AngioDynamics (ANGO) Receives FDA Nod for AlphaVac System
AngioDynamics, Inc. ANGO recently received 510(k) clearance from the FDA for the AlphaVac Mechanical Thrombectomy System. The system is an off-circuit, multi-purpose mechanical aspiration thrombectomy device that will be utilized in the non-surgical removal of thrombi or emboli from the vasculature.
Notably, the company expects to commercially release the AlphaVac System in the second half of 2021.
Concurrently, the company also announced that it will report its fiscal fourth-quarter 2021 results on Jul 13, before the opening bell.
This clearance is likely to boost AngioDynamics’ peripheral vascular product portfolio.
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AngioDynamics is a market leading provider of minimally invasive medical devices used for vascular access, surgery, peripheral vascular disease and oncology. The receipt of this clearance will enable the company to enhance its broad product line and bolster its customer reach.
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The clearance of the AlphaVac System is likely to result in better patient outcomes, thereby highlighting the importance of the company’s focused internal research and development activities.
Per a report by MarketsandMarkets, the global thrombectomy devices market is anticipated to reach $1.45 billion by 2022, witnessing a CAGR of 6.7% during the forecast period. Growing number of minimally invasive procedures, rising target patient population, increase in demand for minimally invasive thrombectomy procedures and ongoing technological advancements are some crucial factors driving this market’s growth.
Hence, the approval is well-timed for AngioDynamics.
The company’s fiscal third-quarter 2021 procedure volumes remained solid for the company’s AngioVac platform with revenues climbing 27% year over year.
In November 2020, the company announced the safety and efficiency outcomes from the Registry of AngioVac System Procedures In Detail (RAPID) database. The study proved that the AngioVac System was versatile, safe and effective for the removal of vascular thrombi and cardiac masses across a wide array of patient populations.
Shares of this Zacks Rank #3 (Hold) company have surged 63.4% on a year-to-date basis against the industry’s decline of 4%.
Stocks to Consider
Some better-ranked stocks from the broader medical space are HCA Healthcare, Inc. HCA, DaVita Inc. DVA and Encompass Health Corporation EHC, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
HCA Healthcare’s long-term earnings growth rate is expected at 12.3%.
DaVita’s long-term earnings growth rate is estimated at 14.4%.
Encompass Health’s long-term earnings growth rate is projected at 17.3%.
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