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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended February 29, 2020
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-50761
AngioDynamics, Inc.
(Exact name of registrant as specified in its charter)
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Delaware | | 11-3146460 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
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14 Plaza Drive, Latham, New York 12110
(Address of principal executive offices and zip code)
(518) 795-1400
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading symbol | | Name of each exchange on which registered |
Common stock, par value $.01 | | ANGO | | NASDAQ Global Select Market |
Preferred Stock Purchase Rights | | | | NASDAQ Global Select Market |
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer | | ☐ | | Accelerated filer | | ☒ |
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Non-accelerated filer | | ☐ | | Smaller reporting company | | ☐ |
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Emerging growth company | | ☐ | | | | |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the Issuer’s classes of common stock, as of the latest practicable date.
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Class | | Outstanding as of April 6, 2020 |
Common Stock, par value $.01 | | 37,694,757 | |
AngioDynamics, Inc. and Subsidiaries
TABLE OF CONTENTS
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Item 6. | | |
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements.
AngioDynamics, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands of dollars, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | | Nine Months Ended | | |
| | Feb 29, 2020 | | Feb 28, 2019 | | Feb 29, 2020 | | Feb 28, 2019 |
Net sales | | $ | 69,780 | | | $ | 65,524 | | | $ | 205,825 | | | $ | 199,451 | |
Cost of sales (exclusive of intangible amortization) | | 29,481 | | | 27,361 | | | 85,765 | | | 84,783 | |
Gross profit | | 40,299 | | | 38,163 | | | 120,060 | | | 114,668 | |
Operating expenses: | | | | | | | | |
Research and development | | 8,395 | | | 6,915 | | | 22,450 | | | 21,365 | |
Sales and marketing | | 20,934 | | | 18,385 | | | 60,427 | | | 56,054 | |
General and administrative | | 10,203 | | | 8,718 | | | 29,651 | | | 26,414 | |
Amortization of intangibles | | 5,019 | | | 4,660 | | | 13,417 | | | 12,599 | |
Change in fair value of contingent consideration | | 419 | | | 609 | | | 116 | | | 865 | |
Acquisition, restructuring and other items, net | | 1,565 | | | 2,550 | | | 4,486 | | | 9,700 | |
| | | | | | | | |
Total operating expenses | | 46,535 | | | 41,837 | | | 130,547 | | | 126,997 | |
Operating loss | | (6,236) | | | (3,674) | | | (10,487) | | | (12,329) | |
Other (expenses) income: | | | | | | | | |
Interest expense, net | | (166) | | | (1,442) | | | (672) | | | (3,689) | |
| | | | | | | | |
Other expense, net | | (131) | | | (266) | | | (67) | | | (72) | |
Total other expense, net | | (297) | | | (1,708) | | | (739) | | | (3,761) | |
Loss from continuing operations before income tax benefit | | (6,533) | | | (5,382) | | | (11,226) | | | (16,090) | |
Income tax benefit | | (824) | | | (773) | | | (1,506) | | | (2,191) | |
Net loss from continuing operations | | (5,709) | | | (4,609) | | | (9,720) | | | (13,899) | |
Income from discontinued operations, net of income tax | | — | | | 5,405 | | | — | | | 16,366 | |
Net income (loss) | | $ | (5,709) | | | $ | 796 | | | $ | (9,720) | | | $ | 2,467 | |
Loss per share - continuing operations | | | | | | | | |
Basic | | $ | (0.15) | | | $ | (0.12) | | | $ | (0.26) | | | $ | (0.37) | |
Diluted | | $ | (0.15) | | | $ | (0.12) | | | $ | (0.26) | | | $ | (0.37) | |
Income per share - discontinued operations | | | | | | | | |
Basic | | $ | 0.00 | | | $ | 0.14 | | | $ | 0.00 | | | $ | 0.44 | |
Diluted | | $ | 0.00 | | | $ | 0.14 | | | $ | 0.00 | | | $ | 0.44 | |
Income (loss) per share | | | | | | | | |
Basic | | $ | (0.15) | | | $ | 0.02 | | | $ | (0.26) | | | $ | 0.07 | |
Diluted | | $ | (0.15) | | | $ | 0.02 | | | $ | (0.26) | | | $ | 0.07 | |
Weighted average shares outstanding | | | | | | | | |
Basic | | 37,999 | | | 37,518 | | | 37,924 | | | 37,446 | |
Diluted | | 37,999 | | | 37,518 | | | 37,924 | | | 37,446 | |
The accompanying notes are an integral part of these consolidated financial statements.
