AngioDynamics Reports Fiscal Year 2025 First Quarter Financial Results
Fiscal Year 2025 First Quarter Highlights
|
Quarter Ended
|
Pro Forma* YoY Growth |
Net Sales |
|
|
Med Tech Net Sales |
|
|
Med Device Net Sales |
|
(3.6)% |
-
GAAP gross margin of
54.4% -
GAAP loss per share of
$0.31 -
Adjusted loss per share of
$0.11 - Submitted for FDA 510(k) clearance for Prostate Tissue indication for NanoKnife
-
Received CE Mark Approval in
Europe for the Auryon System -
Initiated RECOVER-AV Clinical Trial in
Europe for AlphaVac
*Pro forma results exclude the Dialysis and BioSentry businesses divested in June 2023 and the PICC and Midline product portfolios divested in February 2024, as well as the discontinued Radiofrequency and Syntrax products in February 2024.
"We are pleased with our strong start to fiscal year 2025, particularly in our Med Tech segment, with Auryon and AlphaVac both delivering over
Fiscal Year 2025 First Quarter Financial Results
Unless otherwise noted, all financial metrics and growth rates presented below are on a pro forma basis.
Net sales for the first quarter of fiscal year 2025 were
Med Tech net sales were
Growth was driven by Auryon sales during the quarter of
Med Device net sales were
Gross margin for the first quarter of fiscal 2025 was
Gross margin for the Med Tech business was
The Company recorded a GAAP net loss of
Adjusted EBITDA in the first quarter of fiscal 2025, excluding the items shown in the non-GAAP reconciliation table below, was
In the first quarter of fiscal 2025, the Company used
At August 31, 2024, the Company had
NanoKnife System's PRESERVE Study Results Submitted for FDA 510(k) Clearance
In September, the Company submitted results from its Pivotal Study of the NanoKnife System for Ablation of Prostate Tissue in an Intermediate-Risk Patient Population (PRESERVE) to the
CE Mark Approval in
Prior to the end of the quarter AngioDynamics received European CE Mark approval for its Auryon Atherectomy System. This regulatory approval allows AngioDynamics to market the Auryon System in
RECOVER-AV Clinical Trial
Subsequent to the end of the first fiscal quarter, the Company initiated its RECOVER-AV clinical trial, marking a significant step in evaluating the AlphaVac F18⁸⁵ System for treating acute, intermediate-risk pulmonary embolism (PE) in the European market. This multi-center, multi-national study will assess the efficacy, safety, and long-term functional outcomes of the system across up to 20 hospital sites in
Fiscal Year 2025 Financial Guidance
For fiscal year 2025, the Company continues to expect:
-
Net sales to be in the range of
$282 $288 million 4.2% –6.4% over fiscal 2024 pro forma revenue of$270.7 million -
Med Tech net sales are expected to grow in the range of
10% to12% -
Med Device net sales are expected to grow in the range of
1% to3% -
Gross margin to be approximately
52% to53% -
Adjusted EBITDA loss of
$2.5 million $0 $3.2 million -
Adjusted loss per share in the range of
$0.38 $0.42 $0.45
Conference Call
The Company’s management will host a conference call at 8:00 a.m. ET the same day to discuss the results. To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international).
This conference call will also be webcast and can be accessed from the “Investors” section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.
A recording of the call will also be available, until Thursday, October 10, 2024 at 11:59 PM ET. To hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13748896.
Use of Non-GAAP Measures
Management uses non-GAAP measures to establish operational goals and believes that non-GAAP measures may assist investors in analyzing the underlying trends in AngioDynamics' business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for or as superior to, financial reporting measures prepared in accordance with GAAP. In this news release, AngioDynamics has reported pro forma results, adjusted EBITDA, adjusted net income and adjusted earnings per share. Management uses these measures in its internal analysis and review of operational performance. Management believes that these measures provide investors with useful information in comparing AngioDynamics' performance over different periods. By using these non-GAAP measures, management believes that investors get a better picture of the performance of AngioDynamics' underlying business. Management encourages investors to review AngioDynamics' financial results prepared in accordance with GAAP to understand AngioDynamics' performance taking into account all relevant factors, including those that may only occur from time to time but have a material impact on AngioDynamics' financial results. Please see the tables that follow for a reconciliation of non-GAAP measures to measures prepared in accordance with GAAP.
About AngioDynamics, Inc.
AngioDynamics is a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options and improving quality of life for patients.
