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AngioDynamics Reports Fiscal Year 2022 Fourth Quarter and Full-Year Financial Results; Issues Fiscal Year 2023 Guidance

Fiscal Year 2022 Fourth Quarter Highlights

  • Net sales of $87.0 million increased 13.2% compared to the prior-year quarter
  • Gross margin of 53.4% declined 170 basis points year over year
  • GAAP loss per share of $0.16 and adjusted earnings per share of $0.01
  • Cash and cash equivalents at May 31, 2022 were $28.8 million

Full-Year 2022 Highlights

  • Net sales of $316.2 million increased 8.7% year over year
  • Gross margin declined 150 basis points year over year to 52.4%
  • GAAP loss per share of $0.68 and adjusted earnings per share of $0.00

AngioDynamics, Inc. (NASDAQ: ANGO), a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options and improving quality of life for patients, today announced financial results for the fourth quarter and fiscal year 2022, which ended May 31, 2022.

“Our strong performance during the quarter, driven by our Med Tech portfolio, is a direct result of the continued hard work and commitment of our AngioDynamics team,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. “We delivered on the strategic objectives for fiscal year 2022 that we laid out a year ago during our Investor and Technology Day while managing through a number of macro-related headwinds, including supply chain disruptions and ongoing inflationary pressures. During our fourth quarter, we reduced our backlog as our manufacturing capacity improved, exiting the quarter more than 40% above the lows we experienced in December. In addition, we launched two new AlphaVac products and initiated two important clinical trials -- our PRESERVE Study for the use of NanoKnife in prostate cancer and our APEX study for the use of AlphaVac F18 in the treatment of pulmonary embolism. We remain committed to balancing and prioritizing investments in our business and enhancing our growth platforms while managing through ongoing inflationary pressures and other macroeconomic challenges. I am excited about the product launches and clinical milestones we expect to achieve in fiscal year 2023, and I look forward to the team’s continued transformation of AngioDynamics.”

Fourth Quarter 2022 Financial Results

Net sales for the fourth quarter of fiscal year 2022 were $87.0 million, an increase of 13.2% compared to the prior-year quarter. Foreign currency translation did not have a significant impact on the Company's net sales in the quarter.

Med Tech net sales were $22.6 million, a 40.0% increase from $16.2 million in the prior- year period, while Med Device net sales were $64.4 million, an increase of 6.1% compared to $60.7 million in the prior-year period. Med Tech includes the Auryon Peripheral Atherectomy platform, the thrombectomy platform and the NanoKnife irreversible electroporation platform.

Endovascular Therapies (formerly Vascular Interventions and Therapies) net sales were $45.1 million, an increase of 18.5%, compared to $38.1 million a year ago. Growth was driven by Auryon sales during the quarter of $9.6 million, continuing the sequential growth trend in the business as well as strength in the Company’s thrombectomy portfolio as compared to the prior year.

Oncology net sales were $15.1 million, an increase of 5.8%, compared to $14.3 million in the prior-year period. The year-over-year growth was largely due to increased net sales of disposables of NanoKnife and Microwave.

Vascular Access net sales were $26.7 million, an increase of 9.3%, compared to $24.5 million a year ago.

U.S. net sales in the fourth quarter of fiscal 2022 were $73.7 million, an increase of 15.9% from $63.6 million a year ago. International net sales were $13.3 million, an increase of 0.4%, compared to $13.2 million a year ago.

Gross margin for the fourth quarter of fiscal 2022 was 53.4%, a decrease of 170 basis points compared to the fourth quarter of fiscal 2021, but up sequentially from 52.2% in the third quarter. During the quarter, gross margin was negatively impacted by macro forces including labor shortages and increased costs for labor, raw materials, and freight.

The Company recorded a net loss of $6.3 million, or a loss per share of $0.16, in the fourth quarter of fiscal 2022. This compares to a net loss of $19.5 million, or a loss per share of $0.51, a year ago.

Excluding the items shown in the non-GAAP reconciliation table below, adjusted net income for the fourth quarter of fiscal 2022 was $0.3 million, and adjusted earnings per share was $0.01, compared to adjusted net loss in the prior-year period of $0.1 million and adjusted earnings per share of $0.00.

Adjusted EBITDA in the fourth quarter of fiscal 2022, excluding the items shown in the reconciliation table below, was $6.2 million, compared to $4.5 million in the fourth quarter of fiscal 2021.