AngioDynamics, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
(in thousands of dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | | Nine Months Ended | | |
| | Feb 29, 2020 | | Feb 28, 2019 | | Feb 29, 2020 | | Feb 28, 2019 |
Net income (loss) | | $ | (5,709) | | | $ | 796 | | | $ | (9,720) | | | $ | 2,467 | |
Other comprehensive income (loss), before tax: | | | | | | | | |
Unrealized gain on marketable securities | | — | | | — | | | — | | | 33 | |
Foreign currency translation | | 8 | | | 173 | | | 88 | | | (158) | |
Other comprehensive income (loss), before tax | | 8 | | | 173 | | | 88 | | | (125) | |
Income tax expense related to items of other comprehensive income | | — | | | — | | | — | | | — | |
Other comprehensive income (loss), net of tax | | 8 | | | 173 | | | 88 | | | (125) | |
Total comprehensive income (loss), net of tax | | $ | (5,701) | | | $ | 969 | | | $ | (9,632) | | | $ | 2,342 | |
The accompanying notes are an integral part of these consolidated financial statements.
AngioDynamics, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands of dollars, except share data)
| | | | | | | | | | | |
| Feb 29, 2020 | | May 31, 2019 |
Assets | | | |
Current assets | | | |
Cash and cash equivalents | $ | 27,160 | | | $ | 227,641 | |
| | | |
Accounts receivable, net of allowances of $1,991 and $1,906 respectively | 35,619 | | | 43,577 | |
Inventories | 54,898 | | | 40,071 | |
| | | |
| | | |
Prepaid expenses and other | 11,369 | | | 4,003 | |
Total current assets | 129,046 | | | 315,292 | |
Property, plant and equipment, net | 28,182 | | | 24,258 | |
Other assets | 13,684 | | | 3,835 | |
Intangible assets, net | 201,956 | | | 145,387 | |
Goodwill | 359,093 | | | 347,666 | |
| | | |
Total assets | $ | 731,961 | | | $ | 836,438 | |
Liabilities and stockholders' equity | | | |
Current liabilities | | | |
Accounts payable | $ | 18,304 | | | $ | 22,829 | |
Accrued liabilities | 27,445 | | | 38,338 | |
| | | |
Current portion of long-term debt | — | | | 7,500 | |
Current portion of contingent consideration | 889 | | | 4,635 | |
Other current liabilities | 2,074 | | | — | |
Total current liabilities | 48,712 | | | 73,302 | |
Long-term debt, net of current portion | 14,341 | | | 124,407 | |
Contingent consideration, net of current portion | 26,405 | | | 8,851 | |
Deferred income taxes | 24,013 | | | 14,542 | |
Other long-term liabilities | 8,015 | | | 521 | |
Total liabilities | 121,486 | | | 221,623 | |
Commitments and contingencies (Note 15) | | | |
Stockholders' equity | | | |
Preferred stock, par value $.01 per share, 5,000,000 shares authorized; no shares issued and outstanding | — | | | — | |
Common stock, par value $.01 per share, 75,000,000 shares authorized; 38,434,757 and 37,984,382 shares issued and 38,064,757 and 37,614,382 shares outstanding at February 29, 2020 and May 31, 2019, respectively | 374 | | | 372 | |
Additional paid-in capital | 560,330 | | | 555,040 | |
Retained earnings | 56,749 | | | 66,469 | |
Treasury stock, 370,000 shares at February 29, 2020 and May 31, 2019, respectively | (5,714) | | | (5,714) | |
Accumulated other comprehensive loss | (1,264) | | | (1,352) | |
Total Stockholders’ Equity | 610,475 | | | 614,815 | |
Total Liabilities and Stockholders' Equity | $ | 731,961 | | | $ | 836,438 | |
The accompanying notes are an integral part of these consolidated financial statements.