The Company’s innovative technologies and devices are chosen by talented physicians in fast-growing healthcare markets to treat unmet patient needs. For more information, visit www.angiodynamics.com.
Safe Harbor
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as "expects," "reaffirms," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "projects," "optimistic," or variations of such words and similar expressions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ materially from AngioDynamics' expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the scale and scope of the COVID-19 global pandemic, the ability of AngioDynamics to develop its existing and new products, technological advances and patents attained by competitors, infringement of AngioDynamics' technology or assertions that AngioDynamics' technology infringes the technology of third parties, the ability of AngioDynamics to effectively compete against competitors that have substantially greater resources, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and government regulations, results of pending or future clinical trials, overall economic conditions (including inflation, labor shortages and supply chain challenges including the cost and availability of raw materials), the results of on-going litigation, challenges with respect to third-party distributors or joint venture partners or collaborators, the results of sales efforts, the effects of product recalls and product liability claims, changes in key personnel, the ability of AngioDynamics to execute on strategic initiatives, the effects of economic, credit and capital market conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of AngioDynamics to obtain regulatory clearances or approval of its products, or to integrate acquired businesses, as well as the risk factors listed from time to time in AngioDynamics' SEC filings, including but not limited to its Annual Report on Form 10-K for the year ended May 31, 2024. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.
In
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
CONSOLIDATED INCOME STATEMENTS |
(in thousands, except per share data) |
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||||||
|
Actual (1) |
|
Pro Forma
|
|
Pro Forma |
|
As Reported (1) |
|
Pro Forma
|
|
Pro Forma |
||||||||||||
|
Aug 31, 2024 |
|
Aug 31, 2024 |
|
Aug 31, 2024 |
|
Aug 31, 2023 |
|
Aug 31, 2023 |
|
Aug 31, 2023 |
||||||||||||
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales |
$ |
67,491 |
|
|
|
9 |
|
|
$ |
67,500 |
|
|
$ |
78,679 |
|
|
|
(11,935 |
) |
|
$ |
66,744 |
|
Cost of sales (exclusive of intangible amortization) |
|
30,767 |
|
|
|
(2 |
) |
|
|
30,765 |
|
|
|
38,619 |
|
|
|
(8,482 |
) |
|
|
30,137 |
|
Gross profit |
|
36,724 |
|
|
|
11 |
|
|
|
36,735 |
|
|
|
40,060 |
|
|
|
(3,453 |
) |
|
|
36,607 |
|
% of net sales |
|
54.4 |
% |
|
|
|
|
54.4 |
% |
|
|
50.9 |
% |
|
|
|
|
54.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development |
|
6,285 |
|
|
|
— |
|
|
|
6,285 |
|
|
|
7,941 |
|
|
|
(207 |
) |
|
|
7,734 |
|
Sales and marketing |
|
25,605 |
|
|
|
— |
|
|
|
25,605 |
|
|
|
27,368 |
|
|
|
(1,487 |
) |
|
|
25,881 |
|
General and administrative |
|
10,975 |
|
|
|
— |
|
|
|
10,975 |
|
|
|
10,856 |
|
|
|
(1 |
) |
|
|
10,855 |
|
Amortization of intangibles |
|
2,570 |
|
|
|
— |
|
|
|
2,570 |
|
|
|
3,625 |
|
|
|
(964 |
) |
|
|
2,661 |
|
Change in fair value of contingent consideration |
|
76 |
|
|
|
— |
|
|
|
76 |
|
|
|
(130 |
) |
|
|
— |
|
|
|
