AngioDynamics Reports Fiscal Year 2025 Second Quarter Financial Results
AngioDynamics (NASDAQ: ANGO) reported its Q2 FY2025 financial results, showing notable growth in its Med Tech segment. The company achieved net sales of $73.0 million, representing a 9.2% year-over-year increase. Med Tech net sales grew 25.0% to $31.5 million, while Med Device sales slightly decreased by 0.4% to $41.5 million.
Key highlights include FDA 510(k) clearance for NanoKnife Prostate Tissue Ablation and receipt of CPT Category I Codes for Irreversible Electroporation (IRE). The company reported a GAAP loss per share of $(0.26) and adjusted loss per share of $(0.04), with adjusted EBITDA of $3.1 million.
The company raised its FY2025 guidance, now expecting Adjusted EBITDA of $1.0-$3.0 million and adjusted loss per share of $0.34-$0.38. Gross margin was 54.8%, with Med Tech gross margin at 63.7% and Med Device at 47.8%.
AngioDynamics (NASDAQ: ANGO) ha riportato i risultati finanziari del secondo trimestre dell'anno fiscale 2025, mostrando una crescita notevole nel suo segmento Med Tech. L'azienda ha raggiunto vendite nette di 73,0 milioni di dollari, con un aumento del 9,2% rispetto all'anno precedente. Le vendite nette nel segmento Med Tech sono cresciute del 25,0%, raggiungendo i 31,5 milioni di dollari, mentre le vendite dei dispositivi medici sono leggermente diminuite dello 0,4%, toccando i 41,5 milioni di dollari.
Tra i punti salienti, c'è stata l'approvazione FDA 510(k) per la Ablazione Tissutale Prostatica NanoKnife e la ricezione dei codici CPT Categoria I per l'Elettroporazione Irreversibile (IRE). L'azienda ha riportato una perdita GAAP per azione di $(0,26) e una perdita rettificata per azione di $(0,04), con un EBITDA rettificato di 3,1 milioni di dollari.
L'azienda ha innalzato le previsioni per l'anno fiscale 2025, ora prevedendo un EBITDA rettificato di 1,0-3,0 milioni di dollari e una perdita rettificata per azione di 0,34-0,38 dollari. Il margine lordo era del 54,8%, con un margine lordo nel segmento Med Tech del 63,7% e nel segmento Med Device del 47,8%.
AngioDynamics (NASDAQ: ANGO) reportó sus resultados financieros del segundo trimestre del año fiscal 2025, mostrando un crecimiento notable en su segmento de Med Tech. La empresa logró ventas netas de 73,0 millones de dólares, lo que representa un aumento del 9,2% en comparación con el año anterior. Las ventas netas de Med Tech crecieron un 25,0% alcanzando los 31,5 millones de dólares, mientras que las ventas de dispositivos médicos disminuyeron ligeramente en un 0,4%, totalizando 41,5 millones de dólares.
Entre los aspectos destacados se incluye la aprobación de la FDA 510(k) para la Ablación de Tejido Prostático NanoKnife y la recepción de códigos de categoría I de CPT para Electroportación Irreversible (IRE). La empresa reportó una pérdida GAAP por acción de $(0,26) y una pérdida ajustada por acción de $(0,04), con un EBITDA ajustado de 3,1 millones de dólares.
La empresa elevó su guía para el año fiscal 2025, esperando ahora un EBITDA ajustado de 1,0-3,0 millones de dólares y una pérdida ajustada por acción de 0,34-0,38 dólares. El margen bruto fue del 54,8%, con un margen bruto de Med Tech del 63,7% y de Med Device del 47,8%.
AngioDynamics (NASDAQ: ANGO)는 2025 회계연도 2분기 재무 결과를 보고하며 Med Tech 부문에서 눈에 띄는 성장을 보여주었습니다. 이 회사는 순매출 7300만 달러를 달성하여 전년 대비 9.2% 증가했습니다. Med Tech 순매출은 25.0% 증가하여 3150만 달러에 이르렀고, 의료기기 판매는 미세하게 0.4% 줄어든 4150만 달러를 기록했습니다.
주요 하이라이트로는 NanoKnife 전립선 조직 절제에 대한 FDA 510(k) 승인과 비가역 전기영동(IRE)에 대한 CPT 1급 코드 수신이 있습니다. 회사는 GAAP 기준 주당 손실 $(0.26)과 조정된 주당 손실 $(0.04)을 보고했으며, 조정된 EBITDA는 310만 달러입니다.
회사는 2025 회계연도 가이던스를 상향 조정하여 이제 조정된 EBITDA가 100만-300만 달러, 조정된 주당 손실이 0.34-0.38달러를 예상하고 있습니다. 총 마진은 54.8%였고, Med Tech의 총 마진은 63.7%, Med Device는 47.8%였습니다.
AngioDynamics (NASDAQ: ANGO) a annoncé ses résultats financiers pour le deuxième trimestre de l'exercice 2025, montrant une croissance notable dans son segment Med Tech. L'entreprise a réalisé des ventes nettes de 73,0 millions de dollars, représentant une augmentation de 9,2 % par rapport à l'année précédente. Les ventes nettes du segment Med Tech ont augmenté de 25,0 % pour atteindre 31,5 millions de dollars, tandis que les ventes de dispositifs médicaux ont légèrement diminué de 0,4 % pour s'établir à 41,5 millions de dollars.
Parmi les points forts, on note l'obtention de l'approbation FDA 510(k) pour l'Ablation de Tissu Prostatique NanoKnife et la réception de codes CPT de Catégorie I pour l'Électroporation Irréversible (IRE). L'entreprise a annoncé une perte GAAP par action de $(0,26) et une perte ajustée par action de $(0,04), avec un EBITDA ajusté de 3,1 millions de dollars.