AngioDynamics, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands of dollars)
| | | | | | | | | | | |
| Nine Months Ended | | |
| Feb 29, 2020 | | Feb 28, 2019 |
Cash flows from operating activities: | | | |
Net income (loss) | $ | (9,720) | | | $ | 2,467 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | |
Depreciation and amortization | 17,550 | | | 19,158 | |
Non-cash lease expense | 1,567 | | | — | |
Stock based compensation | 5,998 | | | 7,119 | |
Change in fair value of contingent consideration | 116 | | | 865 | |
| | | |
| | | |
Deferred income taxes | (1,606) | | | 633 | |
Change in accounts receivable allowances | 186 | | | (99) | |
Fixed and intangible asset impairments and disposals | 395 | | | 689 | |
| | | |
Write-off of other assets | 593 | | | — | |
Other | 70 | | | (5) | |
Changes in operating assets and liabilities: | | | | |
Accounts receivable | 7,834 | | | (3,853) | |
Inventories | (14,036) | | | (2,702) | |
Prepaid expenses and other | (9,378) | | | (1,508) | |
Accounts payable, accrued and other liabilities | (18,003) | | | (10,336) | |
Net cash (used in) provided by operating activities | (18,434) | | | 12,428 | |
Cash flows from investing activities: | | | |
Additions to property, plant and equipment | (5,756) | | | (2,303) | |
Acquisition of intangibles | (350) | | | — | |
Cash paid for acquisitions | (55,760) | | | (84,920) | |
| | | |
Proceeds from sale of marketable securities | — | | | 1,350 | |
Net cash used in investing activities | (61,866) | | | (85,873) | |
Cash flows from financing activities: | | | |
Proceeds from issuance of and borrowings on long-term debt | 15,000 | | | 55,000 | |
Repayment of long-term debt | (132,500) | | | (13,750) | |
Deferred financing costs on long-term debt | (775) | | | — | |
Payment of acquisition related contingent consideration | (1,208) | | | (2,100) | |
| | | |
Proceeds (outlays) from exercise of stock options and employee stock purchase plan | (706) | | | 2,023 | |
Net cash provided by (used in) financing activities | (120,189) | | | 41,173 | |
Effect of exchange rate changes on cash and cash equivalents | 8 | | | (120) | |
Decrease in cash and cash equivalents | (200,481) | | | (32,392) | |
Cash and cash equivalents at beginning of period | 227,641 | | | 74,096 | |
Cash and cash equivalents at end of period | $ | 27,160 | | | $ | 41,704 | |
| | | |
Supplemental disclosure of non-cash investing and financing activities: | | | |
| | | |
Accrual for capital expenditures incurred during the period | $ | 214 | | | $ | (42) | |
Fair value of contingent consideration for acquisitions | 14,900 | | | 25,100 | |
Fair value of acquisition consideration included in other long-term liabilities | — | | | 4,691 | |
The accompanying notes are an integral part of these consolidated financial statements.
AngioDynamics, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
(in thousands of dollars, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | Additional paid in capital | | Retained earnings | | Accumulated other comprehensive loss | | Treasury Stock | | | | |
| Shares | | Amount | | | | | | | | Shares | | Amount | | Total |
Balance at May 31, 2019 | 37,984,382 | | | $ | 372 | | | $ | 555,040 | | | $ | 66,469 | | | $ | (1,352) | | | (370,000) | | | $ | (5,714) | | | $ | 614,815 | |
Net loss | | | | | | | | | | (1,275) | | | | | | | | | | | | (1,275) | |
Exercise of stock options | 48,136 | | | 1 | | | 530 | | | | | | | | | | | | | | | 531 | |
Issuance/Cancellation of restricted stock units | 287,087 | | | | | | (2,459) | | | | | | | | | | | | | | | (2,459) | |
| | | | | | | | | | | | | | | |
Purchases of common stock under ESPP | 40,270 | | | | | | 628 | | | | | | | | | | | | | | | 628 | |
Stock-based compensation | | | | | | | 1,984 | | | | | | | | | | | | | | | 1,984 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other comprehensive loss, net of tax | | | | | | | | | | | | | (151) | | | | | | | | | (151) | |
