Revenue during the quarter went down marginally by 0.29 percent to $89.03 million from $89.28 million in the previous year period. Gross margin for the quarter contracted 83 basis points over the previous year period to 50.56 percent. Total expenses were 82.49 percent of quarterly revenues, down from 99.37 percent for the same period last year. This has led to an improvement of 1688 basis points in operating margin to 17.51 percent.

Operating income for the quarter was $15.59 million, compared with $0.56 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $16.14 million compared with $13.53 million in the prior year period. At the same time, adjusted EBITDA margin improved 298 basis points in the quarter to 18.13 percent from 15.15 percent in the last year period.

"Our second quarter results reflect a solid quarter of execution against our fiscal 2017 plan and expectations," said Jim Clemmer, president and chief executive officer of AngioDynamics. "We again saw results driven by the Peripheral Vascular franchise, enhanced by demand created by the Cook Medical angiographic catheter recall. Looking across the business, other areas of strength include continued momentum in BioFlo Midline in the Vascular Access franchise, as well as increased utilization in NanoKnife within Oncology/Surgery."

For financial year 2017, AngioDynamics projects revenue to be in the range of $355 million to $360 million for financial year 2017. The company forecasts diluted earnings per share to be in the range of $0.65 to $0.67 on adjusted basis.

The company has spent $1.40 million cash to meet investing activities during the first six months as against cash outgo of $1.14 million in the last year period.

The company has spent $17.40 million cash to carry out financing activities during the first six months as against cash outgo of $12.37 million in the last year period.

Cash and cash equivalents stood at $35.66 million as on Nov. 30, 2016, up 87.74 percent or $16.67 million from $19 million on Nov. 30, 2015.

Working capital increases
AngioDynamics has recorded an increase in the working capital over the last year. It stood at $97.05 million as at Nov. 30, 2016, up 6.12 percent or $5.60 million from $91.45 million on Nov. 30, 2015. Current ratio was at 2.91 as on Nov. 30, 2016, up from 2.52 on Nov. 30, 2015.

Cash conversion cycle (CCC) has decreased to 69 days for the quarter from 157 days for the last year period. Days sales outstanding went down to 52 days for the quarter compared with 54 days for the same period last year.

Days inventory outstanding has decreased to 59 days for the quarter compared with 152 days for the previous year period. At the same time, days payable outstanding went down to 42 days for the quarter from 49 for the same period last year.