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AngioDynamics (ANGO) Q3 Earnings and Revenues Top Estimates
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AngioDynamics, Inc (ANGO - Free Report) reported third-quarter fiscal 2021 adjusted earnings per share (EPS) of 2 cents. The Zacks Consensus Estimate was of a loss of 3 cents per share. Meanwhile, the company saw a 100% surge in its bottom line from the year-ago quarter.
Revenue Details
For the fiscal third quarter, revenues totaled $71.2 million, which beat the Zacks Consensus Estimate by 4.1%. Further, the top line rose 2% on a year-over-year basis.
Geographical Analysis
In the quarter under review, U.S. net revenues totaled $58.7 million, up 6.9% year over year.
International revenues came in at $12.5 million, down 16.1% from the year-ago quarter.
Segmental Analysis
Vascular Interventions and Therapies (VIT) Business
VIT revenues in the fiscal third quarter grossed $33.3 million, up 8.8% from the year-ago period. This was driven by higher sales of the company's Auryon and AngioVac platforms, which were partially offset by soft sales of Venous products amid weak elective procedure volumes due to the COVID-19 pandemic.
Vascular Access (VA) Business
Revenues at this segment amounted to $24.8 million, up 0.8% on a year-over-year basis.
Oncology/Surgery Business
Revenues dipped 10.1% year over year to $13.1 million. Per management, this downside was due to lower capital sales, partially offset by robust growth in the sales of NanoKnife disposables, especially in the United States.
Margin Analysis
In the quarter under review, gross profit totaled $38.5 million, down 4.4% from the year-ago quarter. Moreover, gross margin was 54.1%, down 362 basis points (bps).
Adjusted operating profit came in at $1.3 million, up 75.6% year over year. Adjusted operating margin expanded 79 bps to 1.9%.
AngioDynamics, Inc. Price, Consensus and EPS Surprise
Revenues are now projected in the range of $285-$288 million (compared with the previously-issued guidance of $278-$284 million). The Zacks Consensus Estimate for the same is pegged at $283.2 million.
Adjusted EPS is now pegged between 4 cents and 6 cents (compared with the past view of breakeven and 5 cents). The Zacks Consensus Estimate for the metric is pegged at 2 cents.
Cash Position
The company exited the fiscal third quarter with cash and cash equivalents of $54.5 million compared with $58 million at the end of the second quarter of fiscal 2021. Cumulative net cash provided by operating activities came in at $11.9 million compared with net cash used in the same of $18.4 million a year ago.
Summary
AngioDynamics exited the third quarter of fiscal 2021 on a strong note. The company continued gaining from the Auryon Atherectomy System launch. It saw revenue growth in two of its operating segments. It witnessed a solid performance of its technology platforms including strong sales growth in AngioVac arm and $3.3 million worth of sales in its Auryon suite.
However, the company witnessed a revenue decline in its Oncology segment during the quarter under review. Also, contraction in gross margin is worrisome.
Zacks Rank & Key Picks
Currently, AngioDynamics carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space are Align Technology, Inc. (ALGN - Free Report) , Veeva Systems, Inc. (VEEV - Free Report) and Hill-Rom Holdings, Inc. . While Align Technology currently sports a Zacks Rank #1 (Strong Buy), the other two presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Align Technology’s fourth-quarter 2020 EPS was $2.61, which surpassed the Zacks Consensus Estimate by 21.9%. Revenues came in at $834.5 million in the quarter, also beating the Zacks Consensus Estimate by 6.1%.
Veeva Systems reported fourth-quarter fiscal 2021 adjusted EPS of 78 cents, beating the Zacks Consensus Estimate of 68 cents by 14.7%. Further, the company’s revenues totaled $396.8 million, outpacing the Zacks Consensus Estimate by 4.4%.
Hill-Rom delivered first-quarter fiscal 2021 adjusted EPS of $1.53, beating the Zacks Consensus Estimate by 45.7%. Revenues of $741.1 million too surpassed the consensus mark by 13.2%.
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AngioDynamics (ANGO) Q3 Earnings and Revenues Top Estimates
AngioDynamics, Inc (ANGO - Free Report) reported third-quarter fiscal 2021 adjusted earnings per share (EPS) of 2 cents. The Zacks Consensus Estimate was of a loss of 3 cents per share. Meanwhile, the company saw a 100% surge in its bottom line from the year-ago quarter.
