) revealed that its global distribution partner Medcomp Inc. has
received approval by Health Canada for commercial sale of its
Celerity tip location system. The Celerity tip location system is
based on an ECG-based peripherally inserted central catheter
(PICC) tip confirmation technology. It is used as an alternative
to chest x-ray and fluoroscopy for PICC tip placement in
ANGIODYNAMICS (ANGO): Free Stock Analysis
CYNOSURE INC-A (CYNO): Free Stock Analysis
ECHO THERAPEUT (ECTE): Free Stock Analysis
LUMINEX CORP (LMNX): Free Stock Analysis
To read this article on Zacks.com click here.
In January this year, AngioDynamics entered a global distribution
agreement with Medcomp for the Celerity tip location system. With
the recent approval by Health Canada, ANGO would gain a
competitive advantage over its rivals in the Canadian health care
market. The Celerity system when combined with thrombus-resistant
BioFlo technology provides unique clinical and economic
advantages to the company.
AngioDynamics will start distributing the Celerity system in
Canada from next month. The company plans to showcase the system
at the Association for Vascular Access (AVA) Annual Scientific
Meeting that would take place from Sep 20 to Sep 23 in Nashville,
Last month, ANGO announced that its subsidiary Navilyst Medical
Inc. has received 510(k) clearance from U.S. Food and Drug
Administration (FDA) for its BioFlo Port that is built with
Endexo technology to bring down accumulation of catheter-related
BioFlo Port is a permanent and non-eluting integral polymer. It
is also available with PASV Valve Technology, a patented valve
produced by AngioDynamics, which automatically resist backflow
and reduce blood reflux on the inside of the catheter. The port
is expected to launch in the third quarter of ANGO's fiscal 2014.
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
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
ANGO is a leading provider of medical devices for vascular
access, surgery, peripheral vascular disease and oncology.
Currently, it retains a Zacks Rank #3 (Hold).
While we prefer to remain on the sidelines about AngioDyanmics,
other medical instrument companies such as
Echo Therapeutics, Inc.
) warrant a look. All these stocks carry a Zacks Rank #2