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AngioDynamics (ANGO) Q4 Earnings Match Estimates, Revenues Top
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AngioDynamics, Inc. (ANGO - Free Report) reported break-even adjusted earnings per share (“EPS”) for fourth-quarter fiscal 2021 against the year-ago loss per share of 6 cents. The figure was in line with the Zacks Consensus Estimate.
GAAP loss per share came in at 51 cents, narrower than the year-ago loss of $4.13 per share.
Full-year adjusted EPS was 5 cents, reflecting a 44.4% decrease from the year-ago period. The metric was again in line with the Zacks Consensus Estimate.
Revenue Details
Revenues in the fiscal fourth quarter totaled $76.8 million, up 31.7% year over year on a reported basis (up 30.9% at constant exchange rate or CER). The top line surpassed the Zacks Consensus Estimate by 5.9%.
The company registered strong contribution from Auryon and continued strength in AngioVac during the quarter.
Full-year revenues were $291 million, reflecting a 10.2% uptick from the year-ago period (up 9.8% at CER). Again, the metric beat the Zacks Consensus Estimate by 1.5%.
Geographical Analysis
In the quarter under review, U.S. net revenues totaled $63.6 million, up 42.6% year over year.
International revenues came in at $13.2 million, down 3.6% from the year-ago quarter.
Segmental Analysis
AngioDynamics’ product offerings fall within three Global Business Units (GBUs) — Oncology/Surgery (“OS”), Endovascular Therapies (formerly Vascular Interventions and Therapies) and Vascular Access (“VA”).
OS arm’s net sales in the fiscal fourth quarter were $14.3 million, reflecting an improvement of 14.2% year over year, driven by increased sales of NanoKnife and Microwave disposables, and sales of the BioSentry Tract Sealant System. This was partially offset by continued softness in capital spending and international markets.
Endovascular Therapies revenues in the fiscal fourth quarter grossed $38.1 million, up 72.3% from the year-ago period. This was driven by broad strength across the business, led by sales of the Auryon and AngioVac platforms. Auryon sales during the quarter were $4.6 million.
Revenues at the VA segment amounted to $24.5 million, up 3.2% on a year-over-year basis. The growth was driven by growth in Ports but offset by a fall in peripherally inserted central catheters (PICCs).
AngioDynamics, Inc. Price, Consensus and EPS Surprise
In the quarter under review, AngioDynamics’ gross profit rose 40.1% to $42.3 million. Gross margin expanded 328 bps to 55.1%.
Meanwhile, sales and marketing expenses rose 30.8% to $23.8 million year over year. Research and development expenses climbed 25.9% year over year to $9.1 million whereas general and administrative expenses grew 11.1% year over year to $9.1 million. Adjusted operating expenses of $42.1 million increased 24.9% year over year.
Adjusted operating profit totaled $0.3 million against the prior-year quarter’s adjusted operating loss of $3.4 million.
Cash Position
The company exited fiscal 2021 with cash and cash equivalents of $48.2 million compared with $54.4 million at the end of fiscal 2020. Long-term debt (net of current portion) at the end of fiscal 2021 was $20 million compared with $40 million at the end of fiscal 2020.
Cumulative net cash provided by operating activities came in at $24.1 million compared with net cash used by operating activities of $14.6 million a year ago.
FY22 Guidance
The company initiated its fiscal 2022 outlook.
Revenues are projected in the range of $305-$310 million.
Adjusted EPS is now pegged between a break-even level and 5 cents. The Zacks Consensus Estimate for the metric is pegged at 12 cents.
Our Take
AngioDynamics exited the fourth quarter of fiscal 2021 with in-line earnings and better-than-expected revenues. The company continued gaining from the Auryon Atherectomy System and AngioVac system. Its year-over-year uptick in revenues, along with solid performances across all three GBUs, is impressive. Solid domestic revenues are also encouraging. Regulatory clearances for AlphaVac Mechanical Thrombectomy System and NanoKnife prostate IDE (PRESERVE) auger well for the company. Gross margin expansion raises our optimism.
Continued softness in capital spending and international markets during the quarter under review, along with fall in PICCs, is concerning.
Zacks Rank & Key Picks
AngioDynamics currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks which are supposed to report earnings soon are AMN Healthcare Services Inc (AMN - Free Report) , Catalent, Inc. (CTLT - Free Report) and Align Technology, Inc. (ALGN - Free Report) .
The Zacks Consensus Estimate for AMN Healthcare’s second-quarter 2021 adjusted EPS is currently pegged at $1.47. The consensus estimate for second-quarter revenues is pegged at $829.4 million. The company currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Catalent currently sports a Zacks Rank #1. The Zacks Consensus Estimate for its fourth-quarter fiscal 2021 adjusted EPS is currently pegged at $1.04. The consensus estimate for first-quarter revenues is pinned at $1.13 billion.
Align Technology currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for its second-quarter 2021 adjusted EPS is currently pegged at $2.56. The consensus estimate for its revenues stands at $937.5 million.