Balance at August 31, 2019 | 38,359,875 | | | $ | 373 | | | $ | 555,723 | | | $ | 65,194 | | | $ | (1,503) | | | (370,000) | | | $ | (5,714) | | | $ | 614,073 | |
Net loss | | | | | | | | (2,736) | | | | | | | | | (2,736) | |
| | | | | | | | | | | | | | | |
Issuance/Cancellation of restricted stock units | 4,051 | | | | | | | | | | | | | | | — | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Stock-based compensation | | | | | | 2,242 | | | | | | | | | | | 2,242 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other comprehensive income, net of tax | | | | | | | | | | 231 | | | | | | | 231 | |
Balance at November 30, 2019 | 38,363,926 | | | $ | 373 | | | $ | 557,965 | | | $ | 62,458 | | | $ | (1,272) | | | (370,000) | | | $ | (5,714) | | | $ | 613,810 | |
Net loss | | | | | | | (5,709) | | | | | | | | | (5,709) | |
| | | | | | | | | | | | | | | |
Exercise of stock options | 2,500 | | | | | | 30 | | | | | | | | | | | 30 | |
Issuance/Cancellation of restricted stock units | 8,034 | | | | | | (25) | | | | | | | | | | | (25) | |
| | | | | | | | | | | | | | | |
Purchases of common stock under ESPP | 60,297 | | | 1 | | | 588 | | | | | | | | | | | 589 | |
Stock-based compensation | | | | | 1,772 | | | | | | | | | | | 1,772 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other comprehensive income, net of tax | | | | | | | | | 8 | | | | | | | 8 | |
Balance at February 29, 2020 | 38,434,757 | | | $ | 374 | | | $ | 560,330 | | | $ | 56,749 | | | $ | (1,264) | | | (370,000) | | | $ | (5,714) | | | $ | 610,475 | |
AngioDynamics, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - continued
(unaudited)
(in thousands of dollars, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | Additional paid in capital | | Retained earnings | | Accumulated other comprehensive loss | | Treasury Stock | | | | |
| Shares | | Amount | | | | | | | | Shares | | Amount | | Total |
Balance at May 31, 2018 | 37,594,493 | | | $ | 370 | | | $ | 543,762 | | | $ | 5,129 | | | $ | (952) | | | (370,000) | | | $ | (5,714) | | | $ | 542,595 | |
Net loss | | | | | | | (469) | | | | | | | | | (469) | |
Exercise of stock options | 71,336 | | | 1 | | | 607 | | | | | | | | | | | 608 | |
Issuance/Cancellation of restricted stock units | 149,446 | | | | | (460) | | | | | | | | | | | (460) | |
Issuance/Cancellation of performance share units | 5,235 | | | | | | | | | | | | | | | — | |
Purchases of common stock under ESPP | 40,547 | | | 1 | | | 556 | | | | | | | | | | | 557 | |
Stock-based compensation | | | | | 2,150 | | | | | | | | | | | 2,150 | |
Other comprehensive loss, net of tax | | | | | | | | | (92) | | | | | | | (92) | |
Balance at August 31, 2018 | 37,861,057 | | | $ | 372 | | | $ | 546,615 | | | $ | 4,660 | | | $ | (1,044) | | | (370,000) | | | $ | (5,714) | | | $ | 544,889 | |
Net income | | | | | | | 2,140 | | | | | | | | | 2,140 | |
Exercise of stock options | 10,571 | | | | | 149 | | | | | | | | | | | 149 | |
Issuance/Cancellation of restricted stock units | 3,901 | | | | | | | | | | | | | | | — | |
Stock-based compensation | | | | | 2,591 | | | | | | | | | | | 2,591 | |
Other comprehensive loss, net of tax | | | | | | | | | (206) | | | | | | | (206) | |
Balance at November 30, 2018 | 37,875,529 | | | $ | 372 | | | $ | 549,355 | | | $ | 6,800 | | | $ | (1,250) | | | (370,000) | | | $ | (5,714) | | | $ | 549,563 | |
Net income | | | | | | | 796 | | | | | | | | | 796 | |
Exercise of stock options | 40,346 | | | | | 603 | | | | | | | | | | | 603 | |
Issuance/Cancellation of restricted stock units | 7,703 | | | | | $ | (49) | | | | | | | | | | | (49) | |
Purchases of common stock under ESPP | 32,316 | | | | | 615 | | | | | | | | | | | 615 | |
Stock-based compensation | | | | | 2,378 | | | | | | | | | | | 2,378 | |
Other comprehensive income, net of tax | | | | | | | | | 173 | | | | | | | 173 | |
Balance at February 28, 2019 | 37,955,894 | | | $ | 372 | | | $ | 552,902 | | | $ | 7,596 | | | $ | (1,077) | | | (370,000) | | | $ | (5,714) | | | $ | 554,079 | |
The accompanying notes are an integral part of these consolidated financial statements.
