AngioDynamics down on wider loss forecast

AngioDynamics

05/01/2024 13:08

** AngioDynamics Inc shares  ANGO.O  fall 22.5% to $6
premarket - among the biggest pct losers across U.S. stock
exchanges
    ** Medtech co raises its 2024 forecast for adjusted loss per
share in the range of 35 cents to 42 cents, compared with the
previously expected range of 28 cents to 34 cents per share
    ** Co also reduced its 2024 sales forecast to $320
million-$325 million compared with previous guidance of $328
million-$333 million, due to softer Q2 sales of its blood clot
removal device
    ** Medtech co's net sales for Q2 2024 were $79.1 mln, below
analysts' expectation of $82 mln - LSEG data
    ** Adj. loss for Q2 was 5 cents per share compared with
analysts' estimate of a loss of 7 cents per share
    ** ANGO expects to achieve full-year adjusted profitability
in 2027
    ** Co said it has initiated a restructuring of its
manufacturing footprint and is shifting to an outsourced model
    ** Up to Thursday's close, stock had fallen ~50% in the last
12 months

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))