L'entreprise a révisé ses prévisions pour l'exercice 2025, s'attendant désormais à un EBITDA ajusté de 1,0 à 3,0 millions de dollars et à une perte ajustée par action de 0,34 à 0,38 dollar. La marge brute était de 54,8 %, avec une marge brute de 63,7 % pour Med Tech et de 47,8 % pour Med Device.
AngioDynamics (NASDAQ: ANGO) hat seine finanziellen Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 veröffentlicht und dabei ein bemerkenswertes Wachstum im Med Tech-Segment gezeigt. Das Unternehmen erzielte Nettoumsätze von 73,0 Millionen Dollar, was einem Anstieg von 9,2 % im Jahresvergleich entspricht. Die Nettoumsätze im Med Tech-Segment wuchsen um 25,0 % auf 31,5 Millionen Dollar, während die Umsätze mit Medizinprodukten leicht um 0,4 % auf 41,5 Millionen Dollar zurückgingen.
Zu den wichtigsten Highlights gehören die FDA 510(k)-Genehmigung für die NanoKnife-Prostata-Gewebeablation und der Erhalt von CPT-Kategorie-I-Codes für irreversible Elektroporation (IRE). Das Unternehmen meldete einen GAAP-Verlust je Aktie von $(0,26) und einen bereinigten Verlust je Aktie von $(0,04) sowie ein bereinigtes EBITDA von 3,1 Millionen Dollar.
Das Unternehmen hob seine Prognose für das Geschäftsjahr 2025 an und erwartet nun ein bereinigtes EBITDA von 1,0 bis 3,0 Millionen Dollar sowie einen bereinigten Verlust je Aktie von 0,34 bis 0,38 Dollar. Die Bruttomarge lag bei 54,8 %, wobei die Bruttomarge im Med Tech-Segment bei 63,7 % und im Med Device-Segment bei 47,8 % lag.
- Med Tech segment showed strong 25% YoY growth
- Received FDA 510(k) clearance for NanoKnife Prostate Tissue Ablation
- Obtained CPT Category I Codes for IRE treatments
- Improved Adjusted EBITDA to $3.1 million from $0 in prior year
- Raised FY2025 guidance for Adjusted EBITDA and EPS
- Reported GAAP net loss of $10.7 million
- Med Device segment showed slight decline of 0.4%
- International sales decreased by 6.6%
- Med Device gross margin declined 240 basis points
Insights
AngioDynamics' Q2 FY25 results showcase strategic transformation with
Margin performance remains solid at
The FDA 510(k) clearance for NanoKnife in prostate tissue ablation, coupled with new CPT Category I codes effective January 2026, marks a pivotal regulatory and reimbursement breakthrough. The PRESERVE study results, showing
The triple achievement of clinical validation, regulatory clearance and reimbursement pathway establishment positions NanoKnife for accelerated market adoption. The preservation of critical functions and minimization of complications provides a compelling value proposition in the prostate cancer treatment landscape, particularly for patients seeking alternatives to radical procedures.
Fiscal Year 2025 Second Quarter Highlights
|
Quarter Ended
|
Pro Forma* YoY Growth |
Pro Forma* Net Sales |
|
|
Med Tech Net Sales |
|
|
Med Device Net Sales |
|
(0.4)% |
-
GAAP Gross margin of
54.8% -
GAAP loss per share of
$(0.26) -
Adjusted loss per share of
$(0.04) -
Adjusted EBITDA of
$3.1 million - Received CPT Category I Codes for Irreversible Electroporation (IRE), the primary method of action for the NanoKnife System, for the treatment of lesions in the prostate and liver, effective January 1, 2026
- Received FDA 510(k) clearance for NanoKnife Prostate Tissue Ablation in December 2024
- Announced NanoKnife hit all primary endpoints of PRESERVE clinical trial for use in Prostate Tissue Ablation in December 2024
- Raising fiscal year 2025 guidance for Adjusted EBITDA and Adjusted EPS
*Pro forma results exclude the Dialysis and BioSentry businesses divested in June 2023 and the PICC and Midline product portfolios divested in February 2024, as well as the discontinued Radiofrequency and Syntrax products in February 2024. Pro forma revenue for Q2 FY25 excludes approximately
"We are very excited about our strong performance during the second quarter, and in particular the continued strength of our Med Tech segment, which grew
Second Quarter 2025 Financial Results
Unless otherwise noted, all financial metrics and growth rates presented below are on a pro forma basis.
Net sales for the second quarter of fiscal year 2025 were
Med Tech net sales were
Growth in the quarter was driven by strength across all product lines, including Auryon sales of
Med Device net sales were
Gross margin for the second quarter of fiscal 2025 was
Gross margin for the Med Tech business was
The Company recorded a GAAP net loss of
Adjusted EBITDA in the second quarter of fiscal 2025, excluding the items shown in the non-GAAP reconciliation table below, was
In the second quarter of fiscal 2025, the Company generated
At November 30, 2024, the Company had
In accordance with the Company’s previously announced expectations regarding cash usage for the fiscal year ended May 31, 2025, the Company expects to utilize cash in the third fiscal quarter and generate cash in the fourth fiscal quarter.
Received CPT Category I Codes for IRE for the Treatment of Lesions in the Prostate and Liver
In October, the Company announced that Irreversible Electroporation (IRE), the primary method of action for the NanoKnife System, has received CPT® Category I codes for the treatment of lesions in the prostate and liver. The decision by the American Medical Association’s (“AMA”) CPT® Editorial Panel will facilitate reimbursement for healthcare providers performing IRE ablation procedures and enables broader access to the NanoKnife System for patients. The new codes will be effective, with physician Relative Value Units (RVUs) attached, on January 1, 2026.
With these new CPT® Category I codes, healthcare providers will be able to bill more precisely for the treatments provided and should achieve broader insurance coverage and defined reimbursement rates for NanoKnife procedures, increasing market access to this minimally invasive IRE technology.
NanoKnife System Receives FDA 510(k) Clearance for Prostate Tissue Ablation
In December, subsequent to the end of the quarter, the Company received FDA 510(k) clearance for the NanoKnife System for prostate tissue ablation.
