AngioDynamics (NASDAQ: ANGO) reported Q4 EPS of ($0.06), in-line with the analyst estimate of ($0.06). Revenue for the quarter came in at $58.3 million versus the consensus estimate of $64.3 million.

Fiscal 2020 Fourth Quarter Highlights

• Net sales of $58.3 million decreased 18.1% compared to the prior-year quarter
• Gross margin declined 630 basis points year over year to 51.8%
• GAAP loss per share of $4.10, inclusive of approximately $4.14 of goodwill impairment; adjusted loss per share of $0.06
• Cash and cash equivalents on May 31, 2020 were $54.4 million, compared to $52.2 million at the end of the third quarter when accounting for $27.2 million in cash and equivalents on hand at February 29, 2020, plus the subsequent $25.0 million draw on the Company’s revolver

“Our fourth quarter sales were impacted by the deferral of elective procedures associated with COVID-19, and we adjusted accordingly throughout the quarter to minimize the impact of the global pandemic on our business,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. “Despite these temporary challenges, the underlying long-term fundamentals of our business remain intact, and we intend to continue investing strategically in our key growth platforms like Auryon, NanoKnife, and AngioVac. The steps that we took to manage the business through the end of the year will enable us to resume growth and improve our profitability as the environment eventually normalizes. While much of our near-term attention has been on managing through the impacts of COVID-19, we remain focused on our long-term strategy and the transformation of AngioDynamics into a Company with differentiated technology platforms that compete in larger, higher-growth addressable markets.”

Fiscal Year 2021 Financial Guidance

The Company saw signs of a recovery throughout the fourth quarter of fiscal 2020; however, given the current trajectory of COVID-19 cases and the uncertainty surrounding the magnitude and duration of the continuing impacts of the pandemic, management will not be providing financial guidance for fiscal 2021 at this point in time.

For earnings history and earnings-related data on AngioDynamics (ANGO) click here.