July 11, 2013

AngioDynamics Reports Fiscal 2013 Fourth Quarter Financial Results

  • Net sales of $90 million
  • GAAP net loss of $0.02 per share; Adjusted (Non-GAAP) net income of $0.07 per share
  • Adjusted EBITDA Grows 56% to $12.3 million
  • Operating cash flow of $10.8 million versus $1 million of cash used in prior year
  • Company Introduces Financial Guidance for FY 2014

ALBANY, N.Y., July 11, 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 fourth quarter and full year ended May 31, 2013.

"The fourth quarter was highlighted by encouraging signs of progress, and while the Vascular Access franchise continues to face challenges despite the strong performance of our BioFlo technology, the Peripheral Vascular, Oncology/Surgery and International franchises all experienced healthy improvements over the fiscal 2013 third quarter," said Joseph M. DeVivo, President and Chief Executive Officer. "We saw excellent early data on our BioFlo PICCs, which now represent 20% of AngioDynamics' worldwide PICC revenue; exceeded our AngioVac system forecast with $1 million in sales in the fourth quarter alone; and received FDA approval for our NanoKnife system Prostate IDE. Our Oncology/Surgery franchise was further bolstered by a 25% increase in worldwide thermal ablation revenue compared to the fiscal 2013 third quarter. Coupled with returned stability in our sales forces, we believe these key drivers will return AngioDynamics to growth in FY 2014."

Q4 FY13 Financial Results

Net sales for the fourth quarter were $90 million, compared to the $57.7 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 fourth quarter decreased 2% compared to prior year pro forma net sales of $92.2 million. On a pro forma basis, Vascular net sales in the fourth quarter decreased 4% to $75 million compared to $78.5 million in the prior year period, and Oncology/Surgery net sales increased 18% to $13.5 million from $11.4 million a year ago. Pro forma net sales in the U.S. decreased 6% to $71.3 million from $75.7 million in the prior year period, and International pro forma net sales increased 14% to $18.8 million from $16.5 million a year ago.

The Company narrowed its net loss in the fourth quarter to $0.9 million, or $0.02 per share, compared to a net loss of $7.0 million, or $0.27 per share, a year ago. Excluding the items shown in the attached quarterly non-GAAP reconciliation table, adjusted net income was $2.3 million, or $0.07 per share, compared to $0.8 million, or $0.03 per share, a year ago. Excluding amortization for intangible assets, the Company's adjusted EPS was $0.14 for the fourth quarter of fiscal year 2013 compared to $0.09 for the year ago quarter. Diluted average shares outstanding increased to 34.9 million in the quarter from 26.2 million in the prior year period due to the additional shares issued in conjunction with the Navilyst Medical acquisition.

Fourth quarter EBITDA grew to $7.9 million, or $0.22 per share, compared to negative EBITDA of $3.3 million, or $0.12 per share, a year ago. Adjusted EBITDA, excluding the items shown in the attached reconciliation table, increased to $12.3 million, or $0.35 per share, in the fourth quarter compared to $7.9 million, or $0.30 per share, a year ago.

During the fourth quarter, operating cash flow improved to $10.8 million compared to $1 million of net cash used in the prior year quarter. At May 31, 2013, cash and investments were $24 million, and debt was $142.5 million.

Recent Operational Highlights

  • BioFlo peripherally inserted central catheter (PICC) was one of 14 medical innovations on display in front of thousands of healthcare providers and experts at the Premier healthcare alliance's 2013 Breakthroughs Conference and Exhibition on June 11, 2013.
  • The U.S. Food & Drug Administration (FDA) granted Investigational Device Exemption (IDE) approval to conduct a clinical study of the NanoKnife System for the ablation of focal prostate cancer. The Company is moving forward with institutional review board (IRB) submissions and anticipates commencing patient enrollment in its fiscal 2014 second quarter, which ends November 30, 2013.
  • The U.S. Food and Drug Administration (FDA) granted 510(k) clearance for the Xcela Plus Port family, with Pressure Activated Safety Valve (PASV) technology to Navilyst Medical, an AngioDynamics company. AngioDynamics also received the Medical Device License from Health Canada to market and sell the Smart Port CT family of power-injectable ports, featuring Vortex port technology.

