UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 11, 2013
AngioDynamics, Inc.
(Exact Name of Registrant as Specified in Charter)
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Delaware
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000-50761
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11-3146460
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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14 Plaza Drive Latham, New York 12110
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(Address of Principal Executive Offices) (Zip Code)
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(518) 795-1400
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(Registrant’s telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
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Item 2.02 – Results of Operations and Financial Condition.
On July 11, 2013, AngioDynamics, Inc. (the “Company”) issued a press release announcing financial results for the fiscal fourth quarter and fiscal year ended May 31, 2013. A copy of the press release is attached hereto as Exhibit 99.1.
The information set forth in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Forward-Looking Statements
This document and its attachments include “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Investors can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “expect,” “reaffirm,” “anticipate,” “plan,” “believe,” “estimate,” “may,” “will,” “predict,” “project,” “might,” “intend,” “potential,” “could,” “would,” “should,” “optimistic,” “seek,” “continue,” “pursue,” or “our future success depends,” or the negative or other variations thereof or comparable terminology, are intended to identify such forward-looking statements. In particular, they include statements relating to, among other things, future actions, strategies, future performance and future financial results of the Company. These forward-looking statements are based on current expectations and projections about future events.
Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance or results of the Company may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors described from time to time in the Company’s reports filed with the SEC, including the Company’s Form 10-K for the fiscal year ended May 31, 2012, financial community and rating agency perceptions of the Company; the effects of economic, credit and capital market conditions on the economy in general, and on medical device companies in particular; domestic and foreign health care reforms and governmental laws and regulations; third-party relations and approvals, technological advances and patents attained by competitors; and challenges inherent in new product development, including obtaining regulatory approvals. In addition to the matters described above, the ability of the Company to develop its products, future actions by the FDA or other regulatory agencies, results of pending or future clinical trials, the outcome of pending litigation, overall economic conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, and the effects on pricing from group purchasing organizations and competition and the ability of the Company to integrate purchased businesses, may affect the actual results achieved by the Company.
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company disclaims any obligation to update the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of the date of this document.
Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No.
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Description
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99.1
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Press Release dated July 11, 2013.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ANGIODYNAMICS, INC.
(Registrant)
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Date: July 11, 2013
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By:
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/s/ Stephen A. Trowbridge | |
| Name: Stephen A. Trowbridge | |||
| Title: Vice President and General Counsel | |||
EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
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Press Release dated July 11, 2013.
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Exhibit 99.1
FOR IMMEDIATE RELEASE
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Company Contact:
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Investor Relations Contacts:
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Media Contact:
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AngioDynamics Inc.
Mark Frost, CFO
(800) 772-6446 x1981
mfrost@AngioDynamics.com
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EVC Group, Inc.
Michael Polyviou/Robert Jones
(212) 850-6020; (646) 201-5447
mpolyviou@evcgroup.com;
bjones@evcgroup.com |
EVC Group, Inc.
Chris Gale
(646) 201-5431
cgale@evcgroup.com
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AngioDynamics Reports Fiscal 2013 Fourth Quarter Financial Results
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Net sales of $90 million
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GAAP net loss of $0.02 per share; Adjusted (Non-GAAP) net income
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of $0.07 per share
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Adjusted EBITDA Grows 56% to $12.3 million
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Operating cash flow of $10.8 million versus $1 million of cash used in prior year
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Company Introduces Financial Guidance for FY 2014
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ALBANY, N.Y., (July 11, 2013) – 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.
1
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
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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.
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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.
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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.
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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.
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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.
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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.
