April 8, 2013

AngioDynamics Reports Fiscal 2013 Third Quarter Financial Results

  • Net sales of $81.6 million
  • GAAP net loss of $0.03 per share; Adjusted (Non-GAAP) net income of $0.08 per share
  • Adjusted EBITDA of $12.7 million, or $0.37 per share; 54% growth over Q3 FY12
  • Operating cash flow of $10 million versus $6.8 million in prior year

ALBANY, N.Y., April 8, 2013 (GLOBE NEWSWIRE) -- AngioDynamics (Nasdaq:ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today reported financial results for the fiscal 2013 third quarter and nine months ended February 28, 2013. Net sales for the third quarter were $81.6 million, compared to $51.6 million reported for the third quarter of fiscal 2012. The Company reported a GAAP net loss of $0.03 per share and adjusted earnings per share of $0.08.

"We had a very challenging sales quarter," said Joseph M. DeVivo, President and Chief Executive Officer. "Our U.S. Sales organization is still managing the effects of significant change while re-establishing positive momentum in our business. Third quarter sales were in line with our reduced expectations, while we continued to execute operationally, generating higher profitability than our revised expectations by successfully delivering cash improvements and cost savings. We remain confident in our business model, and are encouraged by positive movement, including converting several large PICC accounts to BioFlo, selling NanoKnife generators to European Urologists, generating ahead of plan AngioVac sales, recognizing our first U.S. Microsulis sales and executing a U.S. sole-source IDN agreement potentially worth more than $2 million annually. We firmly believe our acquisitions and investments position us to become a more competitive force in the markets we serve, and are committed to delivering top and bottom line growth for our investors."

Q3 FY13 Financial Results

Net sales for the third quarter were $81.6 million, compared to the $51.6 million reported a year ago. On a pro forma basis, which includes sales from Navilyst Medical and excludes sales from LC Beads, net sales for the third quarter decreased 2% compared to prior year pro forma net sales of $83.4 million. On a pro forma basis, Vascular net sales in the third quarter decreased 4% to $69 million compared to $72 million in the prior year period, and Oncology/Surgery net sales increased 10% to $10.4 million from $9.5 million a year ago. Pro forma net sales in the U.S. decreased 5% to $65.9 million from $69.1 million in the prior year period, and International pro forma net sales increased 10% to $15.7 million from $14.3 million a year ago.

The Company narrowed its net loss in the third quarter to $1 million, or $0.03 per share, compared to a net loss of $1.8 million, or $0.07 per share, a year ago. Excluding the items shown in the attached quarterly non-GAAP reconciliation table, adjusted net income was $2.8 million, or $0.08 per share, compared to $1.2 million, or $0.05 per share, a year ago. The year-over-year increase in adjusted net income was due to the Company's ongoing cost reduction initiatives and a reduction of accrued incentive compensation during the third quarter based on the Company's financial performance, which partially offset the lower than expected sales level. Diluted average shares outstanding increased to 35.3 million in the quarter from 25.1 million in the prior year period due to the additional shares issued in conjunction with the Navilyst Medical acquisition.

Third quarter EBITDA grew to $6.5 million, or $0.19 per share, compared to $0.4 million, or $0.02 per share, a year ago. Adjusted EBITDA, excluding the items shown in the attached reconciliation table, increased to $12.7 million, or $0.37 per share, in the third quarter compared to $6.1 million, or $0.24 per share, a year ago.

During the third quarter, operating cash flow improved to $10 million compared to $6.8 million in the prior year quarter. At February 28, 2013, cash and investments were $18.8 million, and debt was $144.4 million.

Select Operational Highlights

  • In February, AngioDynamics completed the acquisition of certain assets of Microsulis Medical Ltd., including the Acculis MTA microwave ablation system. The system utilizes a single, high-power, high-frequency 2.45 GHz saline-cooled applicator that may provide advantages to clinicians and patients, including faster ablation of soft tissue. During the quarter, the Company recognized its first Microsulis sales in the U.S. 
  • During the quarter, AngioDynamics executed a sole source contract with a leading IDN to provide vascular access products including ports and peripherally inserted central catheters (PICCs) to their members.

