Why Angiodynamics Stock Sank Today

What happened

A fairly uninspiring set of quarterly results pushed AngioDynamics (ANGO -2.63%) stock down in value on Wednesday. The medical device and technology company saw its share price dip by almost 3% on the day, contrasting with the 0.8% gain of the S&P 500 index.

So what

For its first quarter of fiscal 2024, AngioDynamics booked net sales of $78.7 million. The two revenue streams that make up that figure, medical technology and medical devices, both saw increases. Technology posted the largest leap, with its take rising by over 13% year over year to $25.9 million. Devices advanced by slightly more than 2% to $52.8 million.

As for profitability, AngioDynamics posted a non-GAAP (adjusted) net loss of $4.8 million ($0.12 per share), nearly double the $2.5 million deficit in the same quarter of fiscal 2023. 

Those headline numbers were slightly better than the average analyst estimates. Collectively, pundits following the stock were expecting $77.7 million in net sales and a per-share net loss of $0.13.

Now what

In the earnings release, AngioDynamics quoted CEO Jim Clemmer as saying, “We remain focused on bringing innovative new products to market, expanding the approved indications for our existing products, and continuing to build a body of compelling clinical evidence in support of these indications and products.”

The company reiterated its guidance for the entirety of fiscal 2024. It continues to believe it will post net sales of $328 million to $333 million, with adjusted net loss coming in at $0.28 to $0.34 per share.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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