AngioDynamics sells PICC and Midline portfolios for $45M, discontinues sales of radiofrequency ablation devices

AngioDynamics recently announced the sale of its PICC and Midline product portfolios to Spectrum Vascular for up to $45 million in cash.

The company PICC, Midline and tip location products contributed approximately $43.5 million in annual sales during AngioDynamics’ fiscal year 2023. The transaction consists of $34.5 million paid at closing, an earnout related to sales of the divested products over the next two years equal to $5.5 million and a milestone payment of $5 million paid upon final transfer of the manufacturing of the divested products to a third-party manufacturer.

The company also announced it discontinued the sale of its Uniblate and Starburst Radio Frequency products and Syntax support catheter products.

“Today’s divestiture is another significant milestone in our transformation and supports our focus on driving increased penetration of our medtech platforms in high-growth markets. It builds upon the divestiture of our Dialysis and Bi…

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AngioDynamics wins FDA breakthrough nod for AngioVac system

AngioDynamics (Nasdaq:ANGO) announced that it received FDA breakthrough device designation for its AngioVac system.

The breakthrough nod includes proposed indications for the use of AngioVac in the non-surgical removal of vegetation from the right heart.

AngioVac, an on-circuit aspiration system, uses a venous drainage cannula to remove thrombi or emboli during extracorporeal bypass. It achieves this for up to six hours, allowing for removal while minimizing blood loss. The system recirculates blood through the AngioVac extracorporeal (venovenous) bypass circuit.

Target vessels include — but aren’t limited to — the iliofemoral vein, inferior vena cava, superior vena cava and right heart.

With breakthrough designation, AngioDynamics plans to engage with the FDA to achieve its new expanded indication for the right heart. The accelerated pathway expedites assessment and review processes for the system with more interactive and timely communicat…

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AngioDynamics sells off dialysis portfolio for $100M

AngioDynamics (Nasdaq:ANGO) announced that it completed the sale of its dialysis product portfolio to Merit Medical Systems.

Latham, New York-based AngioDynamics sold its dialysis portfolio and the BioSentry product for $100 million in cash. The transaction includes the DuraFlow, DuraMax, Evenmore, Schon XL, Trio-CT and Vaxel Plus hemodialysis catheter brands. It also includes the BioSentry product, a tract sealant system biopsy brand.

AngioDynamics said in a news release that the combined product portfolio generated $32 million in sales in 2023.

The company plans to use net proceeds to eliminate existing debt and support further strategic investments in growth and profitability. AngioDynamics said its divested assets are included in its medical device business and don’t have a significant amount of direct costs. As a result, the company expects a dilutive impact to adjusted earnings per share. It projects a slightly dilutive impact on corporate gr…

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AngioDnamics stock rises on Street-beating Q2

AngioDynamics (Nasdaq:ANGO) shares ticked up before hours on second-quarter results that topped the consensus forecast.

Shares of ANGO rose 7.6% to $14.65 apiece before the market opened.

The Latham, N.Y.–based peripheral artery disease (PAD) treatment developer posted losses of $8.5 million. That amounts to losses of 21¢ per share on sales of $85.4 million for the three months ended Nov. 30, 2022.

AngioDynamics recorded a slight bottom-line slide further into the red on sales growth of 9.1%.

Adjusted to exclude one-time items, earnings per share totaled 1¢. That falls 2¢ ahead of projections on Wall Street. Analysts expected sales of $84.33 million.

The company’s medtech business sales grew 29.7% year-over-year. AngioDynamics attributed that growth to drivers including sales of its Auryon peripheral atherectomy platform. Medical device sales increased 2.6% year-over-year to $60.9 million.

“We drove strong performance during th…

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AngioDynamics slides on Q1 misses

AngioDynamics (Nasdaq:ANGO) shares took a hit today on first-quarter results that came up shy of the consensus forecast.

Shares of ANGO dipped 12.6% at $18.84 apiece as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.5%.

The Latham, N.Y.-based peripheral artery disease (PAD) treatment developer posted losses of $13 million, or 33¢ per share. It registered sales of $81.5 million for the three months ended Aug. 31, 2022, for an 86.5% bottom-line slide deeper into the red on sales growth of 5.9%.

Adjusted to exclude one-time items, losses per share were 6¢, 4¢ behind Wall Street, where analysts were looking for sales of $83.4 million.

The company reported net medtech sales of $22.8 million. Growth drivers there included the Auryon peripheral atherectomy platform, the thrombus management platform and the NanoKnife irreversible electroporation platfor…

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AngioDynamics rises on Q3 EPS beat

AngioDynamics (Nasdaq:ANGO) shares ticked up today on third-quarter results that were mixed compared to the consensus forecast.

The Latham, N.Y.-based peripheral artery disease (PAD) treatment developer posted losses of nearly $5 million, or 13¢ per share, on sales of $74 million for the three months ended Feb. 28, 2022, for a 40% bottom-line slide on sales growth of 3.9%.