Year-to-Date Financial Results

For the nine months ended February 28, 2013, net sales were $252 million, a 54% increase over the $164.1 million reported a year ago and flat on a pro forma basis. Net income was $0.3 million, or $0.01 per share, compared to net income of $1.9 million, or $0.08 per share, as reported a year ago. Adjusted net income, excluding costs relating to the Navilyst Medical acquisition, as well as other costs detailed in the attached reconciliation table, was $9.9 million, or $0.28 per share, compared to $4.7 million, or $0.19 per share, a year ago. Adjusted EBITDA was $39.7 million, or $1.12 per share, compared to $19.4 million, or $0.77 per share, a year ago.
 

Fiscal 2013 Guidance  
  Adjusted
  Non-GAAP
   
Sales ($ in mils.) (a) 337 — 341
EBITDA ($ in mils.) (b) (c) 50 — 52
EPS ($) (d) 0.32 — 0.35
   
a) Fiscal Year 2012 pro forma combined sales excluding LC Beads were $344.3 million.
b) Adjusted result reflects an estimated $16 million in acquisition-related and restructuring costs, which include amortization of inventory basis step-up, accelerated asset depreciation, transaction-related professional fees, employment severance costs, our QCTA program, the closure of the U.K. manufacturing facility, and an impairment charge associated with a discontinued product offering.
c) $16 million in amortization, $8 million in depreciation, and $2 million in purchase accounting expenses related to Vortex Medical and Microsulis acquisitions are excluded. 
(d) Approximately 36 million diluted shares outstanding and a 37% tax rate.

Conference Call

AngioDynamics will host a conference call today at 4:30 p.m. Eastern Time to discuss its third quarter results. To participate in the live call, please dial 1-877-941-8609. In addition, a live webcast and archived replay of the call will be available at http://investors.angiodynamics.com. To access the live webcast, please go to the website 15 minutes prior to its start to register, download and install the necessary 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, AngioDynamics has reported pro forma sales growth, sales on a constant currency basis, EBITDA (income before interest, taxes, depreciation and amortization), 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

AngioDynamics Inc. is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, surgery, peripheral vascular disease and oncology. AngioDynamics' diverse product lines include market-leading ablation systems, fluid management systems, vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products and venous products. More information is available at www.AngioDynamics.com.

Trademarks

AngioDynamics, the AngioDynamics logo, AngioVac, Acculis, NanoKnife and BioFlo are trademarks and/or registered trademarks of AngioDynamics Inc., an affiliate or a subsidiary.

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 AngioDynamics include, without limitation, the ability of AngioDynamics to develop its existing and new products, technological advances and patents attained by competitors, 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, the results of on-going litigation, 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 integrate purchased businesses, including Navilyst Medical and its products, R&D capabilities, infrastructure and employees 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, 2012. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
         
  Three months ended Nine months ended
  Feb 28,
2013
Feb 29,
2012
Feb 28,
2013
Feb 29,
2012
  (unaudited) (unaudited)
         
Net sales $ 81,571 $ 51,567 $ 251,994 $ 164,097
Cost of sales        
 Acquired inventory step-up  400  --   3,845  -- 
 Quality call to action  38  912  850  912
 Other cost of sales  39,932  21,241  122,552  68,395
Total cost of sales   40,370  22,153  127,247  69,307
Gross profit  41,201  29,414  124,747  94,790
% of net sales 50.5% 57.0% 49.5% 57.8%
         
Operating expenses        
 Research and development   5,793  4,574  19,881  15,289
 Sales and marketing  18,520  15,802  55,734  47,958
 General and administrative  6,046  4,434  19,854  13,371
 Amortization of intangibles  4,314  2,320  11,961  6,914
 Medical device tax  683  --   683  -- 
 Change in fair value of contingent consideration  630  --   827  -- 
 Acquisition and other non-recurring  5,157  5,041  9,943  7,372
Total operating expenses  41,143  32,171  118,883  90,904
Operating income (loss)  58  (2,757)  5,864  3,886
Other income (expense), net  (1,879)  (123)  (5,707)  (1,094)
Income (loss) before income taxes  (1,821)  (2,880)  157  2,792
Provision for (benefit from) income taxes  (829)  (1,112)  (99)  858
Net income (loss)  $ (992)  $ (1,768)  $ 256 $ 1,934
         
Earnings (loss) per common share      
Basic  $ (0.03)  $ (0.07) $ 0.01 $ 0.08
Diluted  $ (0.03)  $ (0.07) $ 0.01 $ 0.08
         
Weighted average common shares      
Basic  34,834  25,129  34,787  25,114
Diluted  34,834  25,129  35,315  25,289
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)
         
