AngioDynamics Reports Fiscal Year 2024 Second Quarter Financial Results; Revises Fiscal Year 2024 Guidance
- Net sales increased by 2.7% on a pro-forma basis compared to the prior-year quarter
- The company expects to achieve full-year adjusted EPS profitability in FY27
- Gross margin declined by 80 basis points on a pro-forma basis year over year
- 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
Insights
Analyzing AngioDynamics Inc.'s second quarter fiscal year 2024 results reveals modest top-line growth with net sales increasing by 2.7%. This growth, however, is overshadowed by a contraction in gross margin by 80 basis points, indicating cost pressures that could be attributed to inflationary impacts on labor and raw materials. The transition to outsourced manufacturing is a strategic move that may alleviate some of these pressures in the long term by reducing overhead costs and potentially improving operational efficiency.
Despite the net loss recorded, the company's operational cash flow was positive and cash reserves increased, which may provide some financial stability in the short term. However, the projected adjusted loss per share for the fiscal year suggests that profitability is not imminent. Investors should monitor the effectiveness of the restructuring and its impact on the gross margin profile, as well as the company's ability to drive sales growth, particularly in its Thrombus business which has underperformed this quarter.
The medical device sector is highly competitive and AngioDynamics' shift towards outsourced manufacturing is indicative of a broader industry trend aimed at cost reduction and focusing on core competencies. The company's emphasis on Med Tech, including its Auryon peripheral atherectomy platform and thrombus management platform, aligns with growing market demand for advanced medical technologies. However, the decline in AngioVac sales suggests potential challenges in market penetration or competition.
Completion of the APEX-AV trial enrollment is a positive development, potentially enhancing the company’s product portfolio and strengthening its position in the treatment of acute intermediate-risk pulmonary embolism. The long-term success of these initiatives will depend on regulatory approvals, market acceptance and the company's ability to leverage its sales and education efforts to drive adoption.
The medical device industry is particularly sensitive to regulatory and clinical trial outcomes. AngioDynamics' completion of enrollment in the APEX-AV trial is a critical step towards obtaining a new indication for their AlphaVac F18 device, which could significantly impact future revenue streams. The strategic divestiture of non-core businesses, such as the Dialysis and BioSentry segments, allows the company to concentrate resources on high-growth areas.
The transition to a fully outsourced manufacturing model is a significant operational shift that could reduce cost structures and improve gross margins in the long run, but it also introduces new risks associated with supply chain management and quality control. Stakeholders should consider the execution risks associated with these transitions and the company's ability to manage these changes without disrupting existing operations or product quality.
Fiscal Year 2024 Second Quarter Highlights
-
Net sales of
increased$79.1 million 2.7% on a pro-forma basis compared to the prior-year quarter-
Med Tech net sales of
increased$25.4 million 3.5% -
Med Device net sales of
increased$53.7 million 2.3% on a pro-forma basis
-
Med Tech net sales of
-
Gross margin of
50.9% declined 80 basis points on a pro-forma basis year over year -
GAAP loss per share of
and adjusted loss per share of$0.72 $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
“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
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
Med Tech net sales were
Med Device net sales were
Gross margin for the second quarter of fiscal 2024 was
The Company recorded a net loss of
Adjusted EBITDA in the second quarter of fiscal 2024, excluding the items shown in the reconciliation table below, was
In the second quarter of fiscal 2024, the Company generated
On November 30, 2023, the Company had
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
Med Tech net sales were
Gross margin was
The Company’s net income 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
Manufacturing Restructuring
The Company announced today that it is committed to shifting its manufacturing operations from a company-owned facility in upstate
Fiscal Year 2024 Financial Guidance
The Company now 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 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
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 |
(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 |
(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,
|
Nov 30,
|
Nov 30,
|
|
Nov 30,
|
Nov 30,
|
Nov 30,
|
|
% 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
$ |
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,
|
Nov 30,
|
Nov 30,
|
|
Nov 30,
|
Nov 30,
|
Nov 30,
|
|
% 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,
|
Nov 30,
|
Nov 30,
|
|
Nov 30,
|
Nov 30,
|
Nov 30,
|
|
% Growth |
Currency Impact |
Constant Currency 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
$ |
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,
|
Nov 30,
|
Nov 30,
|
|
Nov 30,
|
Nov 30,
|
Nov 30,
|
|
% 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
Source: AngioDynamics, Inc.
FAQ
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