(130 |
) |
Acquisition, restructuring and other items, net |
|
4,311 |
|
|
|
154 |
|
|
|
4,465 |
|
|
|
3,212 |
|
|
|
(22 |
) |
|
|
3,190 |
|
Total operating expenses |
|
49,822 |
|
|
|
154 |
|
|
|
49,976 |
|
|
|
52,872 |
|
|
|
(2,681 |
) |
|
|
50,191 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47,842 |
|
|
|
(47,842 |
) |
|
|
— |
|
Operating income (loss) |
|
(13,098 |
) |
|
|
(143 |
) |
|
|
(13,241 |
) |
|
|
35,030 |
|
|
|
(48,614 |
) |
|
|
(13,584 |
) |
Interest income, net |
|
606 |
|
|
|
— |
|
|
|
606 |
|
|
|
119 |
|
|
|
— |
|
|
|
119 |
|
Other expense, net |
|
(173 |
) |
|
|
— |
|
|
|
(173 |
) |
|
|
(288 |
) |
|
|
— |
|
|
|
(288 |
) |
Total other income (expense), net |
|
433 |
|
|
|
— |
|
|
|
433 |
|
|
|
(169 |
) |
|
|
— |
|
|
|
(169 |
) |
Income (loss) before income tax benefit |
|
(12,665 |
) |
|
|
(143 |
) |
|
|
(12,808 |
) |
|
|
34,861 |
|
|
|
(48,614 |
) |
|
|
(13,753 |
) |
Income tax expense (benefit) |
|
133 |
|
|
|
— |
|
|
|
133 |
|
|
|
(11,023 |
) |
|
|
— |
|
|
|
(11,023 |
) |
Net income (loss) |
$ |
(12,798 |
) |
|
$ |
(143 |
) |
|
$ |
(12,941 |
) |
|
$ |
45,884 |
|
|
$ |
(48,614 |
) |
|
$ |
(2,730 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
(0.31 |
) |
|
|
|
$ |
(0.32 |
) |
|
$ |
1.15 |
|
|
|
|
$ |
(0.07 |
) |
||||
Diluted |
$ |
(0.31 |
) |
|
|
|
$ |
(0.32 |
) |
|
$ |
1.15 |
|
|
|
|
$ |
(0.07 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
40,653 |
|
|
|
|
|
40,653 |
|
|
|
39,842 |
|
|
|
|
|
39,842 |
|
||||
Diluted |
|
40,653 |
|
|
|
|
|
40,653 |
|
|
|
39,968 |
|
|
|
|
|
39,842 |
|
||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the three months ended August 31, 2024 and 2023. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
GAAP TO NON-GAAP RECONCILIATION |
(in thousands, except per share data) |
Reconciliation of Net Income (Loss) to non-GAAP Adjusted Net Loss: |
|||||||
|
|
||||||
|
Three Months Ended |
||||||
|
Aug 31, 2024 |
|
Aug 31, 2023 |
||||
|
(unaudited) |
||||||
|
|
|
|
||||
Net income (loss) |
$ |
(12,798 |
) |
|
$ |
45,884 |
|
|
|
|
|
||||
Amortization of intangibles |
|
2,570 |
|
|
|
3,625 |
|
Change in fair value of contingent consideration |
|
76 |
|
|
|
(130 |
) |
Acquisition, restructuring and other items, net (1) |
|
4,311 |
|
|
|
3,212 |
|
Gain on sale of assets |
|
— |
|
|
|
(47,842 |
) |
Tax effect of non-GAAP items (2) |
|
1,446 |
|
|
|
(9,580 |
) |
Adjusted net loss |
$ |
(4,395 |
) |
|
$ |
(4,831 |
) |
|
|
|
|
||||
Reconciliation of Diluted Earnings (Loss) Per Share to non-GAAP Adjusted Diluted Loss Per Share: |
|||||||
|
|
||||||
|
Three Months Ended |
||||||
|
Aug 31, 2024 |
|
Aug 31, 2023 |
||||
|
(unaudited) |
||||||
|
|
|
|
||||
Diluted earnings (loss) per share |
$ |
(0.31 |
) |
|
$ |
1.15 |
|
|
|
|
|
||||
Amortization of intangibles |
|
0.06 |
|
|
|
0.09 |
|
Change in fair value of contingent consideration |
|
0.00 |
|
|
|
0.00 |
|
Acquisition, restructuring and other items, net (1) |
|
0.10 |
|
|
|
0.08 |
|
Gain on sale of assets |
|
— |
|
|
|
(1.20 |
) |
Tax effect of non-GAAP items (2) |
|
0.04 |
|
|
|
(0.24 |
) |
Adjusted diluted loss per share |
$ |
(0.11 |
) |
|
$ |
(0.12 |
) |
|
|
|
|
||||
Adjusted diluted sharecount (3) |
|
40,653 |
|
|
|
39,842 |
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
(2) Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's |
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
GAAP TO NON-GAAP RECONCILIATION (Continued) |
(in thousands, except per share data) |
Reconciliation of Net Income (Loss) to Adjusted EBITDA: |
