Devicemaker AngioDynamics threw its hat into the cancer drug delivery ring through its partnership with EmboMedics, the developer of investigational chemotherapy-delivering microspheres that also perform embolization.
AngioDynamics, the maker of devices to treat vascular disease and oncology, saw its shares drop more than 8% in response to sluggish third-quarter sales. The company also trimmed its earnings outlook for the year.
After announcing 100 layoffs in 2013 as part of a cost-cutting strategy, AngioDynamics is rolling into the new year with revenue on the rise and a bevy of FDA nods.
AngioDynamics said it won expanded FDA clearance for one of its key vascular access devices, a development that could help it boost the market reach for a product it bills as a healthcare cost-cutter.
AngioDynamics is gearing up for commercialization in the coming year for its latest chronic dialysis cathether, a product that will help protect and grow an already impressive U.S. market presence.
Albany, NY, device outfit AngioDynamics is planning to consolidate two of its plants, shedding up to 100 employees in an effort to save as much as $18 million over the next three years.
Flat sales dogged AngioDynamics' 2014 first quarter. But the New York maker of surgical tools and vascular devices narrowed losses to a trickle, and the company boosted its revenue expectations for the rest of the fiscal year. Investors reacted favorably, considering that earnings, such as they are, were better than expected.
AngioDynamics closed off its 2013 fiscal fourth quarter with a net loss that's nearly wiped out, lower net sales in some areas and a surge in other divisions such as oncology/surgery devices and surgical tools. Acquisitions and newly approved products continued to benefit the New York company.
Foes of the 2.3% tax on medical device revenue have been making their case to lawmakers for years, and now they're looping in the workers who could be affected by the charge, hosting sessions to educate employees on what they can do support the repeal effort.
After a fiscal 2013 second quarter that grew like gangbusters, AngioDynamics warns that its third quarter numbers will come in below earlier, rosier projections. Investors reacted harshly, driving the stock down 12% in trading late Friday morning to just over $11.