Angi Inc. reports Q2 EPS (5c), consensus (7c)

Reports Q2 revenue $79.07M, consensus $82.04M. “Today, we are announcing meaningful steps in our strategic transformation. We have initiated a restructuring of our manufacturing footprint and are shifting to an outsourced model. Currently, more than 80% of our Med Tech revenue utilizes third-party manufacturing. Fully shifting both Med Device and Med Tech to this model will allow us to more effectively compete in our chosen markets, fundamentally changing our corporate gross margin profile and driving us to profitability in two years,” commented Jim Clemmer, president and CEO of AngioDynamics, Inc. “Additionally, we continue our efforts to further optimize our portfolio following the divestiture of our BioSentry and Dialysis businesses in June, making us a more focused med-tech company. While our second quarter revenue was softer than we would have liked, particularly in our Thrombus business, we were pleased to complete enrollment of our APEX-AV trial and believe our sales training and education efforts along with new product launches and the anticipated PE indication will solidify this business as a growth driver. With all of these initiatives, we believe we are taking the right steps to generate meaningful long-term growth and profitability while improving patient outcomes in the markets we serve.”