|
|
|
||||
|
|
||||||
|
Three Months Ended |
||||||
|
Aug 31, 2024 |
|
Aug 31, 2023 |
||||
|
(unaudited) |
||||||
|
|
|
|
||||
Net income (loss) |
$ |
(12,798 |
) |
|
$ |
45,884 |
|
|
|
|
|
||||
Income tax expense (benefit) |
|
133 |
|
|
|
(11,023 |
) |
Interest income, net |
|
(606 |
) |
|
|
(119 |
) |
Depreciation and amortization |
|
6,785 |
|
|
|
6,688 |
|
Change in fair value of contingent consideration |
|
76 |
|
|
|
(130 |
) |
Stock based compensation |
|
3,205 |
|
|
|
4,144 |
|
Acquisition, restructuring and other items, net (1) |
|
3,042 |
|
|
|
3,212 |
|
Gain on sale of assets |
|
— |
|
|
|
(47,842 |
) |
Adjusted EBITDA |
$ |
(163 |
) |
|
$ |
814 |
|
|
|
|
|
||||
Per diluted share: |
|
|
|
||||
Adjusted EBITDA |
$ |
0.00 |
|
|
$ |
0.02 |
|
|
|
|
|
||||
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
GAAP TO NON-GAAP RECONCILIATION |
(in thousands, except per share data) |
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss: |
|||||||
|
Pro Forma |
||||||
|
Three Months Ended |
||||||
|
Aug 31, 2024 |
|
Aug 31, 2023 |
||||
|
(unaudited) |
||||||
|
|
|
|
||||
Pro forma net loss |
$ |
(12,941 |
) |
|
$ |
(2,730 |
) |
|
|
|
|
||||
Amortization of intangibles |
|
2,570 |
|
|
|
2,661 |
|
Change in fair value of contingent consideration |
|
76 |
|
|
|
(130 |
) |
Acquisition, restructuring and other items, net (1) |
|
4,465 |
|
|
|
3,190 |
|
Tax effect of non-GAAP items (2) |
|
1,443 |
|
|
|
(9,176 |
) |
Adjusted pro forma net loss |
$ |
(4,387 |
) |
|
$ |
(6,185 |
) |
|
|
|
|
||||
Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share: |
|||||||
|
Pro Forma |
||||||
|
Three Months Ended |
||||||
|
Aug 31, 2024 |
|
Aug 31, 2023 |
||||
|
(unaudited) |
||||||
|
|
|
|
||||
Pro forma diluted loss per share |
$ |
(0.32 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
||||
Amortization of intangibles |
|
0.06 |
|
|
|
0.07 |
|
Change in fair value of contingent consideration |
|
0.00 |
|
|
|
0.00 |
|
Acquisition, restructuring and other items, net (1) |
|
0.11 |
|
|
|
0.08 |
|
Tax effect of non-GAAP items (2) |
|
0.04 |
|
|
|
(0.24 |
) |
Adjusted pro forma diluted loss per share |
$ |
(0.11 |
) |
|
$ |
(0.16 |
) |
|
|
|
|
||||
Adjusted diluted sharecount (3) |
|
40,653 |
|
|
|
39,842 |
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
(2) Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's |
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
GAAP TO NON-GAAP RECONCILIATION (Continued) |
(in thousands, except per share data) |
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA: |
|
|
|
||||
|
Pro Forma |
||||||
|
Three Months Ended |
||||||
|
Aug 31, 2024 |
|
Aug 31, 2023 |
||||
|
(unaudited) |
||||||
|
|
|
|
||||
Pro forma net loss |
$ |
(12,941 |
) |
|
$ |
(2,730 |
) |
|
|
|
|
||||
Income tax expense (benefit) |
|
133 |
|
|
|
(11,023 |
) |
Interest income, net |
|
(606 |
) |
|
|
(119 |
) |
Depreciation and amortization |
|
6,785 |
|
|
|
5,682 |
|
Change in fair value of contingent consideration |
|
76 |
|
|
|
(130 |
) |
Stock based compensation |
|
3,205 |
|
|
|
4,058 |
|
Acquisition, restructuring and other items, net (1) |
|
3,196 |
|
|
|
3,190 |
|
Adjusted EBITDA |
$ |
(152 |
) |
|
$ |
(1,072 |
) |
|
|
|
|
||||
Per diluted share: |
|
|
|
||||
Adjusted EBITDA |
$ |
0.00 |
|
|
$ |
(0.03 |
) |
|
|
|
|
||||
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET DETAIL |
(in thousands) |
|
Three Months Ended |
||||||
(in thousands) |
Aug 31, 2024 |
|
Aug 31, 2023 |
||||
Legal (1) |
$ |
507 |
|
|
$ |