Prostate cancer is the second most common cancer in men worldwide, with approximately 1.5 million new cases diagnosed annually.1 Many of these patients seek alternatives to radical procedures that can lead to significant, long-term urological side effects.2 The NanoKnife System is the first and only non-thermal, radiation-free, ablation technology designed to treat prostate tissue by using IRE technology, offering patients a minimally invasive option for prostate treatment.
The NanoKnife System minimizes the life-altering complications often associated with traditional treatments by selectively targeting prostate tissue while preserving critical functions. As the Company expands its global footprint and increases access to the technology, the Company is launching comprehensive education and awareness campaigns to empower physicians with hands-on training and clinical support while engaging patients through innovative outreach initiatives.
NanoKnife System Hit All Primary Endpoints in PRESERVE Study
The NanoKnife System’s clearance followed the completion of the pivotal PRESERVE clinical study and submission of results in September of 2024.
The PRESERVE clinical study met its primary effectiveness endpoint demonstrating the performance of the NanoKnife System for the ablation of prostate tissue in patients with intermediate-risk PCa. At 12-months post-procedure,
The study’s results validated the robust safety and clinical efficacy profile of the NanoKnife System, reinforcing findings from more than 32 clinical studies performed around the world involving over 2,600 patients.3
Fiscal Year 2025 Financial Guidance
For fiscal year 2025:
-
The Company continues to expect net sales to be in the range of
$282 $288 million 4.2% –6.4% over fiscal 2024 pro forma revenue of$270.7 million -
The Company now expects Med Tech net sales to grow in the range of
12% to15% , an increase from10% to12% -
The Company now expects Med Device net sales to be flat, a decrease from
1% to3% -
The Company continues to expect Gross margin to be approximately
52% to53% -
The Company now expects Adjusted EBITDA in the range of
$1.0 $3.0 million $2.5 million $0 $3.2 million -
The Company now expects Adjusted loss per share in the range of
$0.34 $0.38 $0.38 $0.42 $0.45
Conference Call
The Company’s management will host a conference call at 8:00 a.m. ET the same day to discuss the results. To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international).
This conference call will also be webcast and can be accessed from the “Investors” section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.
A recording of the call will also be available, until Wednesday, January 15, 2025 at 11:59 PM ET. To hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13750571.
Use of Non-GAAP Measures
Management uses non-GAAP measures to establish operational goals and believes that non-GAAP measures may assist investors in analyzing the underlying trends in AngioDynamics' business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for or as superior to, financial reporting measures prepared in accordance with GAAP. In this news release, AngioDynamics has reported pro forma results, adjusted EBITDA, adjusted net income and adjusted earnings per share. Management uses these measures in its internal analysis and review of operational performance. Management believes that these measures provide investors with useful information in comparing AngioDynamics' performance over different periods. By using these non-GAAP measures, management believes that investors get a better picture of the performance of AngioDynamics' underlying business. Management encourages investors to review AngioDynamics' financial results prepared in accordance with GAAP to understand AngioDynamics' performance taking into account all relevant factors, including those that may only occur from time to time but have a material impact on AngioDynamics' financial results. Please see the tables that follow for a reconciliation of non-GAAP measures to measures prepared in accordance with GAAP.
About AngioDynamics, Inc.
AngioDynamics is a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options and improving quality of life for patients.
The Company’s innovative technologies and devices are chosen by talented physicians in fast-growing healthcare markets to treat unmet patient needs. For more information, visit www.angiodynamics.com.
Safe Harbor
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as "expects," "reaffirms," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "projects," "optimistic," or variations of such words and similar expressions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ materially from AngioDynamics' expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the scale and scope of the COVID-19 global pandemic, the ability of AngioDynamics to develop its existing and new products, technological advances and patents attained by competitors, infringement of AngioDynamics' technology or assertions that AngioDynamics' technology infringes the technology of third parties, the ability of AngioDynamics to effectively compete against competitors that have substantially greater resources, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and government regulations, results of pending or future clinical trials, overall economic conditions (including inflation, labor shortages and supply chain challenges including the cost and availability of raw materials), the results of on-going litigation, challenges with respect to third-party distributors or joint venture partners or collaborators, the results of sales efforts, the effects of product recalls and product liability claims, changes in key personnel, the ability of AngioDynamics to execute on strategic initiatives, the effects of economic, credit and capital market conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of AngioDynamics to obtain regulatory clearances or approval of its products, or to integrate acquired businesses, as well as the risk factors listed from time to time in AngioDynamics' SEC filings, including but not limited to its Annual Report on Form 10-K for the year ended May 31, 2024. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.
1 https://www.wcrf.org/cancer-trends/prostate-cancer-statistics/
2 Cheng JY. The Prostate Cancer Intervention Versus Observation Trial (PIVOT) in Perspective. J Clin Med Res. 2013;5(4):266-268. doi:10.4021/jocmr1395w
