AngioDynamics Third Quarter Earnings Lag and Receives Approval for NanoKnife DIRECT Clinical Study
Posted on April 02, 2019 by Medtech[y] Staff
AngioDynamic's stock slid in pre-market action after releasing their third quarter earnings this morning. Overall, net sales in the quarter increased 3% year-over-year to $86.3 million with U.S. net sales coming in at $68.3 million, a year-over-year increase of 3.9%.
The bulk of the strength in the quarter came from the Oncology division, which grew 15.1% on strong sales of Solero, as well as from the OARtrac system, which came over with the RadiaDyne acquisition. These strong sales offset weaker than anticipated NanoKnife capital sales during the quarter.
Additionally, Vascular Interventions and Therapies grew 3.3% on strong growth of Angiovac which helped soften the blow from decelerating growth in the Venous Insufficiency business. The Vascular Access business lagged with a decrease of 4% on lower sales of midlines, PICCs and ports.
AngioDynamics is reiterating their financial guidance for 2019, expecting sales in the range of $354 to $359 million.
“While we had pockets of softness in our financial performance during the third quarter, our overall performance remains strong, and we are confident that we will achieve our full-year guidance. We saw strong growth contributions during the quarter from AngioVac and Solero, as well as from Fluid Management,” said Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc.
The company recently announced that they have been given the green light by the FDA to start their IDE for their NanoKnife DIRECT Clinical Study. The DIRECT Study supports a proposed expanded indication for the NanoKnife System in the treatment of Stage III pancreatic cancer.
“Additionally, I am very excited that the FDA has approved the IDE for our NanoKnife DIRECT Clinical Study, which is the next step toward this incredible technology improving the standard of care for patients afflicted with Stage III pancreatic cancer. The IDE approval also represents a milestone for AngioDynamics as we transform into an evidence-based Company focused on therapies and outcomes facilitated by our unique technologies.”