1,817 |
|
Plant closure (2) |
|
3,589 |
|
|
|
— |
|
Transition service agreement (3) |
|
(507 |
) |
|
|
(145 |
) |
Manufacturing relocation (4) |
|
— |
|
|
|
587 |
|
Other |
|
722 |
|
|
|
953 |
|
Total |
$ |
4,311 |
|
|
$ |
3,212 |
|
| (1) Legal expenses related to litigation that is outside the normal course of business. |
| (2) Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024. |
| (3) Transition services agreements that were entered into with Merit and Spectrum. |
| (4) Expenses to relocate certain manufacturing lines out of |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY |
(in thousands) |
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Actual (1) |
Pro Forma
|
Pro Forma |
|
As
|
Pro Forma
|
Pro Forma |
|
Actual |
|
Pro Forma |
||||||||||||||||||||||
|
Aug 31,
|
Aug 31,
|
Aug 31,
|
|
Aug 31,
|
Aug 31,
|
Aug 31,
|
|
% Growth |
Currency Impact |
Constant Currency Growth |
|
%
|
Currency Impact |
Constant Currency Growth |
||||||||||||||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Med Tech |
$ |
27,969 |
$ |
— |
|
$ |
27,969 |
|
$ |
25,860 |
$ |
(131 |
) |
$ |
25,729 |
|
8.2 |
% |
|
|
|
8.7 |
% |
|
|
||||||||
Med Device |
|
39,522 |
|
9 |
|
|
39,531 |
|
|
52,819 |
|
(11,804 |
) |
|
41,015 |
|
(25.2 |
)% |
|
|
|
(3.6 |
)% |
|
|
||||||||
|
$ |
67,491 |
$ |
9 |
|
$ |
67,500 |
|
$ |
78,679 |
$ |
(11,935 |
) |
$ |
66,744 |
|
(14.2 |
)% |
0.0 |
% |
(14.2 |
)% |
|
1.1 |
% |
0.0 |
% |
1.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
$ |
59,481 |
$ |
10 |
|
$ |
59,491 |
|
$ |
64,399 |
$ |
(8,395 |
) |
$ |
56,004 |
|
(7.6 |
)% |
|
|
|
6.2 |
% |
|
|
||||||||
International |
|
8,010 |
|
(1 |
) |
|
8,009 |
|
|
14,280 |
|
(3,540 |
) |
|
10,740 |
|
(43.9 |
)% |
0.0 |
% |
(43.9 |
)% |
|
(25.4 |
)% |
|
|
||||||
|
$ |
67,491 |
$ |
9 |
|
$ |
67,500 |
|
$ |
78,679 |
$ |
(11,935 |
) |
$ |
66,744 |
|
(14.2 |
)% |
0.0 |
% |
(14.2 |
)% |
|
1.1 |
% |
0.0 |
% |
1.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the three months ended August 31, 2024 and 2023. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
GROSS PROFIT BY PRODUCT CATEGORY |
(in thousands) |
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
|||||||||||||||||||||
|
Actual (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
As Reported (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
Actual |
|
Pro Forma |
|||||||||||||||||
|
Aug 31,
|
Aug 31,
|
Aug 31,
|
|
Aug 31,
|
Aug 31,
|
Aug 31,
|
|
% Change |
|
% Change |
|||||||||||||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|||||||||||||||||||||
Med Tech |
$ |
17,697 |
|
$ |
— |
$ |
17,697 |
|
|
$ |
16,727 |
|
$ |
(39 |
) |
$ |
16,688 |
|
|
5.8 |
% |
|
6.0 |
% |
||||
Gross profit % of sales |
|
63.3 |
% |
|
|
63.3 |
% |
|
|
64.7 |
% |
|
|
64.9 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Device |
$ |
19,027 |
|
$ |
11 |
$ |
19,038 |
|
|
$ |
23,333 |
|
$ |
(3,414 |
) |
$ |
19,919 |
|
|
(18.5 |
)% |
|
(4.4 |
)% |
||||
Gross profit % of sales |
|
48.1 |
% |
|
|
48.2 |
% |
|
|
44.2 |
% |
|
|
48.6 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ |
36,724 |
|
$ |
11 |
$ |
36,735 |
|
|
$ |
40,060 |
|
$ |
(3,453 |
) |
$ |
36,607 |
|
|
(8.3 |
)% |
|
0.3 |
% |
||||
Gross profit % of sales |
|
54.4 |
% |
|
|
54.4 |
% |
|
|
50.9 |
% |
|
|
54.8 |
% |
|
|
|
|
|||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the three months ended August 31, 2024 and 2023. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(in thousands) |
|
Aug 31, 2024 |
|
May 31, 2024 |
||
|
(unaudited) |
|
