AngioDynamics ($ANGO) closed off its 2013 fiscal fourth quarter with a net loss that it has nearly wiped out. At the same time, the company reported lower net sales in some areas and a surge in other divisions such as oncology/surgery devices and surgical tools. Acquisitions and newly approved products continued to benefit the New York company.
Net losses for the fiscal 2013 fourth quarter hit just $900,000, a vast improvement over a $7 million loss during the same period a year ago. Net sales reached $90 million, up from $57.7 million in net sales during the fiscal 2012 fourth quarter. For the full 2013 fiscal year ending May 31, AngioDynamics booked $342 million in net sales, a whopping 54% higher than the $221.8 million in fiscal 2012.
However, the company lost $600,000 for the year, versus a $5.1 million loss in fiscal 2012. Net income would have been much higher, save for costs relating to AngioDynamics $372 million acquisition of rival Navilyst Medical in February 2012. By the same token, however, adding Navilyst to the picture drastically improved net sales.
Broken down, the company said vascular net sales dipped 4% in the fourth quarter, though oncology/surgery net sales grew 18%, thanks in large part to the Navilyst deal and other acquisitions. BioFlo technology and Peripheral Vascular sales also performance above expectations, the company said.
President and CEO Joseph DeVivo said in a statement that he saw healthy improvements in much of the company versus the fiscal 2013 third quarter, despite the continued struggles of AngioDynamics' vascular access division.
"The fourth quarter was highlighted by encouraging signs of progress," he said in a statement, and the company predicts "modest" sales growth during fiscal 2014.
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