Fiscal Year 2024 Second Quarter Highlights
- Net sales of $79.1 million increased 2.7% on a pro-forma
basis compared to the prior-year quarter
- Med Tech net sales of $25.4 million increased 3.5%
- Med Device net sales of $53.7 million increased 2.3% on a
pro-forma basis
- Gross margin of 50.9% declined 80 basis points on a
pro-forma basis year over year
- GAAP loss per share of $0.72 and adjusted loss per share of
$0.05
- Cash and cash equivalents at November 30, 2023 were $60.9
million
- Subsequent to quarter end, completed enrollment in APEX-AV
trial for the treatment of acute intermediate-risk pulmonary
embolism using AlphaVac F18
- Initiated restructuring of manufacturing footprint and
transition to outsourced manufacturing and continues portfolio
optimization initiatives
- Expects to achieve full-year adjusted EPS profitability in
FY27
AngioDynamics, Inc. (NASDAQ: ANGO), 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, today announced
financial results for the second quarter of fiscal year 2024, which
ended November 30, 2023.
“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 Chief Executive Officer 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.”
Second Quarter 2024 Financial Results
Unless otherwise noted, all financial results below are
presented on a pro forma basis when excluding the divested Dialysis
and BioSentry businesses.
Net sales for the second quarter of fiscal year 2024 were $79.1
million, an increase of 2.7% compared to the prior-year quarter.
Foreign currency translation did not have a significant impact on
the Company's net sales in the quarter.
Med Tech net sales were $25.4 million, a 3.5% increase from
$24.5 million in the prior- year period. Med Tech includes the
Auryon peripheral atherectomy platform, the thrombus management
platform and the NanoKnife irreversible electroporation platform.
Year-over-year growth was driven by Auryon sales during the quarter
of $11.4 million, which increased 12.9%, and AlphaVac sales of $1.9
million, which grew 17.9%. AngioVac sales were $5.4 million in the
quarter, a decline of 10.8% from the second quarter of fiscal 2023.
The Company completed enrollment of its APEX-AV trial subsequent to
quarter end.
Med Device net sales were $53.7 million, a 2.3% increase from
sales of $52.5 in the prior-year period.
U.S. net sales in the second quarter of fiscal 2024 were $64.0
million, an increase of 0.6% from sales of $63.6 million a year
ago. International net sales were $15.1 million, an increase of
12.6% from sales of $13.4 million in the prior-year period.
Gross margin for the second quarter of fiscal 2024 was 50.9%, a
decrease of 80 basis points from gross margin of 51.7% in the
second quarter of fiscal 2023. Gross margin for the Med Tech
business was 62.4%, a decrease of 130 basis points from the second
quarter of fiscal 2023. Gross margin for the Med Device business
was 45.5%, a decrease of 60 basis points from gross margin of 46.1%
in the prior-year quarter. Gross margin continued to be impacted by
inflationary pressures including increased costs for labor and raw
materials as well as geographic mix.
The Company recorded a net loss of $29.0 million, or a loss per
share of $0.72, in the second quarter of fiscal 2024. Excluding the
items shown in the non-GAAP reconciliation table below, adjusted
net loss for the second quarter of fiscal 2024 was $2.0 million,
and adjusted loss per share was $0.05.
Adjusted EBITDA in the second quarter of fiscal 2024, excluding
the items shown in the reconciliation table below, was $1.8
million, compared to adjusted EBITDA of $2.3 million in the second
quarter of fiscal 2023.
In the second quarter of fiscal 2024, the Company generated $5.3
million in operating cash, had capital expenditures of $0.6 million
and had additions to Auryon placement and evaluation units of $1.2
million.
On November 30, 2023, the Company had $60.9 million in cash and
cash equivalents compared to $44.6 million in cash and cash
equivalents on May 31, 2023.
Six Months Financial Results
Unless otherwise noted, all financial results below are
presented on a pro forma basis when excluding the divested Dialysis
and BioSentry businesses.
For the six months ended November 30, 2023:
Net sales were $157.1 million, an increase of 4.2% compared to
the same period a year ago.
Med Tech net sales were $51.2 million, an 8.3% increase from the
prior year period. Med Device net sales were $105.9 million, an
increase of 2.3% from $103.5 million in the first half of fiscal
2023.
Gross margin was 50.8%, a decrease of 60 basis points compared
to the first half of fiscal 2023.
The Company’s net income was $16.4 million, or earnings per
share of $0.41, compared to a net loss of $30.2 million, or $0.77
per share, a year ago.
