AngioDynamics Reports Fiscal Year 2023 Fourth Quarter and Full-Year Financial Results; Issues Fiscal Year 2024 Guidance
Fiscal Year 2023 Fourth Quarter Highlights
-
Net sales of
$91.1 million 4.7% compared to the prior-year quarter-
Med Tech net sales of
$26.5 million 17.2% -
Med Device net sales of
$64.6 million 0.3%
-
Med Tech net sales of
-
Gross margin of
50.9% declined 250 basis points year over year -
GAAP loss per share of
$0.54 $14.5 million $0.37 -
Adjusted earnings per share of
$0.02 -
Cash and cash equivalents at May 31, 2023 were
$44.6 million -
On June 8, 2023, the Company completed the sale of its Dialysis and BioSentry Tract Sealant System Biopsy businesses to Merit Medical Systems, Inc. for
$100 million - Subsequent to quarter end, the Company completed enrollment in its PRESERVE study for the treatment of prostate cancer with NanoKnife
Full-Year 2023 Highlights
-
Net sales of
$338.8 million 7.1% year over year -
Gross margin declined 100 basis points year over year to
51.4% -
GAAP loss per share of
$1.33 $14.5 million $0.37 -
Adjusted loss per share of
$0.06
“AngioDynamics’ fourth quarter and fiscal year 2023 saw continued growth driven by our team’s commitment to innovation,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. “Additionally, we recently took another significant step in our transformation by announcing the divestiture of our Dialysis and BioSentry Biopsy businesses, which strengthens our balance sheet and enables an even clearer focus on our high-growth Med Tech platforms. Looking ahead, we will continue to seek opportunities to further focus the portfolio in order to drive growth and margin expansion.”
Mr. Clemmer continued, “We are now two years into the three-year plan that we provided in July of 2021, and we are at or above our overall revenue growth targets, with our Med Tech segment continuing to comprise an increasing portion of our overall business. This bodes well for our future, and I’m excited about the differentiated products and clinical data that we will be bringing to market in fiscal year 2024 and beyond.”
Fourth Quarter 2023 Financial Results
Net sales for the fourth quarter of fiscal year 2023 were
Med Tech net sales were
Med Device net sales were
Gross margin for the fourth quarter of fiscal 2023 was
The Company recorded a net loss of
Excluding the items shown in the non-GAAP reconciliation table below, adjusted net income for the fourth quarter of fiscal 2023 was
Adjusted EBITDA in the fourth quarter of fiscal 2023, excluding the items shown in the reconciliation table below, was
In the fourth quarter of fiscal 2023, the Company generated
At May 31, 2023, the Company had
Full-Year 2023 Financial Results
For the twelve months ended May 31, 2023:
Net sales were
Med Tech net sales were
Gross margin declined by 100 basis points to
The Company's net loss from continuing operations was
Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss was
Adjusted EBITDA, excluding the items shown in the reconciliation table below, was
Goodwill Impairment in Connection with Divestiture
The Dialysis and BioSentry Tract Sealant System Biopsy businesses that were divested subsequent to the Company’s fiscal year end, on June 8, 2023, were accounted for as “Held for Sale” as of May 31, 2023. As a result, the Company recorded a goodwill impairment during the fiscal fourth quarter ended May 31, 2023. The gain on the sale of these assets will be recorded in the Company’s first fiscal quarter ending August 31, 2023.
Pro Forma 2023 Performance
In addition to actual results, the tables accompanying this press release reflect pro forma results, which exclude the full-year impact of the Dialysis and BioSentry Tract Sealant System Biopsy businesses that were divested on June 8, 2023.
Fiscal Year 2024 Financial Guidance
The Company expects its fiscal year 2024 net sales to be in the range of
Conference Call
The Company's management will host a conference call today at 8:00 a.m. ET to discuss its fourth quarter and fiscal year 2023 results.
To participate in the conference call, dial 1-877-407-0784 (domestic) or +1- 201-689-8560 (international) and refer to the passcode 13739492.
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 Wednesday, July 12, 2023, until 11:59 p.m. ET on Wednesday, July 19, 2023. To hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13739492.
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, 2022. 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 |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2023 |
|
May 31, 2022 |
|
May 31, 2023 |
|
May 31, 2022 |
||||||||
|
(unaudited) |
|
(unaudited) |
|
(audited) |
||||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
91,074 |
|
|
$ |
86,998 |
|
|
$ |
338,752 |
|
|
$ |
316,219 |
|
Cost of sales (exclusive of intangible amortization) |
|
44,715 |
|
|
|
40,543 |
|
|
|
164,506 |
|
|
|
150,487 |
|
Gross profit |
|
46,359 |
|
|
|
46,455 |
|
|
|
174,246 |
|
|
|
165,732 |
|
% of net sales |
|
50.9 |
% |
|
|
53.4 |
% |
|
|
51.4 |
% |
|
|
52.4 |
% |
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
||||||||
Research and development |
|
7,860 |
|
|
|
7,866 |
|
|
|
29,883 |
|
|
|
30,739 |
|
Sales and marketing |
|
26,293 |
|
|
|
26,833 |
|
|
|
104,249 |
|
|
|
95,301 |
|
General and administrative |
|
10,228 |
|
|
|
11,103 |
|
|
|
40,003 |
|
|
|
38,451 |
|
Amortization of intangibles |
|
4,406 |
|
|
|
4,853 |
|
|
|
18,790 |
|
|
|
19,458 |
|
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
14,549 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
236 |
|
|
|
207 |
|
|
|
2,320 |
|
|
|
1,212 |
|
Acquisition, restructuring and other items, net |
|
3,624 |
|
|
|
1,990 |
|
|
|
15,633 |
|
|
|
9,042 |
|
Total operating expenses |
|
67,196 |
|
|
|
52,852 |
|
|
|
225,427 |
