Shares of AngioDynamics, which specializes in therapeutic devices, soar on optimistic 2024 outlook

On Thursday, the U.S. Food and Drug Administration (FDA) approved theAngioDynamics, Inc.(NASDAQ Resonance: ANGO)'s AlphaVac F1885 System for Pulmonary Embolism (PE) is 510(k) licensed.

The expanded FDA indication allows the use of the AlphaVac F1885 System for the treatment of pulmonary embolism, expanding the applicability of the AlphaVac F1885 System for the non-surgical removal of venous blood clots or emboli from the vein.

This indication broadens the therapeutic options for patients with PE, reduces the thrombotic burden, and improves right ventricular function.

Please also read: AngioDynamics Reaches Settlement Agreement with Becton, Dickinson to Resolve Decade-Long Patent LitigationThe

In December 2023, AngioDynamics completed patient enrollment in its Acute Pulmonary Embolism Extraction Trial with the AlphaVac System (APEX-AV) study with 122 patients.

The APEX-AV study demonstrated an average decrease in RV/LV ratio from baseline to 48 hours postoperatively of 0.45 (significantly higher than the preset performance goal of 0.12) and an MAEs rate of 4.1% (significantly lower than the preset performance goal of 25%).

The study also showed an average reduction in clot load of 35.51 TP3T from baseline to 48 hours postoperatively.

Meanwhile, AngioDynamics announced third quarter 2024 sales of $75.18 million, slightly below the consensus estimate of $75.73 million.

Estimated sales, excluding the dialysis and BioSentry businesses, increased 81 TP3T to $66.0 million, an increase of 8.01 TP3T compared to the same period last year.

Net sales of medical technology are forecasted to be $25.7 million, up 12.61 TP3T, while net sales of medical equipment are forecasted to be $40.3 million, up 5.51 TP3T.

The Company reported an adjusted EPS loss of $(0.16), which was below consensus of $(0.13).

Industry Outlook:Koon Power expects sales of $270 million-$275 million in fiscal 2024, reflecting the divestiture of the PICC and midline businesses, as well as the discontinuation of the radiofrequency ablation and syntrax businesses, which accounted for approximately $50 million of the previous guidance of $320 million-$325 million compared to the consensus estimate of $312.14 million.

The Company expects gross margins of approximately 52%-54% and adjusted EPS of $(0.54)-$(0.58) for FY2024, compared to a consensus of $(0.43).

Price Trend:Shares of ANGO were up 11.91 TP3T at $6.81 as of Thursday's close.

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This article was originally published on Benzinga.com AngioDynamics, a therapeutic device company, released an optimistic financial outlook for 2024, and its stock price soared.

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