AngioDynamics (ANGO) Announces 2.5M Secondary Offering

Leading provider of medical devices, AngioDynamics, Inc. (NASDAQ:ANGO) announced that certain of its stockholders intend to put up 2.5 million shares of common stock for sale in an underwritten secondary offering.

The last reported sale price of the company’s common stock on Nov 15, 2016 was $16.35 per share. As of Aug 31, 2016, under review, AngioDynamics had cash and cash equivalents of $37.4 million versus $32.2 million at the end of the year-ago period. Long-term debt was $100.7 million as of Aug 31, 2016, compared with $104.3 million as of May 31, 2016. Cash flow from operations was $7.4 million in the first-quarter of fiscal 2017 versus $4.7 million a year ago.

AngioDynamics is a leading provider of minimally invasive medical devices used for vascular access, surgery, peripheral vascular disease and oncology. The company’s product lines include ablation systems, fluid management systems, vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products and venous products.

We believe that an expanding portfolio, including the likes of Asclera, Bioflo and NanoKnife, significantly enhances AngioDynamics’ market opportunities. The company continues to enjoy healthy demand for its coveted NanoKnife system for treating tumors across China and Japan.

The launch of SOLERO in the microwave sector should also to bode well for the company. However, the discontinuity of Celerity and a dip in Vascular access sales might dent the operational efficiency of the company over the long haul.

ANGIODYNAMICS Price

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Headquartered in Latham, NY, AngioDynamics designs, manufactures and sells a wide range of medical, surgical and diagnostic devices.

Zacks Rank and Key Picks

Currently, AngioDynamics carries a Zacks Rank #2 (Buy). Other favorably ranked stocks in the broader medical sector are Nxstage Medical Inc. (NASDAQ:NXTM) , Baxter International Inc. (NYSE:BAX) and Bovie Medical Corporation (NYSE:BVX) . Nxstage Medical and Baxter sport a Zacks Rank #1 (Strong Buy) while Bovie Medical carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Nxstage Medical surged 35.4% over the last one year compared to the S&P 500’s 6.3% over the same period. The company has a four-quarter average positive earnings surprise of 50.00%.

Baxter International rallied 22.5% in the past one year, much higher than the S&P 500’s 6.3%. It has a trailing four-quarter average positive earnings surprise of 27%.

Bovie Medical recorded a 124.2% gain in the past one year, way better than the S&P 500’s 6.3%. The company has a trailing four-quarter positive average earnings surprise of 28.7%.

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