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 second quarter of fiscal year 2025, which
ended November 30, 2024.
Fiscal Year 2025 Second Quarter Highlights
Quarter Ended November 30,
2024
Pro Forma* YoY Growth
Pro Forma* Net Sales
$73.0 million
9.2%
Med Tech Net Sales
$31.5 million
25.0%
Med Device Net Sales
$41.5 million
(0.4)%
- GAAP Gross margin of 54.8%
- GAAP loss per share of $(0.26)
- Adjusted loss per share of $(0.04)
- Adjusted EBITDA of $3.1 million
- Received CPT Category I Codes for Irreversible Electroporation
(IRE), the primary method of action for the NanoKnife System, for
the treatment of lesions in the prostate and liver, effective
January 1, 2026
- Received FDA 510(k) clearance for NanoKnife Prostate Tissue
Ablation in December 2024
- Announced NanoKnife hit all primary endpoints of PRESERVE
clinical trial for use in Prostate Tissue Ablation in December
2024
- Raising fiscal year 2025 guidance for Adjusted EBITDA and
Adjusted EPS
*Pro forma results exclude the Dialysis and BioSentry businesses
divested in June 2023 and the PICC and Midline product portfolios
divested in February 2024, as well as the discontinued
Radiofrequency and Syntrax products in February 2024. Pro forma
revenue for Q2 FY25 excludes approximately $0.2 million of returns
of divested products during the quarter.
"We are very excited about our strong performance during the
second quarter, and in particular the continued strength of our Med
Tech segment, which grew 25% over the prior year. We also hit a
number of key milestones for our NanoKnife System, with the receipt
of CPT Category I Codes and FDA 510(k) clearance for prostate
tissue ablation. These achievements put us in a fantastic position
to drive accelerated growth for NanoKnife in coming quarters,"
commented Jim Clemmer, President and Chief Executive Officer of
AngioDynamics, Inc. "Through a combination of strong sales results,
increasing contribution from our Med Tech segment, and operating
efficiency efforts, we delivered positive Adjusted EBITDA and
operating cash flow in the quarter. As a result of the tremendous
progress made towards our goal of achieving profitability, we now
expect to be Adjusted EBITDA positive for the fiscal year.”
Second Quarter 2025 Financial Results
Unless otherwise noted, all financial metrics and growth rates
presented below are on a pro forma basis.
Net sales for the second quarter of fiscal year 2025 were $73.0
million, an increase of 9.2% compared to the prior-year
quarter.
Med Tech net sales were $31.5 million, a 25.0% increase from
$25.2 million in the prior-year period. Med Tech includes the
Auryon peripheral atherectomy platform, the thrombus management
platform, which includes the AlphaVac and AngioVac mechanical
thrombectomy systems, and the NanoKnife irreversible
electroporation platform.
Growth in the quarter was driven by strength across all product
lines, including Auryon sales of $13.7 million, which increased
21.8%, AngioVac sales of $8.1 million, which increased 50.7%,
AlphaVac sales of $2.5 million, which increased 33.3%, and
NanoKnife disposable sales of $5.0 million, which increased 23.1%.
Total NanoKnife sales, including capital, of $6.0 million,
increased 4.9%.
Med Device net sales were $41.5 million, a decrease of 0.4%
compared to $41.6 million in the prior-year period. U.S. net sales
of Med Device products grew 1.6% during the second quarter compared
to last year.
U.S. net sales in the second quarter of fiscal 2025 were $62.7
million, an increase of 12.3% from $55.8 million a year ago.
International net sales were $10.3 million, a decrease of 6.6%,
compared to $11.1 million a year ago.
Gross margin for the second quarter of fiscal 2025 was 54.7%,
which was 10 basis points down compared to the second quarter of
fiscal 2024, and 30 basis points sequentially up from 54.4% in the
first quarter of fiscal 2025.
