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Angiodynamics (ANGO) Posts Better Than Expected Q2; Cuts 2013 Revenue Forecast

 January 03, 2013 04:27 PM

(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.

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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.

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