By AngioDynamics, a medical-device maker based in Latham, N.Y., posted an adjusted loss in its fiscal fourth quarter as operating costs continued to rise. For the three months ended May 31, the company reported a net loss of $21.5 million, or 54 cents a share, compared with a loss of $6.3 million, or 16 cents a share, in the same period last year.
The quarterly loss included a goodwill impairment charge of $14.5 million, or 37 cents a share, related to the sale of AngioDynamics’ Dialysis and BioSentry Tract Sealant System Biopsy businesses in June.
Excluding the one-time charges, such as amortization and restructuring charges, the adjusted loss came to 2 cents a share, surprising analysts who were anticipating an adjusted profit of 2 cents a share, according to FactSet.
Despite the loss, AngioDynamics’ sales rose 4.7% to $91.1 million in the quarter, surpassing analysts’ expectations of $90.7 million. The company saw growth of 17.2% in its med-tech business, driven by the success of its Auryon atherectomy system, which is used to open arteries blocked by plaque. On the other hand, the medical-device business experienced only 0.3% growth.
AngioDynamics’ operating costs for the quarter increased by over 27% to $67.2 million, including the $14.5 million impairment charge.
In premarket trading, shares of AngioDynamics fell 6.7% to $9.27.
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