Full Year 2013 Financial Results

For the full year ended May 31, 2013, net sales were $342 million, a 54% increase over the $221.8 million reported a year ago. On a pro forma basis, prior year net sales were $344.6 million. Net loss was $0.6 million, or $0.02 per share, compared to a net loss of $5.1 million, or $0.20 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 $12.2 million, or $0.35 per share, compared to $5.5 million, or $0.21 per share, a year ago. Adjusted EBITDA was $52.2 million, or $1.48 per share, compared to $26.8 million, or $1.05 per share, a year ago. Excluding amortization for intangible assets, the Company's adjusted EPS was $0.64 for fiscal year 2013 compared to $0.45 for the fiscal full year 2012.

Fiscal 2014 Guidance

"We expect to deliver modest sales growth during fiscal year 2014 ranging from $346 million to $352 million, reflecting a 3% increase at the top end of the range," AngioDynamics' Chief Financial Officer and Executive Vice President Mark Frost said. "Based on our sales assumptions and the impact of the medical device tax on our expected results, we anticipate adjusted earnings per share (EPS) to be in the range of $0.31-$0.35 and adjusted EPS, excluding amortization, to be in the range of $0.61-$0.65.

"Based on our performance in the fourth quarter of fiscal year 2013 and the timing of NanoKnife System sales, we expect net sales to range from $81 million to $84 million in the first quarter, flat on the top end, compared to year-ago first quarter sales," Frost continued. "Adjusted EPS is expected to be in the range of $0.02-$0.04 and in the range of $0.10-$0.12 for adjusted EPS excluding amortization."

Conference Call

AngioDynamics will host a conference call today at 4:30 p.m. Eastern Time to discuss its fourth quarter results. To participate in the live call, please dial 1-877-941-0844. 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, 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 and the AngioDynamics logo, AngioVac, BioFlo, Microsulis, NanoKnife and Navilyst 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 Twelve months ended
  May 31, May 31, May 31, May 31,
  2013 2012 2013 2012
  (unaudited) (unaudited)
         
Net sales $ 90,033 $ 57,690 $ 342,026 $ 221,787
Cost of sales        
 Acquired inventory step-up  --   431  3,845  431
 Quality call to action  --   1,414  850  2,326
 Other cost of sales  45,791  25,108  168,342  93,503
Total cost of sales   45,791  26,953  173,037  96,260
Gross profit  44,242  30,737  168,989  125,527
% of net sales 49.1% 53.3% 49.4% 56.6%
         
Operating expenses        
 Research and development   6,438  5,222  26,319  20,511
 Sales and marketing  20,387  16,546  76,121  64,505
 General and administrative  6,273  4,962  26,127  18,334
 Amortization of intangibles  4,384  2,492  16,345  9,406
 Medical device tax  1,103  --   1,786  -- 
 Change in fair value of contingent consideration  756  --   1,583  -- 
 Acquisition and other non-recurring  3,670  8,362  13,614  15,733
Total operating expenses  43,011  37,584  161,895  128,489
Operating income (loss)  1,231  (6,847)  7,094  (2,962)
Other income (expense), net  (2,032)  (1,226)  (7,739)  (2,320)
Income (loss) before income taxes  (801)  (8,073)  (645)  (5,282)
Provision for (benefit from) income taxes  68  (1,045)  (31)  (188)
Net income (loss)  $ (869)  $ (7,028)  $ (614)  $ (5,094)
         
Earnings (loss) per common share      
Basic  $ (0.02)  $ (0.27)  $ (0.02)  $ (0.20)
Diluted  $ (0.02)  $ (0.27)  $ (0.02)  $ (0.20)
         
Weighted average common shares      
Basic  34,906  26,193  34,817  25,382
Diluted  34,906  26,193  34,817  25,382
 
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 Twelve months ended
  May 31, May 31, May 31, May 31,
  2013 2012 2013 2012
  (unaudited) (unaudited)
         
Net income (loss)  $ (869)  $ (7,028)  $ (614)  $ (5,094)
         
After tax:        
Acquisition and other non-recurring (1)  2,691  6,040  8,849  9,980
Quality Call to Action Program (2)  --   898  540  1,477
Inventory step-up (3)  --   274  2,442  274
Product recalls (4)  --   585  --   1,742
Contingent earn out valuation (5)  480  --   1,005  -- 
LC Beads contribution (6)  --   --   --   (2,885)
Adjusted net income  $ 2,302  $ 768  $ 12,222  $ 5,493
         