3 Data on file.
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
CONSOLIDATED INCOME STATEMENTS |
(in thousands, except per share data) |
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||||||
|
Actual (1) |
|
Pro Forma
|
|
Pro Forma |
|
As Reported (1) |
|
Pro Forma
|
|
Pro Forma |
||||||||||||
|
Nov 30, 2024 |
|
Nov 30, 2024 |
|
Nov 30, 2024 |
|
Nov 30, 2023 |
|
Nov 30, 2023 |
|
Nov 30, 2023 |
||||||||||||
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales |
$ |
72,845 |
|
|
|
170 |
|
$ |
73,015 |
|
|
$ |
79,073 |
|
|
|
(12,190 |
) |
|
$ |
66,883 |
|
|
Cost of sales (exclusive of intangible amortization) |
|
32,939 |
|
|
|
151 |
|
|
33,090 |
|
|
|
38,811 |
|
|
|
(8,600 |
) |
|
|
30,211 |
|
|
Gross profit |
|
39,906 |
|
|
|
19 |
|
|
39,925 |
|
|
|
40,262 |
|
|
|
(3,590 |
) |
|
|
36,672 |
|
|
% of net sales |
|
54.8 |
% |
|
|
|
|
54.7 |
% |
|
|
50.9 |
% |
|
|
|
|
54.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development |
|
6,434 |
|
|
|
— |
|
|
6,434 |
|
|
|
8,658 |
|
|
|
(323 |
) |
|
|
8,335 |
|
|
Sales and marketing |
|
25,589 |
|
|
|
— |
|
|
25,589 |
|
|
|
25,464 |
|
|
|
(1,469 |
) |
|
|
23,995 |
|
|
General and administrative |
|
10,391 |
|
|
|
— |
|
|
10,391 |
|
|
|
9,289 |
|
|
|
(74 |
) |
|
|
9,215 |
|
|
Amortization of intangibles |
|
2,562 |
|
|
|
— |
|
|
2,562 |
|
|
|
3,562 |
|
|
|
(964 |
) |
|
|
2,598 |
|
|
Change in fair value of contingent consideration |
|
156 |
|
|
|
— |
|
|
156 |
|
|
|
221 |
|
|
|
— |
|
|
|
221 |
|
|
Acquisition, restructuring and other items, net |
|
5,868 |
|
|
|
9 |
|
|
5,877 |
|
|
|
6,188 |
|
|
|
(106 |
) |
|
|
6,082 |
|
|
Total operating expenses |
|
51,000 |
|
|
|
9 |
|
|
51,009 |
|
|
|
53,382 |
|
|
|
(2,936 |
) |
|
|
50,446 |
|
|
Operating loss |
|
(11,094 |
) |
|
|
10 |
|
|
(11,084 |
) |
|
|
(13,120 |
) |
|
|
(654 |
) |
|
|
(13,774 |
) |
|
Interest income, net |
|
234 |
|
|
|
— |
|
|
234 |
|
|
|
534 |
|
|
|
— |
|
|
|
534 |
|
|
Other income (expense), net |
|
12 |
|
|
|
— |
|
|
12 |
|
|
|
(32 |
) |
|
|
— |
|
|
|
(32 |
) |
|
Total other income, net |
|
246 |
|
|
|
— |
|
|
246 |
|
|
|
502 |
|
|
|
— |
|
|
|
502 |
|
|
Loss before income tax benefit |
|
(10,848 |
) |
|
|
10 |
|
|
(10,838 |
) |
|
|
(12,618 |
) |
|
|
(654 |
) |
|
|
(13,272 |
) |
|
Income tax expense (benefit) |
|
(110 |
) |
|
|
— |
|
|
(110 |
) |
|
|
16,430 |
|
|
|
— |
|
|
|
16,430 |
|
|
Net loss |
$ |
(10,738 |
) |
|
$ |
10 |
|
$ |
(10,728 |
) |
|
$ |
(29,048 |
) |
|
$ |
(654 |
) |
|
$ |
(29,702 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
(0.26 |
) |
|
|
|
$ |
(0.26 |
) |
|
$ |
(0.72 |
) |
|
|
|
$ |
(0.74 |
) |
||||
Diluted |
$ |
(0.26 |
) |
|
|
|
$ |
(0.26 |
) |
|
$ |
(0.72 |
) |
|
|
|
$ |
(0.74 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
40,922 |
|
|
|
|
|
40,922 |
|
|
|
40,219 |
|
|
|
|
|
40,219 |
|
||||
Diluted |
|
40,922 |
|
|
|
|
|
40,922 |
|
|
|
40,219 |
|
|
|
|
|
40,219 |
|
||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the three months ended November 30, 2024 and 2023. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
CONSOLIDATED INCOME STATEMENTS |
(in thousands, except per share data) |
|
Six Months Ended |
|
Six Months Ended |
||||||||||||||||||||
|
Actual (1) |
|
Pro Forma
|
|
Pro Forma |
|
As Reported (1) |
|
Pro Forma
|
|
Pro Forma |
||||||||||||
|
Nov 30, 2024 |
|
Nov 30, 2024 |
|
Nov 30, 2024 |
|
Nov 30, 2023 |
|
Nov 30, 2023 |
|
Nov 30, 2023 |
||||||||||||
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales |
$ |
140,336 |
|
|
|
179 |
|
|
$ |
140,515 |
|
|
$ |
157,752 |
|
|
|
(24,125 |
) |
|
$ |
133,627 |
|
Cost of sales (exclusive of intangible amortization) |
|
63,706 |
|
|
|
150 |
|
|
|
63,856 |
|
|
|
77,430 |
|
|
|
(17,082 |
) |
|
|
60,348 |
|
Gross profit |
|
76,630 |
|
|
|
29 |
|
|
|
76,659 |
|
|
|
80,322 |
|
|
|
(7,043 |
) |
|
|
73,279 |
|
% of net sales |
|
54.6 |
% |
|
|
|
|
54.6 |
% |
|
|
50.9 |
% |
|
|
|
|
54.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development |
|
12,719 |
|
|
|
— |
|
|
|
12,719 |
|
|
|
16,599 |
|
|
|
(530 |
) |
|
|
16,069 |
|
Sales and marketing |
|
51,194 |
|
|
|
— |
|
|
|
51,194 |
|
|
|
52,832 |
|
|
|
(2,956 |
) |
|
|
49,876 |
|
General and administrative |
|
21,366 |
|
|
|
— |
|
|
|
21,366 |
|
|
|
20,145 |
|
|
|
(75 |
) |
|
|
20,070 |
|
Amortization of intangibles |
|
5,132 |
|
|
|
— |
|
|
|
5,132 |
|
|
|
7,187 |
|
|
|
(1,928 |
) |
|
|
5,259 |
|
Change in fair value of contingent consideration |
|
232 |
|
|
|
— |
|
|
|
232 |
|
|
|
91 |
|
|
|
— |
|
|
|
91 |
|
Acquisition, restructuring and other items, net |
|
10,179 |
|
|
|
164 |
|
|
|
10,343 |
|
|
|
9,400 |
|
|
|
(128 |
) |
|
|
9,272 |
|
Total operating expenses |