Gross margin for the Med Tech business was 63.7%, an increase of
120 basis points from the second quarter of fiscal 2024 driven by
growth in AngioVac. Gross margin for the Med Device business was
47.8%, a decrease of 240 basis points compared to the second
quarter of fiscal 2024 due to inflationary pressures and costs
associated with the transition to outsourced manufacturing.
The Company recorded a GAAP net loss of $10.7 million, or a loss
per share of $0.26, in the second quarter of fiscal 2025. Excluding
the items shown in the non-GAAP reconciliation table below,
adjusted net loss for the second quarter of fiscal 2025 was $1.7
million, or a loss per share of $0.04. This compares to an adjusted
net loss during the fiscal second quarter of 2024 of $3.4 million,
or a loss per share of $0.08.
Adjusted EBITDA in the second quarter of fiscal 2025, excluding
the items shown in the non-GAAP reconciliation table below, was
$3.1 million, compared to $(0.0) million in the second quarter of
fiscal 2024.
In the second quarter of fiscal 2025, the Company generated $2.5
million in operating cash.
At November 30, 2024, the Company had $54.1 million in cash and
cash equivalents compared to $55.0 million in cash and cash
equivalents at August 31, 2024. During the second quarter, the
Company utilized $1.1 million on share repurchases.
In accordance with the Company’s previously announced
expectations regarding cash usage for the fiscal year ended May 31,
2025, the Company expects to utilize cash in the third fiscal
quarter and generate cash in the fourth fiscal quarter.
Received CPT Category I Codes for IRE for the Treatment of
Lesions in the Prostate and Liver
In October, the Company announced that Irreversible
Electroporation (IRE), the primary method of action for the
NanoKnife System, has received CPT® Category I codes for the
treatment of lesions in the prostate and liver. The decision by the
American Medical Association’s (“AMA”) CPT® Editorial Panel will
facilitate reimbursement for healthcare providers performing IRE
ablation procedures and enables broader access to the NanoKnife
System for patients. The new codes will be effective, with
physician Relative Value Units (RVUs) attached, on January 1,
2026.
With these new CPT® Category I codes, healthcare providers will
be able to bill more precisely for the treatments provided and
should achieve broader insurance coverage and defined reimbursement
rates for NanoKnife procedures, increasing market access to this
minimally invasive IRE technology.
NanoKnife System Receives FDA 510(k) Clearance for Prostate
Tissue Ablation
In December, subsequent to the end of the quarter, the Company
received FDA 510(k) clearance for the NanoKnife System for prostate
tissue ablation.
Prostate cancer is the second most common cancer in men
worldwide, with approximately 1.5 million new cases diagnosed
annually.1 Many of these patients seek alternatives to radical
procedures that can lead to significant, long-term urological side
effects.2 The NanoKnife System is the first and only non-thermal,
radiation-free, ablation technology designed to treat prostate
tissue by using IRE technology, offering patients a minimally
invasive option for prostate treatment.
The NanoKnife System minimizes the life-altering complications
often associated with traditional treatments by selectively
targeting prostate tissue while preserving critical functions. As
the Company expands its global footprint and increases access to
the technology, the Company is launching comprehensive education
and awareness campaigns to empower physicians with hands-on
training and clinical support while engaging patients through
innovative outreach initiatives.
NanoKnife System Hit All Primary Endpoints in PRESERVE
Study
The NanoKnife System’s clearance followed the completion of the
pivotal PRESERVE clinical study and submission of results in
September of 2024.
The PRESERVE clinical study met its primary effectiveness
endpoint demonstrating the performance of the NanoKnife System for
the ablation of prostate tissue in patients with intermediate-risk
PCa. At 12-months post-procedure, 84.0% of men were free from
in-field, clinically significant disease. In addition, the study
demonstrated strong quality of life outcomes with respect to
short-term urinary continence and sexual function preservation.
