AngioDynamics Q3 Loss Sharply Widens; Slashes FY24 Outlook
(RTTNews) - While reporting financial results for the third quarter on Thursday, medical devices company AngioDynamics, Inc. (ANGO) slashed its adjusted loss and net sales guidance for the full year 2024, reflecting the recent divestiture of the PICC and Midline businesses and discontinuance of the RadioFrequency ablation and Syntrax businesses.
For fiscal 2024, the company now projects adjusted loss in a range of $0.54 to $0.58 per share on net sales between $270 million and $275 million.
Previously, the company expected adjusted loss in the range of $0.35 to $0.42 per share on net sales between $320 million and $325 million.
On average, four analysts polled by Thomson Reuters expect the company to report a loss of $0.43 per share on net sales of $312.12 million for the year. Analysts' estimates typically exclude special items.
For the third quarter, the company reported a net loss of $190.44 million or $4.73 per share, sharply wider than $9.49 million or $0.24 per share in the prior-year quarter.
Excluding item, adjusted loss for the quarter was $4.73 per share, compared to adjusted loss of $0.35 per share in the year-ago quarter.
Net sales for the quarter decreased to $75.18 million from $80.71 million in the same quarter last year. Pro Forma net sales for the quarter were $65.97 million, compared to $61.09 million last year.
The Street was looking for a loss of $0.13 per share on net sales of $75.73 million for the quarter.
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