In the fourth quarter of fiscal 2022, the Company generated $8.6 million in operating cash, had capital expenditures of $1.0 million and additions to Auryon placement and evaluation units of $2.7 million. At May 31, 2022, the Company had $28.8 million in cash and cash equivalents compared to $23.9 million in cash and cash equivalents at February 28, 2022. The Company had $25.0 million outstanding under its revolving credit facility at May 31, 2022 which was in line with February 28, 2022.

Full-Year 2022 Financial Results

For the twelve months ended May 31, 2022:

Net sales were $316.2 million, an increase of 8.7%, compared to $291.0 million for the same period a year ago.

Med Tech net sales were $78.7 million, a 41.2% increase from the prior year period. Med Device net sales were $237.5 million, an increase of 0.9% from the prior year period.

Gross margin declined 150 basis points to 52.4% from 53.9% a year ago due to elevated labor, material, and freight costs, as well as Auryon start-up costs.

The Company's net loss from continuing operations was $26.5 million, or a loss per share of $0.68, compared to a net loss of $31.5 million, or a loss of $0.82 per share, a year ago.

Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss was $0.2 million, with adjusted earnings per share of $0.00, compared to adjusted net income and adjusted earnings per share of $1.9 million, or $0.05 per share, a year ago. Adjusted net income and adjusted earnings per share in fiscal 2022 includes a $4.2 million, and $0.08 per share benefit, respectively, related to the reimbursement of certain expenses under the employee retention credit as part of the CARES Act. A similar reimbursement benefit of $1.9 million was included in the prior year period.

Adjusted EBITDA, excluding the items shown in the reconciliation table below, was $20.9 million, compared to $19.5 million for the same period a year ago.

Fiscal Year 2023 Financial Guidance

The Company expects its fiscal year 2023 net sales to be in the range of $342 to $348 million, gross margin to be approximately 52.5% to 54.5% and adjusted earnings per share in the range of $0.01 to $0.06 as it continues to invest in new product launches to drive future growth.

Conference Call

The Company's management will host a conference call today at 8:00 a.m. ET to discuss its fourth quarter and fiscal year 2022 results.

To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international) and refer to the passcode 13730672.

This conference call will also be webcast and can be accessed from the “Investors” section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

A recording of the call will also be available from 11:00 a.m. ET on Tuesday, July 12, 2022, until 11:59 p.m. ET on Tuesday, July 19, 2022. To hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13730672.

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 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, Inc.

AngioDynamics is a leading, and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options and improving quality of life for patients.

The Company’s innovative technologies and devices are chosen by talented physicians in fast-growing healthcare markets to treat unmet patient needs. For more information, visit www.angiodynamics.com.

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," “projects”, "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 materially from AngioDynamics' expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the scale and scope of the COVID-19 global pandemic, the ability of AngioDynamics to develop its existing and new products, technological advances and patents attained by competitors, infringement of AngioDynamics' technology or assertions that AngioDynamics' technology infringes the technology of third parties, the ability of AngioDynamics to effectively compete against competitors that have substantially greater resources, 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 (including inflation, labor shortages and supply chain challenges including the cost and availability of raw materials), the results of on-going litigation, challenges with respect to third-party distributors or joint venture partners or collaborators, the results of sales efforts, the effects of product recalls and product liability claims, changes in key personnel, the ability of AngioDynamics to execute on strategic initiatives, 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 obtain regulatory clearances or approval of its products, or to integrate acquired businesses, 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, 2021. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.

In the United States, the NanoKnife System has received a 510(k) clearance by the Food and Drug Administration for use in the surgical ablation of soft tissue and is similarly approved for commercialization in Canada, the European Union, and Australia. The NanoKnife System has not been cleared for the treatment or therapy of a specific disease or condition.

 
 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 CONSOLIDATED INCOME STATEMENTS

 (in thousands, except per share data)

 

 

Three Months Ended

 

Twelve Months Ended

 

May 31, 2022

 

May 31, 2021

 

May 31, 2022

 

May 31, 2021

 

(unaudited)

 

(unaudited)

 

(audited)

 

 

 

 

 

 

 

 

Net sales

$

86,998

 

 

$

76,842

 

 

$

316,219

 

 

$

291,010

 

Cost of sales (exclusive of intangible amortization)

 

40,543

 

 

 

34,522

 

 

 

150,487

 

 

 

134,222

 

Gross profit

 

46,455

 

 

 

42,320

 

 

 

165,732

 

 

 

156,788

 

% of net sales

 

53.4

%

 

 

55.1

%

 

 

52.4

%

 