3
The study’s results validated the robust safety and clinical
efficacy profile of the NanoKnife System, reinforcing findings from
more than 32 clinical studies performed around the world involving
over 2,600 patients.3
Fiscal Year 2025 Financial Guidance
For fiscal year 2025:
- The Company continues to expect net sales to be in the range of
$282 to $288 million, representing growth of between 4.2% – 6.4%
over fiscal 2024 pro forma revenue of $270.7 million
- The Company now expects Med Tech net sales to grow in the range
of 12% to 15%, an increase from 10% to 12%
- The Company now expects Med Device net sales to be flat, a
decrease from 1% to 3%
- The Company continues to expect Gross margin to be
approximately 52% to 53%
- The Company now expects Adjusted EBITDA in the range of $1.0 to
$3.0 million, an increase from the previous guidance of a loss of
$2.5 million to $0. The updated guidance compares to a pro forma
Adjusted EBITDA loss of $3.2 million in fiscal 2024
- The Company now expects Adjusted loss per share in the range of
$0.34 to $0.38, an improvement from the previous guidance of a loss
per share of $0.38 to $0.42. The updated guidance compares to a pro
forma Adjusted loss per share of $0.45 in fiscal 2024
Conference Call
The Company’s management will host a conference call at 8:00
a.m. ET the same day to discuss the results. To participate in the
conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560
(international).
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, until Wednesday,
January 15, 2025 at 11:59 PM ET. To hear this recording, dial
1-844-512-2921 (domestic) or +1-412-317-6671 (international) and
enter the passcode 13750571.
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 results, 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, 2024. AngioDynamics does not assume any obligation to publicly
update or revise any forward-looking statements for any reason.
1
https://www.wcrf.org/cancer-trends/prostate-cancer-statistics/
2 Cheng JY. The Prostate Cancer Intervention Versus Observation
Trial (PIVOT) in Perspective. J Clin Med Res. 2013;5(4):266-268.
doi:10.4021/jocmr1395w
3 Data on file.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED INCOME
STATEMENTS
(in thousands, except per share
data)
Three Months Ended
Three Months Ended
Actual (1)
Pro Forma Adjustments (2)
Pro Forma
As Reported (1)
Pro Forma Adjustments (2)
Pro Forma
Nov 30, 2024
Nov 30, 2024
Nov 30, 2024
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
(unaudited)
(unaudited)
Net sales
$
72,845
170
$
73,015
$
79,073
(12,190
)
$
66,883
Cost of sales (exclusive of intangible
amortization)
32,939
151
33,090
38,811
(8,600
)
30,211
Gross profit
39,906
19
39,925
40,262
(3,590
)
36,672
% of net sales
54.8
%
54.7
%
50.9
%
54.8
%
Operating expenses
Research and development
6,434
—
6,434
8,658
(323
)
8,335
Sales and marketing
25,589
—
25,589
25,464
(1,469
)
23,995
General and administrative
10,391
—
10,391
9,289
(74
)
9,215
Amortization of intangibles
2,562
—
2,562
3,562
(964
)
2,598
Change in fair value of contingent
consideration
156
—
156
221
—
221
Acquisition, restructuring and other
items, net
5,868
9
5,877
6,188
(106
)
6,082
Total operating expenses
51,000
9
51,009
53,382
(2,936
)
50,446
Operating loss
(11,094
)
10
(11,084
)
(13,120
)
(654
)
(13,774
)
Interest income, net
234
—
234
534
—
534
Other income (expense), net
12
—
12
(32
)
—
(32
)
Total other income, net
246
—
246
502
—
502
Loss before income tax benefit
(10,848
)
10
(10,838
)
(12,618
)
(654
)
(13,272
)
Income tax expense (benefit)
(110
)
—
(110
)
16,430
—
16,430
Net loss
$
(10,738
)
$
10
$
(10,728
)
$
(29,048
)
$
(654
)
$
(29,702
)
Loss per share
Basic
$
(0.26
)
$
(0.26
)
$
(0.72
)
$
(0.74
)
Diluted
$
(0.26