AngioDynamics, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Balance Sheet as of February 29, 2020, the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended February 29, 2020 and February 28, 2019, the Consolidated Statements of Stockholders’ Equity for the three months ended February 29, 2020 and February 28, 2019 and the Consolidated Statements of Cash Flows for the nine months ended February 29, 2020 and February 28, 2019 have been prepared by us and are unaudited. The Consolidated Balance Sheet as of May 31, 2019 was derived from audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to state fairly the financial position, changes in stockholders’ equity and comprehensive income, results of operations and cash flows as of and for the period ended February 29, 2020 (and for all periods presented) have been made.
The unaudited interim consolidated financial statements for the three and nine months ended February 29, 2020 and February 28, 2019 include the accounts of AngioDynamics, Inc. and its wholly owned subsidiaries, collectively, the “Company”. All intercompany balances and transactions have been eliminated.
On May 31, 2019, the Company completed the sale of the Fluid Management business and all of the assets used primarily in connection with the Fluid Management business (Note 3). As the disposal of this business represents a strategic shift with a major effect on the Company's operations, for all periods presented in our Consolidated Statements of Operations and Comprehensive Loss, all sales, costs, expenses, gains and income taxes attributable to Fluid Management have been reported under the captions, “Income from Discontinued Operations, Net of Income Tax.” Cash flows used in or provided by Fluid Management have been reported in the Consolidated Statements of Cash Flows under operating and investing activities.
2. ACQUISITIONS
C3 Wave Tip Location Acquisition
On December 17, 2019, the Company acquired the C3 Wave tip location asset from Medical Components Inc. for an aggregate purchase price of $10.0 million with $5.0 million of potential future contingent consideration related to technical milestones. This acquisition fills a gap in the Vascular Access portfolio and supports the Company's strategic plan. The Company accounted for this acquisition as an asset purchase. The Company recorded the amount paid at closing as inventory of $0.6 million and intangible assets of a trademark of $0.9 million and product technology of $8.5 million. The intangible assets will be amortized over 15 years. The contingent consideration is comprised of technical milestones and will be accounted for when the contingency is resolved or becomes probable and reasonably estimable.
Eximo Acquisition
On October 2, 2019, the Company entered into a share purchase agreement to acquire Eximo Medical, Ltd., a pre-commercial stage medical device company and its proprietary 355nm B Laser Atherectomy technology. The aggregate purchase price of $60.7 million included an upfront payment of $45.8 million and contingent consideration with an estimated fair value of $14.9 million. This acquisition expands and complements the Company’s Vascular Interventions and Therapies product portfolio by adding the 355nm B Laser Atherectomy technology which treats Peripheral Artery Disease.
The Company accounted for the Eximo acquisition under the acquisition method of accounting for business combinations. Accordingly, the cost to acquire the assets was allocated to the underlying net assets in proportion to estimates of their respective fair values. The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill. Goodwill is non-deductible for income tax purposes.
The Company has not disclosed the amount of revenue and earnings for sales of Eximo products since acquisition, nor proforma information, because these amounts are not significant to the Company's financial statements. Acquisition-related costs associated with the Eximo acquisition, which are included in "acquisition, restructuring and other items, net" in the accompanying Consolidated Statements of Operations, were approximately $0.6 million in fiscal year 2020. The following table summarizes the preliminary aggregate purchase price allocated to the net assets acquired:
| | | | | | | | | | | | | | | | | |
(in thousands) | Preliminary allocation | | Adjustments (1) | | Revised allocation |
Accounts receivable | $ | 50 | | | $ | — | | | $ | 50 | |
Inventory | 150 | | | — | | | 150 | |
Prepaid and other current assets | 54 | | | — | | | 54 | |
Long-term deposits | 51 | | | | | 51 | |
Property, plant and equipment | 397 | | | — | | | 397 | |
Intangible assets: | | | | | |
Product technology | 59,000 | | | 1,300 | | | 60,300 | |
Goodwill | 12,428 | | | (1,001) | | | 11,427 | |
Total assets acquired | $ | |