AngioDynamics, a leading medical-device maker, has reported a profit of $45.9 million in its fiscal first quarter. This positive outcome was primarily driven by the sale of its Dialysis and BioSentry Tract Sealant System portfolios.
In the three months ended Aug. 31, the company saw a significant turnaround from the same period last year, where it had experienced a loss of $13 million. This translates to earnings of $1.15 per share, compared to a loss of 33 cents per share.
After excluding the gain from the sale of its Dialysis and BioSentry Businesses, as well as other one-time items, AngioDynamics posted a modest loss of 12 cents per share. However, this still surpassed the expectations of analysts surveyed by FactSet, who anticipated a loss of 13 cents per share.
Although sales for the quarter dipped slightly from $81.5 million to $78.7 million when compared to the previous year, they actually rose by nearly 6% to $78 million on a pro-forma basis. Once again, analysts' projections were slightly exceeded, as they had predicted sales of $77.7 million.
Notably, medical-technology sales increased by over 13% to $25.9 million. Meanwhile, even without the contribution from the sold businesses, medical-device sales managed to climb by approximately 2%.
AngioDynamics' positive performance in Q1 showcases its commitment to delivering innovative solutions in the medical industry. With promising results like these, the company is positioned for further success in the future.