ANGO Earnings: AngioDynamics Returns to Profit in Fourth Quarter; revenues exceed estimates
AngioDynamics Inc. (NASDAQ: ANGO) on Tuesday reported modest earnings for the fourth quarter of 2022 compared to last year’s breakeven. Revenue grew by double digits and exceeded expectations.
The medical device maker reported adjusted earnings of one cent in the three-month period, marking an improvement from the year-ago quarter when net income was level. The latter figure is consistent with consensus estimates.
Revenue rose 13% year over year to $86.9 million in the May quarter and beat analyst forecasts. Revenue benefited from the solid performance of all three operating segments.
Check this space to read management/analyst comments on AngioDynamics’ fourth quarter 2022 results
“We delivered on the fiscal year 2022 strategic objectives we set out a year ago at our Investor & Technology Day while managing a number of macro headwinds, including supply chain disruptions. supply and continued inflationary pressures.During our fourth quarter, we reduced our backlog as our manufacturing capacity improved, exiting the quarter more than 40% above the lows we experienced in December,” said AngioDynamics CEO Jim Clemmer.