AngioDynamics – Eyeing Double Digit Revenue Growth

After an upbeat fiscal first quarter, AngioDynamics Inc. (ANGO) appears confident in its future as it continues to execute its strategic plan of transformation into a high-growth Med Tech company.

The company manufactures and sells a wide range of medical, surgical and diagnostic devices used by professional healthcare providers for vascular access, for the treatment of peripheral vascular disease and for use in oncology and surgical settings.

The end users of AngioDynamics’ products include interventional radiologists, interventional cardiologists, vascular surgeons, urologists, interventional and surgical oncologists and critical care nurses.

The company’s Med Tech business includes Auryon, NanoKnife and thrombus management platform.

Auryon Atherectomy System is used for the treatment of Peripheral Artery Disease, including Critical Limb Ischemia and In-Stent Restenosis. The NanoKnife System is used in the surgical ablation of soft tissue. The thrombus management platform includes the devices AlphaVac, AngioVac, and Uni-Fuse.

AngioDynamics, which began its strategic initiative to become a growth company in 2018, is working towards achieving double-digit revenue growth by fiscal year 2024. (The company’s fiscal year ends on May 31).

Net sales were $270.6 million in fiscal 2019; $264 million in fiscal 2020; and $291 million in fiscal 2021.

For the first quarter of fiscal year 2022, which ended August 31, 2021, the company reported net sales of $77.0 million, an increase of 9.6% compared to the prior-year quarter. Net loss for the first quarter of fiscal year 2022 widened to $7.0 million or $0.18 per share from $4.3 million or $0.11 per share in the year-ago quarter.

Looking ahead to fiscal year 2022, AngioDynamics now expects net sales to be in the range of $310 to $315 million, an increase from its prior guidance of $305 to $310 million. The revised guidance represents a revenue growth of 6.5% to 8% over fiscal year 2021.

Cash position:

As of August 31, 2021, the company had $35.5 million in cash and cash equivalents and $25.0 million in outstanding debt.

ANGO has traded in a range of $10.17 to $30.25 in the last 1 year. The stock closed Thursday’s trading at $25.94, up 11.04%.

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