|
|
|
194,203 |
|
Operating loss |
|
(20,837 |
) |
|
|
(6,397 |
) |
|
|
(51,181 |
) |
|
|
(28,471 |
) |
Interest expense, net |
|
(901 |
) |
|
|
(185 |
) |
|
|
(2,702 |
) |
|
|
(688 |
) |
Other expense, net |
|
(127 |
) |
|
|
(139 |
) |
|
|
(554 |
) |
|
|
(790 |
) |
Total other expense, net |
|
(1,028 |
) |
|
|
(324 |
) |
|
|
(3,256 |
) |
|
|
(1,478 |
) |
Loss before income tax benefit |
|
(21,865 |
) |
|
|
(6,721 |
) |
|
|
(54,437 |
) |
|
|
(29,949 |
) |
Income tax benefit |
|
(398 |
) |
|
|
(455 |
) |
|
|
(1,995 |
) |
|
|
(3,402 |
) |
Net loss |
$ |
(21,467 |
) |
|
$ |
(6,266 |
) |
|
$ |
(52,442 |
) |
|
$ |
(26,547 |
) |
|
|
|
|
|
|
|
|
||||||||
Loss per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.54 |
) |
|
$ |
(0.16 |
) |
|
$ |
(1.33 |
) |
|
$ |
(0.68 |
) |
Diluted |
$ |
(0.54 |
) |
|
$ |
(0.16 |
) |
|
$ |
(1.33 |
) |
|
$ |
(0.68 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
39,608 |
|
|
|
39,160 |
|
|
|
39,480 |
|
|
|
39,009 |
|
Diluted |
|
39,608 |
|
|
|
39,160 |
|
|
|
39,480 |
|
|
|
39,009 |
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||||
GAAP TO NON-GAAP RECONCILIATION |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
| Reconciliation of Net Loss to non-GAAP Adjusted Net Loss Before Goodwill Impairment: |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2023 |
|
May 31, 2022 |
|
May 31, 2023 |
|
May 31, 2022 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(21,467 |
) |
|
$ |
(6,266 |
) |
|
$ |
(52,442 |
) |
|
$ |
(26,547 |
) |
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
14,549 |
|
|
|
— |
|
Net loss adjusted for goodwill impairment* |
$ |
(6,918 |
) |
|
$ |
(6,266 |
) |
|
$ |
(37,893 |
) |
|
$ |
(26,547 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Loss Per Share Before Goodwill Impairment: |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2023 |
|
May 31, 2022 |
|
May 31, 2023 |
|
May 31, 2022 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Diluted loss per share |
$ |
(0.54 |
) |
|
$ |
(0.16 |
) |
|
$ |
(1.33 |
) |
|
$ |
(0.68 |
) |
Goodwill impairment |
|
0.37 |
|
|
|
— |
|
|
|
0.37 |
|
|
|
— |
|
Adjusted diluted loss per share adjusted for goodwill impairment* |
$ |
(0.17 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.96 |
) |
|
$ |
(0.68 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted sharecount |
|
39,608 |
|
|
|
39,160 |
|
|
|
39,480 |
|
|
|
39,009 |
|
|
|
|
|
|
|
|
|
||||||||
*This does not include the Company's customary adjustments included on the next page. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||||
GAAP TO NON-GAAP RECONCILIATION |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
Reconciliation of Net Loss to non-GAAP Adjusted Net Income (Loss): |
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2023 |
|
May 31, 2022 |
|
May 31, 2023 |
|
May 31, 2022 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(21,467 |
) |
|
$ |
(6,266 |
) |
|
$ |
(52,442 |
) |
|
$ |
(26,547 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
4,406 |
|
|
|
4,853 |
|
|
|
18,790 |
|
|
|
19,458 |
|
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
14,549 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
236 |
|
|
|
207 |
|
|
|
2,320 |
|
|
|
1,212 |
|
Acquisition, restructuring and other items, net (1) |
|
3,624 |
|
|
|
1,990 |
|
|
|
15,633 |
|
|
|
9,042 |
|
Tax effect of non-GAAP items (2) |
|
(617 |
) |
|
|
(531 |
) |
|
|
(1,272 |
) |
|
|
(3,347 |
) |
Adjusted net income (loss) |
$ |
731 |
|
|
$ |
253 |
|
|
$ |
(2,422 |
) |
|
$ |
(182 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Earnings (Loss) Per Share: |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2023 |
|
May 31, 2022 |
|
May 31, 2023 |
|
May 31, 2022 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Diluted loss per share |
$ |
(0.54 |
) |
|
$ |
(0.16 |
) |
|
$ |
(1.33 |
) |
|
$ |
(0.68 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
0.11 |
|
|
|
0.12 |
|
|
|
0.48 |
|
|
|
0.50 |
|
Goodwill impairment |
|
0.37 |
|
|
|
— |
|
|
|
0.37 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.03 |
|
Acquisition, restructuring and other items, net (1) |
|
0.09 |
|
|
|
0.05 |
|
|
|
0.39 |
|
|
|
0.24 |
|
Tax effect of non-GAAP items (2) |
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.09 |
) |
Adjusted diluted earnings (loss) per share |
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted sharecount (3) |
|
39,916 |
|
|
|
40,250 |
|
|
|
39,480 |
|
|
|
39,009 |
|
|
|
|
|
|
|
|
|
||||||||
(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 Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2023 |
|
May 31, 2022 |
|
May 31, 2023 |
|
May 31, 2022 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(21,467 |
) |
|
$ |
(6,266 |
) |
|
$ |
(52,442 |
) |
|
$ |
(26,547 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax benefit |
|
(398 |
) |
|
|
(455 |
) |
|
|
(1,995 |
) |
|
|
(3,402 |
) |
Interest expense, net |
|
901 |
|
|
|
185 |
|
|
|
2,702 |
|
|
|
688 |
|
Depreciation and amortization |
|
7,506 |
|
|
|
7,628 |
|
|
|
30,681 |
|
|
|
29,194 |
|
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
14,549 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
236 |
|
|
|
207 |
|
|
|
2,320 |
|
|
|
1,212 |
|
Stock based compensation |
|
2,981 |
|
|
|
2,903 |
|
|
|
11,158 |
|
|
|
10,692 |
|
Acquisition, restructuring and other items, net (1) |
|
3,624 |
|
|
|
1,990 |
|
|
|
15,633 |
|
|
|
9,042 |
|
Adjusted EBITDA |
$ |
7,932 |
|
|
$ |
6,192 |
|
|
$ |
22,606 |
|
|
$ |
20,879 |
|
|
|
|
|
|
|
|
|
||||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.57 |
|
|
$ |
0.54 |
|
|
|
|
|
|
|
|
|
||||||||
(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 |
|
Twelve Months Ended |
||||||||||||||||||||||||||
|
May 31,
|
|
May 31,
|
|
%
|
|
Currency
|
|
Constant
|
|
May 31,
|
|
May 31,
|
|
%