|
100,822 |
|
|
|
164 |
|
|
|
100,986 |
|
|
|
106,254 |
|
|
|
(5,617 |
) |
|
|
100,637 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47,842 |
|
|
|
(47,842 |
) |
|
|
— |
|
Operating income (loss) |
|
(24,192 |
) |
|
|
(135 |
) |
|
|
(24,327 |
) |
|
|
21,910 |
|
|
|
(49,268 |
) |
|
|
(27,358 |
) |
Interest income, net |
|
840 |
|
|
|
— |
|
|
|
840 |
|
|
|
653 |
|
|
|
— |
|
|
|
653 |
|
Other income (expense), net |
|
(161 |
) |
|
|
— |
|
|
|
(161 |
) |
|
|
(320 |
) |
|
|
— |
|
|
|
(320 |
) |
Total other income, net |
|
679 |
|
|
|
— |
|
|
|
679 |
|
|
|
333 |
|
|
|
— |
|
|
|
333 |
|
Income (loss) before income tax benefit |
|
(23,513 |
) |
|
|
(135 |
) |
|
|
(23,648 |
) |
|
|
22,243 |
|
|
|
(49,268 |
) |
|
|
(27,025 |
) |
Income tax expense |
|
23 |
|
|
|
— |
|
|
|
23 |
|
|
|
5,407 |
|
|
|
— |
|
|
|
5,407 |
|
Net income (loss) |
$ |
(23,536 |
) |
|
$ |
(135 |
) |
|
$ |
(23,671 |
) |
|
$ |
16,836 |
|
|
$ |
(49,268 |
) |
|
$ |
(32,432 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
(0.58 |
) |
|
|
|
$ |
(0.58 |
) |
|
$ |
0.42 |
|
|
|
|
$ |
(0.81 |
) |
||||
Diluted |
$ |
(0.58 |
) |
|
|
|
$ |
(0.58 |
) |
|
$ |
0.42 |
|
|
|
|
$ |
(0.81 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
40,787 |
|
|
|
|
|
40,787 |
|
|
|
40,030 |
|
|
|
|
|
40,030 |
|
||||
Diluted |
|
40,787 |
|
|
|
|
|
40,787 |
|
|
|
40,103 |
|
|
|
|
|
40,030 |
|
||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the six months ended November 30, 2024 and 2023. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
GAAP TO NON-GAAP RECONCILIATION |
(in thousands, except per share data) |
Reconciliation of Net Income (Loss) to non-GAAP Adjusted Net Loss: |
|
|
|
|
|||||||||||
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
Nov 30, 2024 |
|
Nov 30, 2023 |
|
Nov 30, 2024 |
|
Nov 30, 2023 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(10,738 |
) |
|
$ |
(29,048 |
) |
|
$ |
(23,536 |
) |
|
$ |
16,836 |
|
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
2,562 |
|
|
|
3,562 |
|
|
|
5,132 |
|
|
|
7,187 |
|
Change in fair value of contingent consideration |
|
156 |
|
|
|
221 |
|
|
|
232 |
|
|
|
91 |
|
Acquisition, restructuring and other items, net (1) |
|
5,868 |
|
|
|
6,188 |
|
|
|
10,179 |
|
|
|
9,400 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(47,842 |
) |
Tax effect of non-GAAP items (2) |
|
410 |
|
|
|
17,039 |
|
|
|
1,856 |
|
|
|
7,459 |
|
Adjusted net loss |
$ |
(1,742 |
) |
|
$ |
(2,038 |
) |
|
$ |
(6,137 |
) |
|
$ |
(6,869 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Diluted Earnings (Loss) Per Share to non-GAAP Adjusted Diluted Loss Per Share: |
|||||||||||||||
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
Nov 30, 2024 |
|
Nov 30, 2023 |
|
Nov 30, 2024 |
|
Nov 30, 2023 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share |
$ |
(0.26 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.58 |
) |
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
0.06 |
|
|
|
0.09 |
|
|
|
0.13 |
|
|
|
0.18 |
|
Change in fair value of contingent consideration |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
Acquisition, restructuring and other items, net (1) |
|
0.14 |
|
|
|
0.15 |
|
|
|
0.24 |
|
|
|
0.24 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.20 |
) |
Tax effect of non-GAAP items (2) |
|
0.01 |
|
|
|
0.42 |
|
|
|
0.05 |
|
|
|
0.19 |
|
Adjusted diluted loss per share |
$ |
(0.04 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted sharecount (3) |
|
40,922 |
|
|
|
40,219 |
|
|
|
40,787 |
|
|
|
40,030 |
|
(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, 2024 |
|
Nov 30, 2023 |
|
Nov 30, 2024 |
|
Nov 30, 2023 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(10,738 |
) |
|
$ |
(29,048 |
) |
|
$ |
(23,536 |
) |
|
$ |
16,836 |
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit) |
|
(110 |
) |
|
|
16,430 |
|
|
|
23 |
|
|
|
5,407 |
|
Interest income, net |
|
(234 |
) |
|
|
(534 |
) |
|
|
(840 |
) |
|
|
(653 |
) |
Depreciation and amortization |
|
6,863 |
|
|
|
6,685 |
|
|
|
13,648 |
|
|
|
13,373 |
|
Change in fair value of contingent consideration |
|
156 |
|
|
|
221 |
|
|
|
232 |
|
|
|
91 |
|
Stock based compensation |
|
2,528 |
|
|
|
1,877 |
|
|
|
5,733 |
|
|
|
6,021 |
|
Acquisition, restructuring and other items, net (1) |
|
4,575 |
|
|
|
6,188 |
|
|
|
7,616 |
|
|
|
9,400 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(47,842 |
) |
Adjusted EBITDA |
$ |
3,040 |
|
|
$ |
1,819 |
|
|
$ |
2,876 |
|
|
$ |
2,633 |
|
|
|
|
|
|
|
|
|
||||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
$ |
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. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
