Thu, Jul 25, 8:15 PM (44 days ago)
AngioDynamics, Inc. reported a net loss of $184.3 million for the fiscal year ended May 31, 2024, significantly higher than the $52.4 million loss in the prior year. Net sales decreased by 10.3% to $303.9 million, driven by a 18.4% drop in Med Device sales, partially offset by a 10.0% increase in Med Tech sales. The decline in Med Device sales was attributed to divestitures of PICCs, Midline, dialysis, and BioSentry businesses, and discontinuation of certain product lines. Gross profit fell by $19.5 million, influenced by these divestitures and increased costs. Strategic initiatives included restructuring the manufacturing footprint and shifting to an outsourced model to improve margins. The company also recorded a goodwill impairment charge of $159.5 million. Future growth is expected to be driven by high-tech products like Auryon and NanoKnife.