|
|
Currency
|
|
Constant
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
(unaudited) |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Med Tech |
$ |
26,494 |
|
$ |
22,611 |
|
17.2 |
% |
|
|
|
|
|
$ |
96,687 |
|
$ |
78,717 |
|
22.8 |
% |
|
|
|
|
||||
Med Device |
|
64,580 |
|
|
64,387 |
|
0.3 |
% |
|
|
|
|
|
|
242,065 |
|
|
237,502 |
|
1.9 |
% |
|
|
|
|
||||
|
$ |
91,074 |
|
$ |
86,998 |
|
4.7 |
% |
|
0.2 |
% |
|
4.9 |
% |
|
$ |
338,752 |
|
$ |
316,219 |
|
7.1 |
% |
|
0.4 |
% |
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Sales by Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
$ |
74,439 |
|
$ |
73,704 |
|
1.0 |
% |
|
|
|
|
|
$ |
282,713 |
|
$ |
265,963 |
|
6.3 |
% |
|
|
|
|
||||
International |
|
16,635 |
|
|
13,294 |
|
25.1 |
% |
|
1.1 |
% |
|
26.2 |
% |
|
|
56,039 |
|
|
50,256 |
|
11.5 |
% |
|
2.5 |
% |
|
14.0 |
% |
|
$ |
91,074 |
|
$ |
86,998 |
|
4.7 |
% |
|
0.2 |
% |
|
4.9 |
% |
|
$ |
338,752 |
|
$ |
316,219 |
|
7.1 |
% |
|
0.4 |
% |
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GROSS PROFIT BY PRODUCT CATEGORY |
|||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||
|
May 31, 2023 |
|
May 31, 2022 |
|
% Change |
|
May 31, 2023 |
|
May 31, 2022 |
|
% Change |
||||||||||
|
(unaudited) |
|
|
|
(unaudited) |
|
|
||||||||||||||
Med Tech |
$ |
17,150 |
|
|
$ |
15,524 |
|
|
10.5 |
% |
|
$ |
61,966 |
|
|
$ |
52,584 |
|
|
17.8 |
% |
Gross profit % of sales |
|
64.7 |
% |
|
|
68.7 |
% |
|
|
|
|
64.1 |
% |
|
|
66.8 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Med Device |
$ |
29,209 |
|
|
$ |
30,931 |
|
|
(5.6 |
)% |
|
$ |
112,280 |
|
|
$ |
113,148 |
|
|
(0.8 |
)% |
Gross profit % of sales |
|
45.2 |
% |
|
|
48.0 |
% |
|
|
|
|
46.4 |
% |
|
|
47.6 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
$ |
46,359 |
|
|
$ |
46,455 |
|
|
(0.2 |
)% |
|
$ |
174,246 |
|
|
$ |
165,732 |
|
|
5.1 |
% |
Gross profit % of sales |
|
50.9 |
% |
|
|
53.4 |
% |
|
|
|
|
51.4 |
% |
|
|
52.4 |
% |
|
|
||
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||
CONSOLIDATED BALANCE SHEETS |
|||||
(in thousands) |
|||||
|
May 31, 2023 |
|
May 31, 2022 |
||
|
(unaudited) |
|
(audited) |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
44,620 |
|
$ |
28,825 |
Accounts receivable, net |
|
52,826 |
|
|
52,304 |
Inventories |
|
55,325 |
|
|
51,392 |
Prepaid expenses and other |
|
4,617 |
|
|
10,824 |
Current assets held for sale |
|
6,154 |
|
|
— |
Total current assets |
|
163,542 |
|
|
143,345 |
Property, plant and equipment, net |
|
44,384 |
|
|
45,005 |
Other assets |
|
10,676 |
|
|
10,963 |
Intangible assets, net |
|
111,144 |
|
|
152,380 |
Goodwill |
|
159,238 |
|
|
201,058 |
Non-current assets held for sale |
|
43,653 |
|
|
— |
Total assets |
$ |
532,637 |
|
$ |
552,751 |
Liabilities and stockholders' equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
40,445 |
|
$ |
28,047 |
Accrued liabilities |
|
26,617 |
|
|
34,842 |
Current portion of contingent consideration |
|
14,761 |
|
|
8,783 |
Other current liabilities |
|
2,002 |
|
|
2,652 |
Total current liabilities |
|
83,825 |
|
|
74,324 |
Long-term debt, net of current portion |
|
49,818 |
|
|
25,000 |
Deferred income taxes |
|
12,813 |
|
|
16,037 |
Contingent consideration, net of current portion |
|
4,535 |
|
|
8,165 |
Other long-term liabilities |
|
3,350 |
|
|
4,736 |
Total liabilities |
|
154,341 |
|
|
128,262 |
Stockholders' equity |
|
378,296 |
|
|
424,489 |
Total Liabilities and Stockholders' Equity |
$ |
532,637 |
|
$ |
552,751 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||
(in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2023 |
|
May 31, 2022 |
|
May 31, 2023 |
|
May 31, 2022 |
||||||||
|
(unaudited) |
|
(unaudited) |
|
(audited) |
||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(21,467 |
) |
|
$ |
(6,266 |
) |
|
$ |
(52,442 |
) |
|
$ |
(26,547 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
7,557 |
|
|
|
7,667 |
|
|
|
30,873 |
|
|
|
29,349 |
|
Non-cash lease expense |
|
601 |
|
|
|
617 |
|
|
|
2,484 |
|
|
|
2,439 |
|
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
14,549 |
|
|
|
— |
|
Stock based compensation |
|
2,981 |
|
|
|
2,903 |
|
|
|
11,158 |
|
|
|
10,692 |
|
Change in fair value of contingent consideration |
|
236 |
|
|
|
207 |
|
|
|
2,320 |
|
|
|
1,212 |
|
Deferred income tax provision |
|
(558 |
) |
|
|
(587 |
) |
|
|
(2,310 |
) |
|
|
(3,708 |
) |
Change in accounts receivable allowances |
|
135 |
|
|
|
184 |
|
|
|
695 |
|
|
|
118 |
|
Asset impairments and disposals |
|
147 |
|
|
|
146 |
|
|
|
291 |
|
|
|
391 |
|
Other |
|
(197 |
) |
|
|
(66 |
) |
|
|
(514 |
) |
|
|
(93 |
) |
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
(2,058 |
) |
|
|
(10,710 |
) |
|
|
(1,299 |
) |
|
|
(17,151 |
) |
Inventories |
|
4,056 |
|
|
|
(3,384 |
) |
|
|
(8,198 |
) |
|
|
(2,796 |
) |
Prepaid expenses and other |
|
724 |
|
|
|
2,135 |
|
|
|
332 |
|
|
|
(5,012 |
) |
Accounts payable, accrued and other liabilities |
|
9,248 |
|
|
|
15,714 |
|
|
|
2,139 |
|
|
|
3,912 |
|
Net cash provided by (used in) operating activities |
|
15,954 |
|
|
|
8,560 |
|
|
|
78 |
|
|
|
(7,194 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Additions to property, plant and equipment |
|
(1,056 |
) |
|
|
(1,039 |
) |
|
|
(3,812 |
) |
|
|
(4,297 |
) |
Additions to placement and evaluation units |
|
(472 |
) |
|
|
(2,734 |
) |
|
|
(5,394 |
) |
|
|
(11,410 |
) |
Acquisition of intangibles |
|
— |
|
|
|
— |
|
|
|
(540 |
) |
|
|
— |
|
Cash paid in acquisition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,600 |
) |
Net cash used in investing activities |
|
(1,528 |
) |
|
|
(3,773 |
) |
|
|
(9,746 |
) |
|
|
(19,307 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Proceeds from issuance of long-term debt |
|
— |
|
|
|
— |
|
|
|
70,000 |
|
|
|
— |
|
Repayment of long-term debt |
