ANGO - Why AngioDynamics Stock Just Crashed 12%
Shares of small-cap medical technology company AngioDynamics (NASDAQ: ANGO) cratered in morning trading Thursday, falling 12.2% through 10 a.m. ET after missing on earnings this morning.
Analysts had forecast that AngioDynamics would lose $0.02 per share ( pro forma ) on sales of $83.4 million for its fiscal first quarter of 2023, which ended Aug. 31. In fact, the loss was three times as bad as feared -- $0.06 per share, pro forma -- and sales missed as well, coming in at only $81.5 million.
Sales grew 6% year over year in fiscal Q1, led by AngioDynamics' fast-growing "med tech" division -- home of the NanoKnife cancer electroporation device -- where sales grew 30%. But while that division was growing, Angio's larger "med device" business was shrinking, with sales down 1%.
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Why AngioDynamics Stock Just Crashed 12%