         
Reconciliation of Diluted Earnings Per Share to non-GAAP Adjusted Diluted Earnings Per Share:
         
  Three months ended Twelve months ended
  May 31, May 31, May 31, May 31,
  2013 2012 2013 2012
  (unaudited) (unaudited)
         
Diluted earnings (loss) per share  $ (0.02)  $ (0.27)  $ (0.02)  $ (0.20)
         
After tax:        
Acquisition and other non-recurring (1)  0.08  0.23  0.25  0.39
Quality Call to Action Program (2)  --   0.03  0.02  0.06
Inventory step-up (3)  --   0.01  0.07  0.01
Product recalls (4)  --   0.02  --   0.07
Contingent earn out valuation (5)  0.01  --   0.03  -- 
LC Beads contribution (6)  --   --   --   (0.11)
Adjusted diluted earnings per share  $ 0.07  $ 0.03*  $ 0.35  $ 0.21
         
* 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
(in thousands, except per share data)  
                     
                     
Reconciliation of Diluted Earnings Per Share to non-GAAP Adjusted Diluted Earnings Per Share Excluding Amortization:          
                     
  Three months
ended
Three months
ended
Three months
ended
Three months
ended
Twelve months ended
  Aug 31, Aug 31, Nov 30, Nov 30, Feb 28, Feb 29, May 31, May 31, May 31, May 31,
  2012 2011 2012 2011 2013 2012 2013 2012 2013 2012
  (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
                     
Diluted earnings (loss) per share  $ (0.02)  $ 0.05  $ 0.06  $ 0.09  $ (0.03)  $ (0.07)  $ (0.02)  $ (0.27)  $ (0.02)  $ (0.20)
                     
After tax:                    
Acquisition and other non-recurring (1)  0.04  0.02  0.04  0.04  0.09  0.10  0.08  0.23  0.25  0.39
Quality Call to Action Program (2)  0.02  --   --   --   --   0.02  --   0.03  0.02  0.06
Inventory step-up (3)  0.06  --   --   --   0.01  --   --   0.01  0.07  0.01
Product recalls (4)  --   --   --   0.04  --   0.01  --   0.02  --   0.07
Contingent earn out valuation (5)  (0.01)  --   0.01  --   0.01  --   0.01  --   0.03  -- 
LC Beads contribution (6)  --   (0.04)  --   (0.05)  --   (0.02)  --   --   --   (0.11)
Amortization of intangibles  0.06  0.06  0.08  0.06  0.08  0.06  0.08  0.06  0.29  0.23
Adjusted diluted earnings per share   $ 0.15*  $ 0.09  $ 0.19*  $ 0.17  $ 0.16*  $ 0.11  $ 0.14*  $ 0.09*  $ 0.64  $ 0.45*
                     
* 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 Twelve months ended
    May 31, May 31, May 31, May 31,
    2013 2012 2013 2012
    (unaudited) (unaudited)
           
Net income (loss)    $ (869)  $ (7,028)  $ (614)  $ (5,094)
           
Provision for (benefit from) income taxes  68  (1,045)  (31)  (188)
Other income (expense), net    2,032  1,226  7,739  2,320
Amortization of intangibles    4,384  2,492  16,345  9,406
Depreciation    2,269  1,104  8,879  3,650
EBITDA    7,884  (3,251)  32,318  10,094
           
Acquisition and other non-recurring (1)  3,670  8,362  13,614  15,733
Quality Call to Action Program (2)  --   1,414  850  2,326
Inventory step-up (3)    --   431  3,845  431
Product recalls (4)    --   921  --   2,743
Contingent earn out revaluation (5)  756  --   1,583  -- 
LC Beads contribution (6)    --   --   --   (4,544)
Adjusted EBITDA    $ 12,310  $ 7,877  $ 52,210  $ 26,783
           
EBITDA per common share          
Assumes Diluted    $ 0.22  $ (0.12) $ 0.91 $ 0.39
           
Adjusted EBITDA per common share        
Assumes Diluted   $ 0.35 $ 0.30 $ 1.48 $ 1.05
           