Reconciliation of Net Income to non-GAAP Adjusted Net Income:
         
  Three months ended Nine months ended
  Feb 28,
2013
Feb 29,
2012
Feb 28,
2013
Feb 29,
2012
  (unaudited) (unaudited)
         
Net income (loss)  $ (992)  $ (1,768) $ 256 $ 1,934
         
After tax:        
Acquisition and other non-recurring (1)  3,110  2,561  6,158  3,941
Quality Call to Action Program (2)  24  579  540  579
Inventory step-up (3)  254  --   2,442  -- 
Product recalls (4)  --   290  --   1,157
Contingent earn out valuation (5)  400  --   525  -- 
LC Beads contribution (6)  --   (474)  --   (2,885)
Adjusted net income  $ 2,797  $ 1,188  $ 9,920  $ 4,726
         
         
Reconciliation of Diluted Earnings Per Share to non-GAAP Adjusted Diluted Earnings Per Share:
         
  Three months ended Nine months ended
  Feb 28,
2013
Feb 29,
2012
Feb 28,
2013
Feb 29,
2012
  (unaudited) (unaudited)
         
Diluted earnings (loss) per share  $ (0.03)  $ (0.07) $ 0.01  $ 0.08
         
After tax:        
Acquisition and other non-recurring (1)  0.09  0.10  0.17  0.16
Quality Call to Action Program (2)  0.00  0.02  0.02  0.02
Inventory step-up (3)  0.01  --   0.07  -- 
Product recalls (4)  --   0.01  --   0.05
Contingent earn out valuation (5)  0.01  --   0.01  -- 
LC Beads contribution (6)  --   (0.02)  --   (0.11)
Adjusted diluted earnings per share  $ 0.08  $ 0.05  $ 0.28  $ 0.19
         
* Does not sum due to rounding
         
(1) Includes costs relating to acquisitions, debt financing, business restructuring and executive transitions, and a program to close a manufacturing facility in the U.K.
(2) Direct costs of implementing a comprehensive Quality Call to Action program to review and augment the quality management systems at our Queensbury and Fremont facilities.
(3) Amortization of basis step-up of acquired Navilyst inventory.
(4) Costs attributable to voluntary product recalls.
(5) Impact of revaluation of contingent earn outs related to acquisitions
(6) Reflects estimated contribution of LC Beads distribution contract which expired on December 31, 2011.
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION (Continued)
(in thousands, except per share data)
         
         
Reconciliation of Net Income to EBITDA and Adjusted EBITDA:
         
  Three months ended Nine months ended
  Feb 28,
2013
Feb 29,
2012
Feb 28,
2013
Feb 29,
2012
  (unaudited) (unaudited)
         
Net income (loss)  $ (992)  $ (1,768) $ 256 $ 1,934
         
Provision for (benefit from) income taxes  (829)  (1,112)  (99)  858
Other income (expense), net  1,879  123  5,707  1,094
Amortization of intangibles  4,314  2,320  11,961  6,914
Depreciation  2,126  868  6,419  3,048
EBITDA  6,498  431  24,244  13,848
         
Acquisition and other non-recurring (1)  5,157  5,041  9,943  7,372
Quality Call to Action Program (2)  38  912  850  912
Inventory step-up (3)  400  --   3,845  -- 
Product recalls (4)  --   457  --   1,822
Contingent earn out revaluation (5)  630  --   827  -- 
LC Beads contribution (6)  --   (747)  --   (4,544)
Adjusted EBITDA  $ 12,723  $ 6,094  $ 39,709  $ 19,410
         
EBITDA per common share        
Assumes Diluted  $ 0.19 $ 0.02 $ 0.69 $ 0.55
         
Adjusted EBITDA per common share      
Assumes Diluted $ 0.37 $ 0.24 $ 1.12 $ 0.77
         
         
         
Reconciliation of Operating Income to non-GAAP Adjusted Operating Income:
         
  Three months ended Nine months ended
  Feb 28,
2013
Feb 29,
2012
Feb 28,
2013
Feb 29,
2012
  (unaudited) (unaudited)
         
Operating income (loss) $ 58  $ (2,757) $ 5,864 $ 3,886
         
Acquisition and other non-recurring (1)  5,157  5,041  9,943  7,372
Quality Call to Action Program (2)  38  912  850  912
Inventory step-up (3)  400  --   3,845  -- 
Product recalls (4)  --   457  --   1,822
Contingent earn out revaluation (5)  630  --   827  -- 
LC Beads contribution (6)  --   (747)  --   (4,544)
Adjusted Operating income  $ 6,283  $ 2,906  $ 21,329  $ 9,448
         
