AngioDynamics stock dives after sales miss, lowered full-year outlook
Shares of AngioDynamics Inc. (ANGO) plummeted 16.8% in premarket trading, after the medical devices company widened its full-year loss forecast and announced a restructuring of its manufacturing footprint. Net losses for the fiscal second quarter to Nov. 30 widened to $29.05 million, or 72 cents a share, from $8.49 million, or 21 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 5 cents beat the FactSet loss consensus of 8 cents. Sales rose 2.7% to $79.1 million, below the FactSet consensus of $82.0 million. For fiscal 2024, the company cut its guidance range for revenue to $320 million to $325 million from $328 million to $333 million, and said it now expects adjusted per-share losses of 35 cents to 42 cents versus the previous per-share loss guidance of 28 cents to 34 cents. Separately, the company said it plans to shift its manufacturing operations from a company-owned facility in New York to a fully outsourced model over the next two years. The move is expected help the company achieve adjusted EPS profitability in fiscal 2027. The stock has gained 8.4% over the past three months through Thursday, while the S&P 500 has advanced 10.1%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
01-05-24 0813ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
What I Hope My 14-Year-Old Learned at Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Amazon Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Dividend Stocks
-
3 Stocks With High Dividend Yields That Warren Buffett Likes
-
How to Invest Like Warren Buffett
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?