           
           
Reconciliation of Operating Income to non-GAAP Adjusted Operating Income:
           
    Three months ended Twelve months ended
    May 31, May 31, May 31, May 31,
    2013 2012 2013 2012
    (unaudited) (unaudited)
           
Operating income (loss)   $ 1,231  $ (6,847) $ 7,094  $ (2,962)
           
Acquisition and other non-recurring (1)  3,670  8,362  13,614  15,733
Quality Call to Action Program (2)  --   1,414  850  2,326
Inventory step-up (3)    --   431  3,845  431
Product recalls (4)    --   921  --   2,743
Contingent earn out revaluation (5)  756  --   1,583  -- 
LC Beads contribution (6)    --   --   --   (4,544)
Adjusted Operating income    $ 5,657  $ 4,281  $ 26,986  $ 13,727
           
           
(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 MAY 31, 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 $ 90,033         $ 90,033
Cost of sales   45,791  --   --       45,791
Gross profit  44,242  --   --   --   --   44,242
% of net sales 49.1%         49.1%
             
Operating expenses            
 Research and development   6,438          6,438
 Sales and marketing  20,387          20,387
 General and administrative  6,273          6,273
 Amortization of intangibles  4,384          4,384
 Medical Device tax  1,103          1,103
 Contingent earn out revaluation  756    (756)      -- 
 Acquisition and other non-recurring  3,670    (527)  (1,355)  (1,788)  -- 
Total operating expenses  43,011  --   (1,283)  (1,355)  (1,788)  38,585
Operating income   1,231  --   1,283  1,355  1,788  5,657
Other income (expense), net  (2,032)          (2,032)
Income (loss) before income taxes  (801)  --   1,283  1,355  1,788  3,625
Provision for (benefit from) income taxes  68  --   107  495  653  1,323
Net income (loss)  $ (869)  $ -- $ 1,176 $ 860 $ 1,135 $ 2,302
             
Earnings (loss) per common share            
Assumes Diluted  $ (0.02)  $ --   $ 0.03  $ 0.02  $ 0.03  $ 0.07
             
Weighted average common shares            
Assumes Diluted  35,409  35,409  35,409  35,409  35,409  35,409
             
Effective Tax Rate -8% 0% 8% 37% 37% 37%
             
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT NON GAAP RECONCILIATION
FOR THE TWELVE MONTHS ENDED MAY 31, 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 $ 342,026         $ 342,026
Cost of sales   173,037  (850)  (3,845)      168,342
Gross profit  168,989  850  3,845  --   --   173,684
% of net sales 49.4%         50.8%
             
Operating expenses            
 Research and development   26,319          26,319
 Sales and marketing  76,121          76,121
 General and administrative  26,127          26,127
 Amortization of intangibles  16,345          16,345
 Medical device tax  1,786          1,786
 Contingent earn out revaluation  1,583    (1,583)      -- 
 Acquisition and other non-recurring  13,614    (3,452)  (5,751)  (4,411)  -- 
Total operating expenses  161,895  --   (5,035)  (5,751)  (4,411)  146,698
Operating income   7,094  850  8,880  5,751  4,411  26,986
Other income (expense), net  (7,739)          (7,739)
Income before income taxes  (645)  850  8,880  5,751  4,411  19,247
Provision for income taxes  (31)  310  3,037  2,099  1,610  7,025
Net income (loss)  $ (614) $ 540 $ 5,843 $ 3,652 $ 2,801 $ 12,222
             
Earnings per common share            
Assumes Diluted  $ (0.02)  $ 0.02  $ 0.17  $ 0.10  $ 0.08  $ 0.35
             
Weighted average common shares            
Assumes Diluted  35,354  35,354  35,354  35,354  35,354  35,354
             
Effective Tax Rate 5% 37% 34% 37% 37% 37%
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRELIMINARY NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(unaudited in thousands)
             
             
  Three months ended (b) Twelve months ended (c)
  May 31, May 31, % May 31, May 31, %
  2013 2012 Growth 2013 2012 Growth
             