)
$
(0.26
)
$
(0.72
)
$
(0.74
)
Weighted average shares outstanding
Basic
40,922
40,922
40,219
40,219
Diluted
40,922
40,922
40,219
40,219
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the three months ended November 30, 2024 and 2023.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED INCOME
STATEMENTS
(in thousands, except per share
data)
Six Months Ended
Six Months Ended
Actual (1)
Pro Forma Adjustments (2)
Pro Forma
As Reported (1)
Pro Forma Adjustments (2)
Pro Forma
Nov 30, 2024
Nov 30, 2024
Nov 30, 2024
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
(unaudited)
(unaudited)
Net sales
$
140,336
179
$
140,515
$
157,752
(24,125
)
$
133,627
Cost of sales (exclusive of intangible
amortization)
63,706
150
63,856
77,430
(17,082
)
60,348
Gross profit
76,630
29
76,659
80,322
(7,043
)
73,279
% of net sales
54.6
%
54.6
%
50.9
%
54.8
%
Operating expenses
Research and development
12,719
—
12,719
16,599
(530
)
16,069
Sales and marketing
51,194
—
51,194
52,832
(2,956
)
49,876
General and administrative
21,366
—
21,366
20,145
(75
)
20,070
Amortization of intangibles
5,132
—
5,132
7,187
(1,928
)
5,259
Change in fair value of contingent
consideration
232
—
232
91
—
91
Acquisition, restructuring and other
items, net
10,179
164
10,343
9,400
(128
)
9,272
Total operating expenses
100,822
164
100,986
106,254
(5,617
)
100,637
Gain on sale of assets
—
—
—
47,842
(47,842
)
—
Operating income (loss)
(24,192
)
(135
)
(24,327
)
21,910
(49,268
)
(27,358
)
Interest income, net
840
—
840
653
—
653
Other income (expense), net
(161
)
—
(161
)
(320
)
—
(320
)
Total other income, net
679
—
679
333
—
333
Income (loss) before income tax
benefit
(23,513
)
(135
)
(23,648
)
22,243
(49,268
)
(27,025
)
Income tax expense
23
—
23
5,407
—
5,407
Net income (loss)
$
(23,536
)
$
(135
)
$
(23,671
)
$
16,836
$
(49,268
)
$
(32,432
)
Earnings (loss) per share
Basic
$
(0.58
)
$
(0.58
)
$
0.42
$
(0.81
)
Diluted
$
(0.58
)
$
(0.58
)
$
0.42
$
(0.81
)
Weighted average shares outstanding
Basic
40,787
40,787
40,030
40,030
Diluted
40,787
40,787
40,103
40,030
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the six months ended November 30, 2024 and 2023.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
GAAP TO NON-GAAP
RECONCILIATION
(in thousands, except per share
data)
Reconciliation of Net Income (Loss) to
non-GAAP Adjusted Net Loss:
Three Months Ended
Six Months Ended
Nov 30, 2024
Nov 30, 2023
Nov 30, 2024
Nov 30, 2023
(unaudited)
(unaudited)
Net income (loss)
$
(10,738
)
$
(29,048
)
$
(23,536
)
$
16,836
Amortization of intangibles
2,562
3,562
5,132
7,187
Change in fair value of contingent
consideration
156
221
232
91
Acquisition, restructuring and other
items, net (1)
5,868
6,188
10,179
9,400
Gain on sale of assets
—
—
—
(47,842
)
Tax effect of non-GAAP items (2)
410
17,039
1,856
7,459
Adjusted net loss
$
(1,742
)
$
(2,038
)
$
(6,137
)
$
(6,869
)
Reconciliation of Diluted Earnings
(Loss) Per Share to non-GAAP Adjusted Diluted Loss Per
Share:
Three Months Ended
Six Months Ended
Nov 30, 2024
Nov 30, 2023
Nov 30, 2024
Nov 30, 2023
(unaudited)
(unaudited)
Diluted earnings (loss) per share
$
(0.26
)
$
(0.72
)
$
(0.58
)
$
0.42
Amortization of intangibles
0.06
0.09
0.13
0.18
Change in fair value of contingent
consideration
0.01
0.01
0.01
—
Acquisition, restructuring and other
items, net (1)
0.14
0.15
0.24
0.24
Gain on sale of assets
—
—
—
(1.20
)
Tax effect of non-GAAP items (2)
0.01
0.42
0.05
0.19
Adjusted diluted loss per share
$
(0.04
)
$
(0.05
)
$
(0.15
)
$
(0.17
)
Adjusted diluted sharecount (3)
40,922
40,219
40,787
40,030
(1) Includes costs related to merger and
acquisition activities, restructuring, and unusual items, including
asset impairments and write-offs, certain litigation, and other
items.