 

53.9

%

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

7,866

 

 

 

9,104

 

 

 

30,739

 

 

 

36,390

 

Sales and marketing

 

26,833

 

 

 

23,820

 

 

 

95,301

 

 

 

81,306

 

General and administrative

 

11,103

 

 

 

9,131

 

 

 

38,451

 

 

 

35,918

 

Amortization of intangibles

 

4,853

 

 

 

4,298

 

 

 

19,458

 

 

 

18,136

 

Change in fair value of contingent consideration

 

207

 

 

 

379

 

 

 

1,212

 

 

 

89

 

Acquisition, restructuring and other items, net

 

1,990

 

 

 

17,175

 

 

 

9,042

 

 

 

20,232

 

Total operating expenses

 

52,852

 

 

 

63,907

 

 

 

194,203

 

 

 

192,071

 

Operating loss

 

(6,397

)

 

 

(21,587

)

 

 

(28,471

)

 

 

(35,283

)

Interest expense, net

 

(185

)

 

 

(185

)

 

 

(688

)

 

 

(861

)

Other income (expense), net

 

(139

)

 

 

(167

)

 

 

(790

)

 

 

92

 

Total other expense, net

 

(324

)

 

 

(352

)

 

 

(1,478

)

 

 

(769

)

Loss before income tax benefit

 

(6,721

)

 

 

(21,939

)

 

 

(29,949

)

 

 

(36,052

)

Income tax benefit

 

(455

)

 

 

(2,471

)

 

 

(3,402

)

 

 

(4,504

)

Net loss

$

(6,266

)

 

$

(19,468

)

 

$

(26,547

)

 

$

(31,548

)

 

 

 

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

Basic

$

(0.16

)

 

$

(0.51

)

 

$

(0.68

)

 

$

(0.82

)

Diluted

$

(0.16

)

 

$

(0.51

)

 

$

(0.68

)

 

$

(0.82

)

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

39,160

 

 

 

38,525

 

 

 

39,009

 

 

 

38,342

 

Diluted

 

39,160

 

 

 

38,525

 

 

 

39,009

 

 

 

38,342

 

 
 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 GAAP TO NON-GAAP RECONCILIATION

 (in thousands, except per share data)

 

Reconciliation of Net Loss to non-GAAP Adjusted Net Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

May 31, 2022

 

May 31, 2021

 

May 31, 2022

 

May 31, 2021

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

Net loss

$

(6,266

)

 

$

(19,468

)

 

$

(26,547

)

 

$

(31,548

)

 

 

 

 

 

 

 

 

Amortization of intangibles

 

4,853

 

 

 

4,298

 

 

 

19,458

 

 

 

18,136

 

Change in fair value of contingent consideration

 

207

 

 

 

379

 

 

 

1,212

 

 

 

89

 

Acquisition, restructuring and other items, net (1)

 

1,990

 

 

 

17,175

 

 

 

9,042

 

 

 

20,232

 

Tax effect of non-GAAP items (2)

 

(531

)

 

 

(2,451

)

 

 

(3,347

)

 

 

(5,057

)

Adjusted net income (loss)

$

253

 

 

$

(67

)

 

$

(182

)

 

$

1,852

 

 

 

 

 

 

 

 

 

 

Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Earnings (Loss) Per Share:

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

May 31, 2022

 

May 31, 2021

 

May 31, 2022

 

May 31, 2021

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

Diluted loss per share

$

(0.16

)

 

$

(0.51

)

 

$

(0.68

)

 

$

(0.82

)

 

 

 

 

 

 

 

 

Amortization of intangibles

 

0.12

 

 

 

0.11

 

 

 

0.50

 

 

 

0.47

 

Change in fair value of contingent consideration

 

0.01

 

 

 

0.01

 

 

 

0.03

 

 

 

 

Acquisition, restructuring and other items, net (1)

 

0.05

 

 

 

0.45

 

 

 

0.24

 

 

 

0.53

 

Tax effect of non-GAAP items (2)

 

(0.01

)

 

 

(0.06

)

 

 

(0.09

)

 

 

(0.13

)

Adjusted diluted earnings (loss) per share

$

0.01

 

 

$

0.00

 

 

$

0.00

 

 

$

0.05

 

 

 

 

 

 

 

 

 

Adjusted diluted sharecount (3)

 

40,250

 

 

 

38,525

 

 

 

39,009

 

 

 

39,110

 

 

 

 

 

 

 

 

 

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. Fiscal year 2021 results include a $14.0 million write-off of OARtrac intangible assets.

