AngioDynamics (ANGO) revealed that the company has extended its licensing agreement for BioFlo peripherally inserted catheters (PICCs), ports and dialysis catheters with Interface Biologics to include Central Venous Catheters (CVCs). Interface Biologics is a privately-held commercial stage developer of transformative biomedical-polymer products.
The extension of the agreement is a part of the company’s plan to tap the $420 million CVC market and bring disruptive technologies into the Vascular Access space. Interface Biologics has been working with AngioDynamics from the past few years.
Endexo is a permanent and non-eluting integral polymer that provides long-term utility and durability without impacting the base underlying mechanical properties of the medical device. It can be incorporated directly into existing manufacturing processes and, therefore, superior to thrombus-resistant coatings or impregnated alternatives, which may be superficial or transient.
Last month, ANGO’s subsidiary, Navilyst Medical Inc. received 510(k) clearance from U.S. Food and Drug Administration (FDA) for its BioFlo Port built with Endexo technology to bring down accumulation of catheter-related thrombus.
In August last year, AngioDynamics received FDA approval for its BioFlo peripherally inserted central catheters (PICCs) built with Endexo technology. This product already received CE mark for Europe and approvals in Canada and other international markets.
As per in-vitro blood loop model test results, BioFlo Port catheter has 96% less thrombus accumulation on its surface compared to non-coated conventional port catheters while BioFlo PICC has 87% less thrombus accumulation on its surface on average compared to other PICCs based on platelet count.
ANGO reported more than twofold year-over-year increase in adjusted earnings to 7 cents per share for the fourth quarter of fiscal 2013 ended May 31, surpassing the Zacks Consensus Estimate by 2 cents. For fiscal 2013, adjusted earnings surged 66.7% to 35 cents per share and beat the Zacks Consensus Estimate by a penny.
Revenues declined 2% to $90.0 million on a pro forma basis, exceeding the Zacks Consensus Estimate of $89 million. Pro forma results include the Navilyst acquisition and exclude the LC Beads sales. Lower revenues were attributable to difficult year-over-year comparisons.
AngioDynamics expects fiscal 2014 revenues in the range of $346–$352 million, up 3% at the top range from the previous guidance. Adjusted earnings per share are expected in the range of 31 cents to 35 cents for the fiscal, taking into account the impact from the medical device tax.
For the first quarter of fiscal 2014, management expects to generate revenues in the range of $81 million–$84 million, flat year over year at the top end. Adjusted earnings per share are anticipated between 2 cents−4 cents. Excluding amortization, adjusted earnings per share are expected between 10 cents and 12 cents.
Currently, ANGO retains a Zacks Rank #3 (Hold). While we prefer to remain on the sidelines about AngioDyanmics, other medical instrument companies such as Cyberonics Inc. (CYBX), Echo Therapeutics, Inc. (ECTE) and Luminex Corporation (LMNX) warrant a look. All these stocks carry a Zacks Rank #2 (Buy).
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment