AngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of invasive medical devices used by healthcare professionals, is set to release its earnings data before the market opens on Wednesday, October 4th. Analysts are expecting the company to post earnings of ($0.14) per share for the quarter. The company has also provided its FY24 guidance, setting it at ($0.34)-($0.28) EPS.
One of AngioDynamics’ key products is the Auryon Atherectomy system, which is designed to effectively remove lesions while preserving the integrity of vessel walls for the treatment of peripheral arterial disease. This innovative system delivers an optimized wavelength, pulse width, and amplitude for optimal results.
In terms of ownership, several hedge funds have made modifications to their holdings in AngioDynamics recently. Boothbay Fund Management LLC acquired a new position in the company’s shares during the 1st quarter with an approximate investment value of $136,000. Similarly, Schonfeld Strategic Advisors LLC also acquired a new position in shares during the 2nd quarter valued at around $134,000. Franklin Resources Inc., on the other hand, initiated a new position during the same period with an approximate investment value of $123,000.
Furthermore, UBS Group AG significantly raised its position in AngioDynamics shares by 764.3% during the 3rd quarter and now owns 5,670 shares worth $116,000 after purchasing an additional 5,014 shares in the last quarter alone. Lastly,XTX Topco Ltd initiated a new position in AngioDynamics during the 1st quarter with an approximate investment value of $108,000.
It is important to note that institutional investors and hedge funds currently own approximately 90.52% of AngioDynamics’ outstanding stock.
Investors interested in listening to AngioDynamics’ earnings conference call can do so by using the provided link. This gives them an opportunity to gain insights into the company’s financial performance, growth strategies, and future prospects.
As September 27, 2023, the financial market eagerly awaits AngioDynamics’ upcoming earnings release, which will shed light on the company’s performance for the quarter. Analysts’ expectations of ($0.14) per share indicate a cautious outlook; however, it remains to be seen how well AngioDynamics has navigated any challenges and capitalized on opportunities in its industry.
Please note that this article is based on information available as of September 27, 2023, and investors should conduct thorough research and analysis before making any investment decisions regarding AngioDynamics or any other company mentioned herein.
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AngioDynamics Faces Profitability Challenges Despite Meeting Expectations
AngioDynamics (NASDAQ:ANGO) recently released its quarterly earnings report, providing insight into the financial performance of the medical instruments supplier. The company reported earnings per share (EPS) of $0.02 for the quarter, which was in line with analysts’ consensus estimates. The revenue for the quarter stood at $91.10 million, slightly surpassing analyst estimates of $90.73 million.
However, despite meeting expectations in terms of EPS and revenue, AngioDynamics still faces challenges in terms of profitability. The company recorded a negative net margin of 15.48% and a negative return on equity of 0.61%. These figures highlight the difficulties faced by the business in generating consistent profits.
On a positive note, AngioDynamics experienced a 4.7% increase in quarterly revenue compared to the same period last year. This growth indicates that the company is making progress in expanding its market presence and attracting customers.
Turning our attention to the stock performance, ANGO shares opened at $7.29 on Wednesday with a market capitalization of $289.20 million. The price-to-earnings (PE) ratio for AngioDynamics was calculated at -5.52, indicating negative profitability from an investor’s perspective. Additionally, the beta value stood at 0.61, suggesting that the stock’s price is less volatile than the overall market.
Examining the financial situation further, it can be observed that AngioDynamics has a debt-to-equity ratio of 0.13, indicating a relatively low level of debt compared to equity. Moreover, the company exhibits favorable liquidity ratios with a current ratio of 1.95 and a quick ratio of 1.29 that demonstrate its ability to meet short-term liabilities efficiently.
The stock has experienced fluctuating prices over the past year as it reached a low point of $6.72 and a high point of $21.88. Currently, the fifty-day moving average price is recorded at $8.07, while the 200-day moving average price is $9.34. This suggests that the stock has not performed as well as investors had initially anticipated.
AngioDynamics specializes in providing invasive medical devices used in vascular access, surgery, peripheral vascular disease, and oncology treatments across the United States and internationally. One of its flagship products is the Auryon Atherectomy system. This innovative device utilizes specific wavelengths, pulse widths, and amplitudes to remove lesions while preserving vessel wall endothelium for patients suffering from peripheral arterial disease.
Various research firms have provided commentary on AngioDynamics, assessing its performance and prospects for investors. StockNews.com recently initiated coverage on the company and issued a “hold” rating for its shares. HC Wainwright also started covering AngioDynamics with a “buy” rating and set a price target of $19.00 per share. Additionally, Canaccord Genuity Group raised their price target on ANGO from $18.00 to $20.00 while maintaining a “buy” rating.
In conclusion, despite meeting analysts’ expectations in terms of EPS and revenue growth, AngioDynamics continues to face profitability challenges. With negative net margins and ROE figures, it’s evident that generating consistent profits remains a priority for the company. However, their recent revenue increase shows promising signs of market expansion and customer attraction. As investors evaluate the stock’s performance amidst fluctuating prices, they should carefully consider these factors alongside expert opinions to make informed decisions regarding their investment choices in AngioDynamics (ANGO).
