UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): November 5, 2014
AngioDynamics, Inc.
(Exact Name of Registrant as Specified in its 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
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12110
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (518) 795-1400
(Former Name or Former Address, if Changed Since Last Report)
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 (see General Instruction A.2. below):
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o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01 – Regulation FD Disclosure.
Immaterial Error Corrections
As previously disclosed, during the financial closing process for the first quarter of fiscal year 2015, AngioDynamics, Inc. (the “Company”) determined that financial management had incorrectly accounted for certain asset, liability and income statement balances, beginning in 2011. The Company has identified the amounts and concluded that they were not material, individually or in the aggregate, to any of the Company’s previously issued annual and interim financial statements. Although management has determined the amounts individually and in the aggregate are not material to prior periods, in accordance with authoritative accounting literature on considering the effects of misstatements in prior years when quantifying misstatements in the current year, the financial information included in Exhibit 99.1 hereto (the “Financial Information”) has been adjusted to correct for the impact of these items. Exhibit 99.1 is incorporated by reference into this Item 7.01.
The Company has corrected the relevant financial information from previous reporting periods contained in the Financial Information. The immaterial error corrections identified were primarily related to our failure to recognize the expense associated with prepaid and other assets in accordance with the underlying contractual terms (cumulative impact of approximately $1.2 million) and depreciation expense (cumulative impact of approximately $0.4 million), and other individually immaterial items.
The information being furnished pursuant to this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended.
Item 8.01 – Other Events.
On November 5, 2014, the Company received a Warning Letter from the FDA relating to observations noted during FDA’s inspection of the Company’s Navilyst Medical facilities located in Marlborough, Massachusetts and Glens Falls, New York in 2014. The matters raised in the Warning Letter and observations focused on design control processes related to packaging validations and accelerated and real time aging testing in connection with the Company’s fluid management and PICC families of products, inconsistency of a manufacturing product test process used among similar valved PICC products, a particular verification test of valved PICC products and non-conforming product control procedures. The Company takes these matters seriously and is committed to complying with all applicable laws, regulations and rules in connection with the manufacturing, sale and marketing of its products. The Company intends to make a comprehensive response to the issues raised in the letter and is committed to working with FDA to resolve all outstanding issues.
Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits.
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99.1
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Revised historical financial information.
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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.
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Date: November 14, 2014
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/s/ Stephen A. Trowbridge
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Stephen A. Trowbridge
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Senior Vice President and General Counsel
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EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
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Revised historical financial information.
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Exhibit 99.1
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
As Revised (1)
(in thousands, except per share data)
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Three months
ended |
Year ended
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Three months
ended |
Three months ended
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Three months ended
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Three months ended
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Year
ended |
||||||||||||||||||||||
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Aug 31,
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May 31,
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May 31,
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Feb 28,
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Nov 30,
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Aug 31,
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May 31,
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||||||||||||||||||||||
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2014
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2014
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2014
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2014
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2013
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2013
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2013
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||||||||||||||||||||||
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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||||||||||||||||||||||
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Net sales
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$ | 87,331 | $ | 354,425 | $ | 94,060 | $ | 88,150 | $ | 88,571 | $ | 83,644 | $ | 341,916 | ||||||||||||||
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Cost of sales
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41,506 | 174,757 | 46,650 | 43,357 | 43,686 | 41,064 | 173,402 | |||||||||||||||||||||
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Gross profit
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45,825 | 179,668 | 47,410 | 44,793 | 44,885 | 42,580 | 168,514 | |||||||||||||||||||||
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% of net sales
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52.5 | % | 50.7 | % | 50.4 | % | 50.8 | % | 50.7 | % | 50.9 | % | 49.3 | % | ||||||||||||||
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Operating expenses
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||||||||||||||||||||||||||||
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Research and development
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6,718 | 27,486 | 6,729 | 7,045 | 7,003 | 6,709 | 26,319 | |||||||||||||||||||||
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Sales and marketing
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20,067 | 83,200 | 21,464 | 20,700 | 21,073 | 19,963 | 76,121 | |||||||||||||||||||||
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General and administrative
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7,323 | 26,639 | 7,097 | 6,445 | 6,411 | 6,686 | 26,186 | |||||||||||||||||||||
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Amortization of intangibles