GAAP TO NON-GAAP RECONCILIATION |
(in thousands, except per share data) |
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss: |
|
|
|
|
|||||||||||
|
Pro Forma |
|
Pro Forma |
||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
Nov 30, 2024 |
|
Nov 30, 2023 |
|
Nov 30, 2024 |
|
Nov 30, 2023 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Pro forma net loss |
$ |
(10,728 |
) |
|
$ |
(29,702 |
) |
|
$ |
(23,671 |
) |
|
$ |
(32,432 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
2,562 |
|
|
|
2,598 |
|
|
|
5,132 |
|
|
|
5,259 |
|
Change in fair value of contingent consideration |
|
156 |
|
|
|
221 |
|
|
|
232 |
|
|
|
91 |
|
Acquisition, restructuring and other items, net (1) |
|
5,877 |
|
|
|
6,082 |
|
|
|
10,343 |
|
|
|
9,272 |
|
Tax effect of non-GAAP items (2) |
|
407 |
|
|
|
17,436 |
|
|
|
1,849 |
|
|
|
8,260 |
|
Adjusted pro forma net loss |
$ |
(1,726 |
) |
|
$ |
(3,365 |
) |
|
$ |
(6,115 |
) |
|
$ |
(9,550 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share: |
|||||||||||||||
|
Pro Forma |
|
Pro Forma |
||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
Nov 30, 2024 |
|
Nov 30, 2023 |
|
Nov 30, 2024 |
|
Nov 30, 2023 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Pro forma diluted loss per share |
$ |
(0.26 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.81 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
0.06 |
|
|
|
0.06 |
|
|
|
0.13 |
|
|
|
0.13 |
|
Change in fair value of contingent consideration |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
Acquisition, restructuring and other items, net (1) |
|
0.14 |
|
|
|
0.15 |
|
|
|
0.25 |
|
|
|
0.23 |
|
Tax effect of non-GAAP items (2) |
|
0.01 |
|
|
|
0.44 |
|
|
|
0.04 |
|
|
|
0.21 |
|
Adjusted pro forma diluted loss per share |
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted sharecount (3) |
|
40,922 |
|
|
|
40,219 |
|
|
|
40,787 |
|
|
|
40,030 |
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
(2) Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's |
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
GAAP TO NON-GAAP RECONCILIATION (Continued) |
(in thousands, except per share data) |
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA: |
|
|
|
|
|
|
|||||||||
|
Pro Forma |
|
Pro Forma |
||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
Nov 30, 2024 |
|
Nov 30, 2023 |
|
Nov 30, 2024 |
|
Nov 30, 2023 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Pro forma net loss |
$ |
(10,728 |
) |
|
$ |
(29,702 |
) |
|
$ |
(23,671 |
) |
|
$ |
(32,432 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit) |
|
(110 |
) |
|
|
16,430 |
|
|
|
23 |
|
|
|
5,407 |
|
Interest income, net |
|
(234 |
) |
|
|
(534 |
) |
|
|
(840 |
) |
|
|
(653 |
) |
Depreciation and amortization |
|
6,863 |
|
|
|
5,691 |
|
|
|
13,648 |
|
|
|
11,373 |
|
Change in fair value of contingent consideration |
|
156 |
|
|
|
221 |
|
|
|
232 |
|
|
|
91 |
|
Stock based compensation |
|
2,528 |
|
|
|
1,802 |
|
|
|
5,733 |
|
|
|
5,859 |
|
Acquisition, restructuring and other items, net (1) |
|
4,584 |
|
|
|
6,082 |
|
|
|
7,780 |
|
|
|
9,272 |
|
Adjusted EBITDA |
$ |
3,059 |
|
|
$ |
(10 |
) |
|
$ |
2,905 |
|
|
$ |
(1,083 |
) |
|
|
|
|
|
|
|
|
||||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
0.07 |
|
|
$ |
— |
|
|
$ |
0.07 |
|
|
$ |
(0.03 |
) |
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET DETAIL |
(in thousands) |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(in thousands) |
Nov 30, 2024 |
|
Nov 30, 2023 |
|
Nov 30, 2024 |
|
Nov 30, 2023 |
||||||||
Legal (1) |
$ |
56 |
|
|
$ |
5,322 |
|
|
$ |
410 |
|
|
$ |
7,139 |
|
Mergers and acquisitions |
|
737 |
|
|
|
252 |
|
|
|
737 |
|
|
|
252 |
|
Plant closure (2) |
|
5,102 |
|
|
|
— |
|
|
|
8,691 |
|
|
|
— |
|
Transition service agreement (3) |
|
(454 |
) |
|
|
(177 |
) |
|
|
(960 |
) |
|
|
(323 |
) |
Manufacturing relocation (4) |
|
— |
|
|
|
689 |
|
|
|
— |
|
|
|
1,277 |
|
Other (5) |
|
427 |
|
|
|
102 |
|
|
|
1,301 |
|
|
|
1,055 |
|
Total |
$ |
5,868 |
|
|
$ |
6,188 |
|
|
$ |
10,179 |
|
|
$ |
9,400 |
|
(1) Legal expenses related to litigation that is outside the normal course of business. |
(2) Plant closure expenses, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024. |
(3) Transition services agreements that were entered into with Merit and Spectrum. |
(4) Expenses to relocate certain manufacturing lines out of |
(5) Included in the |
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,
|
|
%
|
Currency
|
Constant
|
|
%
|
Currency
|
Constant
|
|||||||||||||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Tech |
$ |
31,554 |
$ |
— |
$ |
