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Here's Why You Should Retain AngioDynamics (ANGO) Stock Now
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AngioDynamics, Inc. (ANGO - Free Report) is well-poised for growth, backed by strong segmental performance and strength in NanoKnife. However, forex remains a concern.
Shares of this Zacks Rank #3 (Hold) stock have lost 28.5% compared with the industry’s decline of 29.4% on a year-to-date basis. The S&P 500 Index has fallen 18.1% in the same time frame.
ANGO — with a market capitalization of $765.5 million — designs, manufactures and sells a wide range of medical, surgical and diagnostic devices. The company’s devices are generally used in minimally invasive, image-guided procedures. The company’s earnings yield of 0.6% compares favorably with the industry’s (7.2%).
What’s Driving the Performance?
AngioDynamics’ product offerings fall within three global business units (GBUs) — Oncology/Surgery, Endovascular Therapies and Vascular Access, out of which one of the GBUs performed impressively. During the third quarter of fiscal 2022, the company’s Endovascular Therapies’ revenues improved 14.5% from the year-ago period. This can be attributed to the continued adoption of Auryon and the thrombectomy portfolio. Auryon sales during the quarter were $7.3 million. The mechanical thrombectomy businesses grew 11% despite the Omicron-induced impacts.
Given the robust fiscal third-quarter Auryon performance, AngioDynamics has raised its full-year revenue expectations compared with its earlier projections.
Image Source: Zacks Investment Research
NanoKnife is one of the major products which has been witnessing solid growth over the past few months. The product has previously received FDA clearance for the surgical ablation of the soft tissue.
During the fiscal 2022 third-quarter earnings call in April, the company confirmed that NanoKnife disposables sales grew 11% in the reported quarter, driven by strength in the United States. U.S. NanoKnife disposables sales surged 56% in the fiscal third quarter.
What’s Weighing on the Stock?
AngioDynamics is exposed to a variety of market risks, including the effects of unfavorable changes in foreign currency exchange rates. Products manufactured in and sold into foreign markets represent a significant portion of its operations. The effects of adverse currency rate fluctuations and changes in the relative values of currencies may, in some instances, have a significant effect on AngioDynamics’ business, financial condition, results of operations and cash flows.
Estimates Trend
For fiscal 2022, the Zacks Consensus Estimate for revenues is pegged at $311.9 million, indicating an improvement of 7.2% from the year-ago period’s reported figure. The same for the bottom line stands at a loss of 1 cent per share. It had reported adjusted earnings per share of 5 cents in the year-ago quarter.
Stocks to Consider
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Masimo Corporation (MASI - Free Report) and ShockWave Medical, Inc. (SWAV - Free Report) .
AMN Healthcare surpassed earnings estimates in each of the trailing four quarters, the average surprise being 15.6%. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AMN Healthcare’s long-term earnings growth rate is estimated at 1.1%. The company’s earnings yield of 11.4% compares favorably with the industry’s (0.8%).
Masimo beat earnings estimates in each of the trailing four quarters, the average surprise being 4.4%. The company currently carries a Zacks Rank #2 (Buy).
Masimo’s estimated earnings growth rate for second-quarter 2022 is pegged at 22.3%. The company’s earnings yield is 3.8% against the industry’s (8.5%).
ShockWave Medical surpassed earnings estimates in each of the trailing four quarters, the average surprise being 189.9%. The company currently flaunts a Zacks Rank #1.
ShockWave Medical’s earnings growth rate for 2022 is estimated at 807.7%. The company’s earnings yield of 0.9% compares favorably with the industry’s (8%).
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Here's Why You Should Retain AngioDynamics (ANGO) Stock Now
AngioDynamics, Inc. (ANGO - Free Report) is well-poised for growth, backed by strong segmental performance and strength in NanoKnife. However, forex remains a concern.
Shares of this Zacks Rank #3 (Hold) stock have lost 28.5% compared with the industry’s decline of 29.4% on a year-to-date basis. The S&P 500 Index has fallen 18.1% in the same time frame.
ANGO — with a market capitalization of $765.5 million — designs, manufactures and sells a wide range of medical, surgical and diagnostic devices. The company’s devices are generally used in minimally invasive, image-guided procedures. The company’s earnings yield of 0.6% compares favorably with the industry’s (7.2%).
What’s Driving the Performance?
AngioDynamics’ product offerings fall within three global business units (GBUs) — Oncology/Surgery, Endovascular Therapies and Vascular Access, out of which one of the GBUs performed impressively. During the third quarter of fiscal 2022, the company’s Endovascular Therapies’ revenues improved 14.5% from the year-ago period. This can be attributed to the continued adoption of Auryon and the thrombectomy portfolio. Auryon sales during the quarter were $7.3 million. The mechanical thrombectomy businesses grew 11% despite the Omicron-induced impacts.
Given the robust fiscal third-quarter Auryon performance, AngioDynamics has raised its full-year revenue expectations compared with its earlier projections.
Image Source: Zacks Investment Research
NanoKnife is one of the major products which has been witnessing solid growth over the past few months. The product has previously received FDA clearance for the surgical ablation of the soft tissue.
During the fiscal 2022 third-quarter earnings call in April, the company confirmed that NanoKnife disposables sales grew 11% in the reported quarter, driven by strength in the United States. U.S. NanoKnife disposables sales surged 56% in the fiscal third quarter.
What’s Weighing on the Stock?
AngioDynamics is exposed to a variety of market risks, including the effects of unfavorable changes in foreign currency exchange rates. Products manufactured in and sold into foreign markets represent a significant portion of its operations. The effects of adverse currency rate fluctuations and changes in the relative values of currencies may, in some instances, have a significant effect on AngioDynamics’ business, financial condition, results of operations and cash flows.
Estimates Trend
For fiscal 2022, the Zacks Consensus Estimate for revenues is pegged at $311.9 million, indicating an improvement of 7.2% from the year-ago period’s reported figure. The same for the bottom line stands at a loss of 1 cent per share. It had reported adjusted earnings per share of 5 cents in the year-ago quarter.
Stocks to Consider
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Masimo Corporation (MASI - Free Report) and ShockWave Medical, Inc. (SWAV - Free Report) .
AMN Healthcare surpassed earnings estimates in each of the trailing four quarters, the average surprise being 15.6%. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AMN Healthcare’s long-term earnings growth rate is estimated at 1.1%. The company’s earnings yield of 11.4% compares favorably with the industry’s (0.8%).
Masimo beat earnings estimates in each of the trailing four quarters, the average surprise being 4.4%. The company currently carries a Zacks Rank #2 (Buy).
Masimo’s estimated earnings growth rate for second-quarter 2022 is pegged at 22.3%. The company’s earnings yield is 3.8% against the industry’s (8.5%).
ShockWave Medical surpassed earnings estimates in each of the trailing four quarters, the average surprise being 189.9%. The company currently flaunts a Zacks Rank #1.
ShockWave Medical’s earnings growth rate for 2022 is estimated at 807.7%. The company’s earnings yield of 0.9% compares favorably with the industry’s (8%).