Investing.com - Investing.com -- Shares in medical device maker AngioDynamics Inc. (NASDAQ:ANGO) plunged more than 8% in after-hours trading after the Upstate New York company missed estimates for the quarter and trimmed its outlook.
AngioDynamics, a leading provider of minimally invasive medical devices to help treat vascular disease and oncology, posted sales of $46.2 million in the third quarter, down by approximately 2% on a year-over-year basis from the same period in 2014. The company reported declining sales in both its peripheral vascular and vascular access divisions.
AngioDynamics also attributed the poor sales figures partly to struggles with its Morpheus PICC catheter, which it decided to discontinue.
"We delivered mixed financial results in the fiscal 2015 third quarter," said Joseph M. DeVivo, President and Chief Executive Officer in a statement. "Facing an extremely difficult operating environment, coupled with a decision to withdraw from the market our Morpheus PICC product line, we delivered at the low end of our expectations, excluding currency effects. Otherwise our team continues to execute well, driving more of our top line to higher growth thanks to our focus on innovative products that improve patient outcomes and reduce overall healthcare costs."
Separately, the company announced on Thursday a licensing agreement with Minneapolis-based EmboMedics Inc., which is reputed for its development of injectable microspheres in interventional radiology. The agreement will help AngioDynamics re-enter the $150 global embolic market, the company said in a statement.
Still, the disappointing quarterly earnings prompted the company to lower its fourth quarter earnings estimates from 19 cents a share to 13 to 16 cents on revenues in between $90 and $94 million. AngioDynamics initially projected earnings of $96.9 million for the quarter.
Shares in AngioDynamics rebounded slightly to 17.29 on Thursday evening, but were still down 0.96 or 5.26%.
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