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AngioDynamics, Inc.(ANGO), a leading provider of med ical devices, has released its financial results for the fourth quarter ended May 31, 2023. The company reported a net loss of $21.5 million, compared to a net loss of $6.3 million in the same period last year. Despite the loss, AngioDynamics achieved revenue of $91.1 million, representing a 4.7% increase compared to the fourth quarter of the previous year.
Net Loss and Operating Performance
AngioDynamics reported a net loss of $21.5 million for the fourth quarter, reflecting a significant increase from the net loss of $6.3 million in the same period last year. The company's operating loss amounted to $20.8 million, compared to an operating loss of $6.4 million in the previous year.
Revenue Growth
AngioDynamics recorded net sales of $91.1 million for the fourth quarter, demonstrating a 4.7% increase compared to the same period last year. This growth can be attributed to the strong performance of the company's Med Device segment, which generated $64.6 million in sales, a slight increase of 0.3% from the previous year. The Med Tech segment contributed $26.5 million in sales, representing a growth of 17.2% compared to the fourth quarter of the previous year.
Non-GAAP Adjusted Financial Measures
In addition to the GAAP financial results, AngioDynamics provided non-GAAP adjusted financial measures to better illustrate the company's performance. The adjusted net loss, excluding goodwill impairment, was $6.9 million, compared to an adjusted net loss of $6.3 million in the same period last year. The adjusted diluted loss per share, adjusted for goodwill impairment, was $0.17, slightly lower than the adjusted diluted loss per share of $0.16 in the previous year.
Despite reporting a net loss, AngioDynamics achieved revenue growth in the fourth quarter. The company's Med Tech segment showed strong performance, contributing to the overall increase in sales. AngioDynamics remains committed to delivering innovative medical devices and aims to improve its financial performance in the future.