Seeking Alpha: The Story Is Working For AngioDynamics

Investors who had been waiting patiently for AngioDynamics (ANGO) to get sentiment turned around should be happy with the better-than-50% return over the past year. The company still has work to do in taking share back from large rivals like Bard (BCR), but I think the company is on the right track. It also doesn't hurt that the company is getting more serious about restructuring operations with an eye towards better margins.

Valuation is a trickier question. On a cash flow basis, it's hard to get there even if you assume Bard or Covidien-like (COV) free cash flow margins. The good news is that med-tech stocks are seldom ever limited by DCF-based valuations and if you assign what would otherwise be a low med-tech multiple of 2x next year's sales, the stock would still be less than 10% undervalued.

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The Story Is Working For AngioDynamics

Investopedia: AngioDynamics Still Struggling To Get Back On Track

Throughout what has proven to be a difficult time for small-cap medical device company AngioDynamics (Nasdaq:ANGO), I've been optimistic about the company's long-term potential. While businesses in vascular access, dialysis, and fluid management are not high-growth areas of medical technology, I thought the company's focus on product development would lead to better revenue and margin leverage than the Street seemed to be expecting.

So far that has been a bad call. While products like NanoKnife, BioFlo, and AngioVac do still hold the potential to drive long-term growth rates in excess of the industry norms, sales execution and market shares need to improve. Likewise, investors should not underestimate the potential risk of rejuvenated large competitors like Covidien (NYSE:COV) and CR Bard (NYSE:BCR).

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Investopedia: Will A Shake-Up Cure AngioDynamic's Malaise?

Times are still tough for most health care companies as patient visits are down due to the economy and few new technologies are really exciting the markets. Even with that less-than-stellar backdrop, AngioDynamics (Nasdaq:ANGO) has been in a bit of a malaise; financial performance hasn't been great (sales have only grown about 10% in over two year's time) and the stock has languished relative to competing names like Bard (NYSE:BCR), Covidien (NYSE:COV) and Vascular Solutions (Nasdaq:VASC). 

Well, the board has apparently had enough. Along with the company's announcement Monday evening that fiscal fourth quarter performance would be once again lacking, the company announced the immediate resignation of the CEO in language that made it seem pretty clear that the board was none too happy with the lack of performance during his tenure. While this sudden shake-up is no doubt going to disturb the business and delay the sort of accretive acquisitions that analysts and investors have been waiting for, it is a move that could eventually pay off for patient shareholders. (For related reading, see CEO Savy And Stock's Success Go Hand In Hand.)


The Fiscal Fourth Quarter Was "Blah" at Best
The last three quarters have not been very impressive at AngioDynamics, bumping along with no more than 5% year-on-year growth. Fiscal fourth quarter results are continuing that unhappy trend, as the company announced that sales would be below initial guidance of $57.5 million to $60.5 million and instead were down more than 6% from last year to $56.4 million. Of that, oncology showed some decent growth at 11% (oncology has been the only major growth driver for a while), while vascular sales fell 13%.


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