Adjusted to exclude one-time items, earnings per share were 3¢, 4¢ ahead of Wall Street, where analysts were looking for sales of $76.3 million.

We are proud of our team’s ability to drive continued growth in our business during the third quarter while operating amid macro-related supply chain disruptions, procedural volume challenges and ongoing inflation, particularly in December and January,” AngioDynamics President and CEO Jim Clemmer said in a news release. “Even as we started to see benefits of our capacity enhancement initiatives, we saw our backlog increase during o…

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AngioDynamics slides on mixed bag Q2

AngioDynamics (NSDQ:ANGO) shares took a hit today on second-quarter results that were mixed compared to the consensus forecast.

The Latham, N.Y.-based peripheral artery disease (PAD) treatment developer posted losses of $8.4 million, or 21¢ per share, on sales of $78.3 million for the three months ended Nov. 30, 2021, nearly doubling its losses from the same period last year despite sales growth of 7.6%.

Adjusted to exclude one-time items, earnings per share were 2¢, coming in just behind EPS projections of $0 on Wall Street, where analysts were looking for sales of $77.9 million.

“We are pleased with our continued strong revenue growth as our team navigates this dynamic macro environment and manages through persistent COVID headwinds,” AngioDyanmics President & CEO Jim Clemmer said in a news release. “Revenue growth this quarter was driven by our medtech platforms, particularly our atherectomy and thrombectomy portfolios.”

AngioDynamics…

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AngioDynamics rises on Street-beating Q4 revenues

AngioDynamics (NSDQ:ANGO) shares ticked up this morning on fourth-quarter results that beat the consensus revenue forecast.

The Latham, N.Y.-based peripheral artery disease (PAD) treatment developer posted losses of -$19.5 million, or -51¢ per share, on sales of $76.8 million for the three months ended May 31, 2021, for an 87.6% bottom-line gain on sales growth of 31.7%.

Adjusted to exclude one-time items, earnings per share were even at $0, equaling the projections made on Wall Street, where analysts were looking for sales of $72.7 million.

“The AngioDynamics team demonstrated excellent performance, resilience, and strong execution in what was a uniquely challenging year. We saw the pressure from COVID-19 gradually alleviate over the course of the year, and our business is now trending close to normalized run rates. During fiscal 2021, we took significant steps forward in our transformation into a growth-oriented, technology-driven company, building on …

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AngioDynamics lands 510(k) for ‘smart’ implantable port

AngioDynamics (NSDQ:ANGO) announced today that it received FDA 510(k) clearance and CE Mark approval for its SmartPort+ implantable port product.

SmartPort+ is an implantable, subcutaneous port for those who require long-term access to the central venous system for blood specimen withdrawal and administration of fluids, according to a news release.

Latham, N.Y.-based AngioDynamics’ device utilizes the company’s vortex technology with a round chamber and tangential outlet to hyper-cleanse the entire chamber, along with a BioFlo catheter with Endexo polymer technology that is blended into the polyurethane from which the catheter is made.

The company said it will immediately begin making SmartPort+ available across markets in the U.S. and Europe, following the clearances. The device launch will be supported by a launch of the SmartPort Plastic, a plastic alternative to SmartPort titanium.

Additionally, AngioDynamics is introducing a ̶…

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MedTech 100 roundup: Industry hits pandemic peak

After five months since medtech stocks peaked before the COVID-19 pandemic rocked the markets, the industry inched back toward that pre-pandemic high.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 88.9 points at the end of last week (July 17). That total represents just a -3.7% dip from the Feb. 19 high point of 92.32, marking the smallest margin of decline over the past five months.

Medtech stocks saw a 5.1% increase from the 84.39-point total at the same time a week prior (July 10), highlighting a large improvement after last week saw almost no material change in the index.

Meanwhile, the S&P 500 Index saw a 1.2% bump from July 10 to July 17, and the Dow Jones Index fared even better, posting a 2.3% increase over the same period of time. Both indexes mirrored the medtech industry’s changes as far as increases, but didn’t see as drastic a change.

Medtech’s lowest point du…

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AngioDynamics slides on missed Q4 revenues

AngioDynamics (NSDQ:ANGO) posted fourth-quarter results that missed the consensus forecast on Wall Street.

The company reported losses of -$156.1 million, or -$4.10 per share, on sales of $58.3 million for the three months ended May 31, for a sales loss of -18.1% compared with Q4 2019.

Adjusted to exclude one-time items, earnings per share were -6¢, 8¢ ahead of The Street, where analysts were looking for sales of $58.3 million.

“Our fourth-quarter sales were impacted by the deferral of elective procedures associated with COVID-19, and we adjusted accordingly throughout the quarter to minimize the impact of the global pandemic on our business,” president and CEO Jim Clemmer said in a news release.

“Despite these temporary challenges, the underlying long-term fundamentals of our business remain intact, and we intend to continue investing strategically in our key growth platforms like Auryon, NanoKnife, and AngioVac. The steps that we took to manage …

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