(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 November 30,
2024 and 2023.
(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 Income (Loss) to
Adjusted EBITDA:
Three Months Ended
Six Months Ended
Nov 30, 2024
Nov 30, 2023
Nov 30, 2024
Nov 30, 2023
(unaudited)
(unaudited)
Net income (loss)
$
(10,738
)
$
(29,048
)
$
(23,536
)
$
16,836
Income tax expense (benefit)
(110
)
16,430
23
5,407
Interest income, net
(234
)
(534
)
(840
)
(653
)
Depreciation and amortization
6,863
6,685
13,648
13,373
Change in fair value of contingent
consideration
156
221
232
91
Stock based compensation
2,528
1,877
5,733
6,021
Acquisition, restructuring and other
items, net (1)
4,575
6,188
7,616
9,400
Gain on sale of assets
—
—
—
(47,842
)
Adjusted EBITDA
$
3,040
$
1,819
$
2,876
$
2,633
Per diluted share:
Adjusted EBITDA
$
0.07
$
0.05
$
0.07
$
0.07
(1) Includes costs related to merger and
acquisition activities, restructuring, and unusual items, including
asset impairments and write-offs, certain litigation, and other
items.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
GAAP TO NON-GAAP
RECONCILIATION
(in thousands, except per share
data)
Reconciliation of Pro Forma Net Loss to
Pro Forma Adjusted Net Loss:
Pro Forma
Pro Forma
Three Months Ended
Six Months Ended
Nov 30, 2024
Nov 30, 2023
Nov 30, 2024
Nov 30, 2023
(unaudited)
(unaudited)
Pro forma net loss
$
(10,728
)
$
(29,702
)
$
(23,671
)
$
(32,432
)
Amortization of intangibles
2,562
2,598
5,132
5,259
Change in fair value of contingent
consideration
156
221
232
91
Acquisition, restructuring and other
items, net (1)
5,877
6,082
10,343
9,272
Tax effect of non-GAAP items (2)
407
17,436
1,849
8,260
Adjusted pro forma net loss
$
(1,726
)
$
(3,365
)
$
(6,115
)
$
(9,550
)
Reconciliation of Pro Forma Diluted
Loss Per Share to Pro Forma Adjusted Diluted Loss Per
Share:
Pro Forma
Pro Forma
Three Months Ended
Six Months Ended
Nov 30, 2024
Nov 30, 2023
Nov 30, 2024
Nov 30, 2023
(unaudited)
(unaudited)
Pro forma diluted loss per share
$
(0.26
)
$
(0.74
)
$
(0.58
)
$
(0.81
)
Amortization of intangibles
0.06
0.06
0.13
0.13
Change in fair value of contingent
consideration
0.01
0.01
0.01
—
Acquisition, restructuring and other
items, net (1)
0.14
0.15
0.25
0.23
Tax effect of non-GAAP items (2)
0.01
0.44
0.04
0.21
Adjusted pro forma diluted loss per
share
$
(0.04
)
$
(0.08
)
$
(0.15
)
$
(0.24
)
Adjusted diluted sharecount (3)
40,922
40,219
40,787
40,030
(1) Includes costs related to merger and
acquisition activities, restructuring, and unusual items, including
asset impairments and write-offs, certain litigation, and other
items.
