AngioDynamics Posts Loss In Q3, Cuts FY Guidance; Stock Down 9%

(RTTNews) - AngioDynamics Inc (ANGO), a medical devices company, on Thursday reported third-quarter net loss of $4.3 million or $0.12 per share compared with a profit of $4.5 million or $0.13 per share last year.

Excluding items, adjusted earnings for the quarter were $0.12 per share compared with $0.14 per share a year ago.

Revenues for the quarter were lower at $86.6 million compared with $88.2 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.16 per share on revenues of $89.8 million for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter, the company expects adjusted earnings of $0.13 to $0.16 per share on revenues of $90 million to $94 million. Analysts expect earnings of $0.19 per share on revenues of $97.3 million.

For the full year 2015, the company now projects adjusted earnings of $0.57 to $0.60 per share on revenues of $356 million to $360 million. Earlier it expected earnings of $0.66 to $0.72 per share on revenues of $362 million to $368 million.

Analysts expect earnings of $0.68 per share on revenues of $366.6 million for 2015.

"We believe the action we took in the third fiscal quarter to voluntary recall/discontinue our Morpheus PICC product line will drive longer-term strategic benefits; however, its short term impact coupled with the headwinds due to foreign currency exchange has resulted in a revision of net sales for fiscal year 2015," the company said.

AngioDynamics shares are losing $1.67 or 9.15% at $16.59 in after-hours trade on the Nasdaq.