ANGO - AngioDynamics gains despite unchanged guidance as 3Q earnings beat forecasts

The shares AngioDynamics (NASDAQ:ANGO) are trading sharply higher in the morning hours Thursday after the medical device maker reported better than expected earnings for 3Q FY22 and kept its guidance for the full year unchanged in line with the consensus. However, the top line missed the forecasts even though net sales rose ~4% YoY to $74M as Med Device net sales dropped ~3% YoY to $54.4M while Med Tech net sales climbed ~29% YoY to $19.6M. The company attributed the underperformance to headwinds related to the Omcron-driven surge in COVID-19, particularly during December and January, which led to issues such as supply constraints and inflationary pressure. While the U.S. net sales added ~7% YoY to $62.4M, the international net sales dropped ~8% YoY to $11.5M. Even as gross margin narrowed to ~53% indicating a 190bps decline from the prior-year period, AngioDynamics (ANGO) reported $1.3M of adj. net income for 3Q FY22

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AngioDynamics gains despite unchanged guidance as 3Q earnings beat forecasts