|
— |
|
|
|
— |
|
|
|
(45,000 |
) |
|
|
— |
|
Proceeds from borrowings on long-term debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
Deferred financing costs on long-term debt |
|
— |
|
|
|
— |
|
|
|
(751 |
) |
|
|
— |
|
Proceeds from exercise of stock options and employee stock purchase plan |
|
— |
|
|
|
329 |
|
|
|
1,171 |
|
|
|
2,683 |
|
Net cash provided by financing activities |
|
— |
|
|
|
329 |
|
|
|
25,420 |
|
|
|
7,683 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
83 |
|
|
|
(181 |
) |
|
|
43 |
|
|
|
(518 |
) |
Increase (decrease) in cash and cash equivalents |
|
14,509 |
|
|
|
4,935 |
|
|
|
15,795 |
|
|
|
(19,336 |
) |
Cash and cash equivalents at beginning of period |
|
30,111 |
|
|
|
23,890 |
|
|
|
28,825 |
|
|
|
48,161 |
|
Cash and cash equivalents at end of period |
$ |
44,620 |
|
|
$ |
28,825 |
|
|
$ |
44,620 |
|
|
$ |
28,825 |
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA CONSOLIDATED INCOME STATEMENTS |
|||||||||||||
Three Months Ended August 31, 2022 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
|
As Reported (1) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net sales |
$ |
81,537 |
|
|
$ |
(7,746 |
) |
|
(2) |
|
$ |
73,791 |
|
Cost of sales (exclusive of intangible amortization) |
|
39,232 |
|
|
|
(3,108 |
) |
|
(2) |
|
|
36,124 |
|
Gross profit |
|
42,305 |
|
|
|
(4,638 |
) |
|
|
|
|
37,667 |
|
% of net sales |
|
51.9 |
% |
|
|
|
|
|
|
51.0 |
% |
||
|
|
|
|
|
|
|
|
||||||
Operating expenses |
|
|
|
|
|
|
|
||||||
Research and development |
|
8,333 |
|
|
|
(62 |
) |
|
(2) |
|
|
8,271 |
|
Sales and marketing |
|
26,543 |
|
|
|
(19 |
) |
|
(2) |
|
|
26,524 |
|
General and administrative |
|
10,101 |
|
|
|
(1 |
) |
|
(2) |
|
|
10,100 |
|
Amortization of intangibles |
|
4,837 |
|
|
|
(483 |
) |
|
(2) |
|
|
4,354 |
|
Change in fair value of contingent consideration |
|
211 |
|
|
|
— |
|
|
|
|
|
211 |
|
Acquisition, restructuring and other items, net |
|
5,581 |
|
|
|
(17 |
) |
|
(2) |
|
|
5,564 |
|
Total operating expenses |
|
55,606 |
|
|
|
(582 |
) |
|
|
|
|
55,024 |
|
Operating loss |
|
(13,301 |
) |
|
|
(4,056 |
) |
|
|
|
|
(17,357 |
) |
Interest expense, net |
|
(381 |
) |
|
|
— |
|
|
|
|
|
(381 |
) |
Other expense, net |
|
(175 |
) |
|
|
— |
|
|
|
|
|
(175 |
) |
Total other expense, net |
|
(556 |
) |
|
|
— |
|
|
|
|
|
(556 |
) |
Loss before income tax benefit |
|
(13,857 |
) |
|
|
(4,056 |
) |
|
|
|
|
(17,913 |
) |
Income tax benefit |
|
(853 |
) |
|
|
— |
|
|
(3) |
|
|
(853 |
) |
Net loss |
$ |
(13,004 |
) |
|
$ |
(4,056 |
) |
|
|
|
$ |
(17,060 |
) |
|
|
|
|
|
|
|
|
||||||
Loss per share |
|
|
|
|
|
|
|
||||||
Basic |
$ |
(0.33 |
) |
|
|
|
|
|
$ |
(0.43 |
) |
||
Diluted |
$ |
(0.33 |
) |
|
|
|
|
|
$ |
(0.43 |
) |
||
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||
Basic |
|
39,302 |
|
|
|
|
|
|
|
39,302 |
|
||
Diluted |
|
39,302 |
|
|
|
|
|
|
|
39,302 |
|
||
(1) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Dialysis and BioSentry Biopsy Businesses ("the Business") for the three months ended August 31, 2022. |
(2) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
(3) There are no adjustments for income tax expense or deferred taxes when considering valuation allowances on the Company's deferred taxes. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA GAAP TO NON-GAAP RECONCILIATION |
|||||||||||||
Three Months Ended August 31, 2022 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Reconciliation of Net Loss to non-GAAP Adjusted Net Loss: |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (4) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net loss |
$ |
(13,004 |
) |
|
$ |
(4,056 |
) |
|
(5) |
|
$ |
(17,060 |
) |
|
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
4,837 |
|
|
|
(483 |
) |
|
(5) |
|
|
4,354 |
|
Change in fair value of contingent consideration |
|
211 |
|
|
|
— |
|
|
|
|
|
211 |
|
Acquisition, restructuring and other items, net (1) |
|
5,581 |
|
|
|
(17 |
) |
|
(5) |
|
|
5,564 |
|
Tax effect of non-GAAP items (2) |
|
(111 |
) |
|
|
1,048 |
|
|
|
|
|
937 |
|
Adjusted net loss |
$ |
(2,486 |
) |
|
$ |
(3,508 |
) |
|
|
|
$ |
(5,994 |
) |
|
|
|
|
|
|
|
|
||||||
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Loss Per Share: |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (4) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Diluted loss per share |
$ |
(0.33 |
) |
|
$ |
(0.11 |
) |
|
(5) |
|
$ |
(0.44 |
) |
|
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
0.12 |
|
|
|
(0.01 |
) |
|
(5) |
|
|
0.11 |
|
Change in fair value of contingent consideration |
|
0.01 |
|
|
|
— |
|
|
|
|
|
0.01 |
|
Acquisition, restructuring and other items, net (1) |
|
0.14 |
|
|
|
— |
|
|
|
|
|
0.14 |
|
Tax effect of non-GAAP items (2) |
|
— |
|
|
|
0.03 |
|
|
|
|
|
0.03 |
|
Adjusted diluted loss per share |
$ |
(0.06 |
) |
|
$ |
(0.09 |
) |
|
|
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
||||||
Adjusted diluted sharecount (3) |
|
39,302 |
|
|
|
|
|
|
|
39,302 |
|
||
|
|
|
|
|
|
|
|
||||||
(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. |
(4) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended August 31, 2022. |
(5) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued) |
|||||||||||||
Three Months Ended August 31, 2022 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (2) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net loss |
$ |
(13,004 |
) |
|
$ |
(4,056 |
) |
|
(3) |
|
$ |
(17,060 |
) |
|
|
|
|
|
|
|
|
||||||
Income tax benefit |
|
(853 |
) |
|
|
— |
|
|
|
|
|
(853 |
) |
Interest expense, net |
|
381 |
|
|
|
— |
|
|
|
|
|
381 |
|
Depreciation and amortization |
|
7,621 |
|
|
|
(490 |
) |
|
(3) |
|
|
7,131 |
|
Change in fair value of contingent consideration |
|
211 |
|
|
|
— |
|
|
|
|
|
211 |
|
Stock based compensation |
|
3,024 |
