pro forma revenues were $40.3 million, up 5.2% [5]. Margin and Expense Analysis - Pro forma gross profit increased by 2.2% to $33.7 million, but gross margin contracted by 292 basis points to 51.1% [6]. - Sales and marketing expenses decreased by 1.5% to $23.6 million, while R&D expenses rose by 20.2% to $8.1 million [6]. Cash Position - The company ended Q3 fiscal 2024 with cash and cash equivalents of $78.5 million, an increase from $60.9 million at the end of the previous quarter, and had no debt [7]. Guidance for Fiscal Year 2024 - AngioDynamics revised its fiscal 2024 net sales guidance to $270 million-$275 million, down from the previous estimate of $320 million-$325 million [8]. - The adjusted loss per share is now projected to be between 54 cents and 58 cents, wider than the earlier guidance of 35 cents to 42 cents [8]. Recent Developments - The company received FDA clearance for the AlphaVac F18 System for treating pulmonary embolism, which may positively impact future performance [10].