Excluding the items shown in the non-GAAP reconciliation table
below, adjusted net loss was $7.2 million, with adjusted loss per
share of $0.18, compared to adjusted net loss and adjusted loss per
share of $9.6 million and $0.24, respectively, a year ago.
Adjusted EBITDA, excluding the items shown in the reconciliation
table below, was $2.2 million, compared to adjusted EBITDA of $0.7
million for the same period a year ago.
Manufacturing Restructuring
The Company announced today that it is committed to shifting its
manufacturing operations from a company-owned facility in upstate
New York to a fully outsourced model over the next two years. This
shift is expected to result in an approximate $15 million
annualized reduction in expenses by fiscal year 2027. The Company
expects to achieve full-year adjusted EPS profitability in
FY27.
Fiscal Year 2024 Financial Guidance
The Company now expects its fiscal year 2024 net sales to be in
the range of $320 to $325 million, accounting for the softer
Thrombectomy sales during the fiscal second quarter, which it now
expects will continue throughout the back half of the year, as well
as certain SKU rationalization and other impacts associated with
the manufacturing restructuring. The Company expects gross margin
to be approximately 49% to 51% and adjusted loss per share in the
range of $0.35 to $0.42.
Conference Call
The Company's management will host a conference call today at
8:00 a.m. ET to discuss its second quarter 2024 results.
To participate in the conference call, dial 1-877-407-0784
(domestic) or +1- 201-689-8560 (international) and refer to the
passcode 13743023.
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 from 11:00 a.m.
ET on Friday, January 5, 2024, until 11:59 p.m. ET on Friday,
January 12, 2024. To hear this recording, dial 1-844-512-2921
(domestic) or +1-412-317-6671 (international) and enter the
passcode 13743023.
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, 2023. AngioDynamics does not assume any obligation to publicly
update or revise any forward-looking statements for any reason.
In the United States, the NanoKnife System has received a 510(k)
clearance by the Food and Drug Administration for use in the
surgical ablation of soft tissue and is similarly approved for
commercialization in Canada, the European Union and Australia. The
NanoKnife System has not been cleared for the treatment or therapy
of a specific disease or condition.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED INCOME
STATEMENTS
(in thousands, except per share
data)
Three Months Ended
Three Months Ended
Actual (1)
Pro Forma Adjustments(2)
Pro Forma
As Reported (1)
Pro Forma Adjustments(2)
Pro Forma
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
Nov 30, 2022
Nov 30, 2022
Nov 30, 2022
(unaudited)
(unaudited)
Net sales
$
79,073
—
$
79,073
$
85,429
(8,442
)
$
76,987
Cost of sales (exclusive of intangible
amortization)
38,811
—
38,811
40,351
(3,184
)
37,167
Gross profit
40,262
—
40,262
45,078
(5,258
)
39,820
% of net sales
50.9
%
50.9
%
52.8
%
51.7
%
Operating expenses
Research and development
8,658
—
8,658
6,838
(66
)
6,772
Sales and marketing
25,464
—
25,464
26,007
(15
)
25,992
General and administrative
9,289
—
9,289
10,835
2
10,837
Amortization of intangibles
3,562
—
3,562
4,808
(483
)
4,325
Change in fair value of contingent
consideration
221
—
221
1,646
—
1,646
Acquisition, restructuring and other
items, net
6,188
—
6,188
3,059
—
3,059
Total operating expenses
53,382
—
53,382
53,193
(562
)
52,631
Operating loss
(13,120
)
—
(13,120
)
(8,115
)
(4,696
)
(12,811
)
Interest income (expense), net
534
—
534
(684
)
—
(684
)
Other expense, net
(32
)
—
(32
)
(252
)
—
(252
)
Total other income (expense), net
502
—
502
(936
)
—
(936
)
Loss before income tax expense
(benefit)
(12,618
)
—
(12,618
)
(9,051
)
(4,696
)
(13,747
)
Income tax expense (benefit)
16,430
—
16,430
(565
)
—
(565
)
Net loss
$
(29,048
)
$
—
$
(29,048
)
$
(8,486
)