|
|
|
— |
|
|
|
|
|
3,024 |
|
Acquisition, restructuring and other items, net (1) |
|
5,581 |
|
|
|
(17 |
) |
|
(3) |
|
|
5,564 |
|
Adjusted EBITDA |
$ |
2,961 |
|
|
$ |
(4,563 |
) |
|
|
|
$ |
(1,602 |
) |
|
|
|
|
|
|
|
|
||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||
Adjusted EBITDA |
$ |
0.08 |
|
|
$ |
(0.12 |
) |
|
|
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
||||||
(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) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended August 31, 2022. |
(3) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA CONSOLIDATED INCOME STATEMENTS |
|||||||||||||
Three Months Ended November 30, 2022 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
|
As Reported (1) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net sales |
$ |
85,429 |
|
|
$ |
(8,442 |
) |
|
(2) |
|
$ |
76,987 |
|
Cost of sales (exclusive of intangible amortization) |
|
40,351 |
|
|
|
(3,184 |
) |
|
(2) |
|
|
37,167 |
|
Gross profit |
|
45,078 |
|
|
|
(5,258 |
) |
|
|
|
|
39,820 |
|
% of net sales |
|
52.8 |
% |
|
|
|
|
|
|
51.7 |
% |
||
|
|
|
|
|
|
|
|
||||||
Operating expenses |
|
|
|
|
|
|
|
||||||
Research and development |
|
6,838 |
|
|
|
(66 |
) |
|
(2) |
|
|
6,772 |
|
Sales and marketing |
|
26,007 |
|
|
|
(15 |
) |
|
(2) |
|
|
25,992 |
|
General and administrative |
|
10,835 |
|
|
|
2 |
|
|
(2) |
|
|
10,837 |
|
Amortization of intangibles |
|
4,808 |
|
|
|
(483 |
) |
|
(2) |
|
|
4,325 |
|
Change in fair value of contingent consideration |
|
1,646 |
|
|
|
— |
|
|
|
|
|
1,646 |
|
Acquisition, restructuring and other items, net |
|
3,059 |
|
|
|
— |
|
|
|
|
|
3,059 |
|
Total operating expenses |
|
53,193 |
|
|
|
(562 |
) |
|
|
|
|
52,631 |
|
Operating loss |
|
(8,115 |
) |
|
|
(4,696 |
) |
|
|
|
|
(12,811 |
) |
Interest expense, net |
|
(684 |
) |
|
|
— |
|
|
|
|
|
(684 |
) |
Other expense, net |
|
(252 |
) |
|
|
— |
|
|
|
|
|
(252 |
) |
Total other expense, net |
|
(936 |
) |
|
|
— |
|
|
|
|
|
(936 |
) |
Loss before income tax benefit |
|
(9,051 |
) |
|
|
(4,696 |
) |
|
|
|
|
(13,747 |
) |
Income tax benefit |
|
(565 |
) |
|
|
— |
|
|
(3) |
|
|
(565 |
) |
Net loss |
$ |
(8,486 |
) |
|
$ |
(4,696 |
) |
|
|
|
$ |
(13,182 |
) |
|
|
|
|
|
|
|
|
||||||
Loss per share |
|
|
|
|
|
|
|
||||||
Basic |
$ |
(0.21 |
) |
|
|
|
|
|
$ |
(0.33 |
) |
||
Diluted |
$ |
(0.21 |
) |
|
|
|
|
|
$ |
(0.33 |
) |
||
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||
Basic |
|
39,490 |
|
|
|
|
|
|
|
39,490 |
|
||
Diluted |
|
39,490 |
|
|
|
|
|
|
|
39,490 |
|
||
(1) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended November 30, 2022. |
(2) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
(3) There are no adjustments for income tax expense or deferred taxes when considering valuation allowances on the Company's deferred taxes. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA GAAP TO NON-GAAP RECONCILIATION |
|||||||||||||
Three Months Ended November 30, 2022 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Reconciliation of Net Loss to non-GAAP Adjusted Net Income (Loss): |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (4) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net loss |
$ |
(8,486 |
) |
|
$ |
(4,696 |
) |
|
(5) |
|
$ |
(13,182 |
) |
|
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
4,808 |
|
|
|
(483 |
) |
|
(5) |
|
|
4,325 |
|
Change in fair value of contingent consideration |
|
1,646 |
|
|
|
— |
|
|
|
|
|
1,646 |
|
Acquisition, restructuring and other items, net (1) |
|
3,059 |
|
|
|
— |
|
|
|
|
|
3,059 |
|
Tax effect of non-GAAP items (2) |
|
(671 |
) |
|
|
1,191 |
|
|
|
|
|
520 |
|
Adjusted net income (loss) |
$ |
356 |
|
|
$ |
(3,988 |
) |
|
|
|
$ |
(3,632 |
) |
|
|
|
|
|
|
|
|
||||||
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Earnings (Loss) Per Share: |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (4) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Diluted loss per share |
$ |
(0.21 |
) |
|
$ |
(0.12 |
) |
|
(5) |
|
$ |
(0.33 |
) |
|
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
0.12 |
|
|
|
(0.01 |
) |
|
(5) |
|
|
0.11 |
|
Change in fair value of contingent consideration |
|
0.04 |
|
|
|
— |
|
|
|
|
|
0.04 |
|
Acquisition, restructuring and other items, net (1) |
|
0.08 |
|
|
|
— |
|
|
|
|
|
0.08 |
|
Tax effect of non-GAAP items (2) |
|
(0.02 |
) |
|
|
0.03 |
|
|
|
|
|
0.01 |
|
Adjusted diluted earnings (loss) per share |
$ |
0.01 |
|
|
$ |
(0.10 |
) |
|
|
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
||||||
Adjusted diluted sharecount (3) |
|
40,059 |
|
|
|
|
|
|
|
39,490 |
|
||
|
|
|
|
|
|
|
|
||||||
(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. |
(4) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended November 30, 2022. |
(5) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued) |
|||||||||||||
Three Months Ended November 30, 2022 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (2) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net loss |
$ |
(8,486 |
) |
|
$ |
(4,696 |
) |
|
(3) |
|
$ |
(13,182 |
) |
|
|
|
|
|
|
|
|
||||||
Income tax benefit |
|
(565 |
) |
|
|
— |
|
|
|
|
|
(565 |
) |
Interest expense, net |
|
684 |
|
|
|
— |
|
|
|
|
|
684 |
|
Depreciation and amortization |
|
7,767 |
|
|
|
(491 |
) |
|
(3) |
|
|
7,276 |
|
Change in fair value of contingent consideration |
|
1,646 |
|
|
|
— |
|
|
|
|
|
1,646 |
|
Stock based compensation |
|
3,350 |
|
|
|
— |
|
|
|
|
|
3,350 |
|
Acquisition, restructuring and other items, net (1) |
|
3,059 |
|
|
|
— |
|
|
|
|
|
3,059 |
|
Adjusted EBITDA |
$ |
7,455 |
|
|
$ |
(5,187 |
) |
|
|
|
$ |
2,268 |
|
|
|
|
|
|
|
|
|
||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||
Adjusted EBITDA |
$ |
0.19 |
|
|
$ |
(0.13 |
) |
|
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
||||||