(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 November 30,
2024 and 2023.
(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 Pro Forma Net Loss to
Pro Forma Adjusted EBITDA:
Pro Forma
Pro Forma
Three Months Ended
Six Months Ended
Nov 30, 2024
Nov 30, 2023
Nov 30, 2024
Nov 30, 2023
(unaudited)
(unaudited)
Pro forma net loss
$
(10,728
)
$
(29,702
)
$
(23,671
)
$
(32,432
)
Income tax expense (benefit)
(110
)
16,430
23
5,407
Interest income, net
(234
)
(534
)
(840
)
(653
)
Depreciation and amortization
6,863
5,691
13,648
11,373
Change in fair value of contingent
consideration
156
221
232
91
Stock based compensation
2,528
1,802
5,733
5,859
Acquisition, restructuring and other
items, net (1)
4,584
6,082
7,780
9,272
Adjusted EBITDA
$
3,059
$
(10
)
$
2,905
$
(1,083
)
Per diluted share:
Adjusted EBITDA
$
0.07
$
—
$
0.07
$
(0.03
)
(1) Includes costs related to merger and
acquisition activities, restructuring, and unusual items, including
asset impairments and write-offs, certain litigation, and other
items.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
ACQUISITION, RESTRUCTURING,
AND OTHER ITEMS, NET DETAIL
(in thousands)
Three Months Ended
Six Months Ended
(in thousands)
Nov 30, 2024
Nov 30, 2023
Nov 30, 2024
Nov 30, 2023
Legal (1)
$
56
$
5,322
$
410
$
7,139
Mergers and acquisitions
737
252
737
252
Plant closure (2)
5,102
—
8,691
—
Transition service agreement (3)
(454
)
(177
)
(960
)
(323
)
Manufacturing relocation (4)
—
689
—
1,277
Other (5)
427
102
1,301
1,055
Total
$
5,868
$
6,188
$
10,179
$
9,400
(1) Legal expenses related to litigation
that is outside the normal course of business.
(2) Plant closure expenses, related to the
restructuring of our manufacturing footprint which was announced on
January 5, 2024.
(3) Transition services agreements that
were entered into with Merit and Spectrum.
(4) Expenses to relocate certain
manufacturing lines out of Queensbury, NY.
(5) Included in the $1.1 million in other
for the six months ended November 30, 2023 is $0.9 million of
deferred financing fees that were written-off in conjunction with
the sale of the Dialysis and BioSentry businesses and concurrent
extinguishment of the debt.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY
AND BY GEOGRAPHY
(in thousands)
Three Months Ended
Three Months Ended
Actual (1)
Pro Forma
Adj. (2)
Pro Forma
As
Reported (1)
Pro Forma
Adj. (2)
Pro Forma
Actual
Pro Forma
Nov 30, 2024
Nov 30, 2024
Nov 30, 2024
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
% Growth
Currency Impact
Constant Currency Growth
% Growth
Currency Impact
Constant Currency Growth
(unaudited)
(unaudited)
Net Sales
Med Tech
$
31,554
$
—
$
31,554
$
25,363
$
(122
)
$
25,241
24.4
%
25.0
%
Med Device
41,291
170
41,461
53,710
(12,068
)
41,642
(23.1
)%
(0.4
)%
$
72,845
$
170
$
73,015
$
79,073
$
(12,190
)
$
66,883
(7.9
)%
0.0
%
(7.9
)%
9.2
%
0.0
%
9.2
%
Net Sales
United States
$
62,678
$
—
$
62,678
$
64,002
$
(8,182
)
$
55,820
(2.1
)%
12.3
%
International
10,167
170
10,337
15,071
(4,008
)
11,063
(32.5
)%
(0.1
)%
(32.6
)%
(6.6
)%
$
72,845
$
170
$
73,015
$
79,073
$
(12,190
)
$
66,883
(7.9
)%
0.0
%
(7.9
)%
9.2
%
0.0
%
9.2