$
(4,696
)
$
(13,182
)
Loss per share
Basic
$
(0.72
)
$
(0.72
)
$
(0.21
)
$
(0.33
)
Diluted
$
(0.72
)
$
(0.72
)
$
(0.21
)
$
(0.33
)
Weighted average shares outstanding
Basic
40,219
40,219
39,490
39,490
Diluted
40,219
40,219
39,490
39,490
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses ("the
Businesses") for the three months ended November 30, 2023 and
2022.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sale of
the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED INCOME
STATEMENTS
(in thousands, except per share
data)
Six Months Ended
Six Months Ended
Actual (1)
Pro Forma Adjustments(2)
Pro Forma
As Reported (1)
Pro Forma Adjustments(2)
Pro Forma
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
Nov 30, 2022
Nov 30, 2022
Nov 30, 2022
(unaudited)
(unaudited)
Net sales
$
157,752
(671
)
$
157,081
$
166,966
(16,188
)
$
150,778
Cost of sales (exclusive of intangible
amortization)
77,430
(218
)
77,212
79,583
(6,292
)
73,291
Gross profit
80,322
(453
)
79,869
87,383
(9,896
)
77,487
% of net sales
50.9
%
50.8
%
52.3
%
51.4
%
Operating expenses
Research and development
16,599
(29
)
16,570
15,171
(128
)
15,043
Sales and marketing
52,832
—
52,832
52,550
(34
)
52,516
General and administrative
20,145
(2
)
20,143
20,936
1
20,937
Amortization of intangibles
7,187
—
7,187
9,645
(966
)
8,679
Change in fair value of contingent
consideration
91
—
91
1,857
—
1,857
Acquisition, restructuring and other
items, net
9,400
—
9,400
8,640
(17
)
8,623
Total operating expenses
106,254
(31
)
106,223
108,799
(1,144
)
107,655
Gain on sale of assets
47,842
—
47,842
—
—
—
Operating income (loss)
21,910
(422
)
21,488
(21,416
)
(8,752
)
(30,168
)
Interest income (expense), net
653
—
653
(1,065
)
—
(1,065
)
Other expense, net
(320
)
—
(320
)
(427
)
—
(427
)
Total other income (expense), net
333
—
333
(1,492
)
—
(1,492
)
Income (loss) before income tax
benefit
22,243
(422
)
21,821
(22,908
)
(8,752
)
(31,660
)
Income tax expense (benefit)
5,407
—
5,407
(1,418
)
—
(1,418
)
Net income (loss)
$
16,836
$
(422
)
$
16,414
$
(21,490
)
$
(8,752
)
$
(30,242
)
Earnings (loss) per share
Basic
$
0.42
$
0.41
$
(0.55
)
$
(0.77
)
Diluted
$
0.42
$
0.41
$
(0.55
)
$
(0.77
)
Weighted average shares outstanding
Basic
40,030
40,030
39,394
39,394
Diluted
40,103
40,103
39,394
39,394
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses ("the
Businesses") for the six months ended November 30, 2023 and
2022.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sale 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 Income (Loss):
Three Months Ended
Six Months Ended
Nov 30, 2023
Nov 30, 2022
Nov 30, 2023
Nov 30, 2022
(unaudited)
(unaudited)
Net income (loss)
$
(29,048
)
$
(8,486
)
$
16,836
$
(21,490
)
Amortization of intangibles
3,562
4,808
7,187
9,645
Change in fair value of contingent
consideration
221
1,646
91
1,857
Acquisition, restructuring and other
items, net (1)
6,188
3,059
9,400
8,640
Gain on sale of assets
—
—
(47,842
)
—
Tax effect of non-GAAP items (2)
17,039
(671
)
7,459
(782
)
Adjusted net income (loss)
$
(2,038
)
$
356
$
(6,869
)
$
(2,130
)
Reconciliation of Diluted Earnings
(Loss) Per Share to non-GAAP Adjusted Diluted Earnings (Loss) Per
Share:
Three Months Ended
Six Months Ended
Nov 30, 2023
Nov 30, 2022
Nov 30, 2023
Nov 30, 2022
(unaudited)
(unaudited)
Diluted earnings (loss) per share
$
(0.72
)
$
(0.21
)
$
0.42
$
(0.55
)
Amortization of intangibles
0.09
0.12
0.18
0.24
Change in fair value of contingent
consideration
0.01
0.04
—
0.05
Acquisition, restructuring and other
items, net (1)
0.15
0.08
0.24
0.23
Gain on sale of assets
—
—
(1.20
)
—
Tax effect of non-GAAP items (2)
0.42
(0.02
)
0.19
(0.02
)
Adjusted diluted earnings (loss) per
share
$
(0.05
)
$
0.01
$
(0.17
)
$
(0.05
)
Adjusted diluted sharecount (3)
40,219
40,059
40,030
39,394
(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 U.S. deferred tax assets and
an effective tax rate of 23% for the periods ended November 30,
2023 and 2022.
