Therapeutic device maker AngioDynamics (NASDAQ: ANGO), posted weaker than expected earnings on Wednesday, sending shares of the firm plummeting.
Shares dropped $5.18, or 22.9 percent to $17.42 in afternoon trading on Nasdaq Stock Market.
While sales for the firmâ€™s fiscal third quarter rose 35 percent to $26.7 million compared to a year ago, the Queensbury, New York medical device company posted a loss $10.4 million, or 55 cents a share in its fiscal third quarter. A year ago, the firm earned $1.88 million, or 14 cents a share.
On an adjusted basis, the firm posted a profit of 18 cents per share, excluding certain acquisition and non-cash expenses.
A Thomson Financial poll of analysts expected a profit of 16 cents per share.
Looking ahead, the firm expects EPS of 13 cents for the fourth quarter. It also expects an adjusted income per share of 25 cents for the quarter.
Analysts polled by Thomson Financial expect a fourth quarter profit of 20 cents per share.
Correction:An article Wednesday Mar 29, 2007, about the drop in share price of AngioDynamics incorrectly reported that analysts polled by Thompson Financial expected an earnings of 20 cents per share in the third quarter, off $38.6 million in revenue. The International Business Times confirmed that analysts expected 16 cents per share on revenue of $28.4 million. The article also stated that AngioDynamics expected fourth quarter earnings between 13 to 25 cents per share. A representative from the firm confirmed that AngioDynamics expects 13 cents per share, or 25 cents per share on an adjusted basis.