(2) Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's U.S. deferred tax assets and an effective tax rate of 23% for the periods ended May 31, 2022 and May 31, 2021.

(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 GAAP TO NON-GAAP RECONCILIATION (Continued)

 (in thousands, except per share data)

 

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

May 31, 2022

 

May 31, 2021

 

May 31, 2022

 

May 31, 2021

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

Net loss

$

(6,266

)

 

$

(19,468

)

 

$

(26,547

)

 

$

(31,548

)

 

 

 

 

 

 

 

 

Income tax benefit

 

(455

)

 

 

(2,471

)

 

 

(3,402

)

 

 

(4,504

)

Interest expense, net

 

185

 

 

 

185

 

 

 

688

 

 

 

861

 

Depreciation and amortization

 

7,628

 

 

 

6,485

 

 

 

29,194

 

 

 

25,761

 

Change in fair value of contingent consideration

 

207

 

 

 

379

 

 

 

1,212

 

 

 

89

 

Stock based compensation

 

2,903

 

 

 

2,227

 

 

 

10,692

 

 

 

8,625

 

Acquisition, restructuring and other items, net (1)

 

1,990

 

 

 

17,175

 

 

 

9,042

 

 

 

20,232

 

Adjusted EBITDA

$

6,192

 

 

$

4,512

 

 

$

20,879

 

 

$

19,516

 

 

 

 

 

 

 

 

 

Per diluted share:

 

 

 

 

 

 

 

Adjusted EBITDA

$

0.15

 

 

$

0.12

 

 

$

0.54

 

 

$

0.50

 

 

 

 

 

 

 

 

 

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. Fiscal year 2021 results include a $14.0 million write-off of OARtrac intangible assets.

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY

 (in thousands)

 

 

Three Months Ended

 

Twelve Months Ended

 

May 31,

2022

 

May 31,

2021

 

%

Growth

 

Currency

Impact

 

Constant

Currency

Growth

 

May 31,

2022

 

May 31,

2021

 

%

Growth

 

Currency

Impact

 

Constant

Currency

Growth

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Med Tech

$

22,611

 

$

16,150

 

40.0

%

 

 

 

 

 

$

78,717

 

$

55,731

 

41.2

%

 

 

 

 

Med Device

 

64,387

 

 

60,692

 

6.1

%

 

 

 

 

 

 

237,502

 

 

235,279

 

0.9

%

 

 

 

 

 

$

86,998

 

$

76,842

 

13.2

%

 

(0.4

)%

 

12.8

%

 

$

316,219

 

$

291,010

 

8.7

%

 

0.0

%

 

8.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Product Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Endovascular Therapies

$

45,126

 

$

38,071

 

18.5

%

 

 

 

 

 

$

160,925

 

$

135,079

 

19.1

%

 

 

 

 

Vascular Access

 

26,734

 

 

24,462

 

9.3

%

 

 

 

 

 

 

100,193

 

 

101,310

 

(1.1

)%

 

 

 

 

Oncology

 

15,138

 

 

14,309

 

5.8

%

 

 

 

 

 

 

55,101

 

 

54,621

 

0.9

%

 

 

 

 

 

$

86,998

 

$

76,842

 

13.2

%

 

(0.4

)%

 

12.8

%

 

$

316,219

 

$

291,010

 

8.7

%

 

0.0

%

 

8.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Geography

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

$

73,704

 

$

63,597

 

15.9

%

 

 

 

 

 

$

265,963

 

$

237,043

 

12.2

%

 

 

 

 

International

 

13,294

 

 

13,245

 

0.4

%

 

(2.5

)%

 

(2.1

)%

 

 

50,256

 

 

53,967

 

(6.9

)%

 

0.2

%

 

(6.7

)%

 

$

86,998

 

$

76,842

 

13.2

%

 

(0.4

)%

 

12.8

%

 

$

316,219

 

$

291,010

 

8.7

%

 

0.0

%

 

8.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS 

 (in thousands)

 

 

May 31, 2022

 

May 31, 2021

 

(unaudited)

 

(audited)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

28,825

 

$

48,161

Accounts receivable, net

 

52,304

 

 

35,405

Inventories

 

51,392

 

 

48,614

Prepaid expenses and other

 

10,824

 

 

8,699

Total current assets

 

143,345

 

 

140,879

Property, plant and equipment, net

 

45,005

 

 

37,073

Other assets

 

10,963

 

 

13,193

Intangible assets, net

 