(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
Six Months Ended
Nov 30, 2023
Nov 30, 2022
Nov 30, 2023
Nov 30, 2022
(unaudited)
(unaudited)
Net income (loss)
$
(29,048
)
$
(8,486
)
$
16,836
$
(21,490
)
Income tax expense (benefit)
16,430
(565
)
5,407
(1,418
)
Interest income (expense), net
(534
)
684
(653
)
1,065
Depreciation and amortization
6,685
7,767
13,373
15,388
Change in fair value of contingent
consideration
221
1,646
91
1,857
Stock based compensation
1,877
3,350
6,021
6,374
Acquisition, restructuring and other
items, net (1)
6,188
3,059
9,400
8,640
Gain on sale of assets
—
—
(47,842
)
—
Adjusted EBITDA
$
1,819
$
7,455
$
2,633
$
10,416
Per diluted share:
Adjusted EBITDA
$
0.05
$
0.19
$
0.07
$
0.26
(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 Income
(Loss) to Pro Forma Adjusted Net Loss:
Pro Forma
Pro Forma
Three Months Ended
Six Months Ended
Nov 30, 2023
Nov 30, 2022
Nov 30, 2023
Nov 30, 2022
(unaudited)
(unaudited)
Pro forma net income (loss)
$
(29,048
)
$
(13,182
)
$
16,414
$
(30,242
)
Amortization of intangibles
3,562
4,325
7,187
8,679
Change in fair value of contingent
consideration
221
1,646
91
1,857
Acquisition, restructuring and other
items, net (1)
6,188
3,059
9,400
8,623
Gain on sale of assets
—
—
(47,842
)
—
Tax effect of non-GAAP items (2)
17,039
520
7,556
1,457
Adjusted pro forma net loss
$
(2,038
)
$
(3,632
)
$
(7,194
)
$
(9,626
)
Reconciliation of Pro Forma Diluted
Earnings (Loss) Per Share to Pro Forma Adjusted Diluted Loss Per
Share:
Pro Forma
Pro Forma
Three Months Ended
Six Months Ended
Nov 30, 2023
Nov 30, 2022
Nov 30, 2023
Nov 30, 2022
(unaudited)
(unaudited)
Pro forma diluted earnings (loss) per
share
$
(0.72
)
$
(0.33
)
$
0.41
$
(0.77
)
Amortization of intangibles
0.09
0.11
0.18
0.22
Change in fair value of contingent
consideration
0.01
0.04
—
0.05
Acquisition, restructuring and other
items, net (1)
0.15
0.08
0.24
0.22
Gain on sale of assets
—
—
(1.20
)
—
Tax effect of non-GAAP items (2)
0.42
0.01
0.19
0.04
Adjusted pro forma diluted loss per
share
$
(0.05
)
$
(0.09
)
$
(0.18
)
$
(0.24
)
Adjusted diluted sharecount (3)
40,219
39,490
40,030
39,394
(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 U.S. deferred tax assets and
an effective tax rate of 23% for the periods ended November 30,
2023 and 2022.