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4,015 | 16,622 | 3,926 | 4,248 | 4,339 | 4,109 | 16,617 | |||||||||||||||||||||
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Medical device tax
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995 | 3,829 | 874 | 980 | 999 | 976 | 1,600 | |||||||||||||||||||||
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Change in fair value of contingent consideration
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801 | (1,808 | ) | 673 | (4,154 | ) | 940 | 733 | 1,583 | |||||||||||||||||||
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Acquisition, restructuring and other
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2,664 | 10,760 | 3,063 | 3,016 | 2,679 | 2,002 | 13,800 | |||||||||||||||||||||
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Total operating expenses
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42,583 | 166,728 | 43,826 | 38,280 | 43,444 | 41,178 | 162,226 | |||||||||||||||||||||
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Operating income
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3,242 | 12,940 | 3,584 | 6,513 | 1,441 | 1,402 | 6,288 | |||||||||||||||||||||
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Other income (expense), net
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(1,824 | ) | (7,200 | ) | (1,474 | ) | (1,970 | ) | (1,791 | ) | (1,965 | ) | (7,875 | ) | ||||||||||||||
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Income (loss) before income taxes
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1,418 | 5,740 | 2,110 | 4,543 | (350 | ) | (563 | ) | (1,587 | ) | ||||||||||||||||||
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Provision for (benefit from) income taxes
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948 | 3,074 | 3,325 | 28 | (89 | ) | (190 | ) | (376 | ) | ||||||||||||||||||
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Net income (loss)
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$ | 470 | $ | 2,666 | $ | (1,215 | ) | $ | 4,515 | $ | (261 | ) | $ | (373 | ) | $ | (1,211 | ) | ||||||||||
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Earnings (loss) per common share
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Basic
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$ | 0.01 | $ | 0.08 | $ | (0.03 | ) | $ | 0.13 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||||
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Diluted
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$ | 0.01 | $ | 0.08 | $ | (0.03 | ) | $ | 0.13 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||||
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Weighted average common shares
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Basic
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35,367 | 35,136 | 35,278 | 35,184 | 35,132 | 34,950 | 34,817 | |||||||||||||||||||||
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Diluted
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35,885 | 35,440 | 35,278 | 35,704 | 35,132 | 34,950 | 34,817 | |||||||||||||||||||||
(1) Revised, as previously disclosed in the Company’s Form 10-Q for the quarterly period ended August 31, 2014, filed October 15, 2014.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
As Revised (1)
(in thousands, except per share data)
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Reconciliation of Net Income to non-GAAP Adjusted Net Income:
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Three months
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Year
ended |
Three months
ended |
Three months
ended |
Three months
ended |
Three months ended
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Year
ended |
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Aug 31,
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May 31,
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May 31,
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Feb 28,
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Nov 30,
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Aug 31,
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May 31,
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||||||||||||||||||||||
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2014
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2014
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2014
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2014
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2013
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2013
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2013
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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||||||||||||||||||||||
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Net income (loss)
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$ | 470 | $ | 2,666 | $ | (1,215 | ) | $ | 4,515 | $ | (261 | ) | $ | (373 | ) | $ | (1,211 | ) | ||||||||||
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Amortization of intangibles
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4,015 | 16,622 | 3,926 | 4,248 | 4,339 | 4,109 | 16,617 | |||||||||||||||||||||
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Change in fair value of contingent consideration
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801 | (1,808 | ) | 673 | (4,154 | ) | 940 | 733 | 1,583 | |||||||||||||||||||
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Inventory step-up
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- | 150 | - | 75 | 75 | - | 3,845 | |||||||||||||||||||||
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Quality Call to Action Program
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- | - | - | - | - | - | 850 | |||||||||||||||||||||
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Impact of NYS tax reform legislation
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- | 1,173 | 1,173 | - | - | - | - | |||||||||||||||||||||
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Acquisition, restructuring and other (2)
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2,664 | 10,760 | 3,063 | 3,016 | 2,679 | 2,002 | 13,800 | |||||||||||||||||||||
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Tax effect of non-GAAP items (3)
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(2,300 | ) | (9,583 | ) | (1,415 | ) | (2,793 | ) | (2,893 | ) | (2,483 | ) | (13,190 | ) | ||||||||||||||
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Adjusted net income
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$ | 5,650 | $ | 19,980 | $ | 6,205 | $ | 4,907 | $ | 4,879 | $ | 3,988 | $ | 22,294 | ||||||||||||||
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Reconciliation of Diluted Earnings Per Share to non-GAAP Adjusted Diluted Earnings Per Share:
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Three months ended
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Year ended
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Three months ended
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Three months ended
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Three months ended
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Three months ended
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Year ended
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Aug 31,
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May 31,
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May 31,
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Feb 28,
