Net sales were
Gross margin was 57.7% in the fourth quarter, which is slightly below
the prior year period gross margin of 58.0%. The decline is attributable
to lower margins on the sale of vascular products in the U.S. Operating
income was
For the fiscal year ended
For fiscal year 2011, gross margin was 58.3% compared with 58.8% for the
prior year, with the decline primarily attributable to lower selling
prices for vascular products in the U.S. Operating income was
"The U.S. Vascular business has been the number one priority since the
beginning of our leadership transition," said
"Our recently launched Vascular products, including the DuraMax®
dialysis catheter, the Venacure® 1470nm laser and 90cm
NeverTouch® procedure kit, and the Morpheus Smart PICC 6Fr
triple lumen full IR kits are positioned to help drive revenue growth in
our current fiscal year,"
"During the fiscal fourth quarter, we continued to generate solid
revenue growth from our Oncology/Surgery division, led by strong
NanoKnife System sales," continued
Highlights of the fourth quarter, and more recent activities, include the following:
Fiscal 2012 Guidance
The Company's guidance for fiscal year 2012 is provided in quarters to
illustrate the expected impact of the LC Beads U.S. distribution
agreement through
FY 2012 GUIDANCE, INCLUDING KNOWN ITEMS (GAAP) | |||||||||
($ in mil's, except EPS) | |||||||||
Q1 | Q2 | Q3 | Q4 | FY 2012 | |||||
Sales ($) | 53.5 - 55.5 | 55.5 - 57.5 | 54.5 - 56.5 | 53.5 - 55.5 | 217.0 - 225.0 | ||||
Sales Growth (%) | 4% - 8% | 4% - 8% | 0% - 3% | (5)% - (2)% | 0% - 4% | ||||
Gross Margin (%) | 57.5% - 58.5% | 58.0% - 59.0% | 58.5% - 59.5% | 62.0% - 63.0% | 59.0% - 60.0% | ||||
Operating Income ($) | 2.1 - 3.1 | 3.9 - 4.9 | 3.8 - 4.8 | 4.6 - 5.6 | 14.4 - 18.4 | ||||
EBITDA ($) | 5.6 - 6.6 | 7.4 - 8.4 | 7.3 - 8.3 | 8.1 - 9.1 | 28.4 - 32.4 | ||||
EPS ($) | 0.04 - 0.06 | 0.09 - 0.11 | 0.09 - 0.11 | 0.11 - 0.13 | 0.33 - 0.41 | ||||
|
|||||||||
FY 2012 GUIDANCE, EXCLUDING KNOWN ITEMS (Non-GAAP)* | |||||||||
($ in mil's, except EPS) | |||||||||
Q1 | Q2 | Q3 | Q4 | FY 2012 | |||||
Sales ($) | 53.5 - 55.5 | 55.5 - 57.5 | 54.5 - 56.5 | 53.5 - 55.5 | 217.0 - 225.0 | ||||
Sales Growth (%) | 4% - 8% | 4% - 8% | 0% - 3% | (5)% - (2)% | 0% - 4% | ||||
Gross Margin (%) | 58.0% - 59.0% | 59.0% - 60.0% | 60.0% - 61.0% | 62.0% - 63.0% | 60.0% - 61.0% | ||||
Operating Income ($) | 3.5 - 4.5 | 4.5 - 5.5 | 4.5 - 5.5 | 4.5 - 5.5 | 17.0 - 21.0 | ||||
EBITDA ($) | 7.0 - 8.0 | 8.0 - 9.0 | 8.0 - 9.0 | 8.0 - 9.0 | 31.0 - 35.0 | ||||
EPS ($) | 0.08 - 0.10 | 0.11 - 0.13 | 0.11 - 0.13 | 0.11 - 0.13 | 0.41 - 0.49 | ||||
* Excludes known items: CEO transition and manufacturing consolidation under consideration. |
Conference Call
In addition, individuals can listen to the live call and the replay on the Internet by visiting the investor relations portion of the AngioDynamics Web site at http://investors.angiodynamics.com. To listen to the live call, please go to the Web site 15 minutes prior to its start to register, download and install the necessary audio software.