(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 Income
(Loss) to Pro Forma Adjusted EBITDA:
Pro Forma
Pro Forma
Three Months Ended
Six Months Ended
Nov 30, 2023
Nov 30, 2022
Nov 30, 2023
Nov 30, 2022
(unaudited)
(unaudited)
Pro forma net income (loss)
$
(29,048
)
$
(13,182
)
$
16,414
$
(30,242
)
Income tax benefit
16,430
(565
)
5,407
(1,418
)
Interest income (expense), net
(534
)
684
(653
)
1,065
Depreciation and amortization
6,685
7,276
13,373
14,407
Change in fair value of contingent
consideration
221
1,646
91
1,857
Stock based compensation
1,877
3,350
6,021
6,374
Acquisition, restructuring and other
items, net (1)
6,188
3,059
9,400
8,623
Gain on sale of assets
—
—
(47,842
)
—
Pro forma adjusted EBITDA
$
1,819
$
2,268
$
2,211
$
666
Per diluted share:
Adjusted EBITDA
$
0.05
$
0.06
$
0.06
$
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
NET SALES BY PRODUCT CATEGORY
AND BY GEOGRAPHY
(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
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
Nov 30, 2022
Nov 30, 2022
Nov 30, 2022
% Growth
Currency Impact
Constant Currency Growth
% Growth
Currency Impact
Constant Currency Growth
(unaudited)
(unaudited)
Net Sales
Med Tech
$
25,363
$
—
$
25,363
$
24,502
$
—
$
24,502
3.5
%
3.5
%
Med Device
53,710
—
53,710
60,927
(8,442
)
52,485
(11.8
)%
2.3
%
$
79,073
$
—
$
79,073
$
85,429
$
(8,442
)
$
76,987
(7.4
)%
0.0
%
(7.4
)%
2.7
%
0.0
%
2.7
%
Net Sales
United States
$
64,002
$
—
$
64,002
$
71,631
$
(8,028
)
$
63,603
(10.7
)%
0.6
%
International
15,071
—
15,071
13,798
(414
)
13,384
9.2
%
0.0
%
9.2
%
12.6
%
$
79,073
$
—
$
79,073
$
85,429
$
(8,442
)
$
76,987
(7.4
)%
0.0
%
(7.4
)%
2.7
%
0.0
%
2.7
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses ("the
Businesses") for the three months ended November 30, 2023 and
2022.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sale 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
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
Nov 30, 2022
Nov 30, 2022
Nov 30, 2022
% Change
% Change
(unaudited)
(unaudited)
Med Tech
$
15,816
$
—
$
15,816
$
15,614
$
—
$
15,614
1.3
%
1.3
%
Gross profit % of sales
62.4
%
62.4
%
63.7
%
63.7
%
Med Device
$
24,446
$
—
$
24,446
$
29,464
$
(5,258
)
$
24,206
(17.0
) %
1.0
%
Gross profit % of sales
45.5
%
45.5
%
48.4
%
46.1
%
Total
$
40,262
$
—
$
40,262
$
45,078
$
(5,258
)
$
39,820
(10.7
) %
1.1
%
Gross profit % of sales
50.9
%
50.9
%
52.8
%
51.7
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses ("the
Businesses") for the three months ended November 30, 2023 and
2022.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sale of
the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY
AND BY GEOGRAPHY
(in thousands)
Six Months Ended
Six Months Ended
Actual (1)
Pro Forma
Adj. (2)
Pro Forma
As
Reported (1)
Pro Forma
Adj. (2)
Pro Forma
Actual
Pro Forma
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
Nov 30, 2022
Nov 30, 2022
Nov 30, 2022
% Growth
Currency Impact
Constant Currency Growth
% Growth
Currency Impact
Constant Currency Growth
(unaudited)
(unaudited)
Net Sales
Med Tech
$
51,224
$
—
$
51,224
$
47,318
$
—
$
47,318
8.3
%
8.3
%
Med Device
106,528
(671
)
105,857
119,648
(16,188
)
103,460
(11.0
)%
2.3
%
$
157,752
$
(671
)
$
157,081
$
166,966
$
(16,188
)
$
150,778
(5.5
)%
0.0
%
(5.5
)%
4.2
%
0.0
%
4.2
%
Net Sales
United States
$
128,401
$
(650
)
$
127,751
$
140,655
$
(14,603
)
$
126,052
(8.7
)%
1.3
%
International
29,351
(21
)
29,330
26,311
(1,585
)
24,726
11.6
%
(0.1
)%
11.5
%
18.6
%
$
157,752
$
(671
)
$
157,081
$
166,966
$
(16,188
)
$
150,778
(5.5
)%
0.0
%
(5.5
)%
4.2
%
0.0
%
4.2
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses ("the
Businesses") for the six months ended November 30, 2023 and
2022.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sale of
the Businesses.