31,554 |
|
$ |
25,363 |
$ |
(122 |
) |
$ |
25,241 |
|
24.4 |
% |
|
|
|
25.0 |
% |
|
|
||||||||
Med Device |
|
41,291 |
|
170 |
|
41,461 |
|
|
53,710 |
|
(12,068 |
) |
|
41,642 |
|
(23.1 |
)% |
|
|
|
(0.4 |
)% |
|
|
||||||||
|
$ |
72,845 |
$ |
170 |
$ |
73,015 |
|
$ |
79,073 |
$ |
(12,190 |
) |
$ |
66,883 |
|
(7.9 |
)% |
0.0 |
% |
(7.9 |
)% |
|
9.2 |
% |
0.0 |
% |
9.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
$ |
62,678 |
$ |
— |
$ |
62,678 |
|
$ |
64,002 |
$ |
(8,182 |
) |
$ |
55,820 |
|
(2.1 |
)% |
|
|
|
12.3 |
% |
|
|
||||||||
International |
|
10,167 |
|
170 |
|
10,337 |
|
|
15,071 |
|
(4,008 |
) |
|
11,063 |
|
(32.5 |
)% |
(0.1 |
)% |
(32.6 |
)% |
|
(6.6 |
)% |
|
|
||||||
|
$ |
72,845 |
$ |
170 |
$ |
73,015 |
|
$ |
79,073 |
$ |
(12,190 |
) |
$ |
66,883 |
|
(7.9 |
)% |
0.0 |
% |
(7.9 |
)% |
|
9.2 |
% |
0.0 |
% |
9.2 |
% |
||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the three months ended November 30, 2024 and 2023. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
GROSS PROFIT BY PRODUCT CATEGORY |
||||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
|||||||||||||||||||||
|
Actual (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
As Reported (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
Actual |
|
Pro Forma |
|||||||||||||||||
|
Nov 30,
|
Nov 30,
|
Nov 30,
|
|
Nov 30,
|
Nov 30,
|
Nov 30,
|
|
% Change |
|
% Change |
|||||||||||||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|||||||||||||||||||||
Med Tech |
$ |
20,113 |
|
$ |
— |
$ |
20,113 |
|
|
$ |
15,816 |
|
$ |
(33 |
) |
$ |
15,783 |
|
|
27.2 |
% |
|
27.4 |
% |
||||
Gross profit % of sales |
|
63.7 |
% |
|
|
63.7 |
% |
|
|
62.4 |
% |
|
|
62.5 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Device |
$ |
19,793 |
|
$ |
19 |
$ |
19,812 |
|
|
$ |
24,446 |
|
$ |
(3,557 |
) |
$ |
20,889 |
|
|
(19.0 |
)% |
|
(5.2 |
)% |
||||
Gross profit % of sales |
|
47.9 |
% |
|
|
47.8 |
% |
|
|
45.5 |
% |
|
|
50.2 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ |
39,906 |
|
$ |
19 |
$ |
39,925 |
|
|
$ |
40,262 |
|
$ |
(3,590 |
) |
$ |
36,672 |
|
|
(0.9 |
)% |
|
8.9 |
% |
||||
Gross profit % of sales |
|
54.8 |
% |
|
|
54.7 |
% |
|
|
50.9 |
% |
|
|
54.8 |
% |
|
|
|
|
|||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the three months ended November 30, 2024 and 2023. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
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,
|
|
%
|
Currency
|
Constant
|
|
%
|
Currency
|
Constant
|
|||||||||||||||||
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Tech |
$ |
59,523 |
$ |
— |
$ |
59,523 |
|
$ |
51,224 |
$ |
(253 |
) |
$ |
50,971 |
|
16.2 |
% |
|
|
|
16.8 |
% |
|
|
||||||||
Med Device |
|
80,813 |
|
179 |
|
80,992 |
|
|
106,528 |
|
(23,872 |
) |
|
82,656 |
|
(24.1 |
)% |
|
|
|
(2.0 |
)% |
|
|
||||||||
|
$ |
140,336 |
$ |
179 |
$ |
140,515 |
|
$ |
157,752 |
$ |
(24,125 |
) |
$ |
133,627 |
|
(11.0 |
)% |
0.0 |
% |
(11.0 |
)% |
|
5.2 |
% |
0.0 |
% |
5.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
$ |
122,159 |
$ |
10 |
$ |
122,169 |
|
$ |
128,401 |
$ |
(16,578 |
) |
$ |
111,823 |
|
(4.9 |
)% |
|
|
|
9.3 |
% |
|
|
||||||||
International |
|
18,177 |
|
169 |
|
18,346 |
|
|
29,351 |
|
(7,547 |
) |
|
21,804 |
|
(38.1 |
)% |
0.1 |
% |
(38.0 |
)% |
|
(15.9 |
)% |
|
|
||||||
|
$ |
140,336 |
$ |
179 |
$ |
140,515 |
|
$ |
157,752 |
$ |
(24,125 |
) |
$ |
133,627 |
|
(11.0 |
)% |
0.0 |
% |
(11.0 |
)% |
|
5.2 |
% |
0.0 |
% |
5.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the six months ended November 30, 2024 and 2023. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
GROSS PROFIT BY PRODUCT CATEGORY |
||||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||
|
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 |
$ |
37,810 |
|
$ |
— |
$ |
37,810 |
|
|
$ |
32,543 |
|
$ |
(72 |
) |
$ |
32,471 |
|
|
16.2 |
% |
|
16.4 |
% |
||||
Gross profit % of sales |
|
63.5 |
% |
|
|
63.5 |
% |
|
|
63.5 |
% |
|
|
63.7 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Device |
$ |
38,820 |
|
$ |
29 |
$ |
38,849 |
|
|
$ |
47,779 |
|
$ |
(6,971 |
) |
$ |
40,808 |
|
|
(18.8 |
)% |
|
(4.8 |
)% |
||||
Gross profit % of sales |
|
48.0 |
% |
|
|
48.0 |
% |
|
|
44.9 |
% |
|
|
49.4 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ |
76,630 |
|
$ |
29 |
$ |
76,659 |
|
|
$ |
80,322 |
|
$ |
(7,043 |
) |
$ |
73,279 |
|
|
(4.6 |
)% |
|
4.6 |
% |
||||
Gross profit % of sales |
|
54.6 |
% |
|
|
54.6 |
% |
|
|
50.9 |
% |
|
|
54.8 |
% |
|
|
|
|
|||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the six months ended November 30, 2024 and 2023. |
|
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||