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ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
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2013
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(unaudited)
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(unaudited)
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Net sales
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$ | 90,033 | $ | 57,690 | $ | 342,026 | $ | 221,787 | |||||||||
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Cost of sales
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Acquired inventory step-up
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- | 431 | 3,845 | 431 | |||||||||||||
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Quality call to action
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- | 1,414 | 850 | 2,326 | |||||||||||||
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Other cost of sales
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45,791 | 25,108 | 168,342 | 93,503 | |||||||||||||
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Total cost of sales
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45,791 | 26,953 | 173,037 | 96,260 | |||||||||||||
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Gross profit
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44,242 | 30,737 | 168,989 | 125,527 | |||||||||||||
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% of net sales
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49.1 | % | 53.3 | % | 49.4 | % | 56.6 | % | |||||||||
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Operating expenses
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Research and development
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6,438 | 5,222 | 26,319 | 20,511 | |||||||||||||
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Sales and marketing
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20,387 | 16,546 | 76,121 | 64,505 | |||||||||||||
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General and administrative
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6,273 | 4,962 | 26,127 | 18,334 | |||||||||||||
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Amortization of intangibles
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4,384 | 2,492 | 16,345 | 9,406 | |||||||||||||
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Medical device tax
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1,103 | - | 1,786 | - | |||||||||||||
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Change in fair value of contingent consideration
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756 | - | 1,583 | - | |||||||||||||
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Acquisition and other non-recurring
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3,670 | 8,362 | 13,614 | 15,733 | |||||||||||||
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Total operating expenses
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43,011 | 37,584 | 161,895 | 128,489 | |||||||||||||
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Operating income (loss)
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1,231 | (6,847 | ) | 7,094 | (2,962 | ) | |||||||||||
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Other income (expense), net
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(2,032 | ) | (1,226 | ) | (7,739 | ) | (2,320 | ) | |||||||||
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Income (loss) before income taxes
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(801 | ) | (8,073 | ) | (645 | ) | (5,282 | ) | |||||||||
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Provision for (benefit from) income taxes
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68 | (1,045 | ) | (31 | ) | (188 | ) | ||||||||||
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Net income (loss)
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$ | (869 | ) | $ | (7,028 | ) | $ | (614 | ) | $ | (5,094 | ) | |||||
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Earnings (loss) per common share
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Basic
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$ | (0.02 | ) | $ | (0.27 | ) | $ | (0.02 | ) | $ | (0.20 | ) | |||||
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Diluted
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$ | (0.02 | ) | $ | (0.27 | ) | $ | (0.02 | ) | $ | (0.20 | ) | |||||
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Weighted average common shares
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Basic
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34,906 | 26,193 | 34,817 | 25,382 | |||||||||||||
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Diluted
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34,906 | 26,193 | 34,817 | 25,382 | |||||||||||||
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ANGIODYNAMICS, INC. AND SUBSIDIARIES
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GAAP TO NON-GAAP RECONCILIATION
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(in thousands, except per share data)
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Reconciliation of Net Income to non-GAAP Adjusted Net Income:
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Net income (loss)
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$ | (869 | ) | $ | (7,028 | ) | $ | (614 | ) | $ | (5,094 | ) | |||||
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After tax:
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Acquisition and other non-recurring (1)
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2,691 | 6,040 | 8,849 | 9,980 | |||||||||||||
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Quality Call to Action Program (2)
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- | 898 | 540 | 1,477 | |||||||||||||
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Inventory step-up (3)
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- | 274 | 2,442 | 274 | |||||||||||||
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Product recalls (4)
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- | 585 | - | 1,742 | |||||||||||||
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Contingent earn out valuation (5)
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480 | - | 1,005 | - | |||||||||||||
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LC Beads contribution (6)
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- | - | - | (2,885 | ) | ||||||||||||
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Adjusted net income
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$ | 2,302 | $ | 768 | $ | 12,222 | $ | 5,493 | |||||||||
Reconciliation of Diluted Earnings Per Share to non-GAAP Adjusted Diluted Earnings Per Share:
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(unaudited)
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Diluted earnings (loss) per share
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$ | (0.02 | ) | $ | (0.27 | ) | $ | (0.02 | ) | $ | (0.20 | ) | |||||
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After tax:
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Acquisition and other non-recurring (1)
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0.08 | 0.23 | 0.25 | 0.39 | |||||||||||||
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Quality Call to Action Program (2)
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- | 0.03 | 0.02 | 0.06 | |||||||||||||
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Inventory step-up (3)
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- | 0.01 | 0.07 | 0.01 | |||||||||||||
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Product recalls (4)
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- | 0.02 | - | 0.07 | |||||||||||||
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Contingent earn out valuation (5)
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0.01 | - | 0.03 | - | |||||||||||||
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LC Beads contribution (6)
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- | - | - | (0.11 | ) | ||||||||||||
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Adjusted diluted earnings per share
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$ | 0.07 | $ | 0.03 | * | $ | 0.35 | $ | 0.21 | ||||||||
* Does not sum due to rounding
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(1)
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Includes costs relating to acquisitions, debt financing, business restructuring and executive transitions, and a program to close a manufacturing facility in the U.K.
