AngioDynamics Stock Drops 24% After Q2 Earnings Report

AngioDynamics Inc. (NASDAQ: ANGO) reported its performance for the second quarter of fiscal 2024. The company achieved net sales of $81.97 million, a significant increase from the previous quarter. The company’s updated fiscal year guidance projects net sales of $320 to $325 million, reflecting strategic adjustments in operations and market conditions.

ANGO Reports -$0.05 EPS for Q2 FY24

AngioDynamics’ Q2 performance stood out, especially when compared against the market expectations of an EPS of -$0.08 and revenue of $81.97 million. The company met these expectations and demonstrated the potential for future growth and profitability. AngoDynamics reported a loss of $0.05 per share and revenue of $79.1 million for the period.

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ANGO Revises Guidance for Net Sales to Be $320M to $325M

The firm provided revised guidance for fiscal year 2024, forecasting net sales to be $320 to $325 million. This adjustment reflects the softer thrombectomy sales during the fiscal second quarter and anticipated impacts from manufacturing restructuring.

The company anticipates a gross margin of approximately 49% to 51% and an adjusted loss per share in the $0.35 to $0.42 range. This guidance indicates a strategic focus on optimizing operations while navigating current market challenges.

Following the Q2 fiscal 2024 earnings release, AngioDynamics’ stock price showed significant movement. The stock previously closed at $12.38 and experienced a notable decrease in premarket trading after the earnings report, dropping to $5.85, a 24.51% decline at the time of writing.