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AngioDynamics (ANGO) Q4 Earnings Match Estimates, Revenues Top
AngioDynamics, Inc. (ANGO - Free Report) reported break-even adjusted earnings per share (“EPS”) for fourth-quarter fiscal 2021 against the year-ago loss per share of 6 cents. The figure was in line with the Zacks Consensus Estimate.
GAAP loss per share came in at 51 cents, narrower than the year-ago loss of $4.13 per share.
Full-year adjusted EPS was 5 cents, reflecting a 44.4% decrease from the year-ago period. The metric was again in line with the Zacks Consensus Estimate.
Revenue Details
Revenues in the fiscal fourth quarter totaled $76.8 million, up 31.7% year over year on a reported basis (up 30.9% at constant exchange rate or CER). The top line surpassed the Zacks Consensus Estimate by 5.9%.
The company registered strong contribution from Auryon and continued strength in AngioVac during the quarter.
Full-year revenues were $291 million, reflecting a 10.2% uptick from the year-ago period (up 9.8% at CER). Again, the metric beat the Zacks Consensus Estimate by 1.5%.
Geographical Analysis
In the quarter under review, U.S. net revenues totaled $63.6 million, up 42.6% year over year.
International revenues came in at $13.2 million, down 3.6% from the year-ago quarter.
Segmental Analysis
AngioDynamics’ product offerings fall within three Global Business Units (GBUs) — Oncology/Surgery (“OS”), Endovascular Therapies (formerly Vascular Interventions and Therapies) and Vascular Access (“VA”).
OS arm’s net sales in the fiscal fourth quarter were $14.3 million, reflecting an improvement of 14.2% year over year, driven by increased sales of NanoKnife and Microwave disposables, and sales of the BioSentry Tract Sealant System. This was partially offset by continued softness in capital spending and international markets.
Endovascular Therapies revenues in the fiscal fourth quarter grossed $38.1 million, up 72.3% from the year-ago period. This was driven by broad strength across the business, led by sales of the Auryon and AngioVac platforms. Auryon sales during the quarter were $4.6 million.
Revenues at the VA segment amounted to $24.5 million, up 3.2% on a year-over-year basis. The growth was driven by growth in Ports but offset by a fall in peripherally inserted central catheters (PICCs).
AngioDynamics, Inc. Price, Consensus and EPS Surprise
AngioDynamics, Inc. price-consensus-eps-surprise-chart | AngioDynamics, Inc. Quote
Margin Analysis
In the quarter under review, AngioDynamics’ gross profit rose 40.1% to $42.3 million. Gross margin expanded 328 bps to 55.1%.
Meanwhile, sales and marketing expenses rose 30.8% to $23.8 million year over year. Research and development expenses climbed 25.9% year over year to $9.1 million whereas general and administrative expenses grew 11.1% year over year to $9.1 million. Adjusted operating expenses of $42.1 million increased 24.9% year over year.
Adjusted operating profit totaled $0.3 million against the prior-year quarter’s adjusted operating loss of $3.4 million.
Cash Position
The company exited fiscal 2021 with cash and cash equivalents of $48.2 million compared with $54.4 million at the end of fiscal 2020. Long-term debt (net of current portion) at the end of fiscal 2021 was $20 million compared with $40 million at the end of fiscal 2020.
Cumulative net cash provided by operating activities came in at $24.1 million compared with net cash used by operating activities of $14.6 million a year ago.
FY22 Guidance
The company initiated its fiscal 2022 outlook.
Revenues are projected in the range of $305-$310 million.
Adjusted EPS is now pegged between a break-even level and 5 cents. The Zacks Consensus Estimate for the metric is pegged at 12 cents.
Our Take
AngioDynamics exited the fourth quarter of fiscal 2021 with in-line earnings and better-than-expected revenues. The company continued gaining from the Auryon Atherectomy System and AngioVac system. Its year-over-year uptick in revenues, along with solid performances across all three GBUs, is impressive. Solid domestic revenues are also encouraging. Regulatory clearances for AlphaVac Mechanical Thrombectomy System and NanoKnife prostate IDE (PRESERVE) auger well for the company. Gross margin expansion raises our optimism.
Continued softness in capital spending and international markets during the quarter under review, along with fall in PICCs, is concerning.
Zacks Rank & Key Picks
AngioDynamics currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks which are supposed to report earnings soon are AMN Healthcare Services Inc (AMN - Free Report) , Catalent, Inc. (CTLT - Free Report) and Align Technology, Inc. (ALGN - Free Report) .
The Zacks Consensus Estimate for AMN Healthcare’s second-quarter 2021 adjusted EPS is currently pegged at $1.47. The consensus estimate for second-quarter revenues is pegged at $829.4 million. The company currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Catalent currently sports a Zacks Rank #1. The Zacks Consensus Estimate for its fourth-quarter fiscal 2021 adjusted EPS is currently pegged at $1.04. The consensus estimate for first-quarter revenues is pinned at $1.13 billion.
Align Technology currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for its second-quarter 2021 adjusted EPS is currently pegged at $2.56. The consensus estimate for its revenues stands at $937.5 million.