(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) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended November 30, 2022. |
|
(3) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA CONSOLIDATED INCOME STATEMENTS |
|||||||||||||
Three Months Ended February 28, 2023 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
|
As Reported (1) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net sales |
$ |
80,712 |
|
|
$ |
(7,502 |
) |
|
(2) |
|
$ |
73,210 |
|
Cost of sales (exclusive of intangible amortization) |
|
40,208 |
|
|
|
(3,027 |
) |
|
(2) |
|
|
37,181 |
|
Gross profit |
|
40,504 |
|
|
|
(4,475 |
) |
|
|
|
|
36,029 |
|
% of net sales |
|
50.2 |
% |
|
|
|
|
|
|
49.2 |
% |
||
|
|
|
|
|
|
|
|
||||||
Operating expenses |
|
|
|
|
|
|
|
||||||
Research and development |
|
6,852 |
|
|
|
(39 |
) |
|
(2) |
|
|
6,813 |
|
Sales and marketing |
|
25,406 |
|
|
|
(11 |
) |
|
(2) |
|
|
25,395 |
|
General and administrative |
|
8,839 |
|
|
|
6 |
|
|
(2) |
|
|
8,845 |
|
Amortization of intangibles |
|
4,739 |
|
|
|
(484 |
) |
|
(2) |
|
|
4,255 |
|
Change in fair value of contingent consideration |
|
227 |
|
|
|
— |
|
|
|
|
|
227 |
|
Acquisition, restructuring and other items, net |
|
3,369 |
|
|
|
— |
|
|
|
|
|
3,369 |
|
Total operating expenses |
|
49,432 |
|
|
|
(528 |
) |
|
|
|
|
48,904 |
|
Operating loss |
|
(8,928 |
) |
|
|
(3,947 |
) |
|
|
|
|
(12,875 |
) |
Interest expense, net |
|
(736 |
) |
|
|
— |
|
|
|
|
|
(736 |
) |
Other income (expense), net |
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
Total other expense, net |
|
(736 |
) |
|
|
— |
|
|
|
|
|
(736 |
) |
Loss before income tax benefit |
|
(9,664 |
) |
|
|
(3,947 |
) |
|
|
|
|
(13,611 |
) |
Income tax benefit |
|
(179 |
) |
|
|
— |
|
|
(3) |
|
|
(179 |
) |
Net loss |
$ |
(9,485 |
) |
|
$ |
(3,947 |
) |
|
|
|
$ |
(13,432 |
) |
|
|
|
|
|
|
|
|
||||||
Loss per share |
|
|
|
|
|
|
|
||||||
Basic |
$ |
(0.24 |
) |
|
|
|
|
|
$ |
(0.34 |
) |
||
Diluted |
$ |
(0.24 |
) |
|
|
|
|
|
$ |
(0.34 |
) |
||
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||
Basic |
|
39,509 |
|
|
|
|
|
|
|
39,509 |
|
||
Diluted |
|
39,509 |
|
|
|
|
|
|
|
39,509 |
|
||
(1) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended February 28, 2023. |
(2) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
(3) There are no adjustments for income tax expense or deferred taxes when considering valuation allowances on the Company's deferred taxes. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA GAAP TO NON-GAAP RECONCILIATION |
|||||||||||||
Three Months Ended February 28, 2023 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Reconciliation of Net Loss to non-GAAP Adjusted Net Loss: |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (4) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net loss |
$ |
(9,485 |
) |
|
$ |
(3,947 |
) |
|
(5) |
|
$ |
(13,432 |
) |
|
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
4,739 |
|
|
|
(484 |
) |
|
(5) |
|
|
4,255 |
|
Change in fair value of contingent consideration |
|
227 |
|
|
|
— |
|
|
|
|
|
227 |
|
Acquisition, restructuring and other items, net (1) |
|
3,369 |
|
|
|
— |
|
|
|
|
|
3,369 |
|
Tax effect of non-GAAP items (2) |
|
127 |
|
|
|
1,019 |
|
|
|
|
|
1,146 |
|
Adjusted net loss |
$ |
(1,023 |
) |
|
$ |
(3,412 |
) |
|
|
|
$ |
(4,435 |
) |
|
|
|
|
|
|
|
|
||||||
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Loss Per Share: |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (4) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Diluted loss per share |
$ |
(0.24 |
) |
|
$ |
(0.10 |
) |
|
(5) |
|
$ |
(0.34 |
) |
|
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
0.12 |
|
|
|
(0.01 |
) |
|
(5) |
|
|
0.11 |
|
Change in fair value of contingent consideration |
|
0.01 |
|
|
|
— |
|
|
|
|
|
0.01 |
|
Acquisition, restructuring and other items, net (1) |
|
0.08 |
|
|
|
— |
|
|
|
|
|
0.08 |
|
Tax effect of non-GAAP items (2) |
|
— |
|
|
|
0.03 |
|
|
|
|
|
0.03 |
|
Adjusted diluted loss per share |
$ |
(0.03 |
) |
|
$ |
(0.08 |
) |
|
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
||||||
Adjusted diluted sharecount (3) |
|
39,509 |
|
|
|
|
|
|
|
39,509 |
|
||
|
|
|
|
|
|
|
|
||||||
(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. |
(4) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended February 28, 2023. |
(5) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued) |
|||||||||||||
Three Months Ended February 28, 2023 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (2) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net loss |
$ |
(9,485 |
) |
|
$ |
(3,947 |
) |
|
(3) |
|
$ |
(13,432 |
) |
|
|
|
|
|
|
|
|
||||||
Income tax benefit |
|
(179 |
) |
|
|
— |
|
|
|
|
|
(179 |
) |
Interest expense, net |
|
736 |
|
|
|
— |
|
|
|
|
|
736 |
|
Depreciation and amortization |
|
7,787 |
|
|
|
(491 |
) |
|
(3) |
|
|
7,296 |
|
Change in fair value of contingent consideration |
|
227 |
|
|
|
— |
|
|
|
|
|
227 |
|
Stock based compensation |
|
1,803 |
|
|
|
— |
|
|
|
|
|
1,803 |
|
Acquisition, restructuring and other items, net (1) |
|
3,369 |
|
|
|
— |
|
|
|
|
|
3,369 |
|
Adjusted EBITDA |
$ |
4,258 |
|
|
$ |
(4,438 |
) |
|
|
|
$ |
(180 |
) |
|
|
|
|
|
|
|
|
||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||
Adjusted EBITDA |
$ |
0.11 |
|
|
$ |
(0.11 |
) |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||||||
(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) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended February 28, 2023. |
(3) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA CONSOLIDATED INCOME STATEMENTS |
|||||||||||||
Three Months Ended May 31, 2023 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
|
As Reported (1) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net sales |
$ |
91,074 |
|
|
$ |
(8,755 |