Revenue Details
For the fiscal third quarter, revenues totaled $71.2 million, which beat the Zacks Consensus Estimate by 4.1%. Further, the top line rose 2% on a year-over-year basis.
Geographical Analysis
In the quarter under review, U.S. net revenues totaled $58.7 million, up 6.9% year over year.
International revenues came in at $12.5 million, down 16.1% from the year-ago quarter.
Segmental Analysis
Vascular Interventions and Therapies (VIT) Business
VIT revenues in the fiscal third quarter grossed $33.3 million, up 8.8% from the year-ago period. This was driven by higher sales of the company's Auryon and AngioVac platforms, which were partially offset by soft sales of Venous products amid weak elective procedure volumes due to the COVID-19 pandemic.
Vascular Access (VA) Business
Revenues at this segment amounted to $24.8 million, up 0.8% on a year-over-year basis.
Oncology/Surgery Business
Revenues dipped 10.1% year over year to $13.1 million. Per management, this downside was due to lower capital sales, partially offset by robust growth in the sales of NanoKnife disposables, especially in the United States.
Margin Analysis
In the quarter under review, gross profit totaled $38.5 million, down 4.4% from the year-ago quarter. Moreover, gross margin was 54.1%, down 362 basis points (bps).
Adjusted operating profit came in at $1.3 million, up 75.6% year over year. Adjusted operating margin expanded 79 bps to 1.9%.
AngioDynamics, Inc. Price, Consensus and EPS Surprise
AngioDynamics, Inc. price-consensus-eps-surprise-chart | AngioDynamics, Inc. Quote
2021 Guidance
The company updated its fiscal 2021 outlook.
Revenues are now projected in the range of $285-$288 million (compared with the previously-issued guidance of $278-$284 million). The Zacks Consensus Estimate for the same is pegged at $283.2 million.
Adjusted EPS is now pegged between 4 cents and 6 cents (compared with the past view of breakeven and 5 cents). The Zacks Consensus Estimate for the metric is pegged at 2 cents.
Cash Position
The company exited the fiscal third quarter with cash and cash equivalents of $54.5 million compared with $58 million at the end of the second quarter of fiscal 2021. Cumulative net cash provided by operating activities came in at $11.9 million compared with net cash used in the same of $18.4 million a year ago.
Summary
AngioDynamics exited the third quarter of fiscal 2021 on a strong note. The company continued gaining from the Auryon Atherectomy System launch. It saw revenue growth in two of its operating segments. It witnessed a solid performance of its technology platforms including strong sales growth in AngioVac arm and $3.3 million worth of sales in its Auryon suite.
However, the company witnessed a revenue decline in its Oncology segment during the quarter under review. Also, contraction in gross margin is worrisome.
Zacks Rank & Key Picks
Currently, AngioDynamics carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space are Align Technology, Inc. (ALGN - Free Report) , Veeva Systems, Inc. (VEEV - Free Report) and Hill-Rom Holdings, Inc. . While Align Technology currently sports a Zacks Rank #1 (Strong Buy), the other two presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Align Technology’s fourth-quarter 2020 EPS was $2.61, which surpassed the Zacks Consensus Estimate by 21.9%. Revenues came in at $834.5 million in the quarter, also beating the Zacks Consensus Estimate by 6.1%.
Veeva Systems reported fourth-quarter fiscal 2021 adjusted EPS of 78 cents, beating the Zacks Consensus Estimate of 68 cents by 14.7%. Further, the company’s revenues totaled $396.8 million, outpacing the Zacks Consensus Estimate by 4.4%.
Hill-Rom delivered first-quarter fiscal 2021 adjusted EPS of $1.53, beating the Zacks Consensus Estimate by 45.7%. Revenues of $741.1 million too surpassed the consensus mark by 13.2%.
5G Revolution: 3 Stocks to Make Your Move
With super high data speed, it will make current cell phones obsolete and unlock the full potential of big data, cloud computing, and artificial intelligence. In the next few years this industry is predicted to create 22 million jobs and a stunning $12.3 trillion in revenue.
Today you have an historic chance to pursue almost unimaginable gains like Microsoft, Netflix, and Apple in their early phases. Zacks has released a Special Report that reveals our . . . ??? Smartest stock for 5G telecom ??? Safest investment in 5G hardware ??? Single best 5G buy of all!
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