         
(1) Includes costs relating to acquisitions, debt financing, business restructuring and executive transitions, and a program to close a manufacturing facility in the U.K.
(2) Direct costs of implementing a comprehensive Quality Call to Action program to review and augment the quality management systems at our Queensbury and Fremont facilities.
(3) Amortization of basis step-up of acquired Navilyst inventory.
(4) Costs attributable to voluntary product recalls.
(5) Impact of revaluation of contingent earn outs related to acquisitions
(6) Reflects estimated contribution of LC Beads distribution contract which expired on December 31, 2011.
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT NON GAAP RECONCILIATION
FOR THE QUARTER ENDED FEBRUARY 28, 2013
(in thousands, except per share data)
(Unaudited)
                 
                 
           
      Quality Acquisition Severance/      
  GAAP   Control Related Restructuring Other   NON GAAP
  Results   Initiative Costs Costs Items, Net   Results
                 
Net sales $ 81,571             $ 81,571
Cost of sales   40,370    (38)  (400)        39,932
Gross profit  41,201    38  400  --   --     41,639
% of net sales 50.5%             51.0%
                 
Operating expenses                
 Research and development   5,793              5,793
 Sales and marketing  18,520              18,520
 General and administrative  6,046              6,046
 Amortization of intangibles  4,314              4,314
 Medical Device tax  683              683
 Contingent earn out revaluation  630      (630)        -- 
 Acquisition and other non-recurring  5,157      (928)  (1,578)  (2,651)    -- 
Total operating expenses  41,143    --   (1,558)  (1,578)  (2,651)    35,356
Operating income   58    38  1,958  1,578  2,651    6,283
Other income (expense), net  (1,879)              (1,879)
Income (loss) before income taxes  (1,821)    38  1,958  1,578  2,651    4,404
Provision for (benefit from) income taxes  (829)    14  878  576  968    1,607
Net income (loss)  $ (992)   $ 24 $ 1,080 $ 1,002 $ 1,683   $ 2,797
                 
Earnings (loss) per common share                
Assumes Diluted  $ (0.03)    $ 0.00  $ 0.03  $ 0.03  $ 0.05    $ 0.08
                 
Weighted average common shares                
Assumes Diluted  35,334    35,334  35,334  35,334  35,334    35,334
                 
Effective Tax Rate 46%   37% 45% 37% 37%   37%
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT NON GAAP RECONCILIATION
FOR THE NINE MONTHS ENDED FEBRUARY 28, 2013
(in thousands, except per share data)
(Unaudited)
                 
                 
           
      Quality Acquisition Severance/      
  GAAP   Control Related Restructuring Other   NON GAAP
  Results   Initiative Costs Costs Items, Net   Results
                 
                 
Net sales $ 251,994             $ 251,994
Cost of sales   127,247    (850)  (3,845)        122,552
Gross profit  124,747    850  3,845  --   --     129,442
% of net sales 49.5%             51.4%
                 
Operating expenses                
 Research and development   19,881              19,881
 Sales and marketing  55,734              55,734
 General and administrative  19,854              19,854
 Amortization of intangibles  11,961              11,961
 Medical device tax  683              683
 Contingent earn out revaluation  827      (827)        -- 
 Acquisition and other non-recurring  9,943      (2,924)  (4,396)  (2,623)    -- 
Total operating expenses  118,883    --   (3,751)  (4,396)  (2,623)    108,113
Operating income   5,864    850  7,596  4,396  2,623    21,329
Other income (expense), net  (5,707)              (5,707)
Income before income taxes  157    850  7,596  4,396  2,623    15,622
Provision for income taxes  (99)    310  2,929  1,605  957    5,702
Net income (loss) $ 256   $ 540 $ 4,667 $ 2,791 $ 1,666   $ 9,920
                 
Earnings per common share                
Assumes Diluted $ 0.01    $ 0.02  $ 0.13  $ 0.08  $ 0.05    $ 0.28
                 
Weighted average common shares                
Assumes Diluted  35,315    35,315  35,315  35,315  35,315    35,315
                 
Effective Tax Rate -63%   37% 39% 37% 37%   37%
 
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRELIMINARY NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(unaudited in thousands)
               