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the three months ended November 30, 2024 and 2023.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
GROSS PROFIT BY PRODUCT
CATEGORY
(in thousands)
Three Months Ended
Three Months Ended
Actual (1)
Pro Forma
Adj. (2)
Pro Forma
As Reported (1)
Pro Forma
Adj. (2)
Pro Forma
Actual
Pro Forma
Nov 30, 2024
Nov 30, 2024
Nov 30, 2024
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
% Change
% Change
(unaudited)
(unaudited)
Med Tech
$
20,113
$
—
$
20,113
$
15,816
$
(33
)
$
15,783
27.2
%
27.4
%
Gross profit % of sales
63.7
%
63.7
%
62.4
%
62.5
%
Med Device
$
19,793
$
19
$
19,812
$
24,446
$
(3,557
)
$
20,889
(19.0
)%
(5.2
)%
Gross profit % of sales
47.9
%
47.8
%
45.5
%
50.2
%
Total
$
39,906
$
19
$
39,925
$
40,262
$
(3,590
)
$
36,672
(0.9
)%
8.9
%
Gross profit % of sales
54.8
%
54.7
%
50.9
%
54.8
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the three months ended November 30, 2024 and 2023.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY
AND BY GEOGRAPHY
(in thousands)
Six Months Ended
Six Months Ended
Actual (1)
Pro Forma
Adj. (2)
Pro Forma
As
Reported (1)
Pro Forma
Adj. (2)
Pro Forma
Actual
Pro Forma
Nov 30, 2024
Nov 30, 2024
Nov 30, 2024
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
% Growth
Currency Impact
Constant Currency Growth
% Growth
Currency Impact
Constant Currency Growth
(unaudited)
(unaudited)
Net Sales
Med Tech
$
59,523
$
—
$
59,523
$
51,224
$
(253
)
$
50,971
16.2
%
16.8
%
Med Device
80,813
179
80,992
106,528
(23,872
)
82,656
(24.1
)%
(2.0
)%
$
140,336
$
179
$
140,515
$
157,752
$
(24,125
)
$
133,627
(11.0
)%
0.0
%
(11.0
)%
5.2
%
0.0
%
5.2
%
Net Sales
United States
$
122,159
$
10
$
122,169
$
128,401
$
(16,578
)
$
111,823
(4.9
)%
9.3
%
International
18,177
169
18,346
29,351
(7,547
)
21,804
(38.1
)%
0.1
%
(38.0
)%
(15.9
)%
$
140,336
$
179
$
140,515
$
157,752
$
(24,125
)
$
133,627
(11.0
)%
0.0
%
(11.0
)%
5.2
%
0.0
%
5.2
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the six months ended November 30, 2024 and 2023.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
GROSS PROFIT BY PRODUCT
CATEGORY
(in thousands)
Six Months Ended
Six Months Ended
Actual (1)
Pro Forma
Adj. (2)
Pro Forma
As Reported (1)
Pro Forma
Adj. (2)
Pro Forma
Actual
Pro Forma
Nov 30, 2024
Nov 30, 2024
Nov 30, 2024
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
% Change
% Change
(unaudited)
(unaudited)
Med Tech
$
37,810
$
—
$
37,810
$
32,543
$
(72
)
$
32,471
16.2
%
16.4
%
Gross profit % of sales
63.5
%
63.5
%
63.5
%
63.7
%
Med Device
$
38,820
$
29
$
38,849
$
47,779
$
(6,971
)
$
40,808
(18.8
)%
(4.8
)%
Gross profit % of sales
48.0
%
48.0
%
44.9
%
49.4
%
Total
$
76,630
$
29
$
76,659
$
80,322
$
(7,043
)
$
73,279
(4.6
)%
4.6
%
Gross profit % of sales
54.6
%
54.6
%
50.9
%
54.8
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the six months ended November 30, 2024 and 2023.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(in thousands)
Nov 30, 2024
May 31, 2024
(unaudited)
(audited)
Assets
Current assets:
Cash and cash equivalents
$
54,089
$
76,056
Accounts receivable, net
43,158
43,610
Inventories
65,918
60,616
Prepaid expenses and other
12,195
12,971
Total current assets