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Nov 30,
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Aug 31,
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May 31,
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||||||||||||||||||||||
| 2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | ||||||||||||||||||||||
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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||||||||||||||||||||||
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Diluted earnings (loss) per share
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$ | 0.01 | $ | 0.08 | $ | (0.03 | ) | $ | 0.13 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||||
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Amortization of intangibles
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0.11 | 0.47 | 0.11 | 0.12 | 0.12 | 0.12 | 0.47 | |||||||||||||||||||||
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Change in fair value of contingent consideration
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0.02 | (0.05 | ) | 0.02 | (0.12 | ) | 0.03 | 0.02 | 0.04 | |||||||||||||||||||
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Inventory step-up
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- | 0.00 | - | 0.00 | 0.00 | - | 0.11 | |||||||||||||||||||||
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Quality Call to Action Program
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- | - | - | - | - | - | 0.02 | |||||||||||||||||||||
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Impact of NYS tax reform legislation
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- | 0.03 | 0.03 | - | - | - | - | |||||||||||||||||||||
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Acquisition, restructuring and other (2)
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0.07 | 0.30 | 0.09 | 0.08 | 0.08 | 0.06 | 0.39 | |||||||||||||||||||||
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Tax effect of non-GAAP items (3)
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(0.06 | ) | (0.27 | ) | (0.04 | ) | (0.08 | ) | (0.08 | ) | (0.07 | ) | (0.37 | ) | ||||||||||||||
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Adjusted diluted earnings per share
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$ | 0.16 | $ | 0.56 | $ | 0.17 | $ | 0.14 | $ | 0.14 | $ | 0.11 | $ | 0.63 | ||||||||||||||
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Adjusted diluted sharecount
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35,885 | 35,440 | 35,653 | 35,704 | 35,348 | 35,100 | 35,354 | |||||||||||||||||||||
(1) Revised, as previously disclosed in the Company’s Form 10-Q for the quarterly period ended August 31, 2014, filed October 15, 2014.
(2) Includes costs related to acquisitions, integrations, restructurings, debt refinancing, litigation, and other items.
(3) Represents the net tax effect of non-GAAP adjustments.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION (Continued)
As Revised (1)
(in thousands, except per share data)
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Reconciliation of Net Income to EBITDA and Adjusted EBITDA:
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||||||||||||||||||||||||||||
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Three months
ended |
Year
ended |
Three months
ended |
Three months
ended |
Three months
ended |
Three months
ended |
Year
ended |
||||||||||||||||||||||
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Aug 31,
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May 31,
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May 31,
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Feb 28,
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Nov 30,
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Aug 31,
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May 31,
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||||||||||||||||||||||
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2014
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2014
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2014
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2014
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2013
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2013
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2013
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||||||||||||||||||||||
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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||||||||||||||||||||||
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Net income (loss)
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$ | 470 | $ | 2,666 | $ | (1,215 | ) | $ | 4,515 | $ | (261 | ) | $ | (373 | ) | $ | (1,211 | ) | ||||||||||
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Provision for (benefit from) income taxes
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948 | 3,074 | 3,325 | 28 | (89 | ) | (190 | ) | (376 | ) | ||||||||||||||||||
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Other income (expense), net
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1,824 | 7,200 | 1,474 | 1,970 | 1,791 | 1,965 | 7,875 | |||||||||||||||||||||
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Depreciation and amortization
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6,685 | 28,157 | 7,044 | 7,243 | 7,123 | 6,747 | 27,227 | |||||||||||||||||||||
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EBITDA
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9,927 | 41,097 | 10,628 | 13,756 | 8,564 | 8,149 | 33,515 | |||||||||||||||||||||
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Change in fair value of contingent consideration
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801 | (1,808 | ) | 673 | (4,154 | ) | 940 | 733 | 1,583 | |||||||||||||||||||
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Acquisition, restructuring and other (2,3)
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2,289 | 10,010 | 2,688 | 2,641 | 2,679 | 2,002 | 13,800 | |||||||||||||||||||||
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Quality Call to Action Program
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- | - | - | - | - | - | 850 | |||||||||||||||||||||
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Inventory step-up
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- | 150 | - | 75 | 75 | - | 3,845 | |||||||||||||||||||||
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Stock-based compensation
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1,395 | 5,502 | 1,480 | 1,599 | 1,271 | 1,152 | 4,609 | |||||||||||||||||||||
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Adjusted EBITDA
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$ | 14,412 | $ | 54,951 | $ | 15,469 | $ | 13,917 | $ | 13,529 | $ | 12,036 | $ | 58,202 | ||||||||||||||
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Per diluted share:
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EBITDA
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$ | 0.28 | $ | 1.15 | $ | 0.30 | $ | 0.39 | $ | 0.24 | $ | 0.23 | $ | 0.95 | ||||||||||||||
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Adjusted EBITDA
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$ | 0.40 | $ | 1.54 | $ | 0.43 | $ | 0.39 | $ | 0.38 | $ | 0.34 | $ | 1.65 | ||||||||||||||
(1) Revised, as previously disclosed in the Company’s Form 10-Q for the quarterly period ended August 31, 2014, filed October 15, 2014.