               
  Three months ended (b)   Nine months ended (c)
  Feb 28,
2013
Feb 29,
2012
%
Growth
  Feb 28,
2013
Feb 29,
2012
%
Growth
               
               
               
Net Sales by Product Category            
Vascular              
Peripheral Vascular $ 42,616 $ 22,852 86%   $ 131,677 $ 66,899 97%
Vascular Access  26,391  15,062 75%    79,732  45,863 74%
Total Vascular  69,007  37,914 82%    211,409  112,762 87%
Oncology/Surgery  10,449  13,653 (23%)    33,688  51,335 (34%)
Supply Agreement  2,115  -- N/A    6,897  -- N/A
Total $ 81,571 $ 51,567 58%   $ 251,994 $ 164,097 54%
               
Net Sales by Geography              
United States $ 65,899 $ 43,629 51%   $ 203,579 $ 140,587 45%
International  15,672  7,938 97%    48,415  23,510 106%
Total $ 81,571 $ 51,567 58%   $ 251,994 $ 164,097 54%
               
               
               
PRO FORMA (a)              
               
Net Sales by Product Category            
Vascular              
Peripheral Vascular $ 42,616 $ 44,412 (4%)   $ 131,677 $ 131,926 (0%)
Vascular Access  26,391  27,598 (4%)    79,732  83,306 (4%)
Total Vascular  69,007  72,010 (4%)    211,409  215,232 (2%)
Oncology/Surgery  10,449  9,521 10%    33,688  30,080 12%
Supply Agreement  2,115  1,838 15%    6,897  7,037 (2%)
Total $ 81,571 $ 83,369 (2%)   $ 251,994 $ 252,349 (0%)
               
Net Sales by Geography              
United States $ 65,899 $ 69,064 (5%)   $ 203,579 $ 210,247 (3%)
International  15,672  14,305 10%    48,415  42,102 15%
Total $ 81,571 $ 83,369 (2%)   $ 251,994 $ 252,349 (0%)
               
               
(a) As if AngioDynamics (excluding LC Beads) and Navilyst Medical were combined in all periods.
(b) Days sales outstanding for the three months ended Feb 28, 2013 and Feb 29, 2012, were 60 and 61 days, respectively.
(c) Days sales outstanding for the nine months ended Feb 28, 2013 and Feb 29, 2012, were 187 and 188 days, respectively.
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA PRODUCT LINE NET SALES EXCLUDING LCBEADS
(in thousands)
               
               
               
  Three months ended   Nine months ended
  Feb 28,
2013
Feb 29,
2012
%
Growth
  Feb 28,
2013
Feb 29,
2012
%
Growth
  (unaudited)     (unaudited)
Net Sales by Product Line              
Vascular              
Peripheral Vascular              
Fluid Management $ 19,096 $ 20,674 (8%)   $ 60,302 $ 62,179 (3%)
Venacure EVLT  10,086  10,482 (4%)    30,325  29,366 3%
Core products  13,713  13,254 3%    40,442  39,896 1%
Other  (279)  2 N/A    608  484 26%
Total Peripheral Vascular  42,616  44,412 (4%)    131,677  131,925 (0%)
               
Vascular Access              
PICCS  12,550  13,703 (8%)    38,455  40,803 (6%)
Ports  7,571  7,641 (1%)    23,080  23,296 (1%)
Dialysis  4,813  5,174 (7%)    14,194  15,883 (11%)
Other  1,457  1,080 35%    4,003  3,324 20%
Total Vascular Access  26,391  27,598 (4%)    79,732  83,306 (4%)
Total Vascular  69,007  72,010 (4%)    211,409  215,231 (2%)
Oncology/Surgery              
Thermal Ablation  6,290  5,839 8%    19,791  17,424 14%
Nanoknife  2,621  2,029 29%    8,792  7,495 17%
Other  1,538  1,653 (7%)    5,105  5,161 (1%)
Total Oncology/Surgery  10,449  9,521 10%    33,688  30,080 12%
Supply Agreement  2,115  1,838 15%    6,897  7,038 (2%)
Total Net Sales $ 81,571 $ 83,369 (2%)   $ 251,994 $ 252,349 (0%)
               
               
Net Sales by Geography              
United States $ 65,899 $ 69,064 (5%)   $ 203,579 $ 210,247 (3%)
International  15,672  14,305 10%    48,415  42,102 15%
Total $ 81,571 $ 83,369 (2%)   $ 251,994 $ 252,349 (0%)
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
     