CONSOLIDATED BALANCE SHEETS |
|||||
(in thousands) |
|||||
|
Nov 30, 2024 |
|
May 31, 2024 |
||
|
(unaudited) |
|
(audited) |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
54,089 |
|
$ |
76,056 |
Accounts receivable, net |
|
43,158 |
|
|
43,610 |
Inventories |
|
65,918 |
|
|
60,616 |
Prepaid expenses and other |
|
12,195 |
|
|
12,971 |
Total current assets |
|
175,360 |
|
|
193,253 |
Property, plant and equipment, net |
|
32,977 |
|
|
35,666 |
Other assets |
|
10,103 |
|
|
11,369 |
Intangible assets, net |
|
73,110 |
|
|
77,383 |
Total assets |
$ |
291,550 |
|
$ |
317,671 |
Liabilities and stockholders' equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
34,746 |
|
$ |
37,751 |
Accrued liabilities |
|
39,919 |
|
|
41,098 |
Current portion of contingent consideration |
|
4,960 |
|
|
4,728 |
Other current liabilities |
|
8,970 |
|
|
7,578 |
Total current liabilities |
|
88,595 |
|
|
91,155 |
Deferred income taxes |
|
4,334 |
|
|
4,852 |
Other long-term liabilities |
|
11,853 |
|
|
16,078 |
Total liabilities |
|
104,782 |
|
|
112,085 |
Stockholders' equity |
|
186,768 |
|
|
205,586 |
Total Liabilities and Stockholders' Equity |
$ |
291,550 |
|
$ |
317,671 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in thousands) |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
Nov 30, 2024 |
|
Nov 30, 2023 |
|
Nov 30, 2024 |
|
Nov 30, 2023 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(10,738 |
) |
|
$ |
(29,048 |
) |
|
$ |
(23,536 |
) |
|
$ |
16,836 |
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
6,863 |
|
|
|
6,685 |
|
|
|
13,648 |
|
|
|
13,373 |
|
Non-cash lease expense |
|
499 |
|
|
|
481 |
|
|
|
993 |
|
|
|
957 |
|
Stock based compensation |
|
2,528 |
|
|
|
1,877 |
|
|
|
5,733 |
|
|
|
6,021 |
|
Gain on disposal of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(47,842 |
) |
Transaction costs for disposition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,427 |
) |
Change in fair value of contingent consideration |
|
156 |
|
|
|
221 |
|
|
|
232 |
|
|
|
91 |
|
Deferred income taxes |
|
(249 |
) |
|
|
16,366 |
|
|
|
(588 |
) |
|
|
4,951 |
|
Change in accounts receivable allowances |
|
118 |
|
|
|
627 |
|
|
|
388 |
|
|
|
549 |
|
Fixed and intangible asset impairments and disposals |
|
39 |
|
|
|
174 |
|
|
|
59 |
|
|
|
239 |
|
Write-off of other assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
869 |
|
Other |
|
(2 |
) |
|
|
(129 |
) |
|
|
119 |
|
|
|
(138 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
(3,734 |
) |
|
|
(2,480 |
) |
|
|
50 |
|
|
|
677 |
|
Inventories |
|
(1,250 |
) |
|
|
(4,270 |
) |
|
|
(5,303 |
) |
|
|
(8,844 |
) |
Prepaid expenses and other |
|
764 |
|
|
|
(811 |
) |
|
|
(72 |
) |
|
|
(4,979 |
) |
Accounts payable, accrued and other liabilities |
|
7,479 |
|
|
|
15,573 |
|
|
|
(7,503 |
) |
|
|
(966 |
) |
Net cash provided by (used in) operating activities |
|
2,473 |
|
|
|
5,266 |
|
|
|
(15,780 |
) |
|
|
(20,633 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Additions to property, plant and equipment |
|
(797 |
) |
|
|
(554 |
) |
|
|
(1,889 |
) |
|
|
(1,345 |
) |
Additions to placement and evaluation units |
|
(1,164 |
) |
|
|
(1,239 |
) |
|
|
(2,477 |
) |
|
|
(2,006 |
) |
Proceeds from sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100,000 |
|
Net cash (used in) provided by investing activities |
|
(1,961 |
) |
|
|
(1,793 |
) |
|
|
(4,366 |
) |
|
|
96,649 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Repayment of long-term debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,000 |
) |
Payment of acquisition related contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,000 |
) |
Repurchase of common stock |
|
(1,118 |
) |
|
|
— |
|
|
|
(1,670 |
) |
|
|
— |
|
Proceeds from exercise of stock options and employee stock purchase plan |
|
(5 |
) |
|
|
(352 |
) |
|
|
38 |
|
|
|
58 |
|
Net cash used in financing activities |
|
(1,123 |
) |
|
|
(352 |
) |
|
|
(1,632 |
) |
|
|
(59,942 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(305 |
) |
|
|
189 |
|
|
|
(189 |
) |
|
|
202 |
|
Increase (decrease) in cash and cash equivalents |
|
(916 |
) |
|
|
3,310 |
|
|
|
(21,967 |
) |
|
|
16,276 |
|
Cash and cash equivalents at beginning of period |
|
55,005 |
|
|
|
57,586 |
|
|
|
76,056 |
|
|
|
44,620 |
|
Cash and cash equivalents at end of period |
$ |
54,089 |
|
|
$ |
60,896 |
|
|
$ |
54,089 |
|
|
$ |
60,896 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250108903948/en/
AngioDynamics, Inc.
Stephen Trowbridge, Executive Vice President & CFO
(518) 795-1408
Source: AngioDynamics, Inc.
FAQ
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