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(2)
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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.
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(3)
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Amortization of basis step-up of acquired Navilyst inventory.
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(4)
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Costs attributable to voluntary product recalls.
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(5)
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Impact of revaluation of contingent earn outs related to acquisitions
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(6)
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Reflects estimated contribution of LC Beads distribution contract which expired on December 31, 2011.
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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:
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2011
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2012
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2011
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2013
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2012
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2013
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2012
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2012
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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Diluted earnings (loss) per share
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$ | (0.02 | ) | $ | 0.05 | $ | 0.06 | $ | 0.09 | $ | (0.03 | ) | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.27 | ) | $ | (0.02 | ) | $ | (0.20 | ) | |||||||||||||
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After tax:
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Acquisition and other non-recurring (1)
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0.04 | 0.02 | 0.04 | 0.04 | 0.09 | 0.10 | 0.08 | 0.23 | 0.25 | 0.39 | ||||||||||||||||||||||||||||||
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Quality Call to Action Program (2)
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0.02 | - | - | - | - | 0.02 | - | 0.03 | 0.02 | 0.06 | ||||||||||||||||||||||||||||||
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Inventory step-up (3)
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0.06 | - | - | - | 0.01 | - | - | 0.01 | 0.07 | 0.01 | ||||||||||||||||||||||||||||||
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Product recalls (4)
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- | - | - | 0.04 | - | 0.01 | - | 0.02 | - | 0.07 | ||||||||||||||||||||||||||||||
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Contingent earn out valuation (5)
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(0.01 | ) | - | 0.01 | - | 0.01 | - | 0.01 | - | 0.03 | - | |||||||||||||||||||||||||||||
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LC Beads contribution (6)
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- | (0.04 | ) | - | (0.05 | ) | - | (0.02 | ) | - | - | - | (0.11 | ) | ||||||||||||||||||||||||||
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Amortization of intangibles
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0.06 | 0.06 | 0.08 | 0.06 | 0.08 | 0.06 | 0.08 | 0.06 | 0.29 | 0.23 | ||||||||||||||||||||||||||||||
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Adjusted diluted earnings per share
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$ | 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
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(1)
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Includes costs relating to acquisitions, debt financing, business restructuring and executive transitions, and a program to close a manufacturing facility in the U.K.
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(2)
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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.
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(3)
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Amortization of basis step-up of acquired Navilyst inventory.
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(4)
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Costs attributable to voluntary product recalls.
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(5)
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Impact of revaluation of contingent earn outs related to acquisitions
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(6)
|
Reflects estimated contribution of LC Beads distribution contract which expired on December 31, 2011.
|
7
|
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.
|
8
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 | % | |||||||||
9
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT NON GAAP RECONCILIATION
FOR THE TWELVE MONTH ENDED 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 | % | |||||||||
10
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.
|
11
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 | %) | |||||||||||||
12
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 | |||||||
13
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 | ||||||||
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14