(2) Includes costs related to acquisitions, integrations, restructurings, debt refinancing, litigation, and other items.
(3) Excludes $375 of depreciation expense for each of Q1 FY15, Q4 FY14, Q3 FY14 and $750 for FY14 captured in the depreciation and amortization component of this reconciliation.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As Revised (1)
(in thousands)
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Aug 31,
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May 31,
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|||||||
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2014
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2014
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|||||||
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(unaudited)
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(unaudited)
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Assets
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||||||||
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Current Assets
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||||||||
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Cash and cash equivalents
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$ | 13,808 | $ | 16,105 | ||||
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Marketable securities
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1,670 | 1,809 | ||||||
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Total cash and investments
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15,478 | 17,914 | ||||||
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Receivables, net
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56,026 | 61,968 | ||||||
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Inventories, net
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70,421 | 61,234 | ||||||
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Deferred income taxes
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3,667 | 4,625 | ||||||
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Prepaid income taxes
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1,936 | 510 | ||||||
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Prepaid expenses and other
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6,777 | 5,471 | ||||||
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Total current assets
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154,305 | 151,722 | ||||||
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Property, plant and equipment, net
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66,794 | 66,590 | ||||||
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Intangible assets, net
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201,440 | 205,256 | ||||||
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Goodwill
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360,473 | 360,473 | ||||||
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Deferred income taxes
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9,236 | 10,403 | ||||||
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Other non-current assets
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3,866 | 4,447 | ||||||
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Total Assets
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$ | 796,114 | $ | 798,891 | ||||
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Liabilities and Stockholders' Equity
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||||||||
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Accounts payable and accrued expenses
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$ | 46,982 | $ | 49,547 | ||||
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Current portion of long-term debt
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5,000 | 5,000 | ||||||
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Current portion of contingent consideration
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10,897 | 12,879 | ||||||
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Other current liabilities
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828 | 1,288 | ||||||
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Total current liabilities
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63,707 | 68,714 | ||||||
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Long-term debt, net of current portion
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136,410 | 137,660 | ||||||
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Contingent consideration, net of current portion
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55,135 | 54,452 | ||||||
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Other long-term liabilities
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1,178 | 1,230 | ||||||
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Total Liabilities
|
256,430 | 262,056 | ||||||
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Stockholders' equity
|
539,684 | 536,835 | ||||||
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Total Liabilities and Stockholders' Equity
|
$ | 796,114 | $ | 798,891 | ||||
(1) Revised, as previously disclosed in the Company’s Form 10-Q for the quarterly period ended August 31, 2014, filed October 15, 2014.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
As Revised (1)
(in thousands)
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Three months
ended |
Year
ended |
Nine months
ended |
Six months
ended |
Three months
ended |
Year
ended |
|||||||||||||||||||
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Aug 31,
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May 31,
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Feb 28,
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Nov 30,
