AngioDynamics (NASDAQ:ANGO) zipped past Wall Street’s estimates for both revenue and profit in its fiscal second quarter on the back of a recent acquisition and robust sales from its oncology business.
In the three months ended November 30, the medical device provider posted a profit of $2.1 million, or $0.06 per share, up from earnings of $200,000, or $0.01 per share, posted in the year-ago quarter. On an adjusted basis, its per-share earnings beat analysts’ consensus estimate by a penny, coming in at $0.22 per share.
Revenue jumped to $91.5 million in the quarter, which also exceeded the average estimate of $89.2 million projected by Wall Street.
AngioDynamics is a provider of minimally-invasive medical devices used for vascular access, peripheral vascular disease and oncology.
READ: AngioDynamics falls short of Street's fiscal 1Q earnings estimate due to sluggish oncology device sales
In the quarter, the Latham, New York-based company acquired RadiaDyne, a privately held medical diagnostic and device company that designs patient dose monitoring technology to improve cancer treatment.
The company also advanced its efforts to apply its NanoKnife system in the fight against pancreatic cancer. The US Food and Drug Administration recently notified AngioDynamics that NanoKnife will be considered a Category B IDE once approval is received to begin its Direct NanoKnife study for Stage III pancreatic cancer, noted Jim Clemmer, AngioDynamics’ CEO in a statement.
“Our quarterly performance was positively impacted by our recent acquisitions, validating our portfolio optimization strategy and enhancing our value proposition within oncology,” Clemmer added.
The company’s net sales from its oncology business came to $15.3 million, up 19.8% from the $12.8 million posted in the year-ago quarter, thanks partly to robust NanoKnife sales.
Looking ahead, the company expects full-year earnings in the range of $0.82 to $0.86 per share, with revenue falling between $354 million and $359 million.
AngioDynamics shares held steady in Friday’s pre-market session to hit $19.42.