AngioDynamics' stock plunged nearly 11.12% to US$20.07.
The Latham, New York-based company which sells surgical and diagnostic devices for the treatment of peripheral vascular disease, posted earnings of US$0.20 per share on revenue of US$88.3mln. This missed the consensus earnings estimate for US$0.21 per share on revenue of US$89mln.
The company said it would persevere with the areas which contributed to consistent “cash flow generation.”
“Our oncology ablation systems, AngioVac thrombus management product, and Fluid Management family of products are each examples of where we are well positioned to win and grow the value of the company,” said AngioDynamics CEO Jim Clemmer.
“We will continue to actively focus on pursuing our portfolio optimization strategy, which includes both internal and external growth opportunities. We will look to augment those areas where we currently have a product family foundation with additional opportunities to win, driving sustainable long-term revenue growth.”
The company said it expects fiscal 2019 earnings of US$0.82 to US$0.86 per share on revenue of US$344mln to US$349mln.
The current consensus earnings estimate is pegged at US$0.93 per share on revenue of US$347.6mln for the year ending May 31, 2019.