What was told by the report of the manufacturer of medical equipment AngioDynamics
AngioDynamics Inc. (ANGO), which specializes in the manufacture of medical equipment, has published a report for the third quarter of fiscal year 2022. The company slightly improved its performance, but the results were still better than expected.
According to the results of the quarter ended February 28, AngioDynamics revenue increased by 3.9% year-on-year to $74 million. GAAP loss per share was $0.13. Free cash flow was negative — the company spent $9.9 million in cash. The indicators and dynamics cannot be called strong, especially since sales in the medical equipment segment fell by almost 3%.
Sales in the medical equipment segment increased by 28.6%, and profitability turned out to be better than Wall Street’s expectations amid continuing supply problems and the impact of COVID-19 on routine medical procedures. In the long term, AngioDynamics expects to increase revenue because of the widespread adoption of its innovative developments, such as the NanoKnife electronic scalpel for the destruction of cancer cells.
A positive signal was the February increase in the number of medical procedures performed using the AngioDynamics technique. The company also received new certifications and permits for the use of novelties in planned operations. In particular, they got permission from the US Foods and Drug Administration (FDA) to use the Alpha vac F18 thrombectomy device in venous vessels.
A study on its used to treat pulmonary embolism has also approved. According to the results of the current financial year, AngioDynamics expects a revenue of $310—$315 million, a gross margin of 52-54% and a loss of $0.02 or a profit of $0.02 per share.
