Interventional technology developer AngioDynamics reported an increase in revenues in the company's first quarter of fiscal 2023, although the firm's net loss grew. The company cited persistent inflation, as well as hospital staffing and procedural pressures, for the loss.
The company's net loss was $13 million for the quarter (end-August 31), compared with a net loss of $7 million in the same period a year ago. However, the company reported strong sales in the first quarter, with an increase of 5.9% to $81.5 million, compared with the same quarter the prior year.
In addition, AngioDynamics said its gross margin was negatively impacted by labor shortages and increased costs for labor, raw materials, and freight. Gross margin for the first quarter of fiscal 2023 was 51.9%, a decrease of 20 basis points compared with the first quarter of fiscal 2022.