     
     
  Feb 28,
2013
May 31,
2012
  (unaudited) (unaudited)
Assets    
Current Assets    
Cash and cash equivalents $ 16,625 $ 23,508
Escrow receivable  --  2,500
Marketable securities  2,154  14,070
 Total cash, escrow receivable and investments  18,779  40,078
     
Receivables, net  45,110  48,588
Inventories, net  61,973  55,823
Deferred income taxes  6,754  4,923
Prepaid income taxes  4,194  3,180
Prepaid expenses and other  9,630  6,646
 Total current assets  146,440  159,238
     
Property, plant and equipment, net  61,187  55,915
Intangible assets, net  219,238  147,266
Goodwill  356,692  308,912
Deferred income taxes  7,268  39,198
Other non-current assets  5,646  11,240
 Total Assets $ 796,471 $ 721,769
     
Liabilities and Stockholders' Equity  
Current portion of long-term debt $ 7,500 $ 7,500
Current portion of contingent consideration  9,121  --
Other current liabilities  50,209  47,922
 Total current liabilities  66,830  55,422
Long-term debt, net of current portion  136,875  142,500
Contingent consideration, net of current portion  65,173  --
Other long-term liabilities  236  327
 Total Liabilities  269,114  198,249
     
Stockholders' equity  527,357  523,520
 Total Liabilities and Stockholders' Equity $ 796,471 $ 721,769
     
Shares outstanding  35,041  34,826
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
         
         
         
  Three months ended Nine months ended
  Feb 28,
2013
Feb 29,
2012
Feb 28,
2013
Feb 29,
2012
  (unaudited) (unaudited) (unaudited) (unaudited)
         
Cash flows from operating activities:        
 Net income (loss)   $ (992)  $ (1,768)  $ 256 $ 1,934
 Depreciation and amortization   6,410  3,188  18,571  9,962
 Change in fair value of contingent consideration   630  --   827  -- 
 Tax effect of exercise of stock options   82  (39)  (422)  (237)
 Deferred income taxes   1,915  (1,305)  4,090  (247)
 Stock-based compensation   997  1,121  3,372  2,998
 Amortization of inventory step-up   400  --   3,845  -- 
 Other   1,304  314  733  (178)
 Changes in operating assets and liabilities         
 Receivables   2,454  4,728  3,957  372
 Inventories   644  1,269  (9,308)  (277)
 Accounts payable and accrued liabilities   (3,273)  2,565  (10,134)  3,457
 Other   (571)  (3,284)  (273)  (5,282)
 Net cash provided by operating activities   10,000  6,789  15,514  12,502
         
 Cash flows from investing activities:         
 Additions to property, plant and equipment   (2,921)  (821)  (7,708)  (1,879)
 Acquisition of businesses, net of cash acquired   (10,966)  (200)  (25,274)  (500)
 Proceeds from sale of assets   --   --   801  1,000
 Change in restricted cash   2,500  --   2,500  -- 
 Purchases, sales and maturities of marketable securities, net   --   (15,684)  11,855  (24,061)
 Net cash used in investing activities   (11,387)  (16,705)  (17,826)  (25,440)
         
Cash flows from financing activities:        
 Repayment of long-term debt   (1,875)  (70)  (5,625)  (205)
 Proceeds from exercise of stock options and ESPP   620  1,062  1,096  3,312
 Repurchase and retirement of shares   --   --   --   (2,104)
 Net cash (used in) provided by financing activities   (1,255)  992  (4,529)  1,003
         
 Effect of exchange rate changes on cash   (54)  16  (42)  (2)
 Increase (Decrease) in cash and cash equivalents   (2,696)  (8,908)  (6,883)  (11,937)
         
Cash and cash equivalents        
 Beginning of period   19,321  42,955  23,508  45,984
 End of period  $ 16,625 $ 34,047 $ 16,625 $ 34,047
           
CONTACT: Company Contact:

         AngioDynamics Inc.

         Mark Frost, CFO

         (800) 772-6446 x1981

         mfrost@AngioDynamics.com



         Investor Relations Contacts:

         EVC Group, Inc.

         Greg Gin/Robert Jones

         (646) 445-4801; (646) 201-5447

         ggin@evcgroup.com;

         bjones@evcgroup.com



         Media Contact:

         EVC Group, Inc.

         Chris Gale

         (646) 201-5431

         cgale@evcgroup.com
Source: AngioDynamics

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