AngioDynamics Plunges 21% Despite Q1 Beat as AngioVac Weakness Spooks Investors
ANGO sits 23% above its 52-week low of $9.39 on elevated volume (4.0× avg).
Summary
AngioDynamics shares fell 21.5% to $11.14 on Thursday despite Q1 revenue of $80.9M (+6.9%) and an adjusted loss of 4 cents per share, both beating consensus. The selloff came on volume of 1.94M shares, nearly 4x the 100-day average, as investors focused on a 5.9% year-over-year decline in AngioVac sales and management's guidance for only single-digit growth in that niche market. The company reaffirmed full-year revenue guidance of $336M-$341M and an adjusted loss of 24-29 cents per share. Separately, the FDA cleared an IDE for the RELIEF study of NanoKnife in benign prostatic hyperplasia, a new indication. This follows the earlier appointment of Eric Honroth as CEO effective November 2.
At the time of this announcement, ANGO was trading at $11.55 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $485.5M. The 52-week trading range was $9.39 to $16.29. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.