) |
|
(2) |
|
$ |
82,319 |
|
Cost of sales (exclusive of intangible amortization) |
|
44,715 |
|
|
|
(3,595 |
) |
|
(2) |
|
|
41,120 |
|
Gross profit |
|
46,359 |
|
|
|
(5,160 |
) |
|
|
|
|
41,199 |
|
% of net sales |
|
50.9 |
% |
|
|
|
|
|
|
50.0 |
% |
||
|
|
|
|
|
|
|
|
||||||
Operating expenses |
|
|
|
|
|
|
|
||||||
Research and development |
|
7,860 |
|
|
|
(159 |
) |
|
(2) |
|
|
7,701 |
|
Sales and marketing |
|
26,293 |
|
|
|
(21 |
) |
|
(2) |
|
|
26,272 |
|
General and administrative |
|
10,228 |
|
|
|
— |
|
|
(2) |
|
|
10,228 |
|
Amortization of intangibles |
|
4,406 |
|
|
|
(483 |
) |
|
(2) |
|
|
3,923 |
|
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
|
|
14,549 |
|
Change in fair value of contingent consideration |
|
236 |
|
|
|
— |
|
|
|
|
|
236 |
|
Acquisition, restructuring and other items, net |
|
3,624 |
|
|
|
(368 |
) |
|
(2) |
|
|
3,256 |
|
Total operating expenses |
|
67,196 |
|
|
|
(1,031 |
) |
|
|
|
|
66,165 |
|
Operating loss |
|
(20,837 |
) |
|
|
(4,129 |
) |
|
|
|
|
(24,966 |
) |
Interest expense, net |
|
(901 |
) |
|
|
— |
|
|
|
|
|
(901 |
) |
Other expense, net |
|
(127 |
) |
|
|
— |
|
|
|
|
|
(127 |
) |
Total other expense, net |
|
(1,028 |
) |
|
|
— |
|
|
|
|
|
(1,028 |
) |
Loss before income tax benefit |
|
(21,865 |
) |
|
|
(4,129 |
) |
|
|
|
|
(25,994 |
) |
Income tax benefit |
|
(398 |
) |
|
|
— |
|
|
(3) |
|
|
(398 |
) |
Net loss |
$ |
(21,467 |
) |
|
$ |
(4,129 |
) |
|
|
|
$ |
(25,596 |
) |
|
|
|
|
|
|
|
|
||||||
Loss per share |
|
|
|
|
|
|
|
||||||
Basic |
$ |
(0.54 |
) |
|
|
|
|
|
$ |
(0.65 |
) |
||
Diluted |
$ |
(0.54 |
) |
|
|
|
|
|
$ |
(0.65 |
) |
||
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||
Basic |
|
39,608 |
|
|
|
|
|
|
|
39,608 |
|
||
Diluted |
|
39,608 |
|
|
|
|
|
|
|
39,608 |
|
||
(1) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended May 31, 2023. |
(2) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
(3) There are no adjustments for income tax expense or deferred taxes when considering valuation allowances on the Company's deferred taxes. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA GAAP TO NON-GAAP RECONCILIATION |
|||||||||||||
Three Months Ended May 31, 2023 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Reconciliation of Net Loss to non-GAAP Adjusted Net Income (Loss): |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (4) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net loss |
$ |
(21,467 |
) |
|
$ |
(4,129 |
) |
|
(5) |
|
$ |
(25,596 |
) |
|
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
4,406 |
|
|
|
(483 |
) |
|
(5) |
|
|
3,923 |
|
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
|
|
14,549 |
|
Change in fair value of contingent consideration |
|
236 |
|
|
|
— |
|
|
|
|
|
236 |
|
Acquisition, restructuring and other items, net (1) |
|
3,624 |
|
|
|
(368 |
) |
|
(5) |
|
|
3,256 |
|
Tax effect of non-GAAP items (2) |
|
(617 |
) |
|
|
1,146 |
|
|
|
|
|
529 |
|
Adjusted net income (loss) |
$ |
731 |
|
|
$ |
(3,834 |
) |
|
|
|
$ |
(3,103 |
) |
|
|
|
|
|
|
|
|
||||||
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Earnings (Loss) Per Share: |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (4) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Diluted loss per share |
$ |
(0.54 |
) |
|
$ |
(0.11 |
) |
|
(5) |
|
$ |
(0.65 |
) |
|
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
0.11 |
|
|
|
(0.01 |
) |
|
(5) |
|
|
0.10 |
|
Goodwill impairment |
|
0.37 |
|
|
|
— |
|
|
|
|
|
0.37 |
|
Change in fair value of contingent consideration |
|
0.01 |
|
|
|
— |
|
|
|
|
|
0.01 |
|
Acquisition, restructuring and other items, net (1) |
|
0.09 |
|
|
|
(0.01 |
) |
|
(5) |
|
|
0.08 |
|
Tax effect of non-GAAP items (2) |
|
(0.02 |
) |
|
|
0.03 |
|
|
|
|
|
0.01 |
|
Adjusted diluted earnings (loss) per share |
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
||||||
Adjusted diluted sharecount (3) |
|
39,916 |
|
|
|
|
|
|
|
39,608 |
|
||
|
|
|
|
|
|
|
|
||||||
(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. |
(4) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended May 31, 2023. |
(5) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued) |
|||||||||||||
Three Months Ended May 31, 2023 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (2) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net loss |
$ |
(21,467 |
) |
|
$ |
(4,129 |
) |
|
(3) |
|
$ |
(25,596 |
) |
|
|
|
|
|
|
|
|
||||||
Income tax benefit |
|
(398 |
) |
|
|
— |
|
|
|
|
|
(398 |
) |
Interest expense, net |
|
901 |
|
|
|
— |
|
|
|
|
|
901 |
|
Depreciation and amortization |
|
7,506 |
|
|
|
(490 |
) |
|
(3) |
|
|
7,016 |
|
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
|
|
14,549 |
|
Change in fair value of contingent consideration |
|
236 |
|
|
|
— |
|
|
|
|
|
236 |
|
Stock based compensation |
|
2,981 |
|
|
|
— |
|
|
|
|
|
2,981 |
|
Acquisition, restructuring and other items, net (1) |
|
3,624 |
|
|
|
(368 |
) |
|
(3) |
|
|
3,256 |
|
Adjusted EBITDA |
$ |
7,932 |
|
|
$ |
(4,987 |
) |
|
|
|
$ |
2,945 |
|
|
|
|
|
|
|
|
|
||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||
Adjusted EBITDA |
$ |
0.20 |
|
|
$ |
(0.13 |
) |
|
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
||||||
(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) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the three months ended May 31, 2023. |
(3) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA CONSOLIDATED INCOME STATEMENTS |
|||||||||||||
As of May 31, 2023 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
|
As Reported (1) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net sales |
$ |
338,752 |
|
|
$ |
(32,445 |
) |
|
(2) |
|
$ |
306,307 |
|
Cost of sales (exclusive of intangible amortization) |
|
164,506 |
|
|
|
(12,914 |
) |
|
(2) |
|
|
151,592 |
|
Gross profit |
