Shares of AngioDynamics Inc.
ANGO,
plummeted 16.8% in premarket trading, after the medical devices company widened its full-year loss forecast and announced a restructuring of its manufacturing footprint. Net losses for the fiscal second quarter to Nov. 30 widened to $29.05 million, or 72 cents a share, from $8.49 million, or 21 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 5 cents beat the FactSet loss consensus of 8 cents. Sales rose 2.7% to $79.1 million, below the FactSet consensus of $82.0 million. For fiscal 2024, the company cut its guidance range for revenue to $320 million to $325 million from $328 million to $333 million, and said it now expects adjusted per-share losses of 35 cents to 42 cents versus the previous per-share loss guidance of 28 cents to 34 cents. Separately, the company said it plans to shift its manufacturing operations from a company-owned facility in New York to a fully outsourced model over the next two years. The move is expected help the company achieve adjusted EPS profitability in fiscal 2027. The stock has gained 8.4% over the past three months through Thursday, while the S&P 500
SPX,
has advanced 10.1%.