175,360
193,253
Property, plant and equipment, net
32,977
35,666
Other assets
10,103
11,369
Intangible assets, net
73,110
77,383
Total assets
$
291,550
$
317,671
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
34,746
$
37,751
Accrued liabilities
39,919
41,098
Current portion of contingent
consideration
4,960
4,728
Other current liabilities
8,970
7,578
Total current liabilities
88,595
91,155
Deferred income taxes
4,334
4,852
Other long-term liabilities
11,853
16,078
Total liabilities
104,782
112,085
Stockholders' equity
186,768
205,586
Total Liabilities and Stockholders'
Equity
$
291,550
$
317,671
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
Three Months Ended
Six Months Ended
Nov 30, 2024
Nov 30, 2023
Nov 30, 2024
Nov 30, 2023
(unaudited)
(unaudited)
Cash flows from operating
activities:
Net income (loss)
$
(10,738
)
$
(29,048
)
$
(23,536
)
$
16,836
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation and amortization
6,863
6,685
13,648
13,373
Non-cash lease expense
499
481
993
957
Stock based compensation
2,528
1,877
5,733
6,021
Gain on disposal of assets
—
—
—
(47,842
)
Transaction costs for disposition
—
—
—
(2,427
)
Change in fair value of contingent
consideration
156
221
232
91
Deferred income taxes
(249
)
16,366
(588
)
4,951
Change in accounts receivable
allowances
118
627
388
549
Fixed and intangible asset impairments and
disposals
39
174
59
239
Write-off of other assets
—
—
—
869
Other
(2
)
(129
)
119
(138
)
Changes in operating assets and
liabilities:
Accounts receivable
(3,734
)
(2,480
)
50
677
Inventories
(1,250
)
(4,270
)
(5,303
)
(8,844
)
Prepaid expenses and other
764
(811
)
(72
)
(4,979
)
Accounts payable, accrued and other
liabilities
7,479
15,573
(7,503
)
(966
)
Net cash provided by (used in)
operating activities
2,473
5,266
(15,780
)
(20,633
)
Cash flows from investing
activities:
Additions to property, plant and
equipment
(797
)
(554
)
(1,889
)
(1,345
)
Additions to placement and evaluation
units
(1,164
)
(1,239
)
(2,477
)
(2,006
)
Proceeds from sale of assets
—
—
—
100,000
Net cash (used in) provided by
investing activities
(1,961
)
(1,793
)
(4,366
)
96,649
Cash flows from financing
activities:
Repayment of long-term debt
—
—
—
(50,000
)
Payment of acquisition related contingent
consideration
—
—
—
(10,000
)
Repurchase of common stock
(1,118
)
—
(1,670
)
—
Proceeds from exercise of stock options
and employee stock purchase plan
(5
)
(352
)
38
58
Net cash used in financing
activities
(1,123
)
(352
)
(1,632
)
(59,942
)
Effect of exchange rate changes on cash
and cash equivalents
(305
)
189
(189
)
202
Increase (decrease) in cash and cash
equivalents
(916
)
3,310
(21,967
)
16,276
Cash and cash equivalents at beginning of
period
55,005
57,586
76,056
44,620
Cash and cash equivalents at end of
period
$
54,089
$
60,896
$
54,089
$
60,896
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250108903948/en/
AngioDynamics, Inc. Stephen Trowbridge, Executive Vice President
& CFO (518) 795-1408
AngioDynamics (NASDAQ:ANGO)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
AngioDynamics (NASDAQ:ANGO)
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De Jan 2024 à Jan 2025
