(By Balaseshan) AngioDynamics Inc. (NASDAQ: ANGO) reported better-than-expected quarterly earnings on double-digit growth from its international, VenaCure EVLT and Oncology/Surgery divisions. The maker of diagnostic devices, however, lowered its 2013 revenue forecast.
On a non-GAAP basis, earnings per share (EPS) for the second quarter declined to 10 cents from 11 cents, while topping market expectations by a penny.
On a GAAP basis, earnings declined to $2 million or $0.06 per share from $2.3 million or $0.09 per share. The latest quarter results include costs related to the Navilyst Medical acquisition, the subsequent restructuring of the company and the Quality Call to Action Program.
Sales jumped 50 percent to $87.01 million, while Wall Street analysts' projected $87.39 million for the second quarter.
Pro forma net sales increased 3%. U.S. net sales decreased 1%, while International sales climbed 21% (22% on a constant currency basis). Vascular net sales rose 1%, while Oncology/Surgery sales increased 12%.
Looking ahead for fiscal 2013 ending May, the company still expects non-GAAP EPS in the range of $0.40 to $0.42. ANGO cut its sales outlook to range of $355 million to $360 million from previous forecast of $361 million to $364 million. Analysts expect EPS of $0.40 on sales of $359.75 million.
ANGO closed Thursday's regular session down 2.10% at $11.18. The stock has been trading between $10 and $15.02 for the past 52 weeks.