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Aug 31,
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May 31,
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|||||||||||||||||||
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2014
|
2014
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2014
|
2013
|
2013
|
2013
|
|||||||||||||||||||
|
(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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|||||||||||||||||||
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Cash flows from operating activities:
|
||||||||||||||||||||||||
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Net income (loss)
|
$ | 470 | $ | 2,666 | $ | 3,881 | $ | (634 | ) | $ | (373 | ) | $ | (1,211 | ) | |||||||||
|
Depreciation and amortization
|
6,685 | 28,157 | 21,113 | 13,870 | 6,747 | 27,227 | ||||||||||||||||||
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Amortization of acquired inventory basis step-up
|
- | 150 | 150 | 75 | - | 3,845 | ||||||||||||||||||
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Tax effect of exercise of stock options
|
- | (146 | ) | (146 | ) | (146 | ) | (61 | ) | (1,644 | ) | |||||||||||||
|
Stock-based compensation
|
1,395 | 5,502 | 4,022 | 2,423 | 1,152 | 4,609 | ||||||||||||||||||
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Change in fair value of contingent consideration
|
801 | (1,808 | ) | (2,481 | ) | 1,673 | 733 | 1,583 | ||||||||||||||||
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Deferred income taxes
|
2,110 | 2,951 | 1,700 | 1,155 | 569 | 666 | ||||||||||||||||||
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Changes in accounts receivable allowance
|
127 | 465 | 281 | 312 | 195 | 338 | ||||||||||||||||||
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Gain on sale of assets
|
- | - | - | - | - | (711 | ) | |||||||||||||||||
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Loss on discontinuance of product offering
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- | - | - | - | - | 1,416 | ||||||||||||||||||
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Other
|
190 | (17 | ) | (50 | ) | (24 | ) | (47 | ) | 157 | ||||||||||||||
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Changes in operating assets and liabilities
|
||||||||||||||||||||||||
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Receivables
|
5,815 | (14,786 | ) | (9,668 | ) | (123 | ) | 1,793 | 1,020 | |||||||||||||||
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Inventories
|
(9,187 | ) | (5,608 | ) | (3,491 | ) | (4,351 | ) | (3,473 | ) | (1,909 | ) | ||||||||||||
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Prepaid expenses and other
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(2,821 | ) | 497 | (2,958 | ) | (1,882 | ) | (1,212 | ) | 977 | ||||||||||||||
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Accounts payable and accrued liabilities
|
(233 | ) | 6,658 | 2,821 | 3,410 | 1,277 | (9,711 | ) | ||||||||||||||||
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Net cash provided by (used in) operating activities
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5,352 | 24,681 | 15,174 | 15,758 | 7,300 | 26,652 | ||||||||||||||||||
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Cash flows from investing activities:
|
||||||||||||||||||||||||
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Additions to property, plant and equipment
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(5,104 | ) | (11,172 | ) | (9,003 | ) | (7,191 | ) | (2,903 | ) | (12,120 | ) | ||||||||||||
|
Acquisition of businesses, net of cash acquired
|
- | (4,169 | ) | (4,169 | ) | (4,169 | ) | (4,169 | ) | (24,474 | ) | |||||||||||||
|
Acquisition of intangible assets
|
(154 | ) | (1,435 | ) | (180 | ) | (150 | ) | - | (800 | ) | |||||||||||||
|
Other cash flows from investing activities
|
- | - | - | - | - | 801 | ||||||||||||||||||
|
Change in escrow receivable
|
- | - | - | - | - | 2,500 | ||||||||||||||||||
|
Purchases, sales and maturities of marketable securities, net
|
- | 328 | 328 | 303 | 303 | 11,855 | ||||||||||||||||||
|
Net cash provided by (used in) investing activities
|
(5,258 | ) | (16,448 | ) | (13,024 | ) | (11,207 | ) | (6,769 | ) | (22,238 | ) | ||||||||||||
|
Cash flows from financing activities:
|
||||||||||||||||||||||||
|
Repayment of long-term debt
|
(1,250 | ) | (146,250 | ) | (145,000 | ) | (143,750 | ) | - | (7,500 | ) | |||||||||||||
|
Proceeds from issuance of long-term debt
|
- | 100,000 | 100,000 | 100,000 | - | - | ||||||||||||||||||
|
Proceeds from borrowings on revolving credit facility
|
- | 46,410 | 41,410 | 41,410 | ||||||||||||||||||||
|
Proceeds from exercise of stock options and ESPP
|
959 | 2,444 | 2,208 | 1,133 | 678 | 1,214 | ||||||||||||||||||
|
Payment of Contingent Consideration
|
(2,100 | ) | (15,943 | ) | (14,597 | ) | (9,300 | ) | (950 | ) | - | |||||||||||||
|
Deferred financing costs on long-term debt
|
- | (677 | ) | (677 | ) | (677 | ) | - | - | |||||||||||||||
|
Net cash provided by (used in) financing activities
|
(2,391 | ) | (14,016 | ) | (16,656 | ) | (11,184 | ) | (272 | ) | (6,286 | ) | ||||||||||||
|
Effect of exchange rate changes on cash
|
- | 86 | 86 | 4 | 4 | (65 | ) | |||||||||||||||||
|
Increase (Decrease) in cash and cash equivalents
|
(2,297 | ) | (5,697 | ) | (14,420 | ) | (6,629 | ) | 263 | (1,937 | ) | |||||||||||||
|
Cash and cash equivalents
|
||||||||||||||||||||||||
|
Beginning of period
|
16,105 | 21,802 | 21,802 | 21,802 | 21,802 | 23,739 | ||||||||||||||||||
|
End of period
|
$ | 13,808 | $ | 16,105 | $ | 7,382 | $ | 15,173 | $ | 22,065 | $ | 21,802 | ||||||||||||
(1) Revised, as previously disclosed in the Company’s Form 10-Q for the quarterly period ended August 31, 2014, filed October 15, 2014.