Net Sales by Product Category        
Vascular            
Peripheral Vascular $ 48,008 $ 28,301 70% $ 179,682 $ 95,200 89%
Vascular Access  26,956  17,994 50%  106,690  63,857 67%
Total Vascular  74,964  46,295 62%  286,372  159,057 80%
Oncology/Surgery  13,468  11,395 18%  47,156  62,730 (25%)
Supply Agreement  1,601  -- N/A  8,498  -- N/A
Total $ 90,033 $ 57,690 56% $ 342,026 $ 221,787 54%
             
Net Sales by Geography          
United States $ 71,253 $ 47,600 50% $ 274,832 $ 188,187 46%
International  18,780  10,090 86%  67,194  33,600 100%
Total $ 90,033 $ 57,690 56% $ 342,026 $ 221,787 54%
             
             
PRO FORMA (a)          
             
Net Sales by Product Category        
Vascular            
Peripheral Vascular $ 48,008 $ 48,390 (1%) $ 179,682 $ 180,317 (0%)
Vascular Access  26,956  30,075 (10%)  106,690  113,380 (6%)
Total Vascular  74,964  78,465 (4%)  286,372  293,697 (2%)
Oncology/Surgery  13,468  11,436 18%  47,156  41,515 14%
Supply Agreement  1,601  2,308 -31%  8,498  9,345 (9%)
Total $ 90,033 $ 92,209 (2%) $ 342,026 $ 344,557 (1%)
             
Net Sales by Geography          
United States $ 71,253 $ 75,731 (6%) $ 274,832 $ 285,977 (4%)
International  18,780  16,478 14%  67,194  58,580 15%
Total $ 90,033 $ 92,209 (2%) $ 342,026 $ 344,557 (1%)
             
             
             
(a) As if AngioDynamics (excluding LC Beads) and Navilyst Medical were combined in all periods.
(b) Sales days for the three months ended May 31, 2013 and May 31, 2012, were both 64 days.
(c) Sales days for the twelve months ended May 31, 2013 and May 31, 2012, were 251 and 252 days, respectively.
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA PRODUCT LINE NET SALES EXCLUDING LCBEADS
(in thousands)
             
             
  Three months ended Twelve months ended
  May 31, May 31, % May 31, May 31, %
  2013 2012 Growth 2013 2012 Growth
  (unaudited)   (unaudited)  
Net Sales by Product Line          
Vascular            
Peripheral Vascular          
Fluid Management $ 21,557 $ 21,846 (1%) $ 81,861 $ 84,024 (3%)
Venacure EVLT  11,458  11,448 0%  41,787  40,814 2%
Core products  14,695  15,094 (3%)  55,164  54,842 1%
Other  298  2 N/A  870  637 37%
Total Peripheral Vascular  48,008  48,390 (1%)  179,682  180,317 (0%)
             
Vascular Access            
PICCS  13,051  15,107 (14%)  51,511  55,911 (8%)
Ports  8,013  8,697 (8%)  31,104  31,993 (3%)
Dialysis  4,632  5,224 (11%)  18,830  21,107 (11%)
Other  1,260  1,047 20%  5,245  4,369 20%
Total Vascular Access  26,956  30,075 (10%)  106,690  113,380 (6%)
Total Vascular  74,964  78,465 (4%)  286,372  293,697 (2%)
Oncology/Surgery            
Thermal Ablation  7,873  5,799 36%  27,667  23,222 19%
Nanoknife  3,981  4,123 (3%)  12,840  11,618 11%
Other  1,614  1,514 7%  6,649  6,675 (0%)
Total Oncology/Surgery  13,468  11,436 18%  47,156  41,515 14%
Supply Agreement  1,601  2,308 (31%)  8,498  9,345 (9%)
Total Net Sales $ 90,033 $ 92,209 (2%) $ 342,026 $ 344,557 (1%)
             
             
Net Sales by Geography          
United States $ 71,253 $ 75,731 (6%) $ 274,832 $ 285,977 (4%)
International  18,780  16,478 14%  67,194  58,580 15%
Total $ 90,033 $ 92,209 (2%) $ 342,026 $ 344,557 (1%)
             
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
       
    May 31, May 31, 
    2013 2012
    (unaudited) (unaudited)
Assets      
Current Assets      
Cash and cash equivalents $ 21,802 $ 23,508
Escrow receivable    --  2,500
Marketable securities    2,153  14,070
 Total cash, escrow receivable and investments  23,955  40,078
       