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,
About
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," "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 from AngioDynamics' expectations. Factors that may
affect the actual results achieved by
In
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
||||||||||||||||||
CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||||
May 31, | May 31, | May 31, | May 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||
Net sales | $ | 56,430 | $ | 60,277 | $ | 215,957 | $ | 216,035 | ||||||||||
Cost of sales | 23,861 | 25,320 | 90,111 | 89,066 | ||||||||||||||
Gross profit | 32,569 | 34,957 | 125,846 | 126,969 | ||||||||||||||
% of net sales | 57.7 | % | 58.0 | % | 58.3 | % | 58.8 | % | ||||||||||
Operating expenses | ||||||||||||||||||
Research and development | 5,549 | 5,374 | 21,372 | 19,275 | ||||||||||||||
Sales and marketing | 15,333 | 16,490 | 58,123 | 60,923 | ||||||||||||||
General and administrative | 4,722 | 4,254 | 17,828 | 16,437 | ||||||||||||||
Impairment and other costs | 6,410 | - | 7,182 | - | ||||||||||||||
Amortization of intangibles | 2,574 | 2,456 | 9,234 | 9,463 | ||||||||||||||
Total operating expenses | 34,588 | 28,574 | 113,739 | 106,098 | ||||||||||||||
Operating income (loss) | (2,019 | ) | 6,383 | 12,107 | 20,871 | |||||||||||||
Other income (expense), net | (297 | ) | (563 | ) | (1,265 | ) | (1,252 | ) | ||||||||||
Income (loss) before income taxes | (2,316 | ) | 5,820 | 10,842 | 19,619 | |||||||||||||
Provision for (benefit from) income taxes | (1,564 | ) | 2,081 | 2,616 | 7,307 | |||||||||||||
Net income (loss) | $ | (752 | ) | $ | 3,739 | $ | 8,226 | $ | 12,312 | |||||||||
Earnings (loss) per common share | ||||||||||||||||||
Basic | $ | (0.03 | ) | $ | 0.15 | $ | 0.33 | $ | 0.50 | |||||||||
Diluted | $ | (0.03 | ) | $ | 0.15 | $ | 0.33 | $ | 0.50 | |||||||||
Weighted average common shares | ||||||||||||||||||
Basic | 24,979 | 24,743 | 24,870 | 24,580 | ||||||||||||||
Diluted | 25,261 | 24,969 | 25,133 | 24,787 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
||||||||||||||||
CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Reconciliation of Operating Income to non-GAAP EBITDA: | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
May 31, | May 31, | May 31, | May 31, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operating income (loss) | $ | (2,019 | ) | $ | 6,383 | $ | 12,107 | $ | 20,871 | |||||||
Amortization of intangibles | 2,574 | 2,456 | 9,234 | 9,463 | ||||||||||||
Impairment charge | 6,410 | - | 6,410 | - | ||||||||||||
Depreciation | 893 | 747 | 3,345 | 2,996 | ||||||||||||
EBITDA | $ | 7,858 | $ | 9,586 | $ | 31,096 | $ | 33,330 | ||||||||
EBITDA per common share | ||||||||||||||||
Basic | $ | 0.31 | $ | 0.39 | $ | 1.25 | $ | 1.36 | ||||||||
Diluted | $ | 0.31 | $ | 0.38 | $ | 1.24 | $ | 1.34 | ||||||||
Weighted average common shares | ||||||||||||||||
Basic | 24,979 | 24,743 | 24,870 | 24,580 | ||||||||||||
Diluted | 25,261 | 24,969 | 25,133 | 24,787 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY (in thousands) |
||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
May 31, | May 31, | May 31, | May 31, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Net Sales by Product Category | ||||||||||||||||
Vascular | ||||||||||||||||
Peripheral Vascular | $ | 22,639 | $ | 25,524 | $ | 87,199 | $ | 92,163 | ||||||||
Access | 15,323 | 17,994 | 62,530 | 66,988 | ||||||||||||
Total Vascular | 37,962 | 43,518 | 149,729 | 159,151 | ||||||||||||
Oncology/Surgery | 18,468 | 16,759 | 66,228 | 56,884 | ||||||||||||
Total | $ | 56,430 | $ | 60,277 | $ | 215,957 | $ | 216,035 | ||||||||
|
|
|
|
|||||||||||||
Net Sales by Geography | ||||||||||||||||