GROSS PROFIT BY PRODUCT
CATEGORY
(in thousands)
Six Months Ended
Six Months Ended
Actual (1)
Pro Forma
Adj. (2)
Pro Forma
As Reported (1)
Pro Forma
Adj. (2)
Pro Forma
Actual
Pro Forma
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
Nov 30, 2022
Nov 30, 2022
Nov 30, 2022
% Change
% Change
(unaudited)
(unaudited)
Med Tech
$
32,543
$
—
$
32,543
$
30,043
$
—
$
30,043
8.3
%
8.3
%
Gross profit % of sales
63.5
%
63.5
%
63.5
%
63.5
%
Med Device
$
47,779
$
(453
)
$
47,326
$
57,340
$
(9,896
)
$
47,444
(16.7
) %
(0.2
) %
Gross profit % of sales
44.9
%
44.7
%
47.9
%
45.9
%
Total
$
80,322
$
(453
)
$
79,869
$
87,383
$
(9,896
)
$
77,487
(8.1
) %
3.1
%
Gross profit % of sales
50.9
%
50.8
%
52.3
%
51.4
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses ("the
Businesses") for the six months ended November 30, 2023 and
2022.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sale of
the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(in thousands)
Nov 30, 2023
May 31, 2023
(unaudited)
(audited)
Assets
Current assets:
Cash and cash equivalents
$
60,896
$
44,620
Accounts receivable, net
51,603
52,826
Inventories
64,254
55,325
Prepaid expenses and other
8,715
4,617
Current assets held for sale
—
6,154
Total current assets
185,468
163,542
Property, plant and equipment, net
42,557
44,384
Other assets
8,481
10,676
Intangible assets, net
103,891
111,144
Goodwill
159,226
159,238
Non-current assets held for sale
—
43,653
Total assets
$
499,623
$
532,637
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
37,650
$
40,445
Accrued liabilities
29,237
26,617
Current portion of contingent
consideration
9,387
14,761
Other current liabilities
1,763
2,002
Total current liabilities
78,037
83,825
Long-term debt
—
49,818
Deferred income taxes
17,758
12,813
Contingent consideration
—
4,535
Other long-term liabilities
2,602
3,350
Total liabilities
98,397
154,341
Stockholders' equity
401,226
378,296
Total Liabilities and Stockholders'
Equity
$
499,623
$
532,637
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
Three Months Ended
Six Months Ended
Nov 30, 2023
Nov 30, 2022
Nov 30, 2023
Nov 30, 2022
(unaudited)
(unaudited)
Cash flows from operating
activities:
Net income (loss)
$
(29,048
)
$
(8,486
)
$
16,836
$
(21,490
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
6,685
7,818
13,373
15,478
Non-cash lease expense
481
627
957
1,248
Stock based compensation
1,877
3,350
6,021
6,374
Gain on disposal of assets
—
—
(47,842
)
—
Transaction costs for disposition
—
—
(2,427
)
—
Change in fair value of contingent
consideration
221
1,646
91
1,857
Deferred income taxes
16,366
(618
)
4,951
(1,525
)
Change in accounts receivable
allowances
627
347
549
392
Fixed and intangible asset impairments and
disposals
174
—
239
87
Write-off of other assets
—
—
869
—
Other
(129
)
53
(138
)
(43
)
Changes in operating assets and
liabilities:
Accounts receivable
(2,480
)
406
677
(1,019
)
Inventories
(4,270
)
(5,593
)
(8,844
)
(11,831
)
Prepaid expenses and other
(811
)
1,802
(4,979
)
(3,931
)
Accounts payable, accrued and other
liabilities
15,573
6,147
(966
)
(2,843
)
Net cash provided by (used in)
operating activities
5,266
7,499
(20,633
)
(17,246
)
Cash flows from investing
activities:
Additions to property, plant and
equipment
(554
)
(1,281
)
(1,345
)
(2,090
)
Additions to placement and evaluation
units
(1,239
)
(1,215
)
(2,006
)
(3,442
)
Cash paid in acquisition
—
—
—
(540
)
Proceeds from sale of assets
—
—
100,000
—
Net cash provided by (used in)
investing activities
(1,793
)
(2,496
)
96,649
(6,072
)
Cash flows from financing
activities:
Repayment of long-term debt
—
—
(50,000
)
(45,000
)
Proceeds from borrowings on long-term
debt
—
—
—
70,000
Deferred financing costs on long-term
debt
—
(45
)
—
(751
)
Payment of acquisition related contingent
consideration
—
—
(10,000
)
—
Proceeds from exercise of stock options
and employee stock purchase plan
(352
)
148
58
230
Net cash provided by (used in)
financing activities
(352
)
103
(59,942
)
24,479
Effect of exchange rate changes on cash
and cash equivalents
189
187
202
(129
)
Increase in cash and cash
equivalents
3,310
5,293
16,276
1,032
Cash and cash equivalents at beginning of
period
57,586
24,564
44,620
28,825
Cash and cash equivalents at end of
period
$
60,896
$
29,857
$
60,896
$
29,857
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240105416764/en/
Investor Contact: AngioDynamics, Inc. Stephen Trowbridge,
Executive Vice President & CFO (518) 795-1408
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