|
174,246 |
|
|
|
(19,531 |
) |
|
|
|
|
154,715 |
|
% of net sales |
|
51.4 |
% |
|
|
|
|
|
|
50.5 |
% |
||
|
|
|
|
|
|
|
|
||||||
Operating expenses |
|
|
|
|
|
|
|
||||||
Research and development |
|
29,883 |
|
|
|
(326 |
) |
|
(2) |
|
|
29,557 |
|
Sales and marketing |
|
104,249 |
|
|
|
(66 |
) |
|
(2) |
|
|
104,183 |
|
General and administrative |
|
40,003 |
|
|
|
7 |
|
|
(2) |
|
|
40,010 |
|
Amortization of intangibles |
|
18,790 |
|
|
|
(1,933 |
) |
|
(2) |
|
|
16,857 |
|
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
|
|
14,549 |
|
Change in fair value of contingent consideration |
|
2,320 |
|
|
|
— |
|
|
|
|
|
2,320 |
|
Acquisition, restructuring and other items, net |
|
15,633 |
|
|
|
(386 |
) |
|
(2) |
|
|
15,247 |
|
Total operating expenses |
|
225,427 |
|
|
|
(2,704 |
) |
|
|
|
|
222,723 |
|
Operating loss |
|
(51,181 |
) |
|
|
(16,827 |
) |
|
|
|
|
(68,008 |
) |
Interest expense, net |
|
(2,702 |
) |
|
|
— |
|
|
|
|
|
(2,702 |
) |
Other expense, net |
|
(554 |
) |
|
|
— |
|
|
|
|
|
(554 |
) |
Total other expense, net |
|
(3,256 |
) |
|
|
— |
|
|
|
|
|
(3,256 |
) |
Loss before income tax benefit |
|
(54,437 |
) |
|
|
(16,827 |
) |
|
(3) |
|
|
(71,264 |
) |
Income tax benefit |
|
(1,995 |
) |
|
|
— |
|
|
|
|
|
(1,995 |
) |
Net loss |
$ |
(52,442 |
) |
|
$ |
(16,827 |
) |
|
|
|
$ |
(69,269 |
) |
|
|
|
|
|
|
|
|
||||||
Loss per share |
|
|
|
|
|
|
|
||||||
Basic |
$ |
(1.33 |
) |
|
|
|
|
|
$ |
(1.75 |
) |
||
Diluted |
$ |
(1.33 |
) |
|
|
|
|
|
$ |
(1.75 |
) |
||
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||
Basic |
|
39,480 |
|
|
|
|
|
|
|
39,480 |
|
||
Diluted |
|
39,480 |
|
|
|
|
|
|
|
39,480 |
|
||
(1) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the year ended May 31, 2023. |
(2) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
(3) There are no adjustments for income tax expense or deferred taxes when considering valuation allowances on the Company's deferred taxes. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA GAAP TO NON-GAAP RECONCILIATION |
|||||||||||||
As of May 31, 2023 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Reconciliation of Net Loss to non-GAAP Adjusted Net Loss: |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (4) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net loss |
$ |
(52,442 |
) |
|
$ |
(16,827 |
) |
|
(5) |
|
$ |
(69,269 |
) |
|
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
18,790 |
|
|
|
(1,933 |
) |
|
(5) |
|
|
16,857 |
|
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
|
|
14,549 |
|
Change in fair value of contingent consideration |
|
2,320 |
|
|
|
— |
|
|
|
|
|
2,320 |
|
Acquisition, restructuring and other items, net (1) |
|
15,633 |
|
|
|
(386 |
) |
|
(5) |
|
|
15,247 |
|
Tax effect of non-GAAP items (2) |
|
(1,272 |
) |
|
|
4,404 |
|
|
|
|
|
3,132 |
|
Adjusted net loss |
$ |
(2,422 |
) |
|
$ |
(14,742 |
) |
|
|
|
$ |
(17,164 |
) |
|
|
|
|
|
|
|
|
||||||
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Loss Per Share: |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (4) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Diluted loss per share |
$ |
(1.33 |
) |
|
$ |
(0.42 |
) |
|
(5) |
|
$ |
(1.75 |
) |
|
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
0.48 |
|
|
|
(0.05 |
) |
|
(5) |
|
|
0.43 |
|
Goodwill impairment |
|
0.37 |
|
|
|
— |
|
|
|
|
|
0.37 |
|
Change in fair value of contingent consideration |
|
0.06 |
|
|
|
— |
|
|
|
|
|
0.06 |
|
Acquisition, restructuring and other items, net (1) |
|
0.39 |
|
|
|
(0.01 |
) |
|
(5) |
|
|
0.38 |
|
Tax effect of non-GAAP items (2) |
|
(0.03 |
) |
|
|
0.11 |
|
|
|
|
|
0.08 |
|
Adjusted diluted loss per share |
$ |
(0.06 |
) |
|
$ |
(0.37 |
) |
|
|
|
$ |
(0.43 |
) |
|
|
|
|
|
|
|
|
||||||
Adjusted diluted sharecount (3) |
|
39,480 |
|
|
|
|
|
|
|
39,480 |
|
||
|
|
|
|
|
|
|
|
||||||
(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. |
(4) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the year ended May 31, 2023. |
(5) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||
PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued) |
|||||||||||||
As of May 31, 2023 |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported (2) |
|
Pro Forma
|
|
Notes |
|
As Adjusted |
||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
||||||
|
|
|
|
|
|
|
|
||||||
Net loss |
$ |
(52,442 |
) |
|
$ |
(16,827 |
) |
|
(3) |
|
$ |
(69,269 |
) |
|
|
|
|
|
|
|
|
||||||
Income tax benefit |
|
(1,995 |
) |
|
|
— |
|
|
|
|
|
(1,995 |
) |
Interest expense, net |
|
2,702 |
|
|
|
— |
|
|
|
|
|
2,702 |
|
Depreciation and amortization |
|
30,681 |
|
|
|
(1,962 |
) |
|
(3) |
|
|
28,719 |
|
Goodwill impairment |
|
14,549 |
|
|
|
— |
|
|
|
|
|
14,549 |
|
Change in fair value of contingent consideration |
|
2,320 |
|
|
|
— |
|
|
|
|
|
2,320 |
|
Stock based compensation |
|
11,158 |
|
|
|
— |
|
|
|
|
|
11,158 |
|
Acquisition, restructuring and other items, net (1) |
|
15,633 |
|
|
|
(386 |
) |
|
(3) |
|
|
15,247 |
|
Adjusted EBITDA |
$ |
22,606 |
|
|
$ |
(19,175 |
) |
|
|
|
$ |
3,431 |
|
|
|
|
|
|
|
|
|
||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||
Adjusted EBITDA |
$ |
0.57 |
|
|
$ |
(0.49 |
) |
|
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
||||||
(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) Reflects the Company's historical US GAAP consolidated financial statements, as reported, before pro forma adjustments related to the sale of the Business for the year ended May 31, 2023. |
(3) Reflects the elimination of revenues and expenses representing the historical operating results of the Business. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230712983563/en/
Investor:
AngioDynamics, Inc.
Stephen Trowbridge, Executive Vice President & CFO
(518) 795-1408
Source: AngioDynamics, Inc.