United States | $ | 48,572 | $ | 54,152 | $ | 189,086 | $ | 192,933 | ||||||||
International | 7,858 | 6,125 | 26,871 | 23,102 | ||||||||||||
Total | $ | 56,430 | $ | 60,277 | $ | 215,957 | $ | 216,035 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(in thousands) | |||||||||||
May 31, | May 31, | ||||||||||
2011 | 2010 | ||||||||||
(unaudited) | (unaudited) | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 45,984 | $ | 58,763 | |||||||
Marketable securities | 85,558 | 41,311 | |||||||||
Total cash and investments | 131,542 | 100,074 | |||||||||
Receivables, net | 27,365 | 29,838 | |||||||||
Inventories, net | 28,062 | 29,216 | |||||||||
Deferred income taxes | 2,821 | 5,281 | |||||||||
Prepaid income taxes | 503 | 2,749 | |||||||||
Prepaid expenses and other | 4,137 | 4,202 | |||||||||
Total current assets | 194,430 | 171,360 | |||||||||
Property, plant and equipment, net | 23,804 | 24,193 | |||||||||
Intangible assets, net | 48,037 | 58,352 | |||||||||
Goodwill | 161,951 | 161,974 | |||||||||
Deferred income taxes | 5,835 | 2,527 | |||||||||
Other non-current assets | 3,489 | 5,519 | |||||||||
Total Assets | $ | 437,546 | $ | 423,925 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current portion of long-term debt | $ | 275 | $ | 260 | |||||||
Other current liabilities | 25,248 | 25,766 | |||||||||
Long-term debt, net of current portion | 6,275 | 6,550 | |||||||||
Total Liabilities | 31,798 | 32,576 | |||||||||
Stockholders' equity | 405,748 | 391,349 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 437,546 | $ | 423,925 | |||||||
|
|
||||||||||
Shares outstanding | 24,986 | 24,747 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
(in thousands) | |||||||||||||||||
Twelve months ended | |||||||||||||||||
May 31, | May 31, | ||||||||||||||||
2011 | 2010 | ||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | 8,226 |
|
$ | 12,312 | ||||||||||||
Depreciation and amortization | 12,579 | 12,459 | |||||||||||||||
Tax effect of exercise of stock options | (741 | ) | (529 | ) | |||||||||||||
Deferred income taxes | (840 | ) | 5,877 | ||||||||||||||
Stock-based compensation | 4,609 | 4,876 | |||||||||||||||
Impairment Charges | 6,410 | - | |||||||||||||||
Other | (147 | ) | (940 | ) | |||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Receivables | 2,546 | (2,613 | ) | ||||||||||||||
Inventories | 1,559 | 8,302 | |||||||||||||||
Accounts payable and accrued liabilities | 2,085 | 1,522 | |||||||||||||||
Other | (2,416 | ) | (1,307 | ) | |||||||||||||
Net cash provided by operating activities | 33,870 | 39,959 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Additions to property, plant and equipment | (2,957 | ) | (5,042 | ) | |||||||||||||
Acquisition of intangible assets and businesses | (1,086 | ) | (5,411 | ) | |||||||||||||
Other cash flow from investing activities | (182 | ) | - | ||||||||||||||
Purchases, sales and maturities of marketable securities, net | (44,395 | ) | (1,324 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (48,620 | ) | (11,777 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Repayment of long-term debt | (260 | ) | (265 | ) | |||||||||||||
Proceeds from exercise of stock options and ESPP | 2,182 | 2,983 | |||||||||||||||
Net cash provided by (used in) financing activities | 1,922 | 2,718 | |||||||||||||||
Effect of exchange rate changes on cash | 49 | (46 | ) | ||||||||||||||
Increase (Decrease) in cash and cash equivalents | (12,779 | ) | 30,854 | ||||||||||||||
Cash and cash equivalents | |||||||||||||||||
Beginning of period | 58,763 | 27,909 | |||||||||||||||
End of period | $ | 45,984 | $ | 58,763 | |||||||||||||
|
jgersuk@AngioDynamics.com
or
EVC
Group, Inc.
dsherk@evcgroup.com
ggin@evcgroup.com
cgale@evcgroup.com
Source:
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