(audited) |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
55,005 |
|
$ |
76,056 |
Accounts receivable, net |
|
39,563 |
|
|
43,610 |
Inventories |
|
64,700 |
|
|
60,616 |
Prepaid expenses and other |
|
13,326 |
|
|
12,971 |
Total current assets |
|
172,594 |
|
|
193,253 |
Property, plant and equipment, net |
|
34,377 |
|
|
35,666 |
Other assets |
|
10,883 |
|
|
11,369 |
Intangible assets, net |
|
75,774 |
|
|
77,383 |
Total assets |
$ |
293,628 |
|
$ |
317,671 |
Liabilities and stockholders' equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
31,272 |
|
$ |
37,751 |
Accrued liabilities |
|
34,108 |
|
|
41,098 |
Current portion of contingent consideration |
|
4,804 |
|
|
4,728 |
Other current liabilities |
|
6,515 |
|
|
7,578 |
Total current liabilities |
|
76,699 |
|
|
91,155 |
Deferred income taxes |
|
4,626 |
|
|
4,852 |
Other long-term liabilities |
|
15,721 |
|
|
16,078 |
Total liabilities |
|
97,046 |
|
|
112,085 |
Stockholders' equity |
|
196,582 |
|
|
205,586 |
Total Liabilities and Stockholders' Equity |
$ |
293,628 |
|
$ |
317,671 |
|
|||||
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in thousands) |
|
Three Months Ended |
||||||
|
Aug 31, 2024 |
|
Aug 31, 2023 |
||||
|
(unaudited) |
||||||
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
(12,798 |
) |
|
$ |
45,884 |
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
6,785 |
|
|
|
6,688 |
|
Non-cash lease expense |
|
494 |
|
|
|
476 |
|
Stock based compensation |
|
3,205 |
|
|
|
4,144 |
|
Gain on disposal of assets |
|
— |
|
|
|
(47,842 |
) |
Transaction costs for disposition |
|
— |
|
|
|
(2,427 |
) |
Change in fair value of contingent consideration |
|
76 |
|
|
|
(130 |
) |
Deferred income taxes |
|
(339 |
) |
|
|
(11,415 |
) |
Change in accounts receivable allowances |
|
270 |
|
|
|
(78 |
) |
Fixed and intangible asset impairments and disposals |
|
20 |
|
|
|
65 |
|
Write-off of other assets |
|
— |
|
|
|
869 |
|
Other |
|
121 |
|
|
|
(9 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
3,784 |
|
|
|
3,157 |
|
Inventories |
|
(4,053 |
) |
|
|
(4,574 |
) |
Prepaid expenses and other |
|
(836 |
) |
|
|
(4,168 |
) |
Accounts payable, accrued and other liabilities |
|
(14,982 |
) |
|
|
(16,539 |
) |
Net cash used in operating activities |
|
(18,253 |
) |
|
|
(25,899 |
) |
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(1,092 |
) |
|
|
(791 |
) |
Additions to placement and evaluation units |
|
(1,313 |
) |
|
|
(767 |
) |
Proceeds from sale of assets |
|
— |
|
|
|
100,000 |
|
Net cash (used in) provided by investing activities |
|
(2,405 |
) |
|
|
98,442 |
|
Cash flows from financing activities: |
|
|
|
||||
Repayment of long-term debt |
|
— |
|
|
|
(50,000 |
) |
Payment of acquisition related contingent consideration |
|
— |
|
|
|
(10,000 |
) |
Repurchase of common stock |
|
(552 |
) |
|
|
— |
|
Proceeds from exercise of stock options and employee stock purchase plan |
|
43 |
|
|
|
410 |
|
Net cash used in financing activities |
|
(509 |
) |
|
|
(59,590 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
116 |
|
|
|
13 |
|
Increase (decrease) in cash and cash equivalents |
|
(21,051 |
) |
|
|
12,966 |
|
Cash and cash equivalents at beginning of period |
|
76,056 |
|
|
|
44,620 |
|
Cash and cash equivalents at end of period |
$ |
55,005 |
|
|
$ |
57,586 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241003678383/en/
Investors:
AngioDynamics, Inc.
Stephen Trowbridge, Executive Vice President & CFO
(518) 795-1408
Source: AngioDynamics, Inc.