152,380

 

 

168,977

Goodwill

 

201,058

 

 

201,316

Total assets

$

552,751

 

$

561,438

Liabilities and stockholders' equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

28,047

 

$

19,630

Accrued liabilities

 

34,842

 

 

35,459

Current portion of contingent consideration

 

8,783

 

 

Other current liabilities

 

2,652

 

 

2,495

Total current liabilities

 

74,324

 

 

57,584

Long-term debt, net of current portion

 

25,000

 

 

20,000

Deferred income taxes

 

16,037

 

 

19,955

Contingent consideration, net of current portion

 

8,165

 

 

15,741

Other long-term liabilities

 

4,736

 

 

8,701

Total liabilities

 

128,262

 

 

121,981

Stockholders' equity

 

424,489

 

 

439,457

Total Liabilities and Stockholders' Equity

$

552,751

 

$

561,438

 

 

 

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 (in thousands)

 

 

Three Months Ended

 

Twelve Months Ended

 

May 31, 2022

 

May 31, 2021

 

May 31, 2022

 

May 31, 2021

 

(unaudited)

 

(unaudited)

 

(audited)

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(6,266

)

 

$

(19,468

)

 

$

(26,547

)

 

$

(31,548

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

7,667

 

 

 

6,524

 

 

 

29,349

 

 

 

25,916

 

Non-cash lease expense

 

617

 

 

 

596

 

 

 

2,439

 

 

 

2,456

 

Stock based compensation

 

2,903

 

 

 

2,227

 

 

 

10,692

 

 

 

8,625

 

Change in fair value of contingent consideration

 

207

 

 

 

379

 

 

 

1,212

 

 

 

89

 

Deferred income tax provision

 

(587

)

 

 

(2,618

)

 

 

(3,708

)

 

 

(4,805

)

Change in accounts receivable allowances

 

184

 

 

 

176

 

 

 

118

 

 

 

207

 

Asset impairments and disposals

 

146

 

 

 

14,038

 

 

 

391

 

 

 

14,228

 

Other

 

(66

)

 

 

2

 

 

 

(93

)

 

 

(147

)

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

Accounts receivable

 

(10,710

)

 

 

(2,339

)

 

 

(17,151

)

 

 

(4,162

)

Inventories

 

(3,384

)

 

 

420

 

 

 

(2,796

)

 

 

11,539

 

Prepaid expenses and other

 

2,135

 

 

 

5,640

 

 

 

(5,012

)

 

 

(3,181

)

Accounts payable, accrued and other liabilities

 

15,714

 

 

 

6,622

 

 

 

3,912

 

 

 

4,876

 

Net cash provided by (used in) operating activities

 

8,560

 

 

 

12,199

 

 

 

(7,194

)

 

 

24,093

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

(1,039

)

 

 

(620

)

 

 

(4,297

)

 

 

(5,187

)

Additions to placement and evaluation units

 

(2,734

)

 

 

(8,524

)

 

 

(11,410

)

 

 

(8,524

)

Acquisition of intangibles

 

 

 

 

 

 

 

 

 

 

 

Cash paid in acquisition

 

 

 

 

 

 

 

(3,600

)

 

 

 

Net cash used in investing activities

 

(3,773

)

 

 

(9,144

)

 

 

(19,307

)

 

 

(13,711

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Repayment of long-term debt

 

 

 

 

(10,000

)

 

 

 

 

 

(20,000

)

Proceeds from borrowings on long-term debt

 

 

 

 

 

 

 

5,000

 

 

 

 

Proceeds from exercise of stock options and employee stock purchase plan

 

329

 

 

 

555

 

 

 

2,683

 

 

 

3,014

 

Net cash provided by (used in) financing activities

 

329

 

 

 

(9,445

)

 

 

7,683

 

 

 

(16,986

)

Effect of exchange rate changes on cash and cash equivalents

 

(181

)

 

 

82

 

 

 

(518

)

 

 

330

 

Increase (decrease) in cash and cash equivalents

 

4,935

 

 

 

(6,308

)

 

 

(19,336

)

 

 

(6,274

)

Cash and cash equivalents at beginning of period

 

23,890

 

 

 

54,469

 

 

 

48,161

 

 

 

54,435

 

Cash and cash equivalents at end of period

$

28,825

 

 

$

48,161

 

 

$

28,825

 

 

$

48,161

 

Contacts

Investors:

AngioDynamics, Inc.

Stephen Trowbridge, Executive Vice President & CFO

(518) 795-1408

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