AngioDynamics announced financial results for the second quarter of fiscal year 2024 ended November 30, 2023.
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Unless otherwise noted, all financial results below are presented on a pro forma basis when excluding the divested Dialysis and BioSentry businesses.
Net sales for the second quarter of fiscal year 2024 were $79.1 million, an increase of 2.7% compared to the prior-year quarter. Foreign currency translation did not have a significant impact on the Company's net sales in the quarter.
Med Tech net sales were $25.4 million, a 3.5% increase from $24.5 million in the prior- year period. Med Tech includes the Auryon peripheral atherectomy platform, the thrombus management platform and the NanoKnife irreversible electroporation platform.
Year-over-year growth was driven by Auryon sales during the quarter of $11.4 million, which increased 12.9%, and AlphaVac sales of $1.9 million, which grew 17.9%.
AngioVac sales were $5.4 million in the quarter, a decline of 10.8% from the second quarter of fiscal 2023. The Company completed enrollment of its APEX-AV trial subsequent to quarter end.
Med Device net sales were $53.7 million, a 2.3% increase from sales of $52.5 in the prior-year period.
U.S. net sales in the second quarter of fiscal 2024 were $64.0 million, an increase of 0.6% from sales of $63.6 million a year ago. International net sales were $15.1 million, an increase of 12.6% from sales of $13.4 million in the prior-year period.
Gross margin for the second quarter of fiscal 2024 was 50.9%, a decrease of 80 basis points from gross margin of 51.7% in the second quarter of fiscal 2023.
Gross margin for the Med Tech business was 62.4%, a decrease of 130 basis points from the second quarter of fiscal 2023.
Gross margin for the Med Device business was 45.5%, a decrease of 60 basis points from gross margin of 46.1% in the prior-year quarter.
Gross margin continued to be impacted by inflationary pressures including increased costs for labor and raw materials as well as geographic mix.
The Company recorded a net loss of $29.0 million, or a loss per share of $0.72, in the second quarter of fiscal 2024. Excluding the items shown in the non-GAAP reconciliation, adjusted net loss for the second quarter of fiscal 2024 was $2.0 million, and adjusted loss per share was $0.05.
Adjusted EBITDA in the second quarter of fiscal 2024, excluding the items shown in the reconciliation, was $1.8 million, compared to adjusted EBITDA of $2.3 million in the second quarter of fiscal 2023. ■