Receivables, net    48,090  48,588
Inventories, net    55,062  55,823
Deferred income taxes  6,349  4,923
Prepaid income taxes    563  3,180
Prepaid expenses and other  7,554  6,646
 Total current assets  141,573  159,238
       
Property, plant and equipment, net  62,650  55,915
Intangible assets, net    214,848  147,266
Goodwill    355,440  308,912
Deferred income taxes  11,248  39,198
Other non-current assets  6,123  11,240
 Total Assets   $ 791,882 $ 721,769
       
Liabilities and Stockholders' Equity  
Current portion of long-term debt $ 7,500 $ 7,500
Current portion of contingent consideration  9,207  --
Other current liabilities  47,028  47,922
 Total current liabilities  63,735  55,422
Long-term debt, net of current portion  135,000  142,500
Contingent consideration, net of current portion  65,842  --
Other long-term liabilities  475  327
 Total Liabilities    265,052  198,249
       
Stockholders' equity    526,830  523,520
 Total Liabilities and Stockholders' Equity $ 791,882 $ 721,769
       
Shares outstanding    35,060  34,826
       
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
         
  Three months ended Twelve months ended
  May 31, May 31, May 31, May 31,
  2013 2012 2013 2012
  (unaudited) (unaudited) (unaudited) (unaudited)
         
Cash flows from operating activities:        
 Net income (loss)   $ (869)  $ (7,028)  $ (614)  $ (5,094)
 Depreciation and amortization   6,653  3,596  25,224  13,056
 Change in fair value of contingent consideration   756  --   1,583  -- 
 Tax effect of exercise of stock options   (1,222)  (72)  (1,644)  (309)
 Deferred income taxes   (3,705)  (404)  (286)  (652)
 Stock-based compensation   1,237  1,092  4,609  4,090
 Amortization of inventory step-up   --   431  3,845  431
 Other   119  1,576  855  1,856
 Changes in operating assets and liabilities       --   
 Receivables   (2,980)  (2,796)  977  (2,378)
 Inventories   6,911  (1,245)  (2,397)  (1,522)
 Accounts payable and accrued liabilities   (2,582)  3,217  (12,717)  6,673
 Other   6,461  628  6,859  (4,654)
 Net cash provided by operating activities   10,779  (1,005)  26,294  11,497
         
 Cash flows from investing activities:         
 Additions to property, plant and equipment   (3,822)  (613)  (11,530)  (2,492)
 Acquisition of businesses, net of cash acquired   --   (242,367)  (25,274)  (237,867)
 Other cash flows from investing activities   --   --   801  (4,000)
 Change in restricted cash   --   (2,500)  2,500  (2,500)
 Purchases, sales and maturities of marketable securities, net   --   94,560  11,855  70,499
 Net cash used in investing activities   (3,822)  (150,920)  (21,648)  (176,360)
         
Cash flows from financing activities:        
 Repayment of long-term debt   (1,875)  (6,345)  (7,500)  (6,550)
 Proceeds from issuance of new debt   --   150,000  --   150,000
 Deferred financing costs on long-term debt   --   (2,378)  --   (2,378)
 Proceeds from exercise of stock options and ESPP   118  58  1,214  3,370
 Repurchase and retirement of shares   --   --   --   (2,104)
 Net cash (used in) provided by financing activities   (1,757)  141,335  (6,286)  142,338
         
 Effect of exchange rate changes on cash   (23)  51  (66)  49
 Increase (Decrease) in cash and cash equivalents   5,177  (10,539)  (1,706)  (22,476)
         
Cash and cash equivalents        
 Beginning of period   16,625  34,047  23,508  45,984
 End of period  $ 21,802 $ 23,508 $ 21,802 $ 23,508
          
CONTACT: Company Contact:

         AngioDynamics Inc.

         Mark Frost, CFO

         (800) 772-6446 x1981

         mfrost@AngioDynamics.com



         Investor Relations Contacts:

         EVC Group, Inc.

         Michael Polyviou/Robert Jones

         (212) 850-6020; (646) 201-5447

         mpolyviou@evcgroup.com; bjones@evcgroup.com



         Media Contact:

         EVC Group, Inc.

         Chris Gale

         (646) 201-5431

         cgale@evcgroup.com
Source: AngioDynamics

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