Q3 2024 AngioDynamics Inc Earnings Call Transcript
Key Points
- Pro forma revenue growth of approximately 8% year over year, with nearly 13% growth from the MedTech segment and 5% from the med device segments.
- NanoKnife sales grew approximately 47% during the third quarter, with sales of probes increasing approximately 20%.
- Received FDA clearance for the use of AlphaVac to treat pulmonary embolism, which opens up a large, fast-growing market.
- Launched the Auryon XL radial catheter, expanding treatment options for peripheral artery disease and expecting CE Mark by the end of June.
- International business grew approximately 21% year over year, including approximately 53% growth for MedTech and 7% growth for med device.
- Mechanical thrombectomy business, which includes AngioVac and AlphaVac, declined roughly 12% year over year.
- Gross margin for the third quarter decreased by 290 basis points compared to the year-ago period, with MedTech gross margin down by 300 basis points and med device gross margin down by 330 basis points.
- Adjusted net loss for the third quarter was $6.5 million, with an adjusted loss per share of $0.16, compared to an adjusted net loss of $5.4 million or adjusted loss per share of $0.14 in the third quarter of last year.
- Reported a GAAP net loss of $190.4 million or a loss per share of $4.73 in the third quarter of fiscal '24, including significant charges related to goodwill impairment, settlement, and asset impairment.
- Divested and discontinued products that contributed approximately $50 million of sales in FY '23, which may impact future cash generation.
Good morning and welcome to the AngioDynamics fiscal year 2024 third quarter earnings call. At this time, all participants are in a listen only mode, a question and answer session will follow the formal presentation. (Operator Instructions)
As a reminder, this conference call is being recorded. The news release detailing AngioDynamics' fiscal 2024 third quarter results crossed the wire earlier this morning and is available on the company's website. This conference call is also being broadcast live over the Internet at the Investors section of the Company's website at www.angiodynamics.com and the webcast replay of the call will be available at the same site approximately one hour after the end of today's call.
Before we begin, I would like to caution listeners that during the course of this conference call, the Company will make projections or forward-looking statements regarding future events, including statements about expected revenue, adjusted earnings and gross margins for fiscal year 2024, as well as trends that
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