• |
Net sales of $78.3 million increased 7.6% compared to the prior-year quarter
|
• |
Med Tech growth of 36.4% and Med Device growth of 0.8% year over year
|
• |
Gross margin of 51.8% declined 340 basis points year over year
|
• |
GAAP loss per share of $0.21, and adjusted loss per share of $0.02
|
• |
The Company commenced full market release of its AlphaVac Mechanical Thrombectomy device subsequent to quarter end
|
• |
Endovascular Therapies (formerly Vascular Interventions and Therapies) net sales were $39.7 million, an increase of 17.0%, compared to $33.9 million a year ago. Growth was driven by strength in our atherectomy and thrombectomy portfolios relative to the prior-year period. Auryon sales during the quarter were $6.3 million, as the Company continued to see sequential sales growth of this platform.
|
• |
Oncology net sales were $13.6 million, a decrease of 9.3%, compared to $14.9 million in the prior-year period. The year-over-year decline was largely due to lower capital sales, partially offset by increased sales of disposables.
|
• |
Vascular Access net sales were $25.1 million, an increase of 4.8%, compared to $23.9 million a year ago.
|
• |
Net sales were $155.3 million, an increase of 8.6%, compared to $143.0 million for the same period a year ago.
|
• |
The Company's net loss was $15.3 million, or a loss of $0.39 per share, compared to a net loss of $8.5 million, or a loss of $0.22 per share, a year ago.
|
• |
Gross margin decreased 110 basis points to 52.0% from 53.1% a year ago.
|
• |
Excluding the items shown in the non-GAAP reconciliation table, below, adjusted net loss was $1.7 million, with adjusted loss per share of $0.04, compared to adjusted net income and adjusted earnings per share of $1.2 million, and $0.03, respectively, a year ago.
|
• |
Adjusted EBITDA, excluding the items shown in the reconciliation table below, was $8.0 million, compared to $9.6 million for the same period a year ago.
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
CONSOLIDATED INCOME STATEMENTS
|
(in thousands, except per share data)
|
Three Months Ended
|
Six Months Ended
| ||||||||||||||
Nov 30, 2021
|
Nov 30, 2020
|
Nov 30, 2021
|
Nov 30, 2020
| ||||||||||||
(unaudited)
|
(unaudited)
| ||||||||||||||
Net sales
|
$
|
78,280
|
$
|
72,770
|
$
|
155,251
|
$
|
142,986
| |||||||
Cost of sales (exclusive of intangible amortization)
|
37,725
|
32,596
|
74,557
|
67,048
| |||||||||||
Gross profit
|
40,555
|
40,174
|
80,694
|
75,938
| |||||||||||
% of net sales
|
51.8
|
%
|
55.2
|
%
|
52.0
|
%
|
53.1
|
%
| |||||||
Operating expenses
| |||||||||||||||
Research and development
|
8,199
|
9,712
|
15,593
|
18,721
| |||||||||||
Sales and marketing
|
23,606
|
20,174
|
48,052
|
37,879
| |||||||||||
General and administrative
|
9,678
|
9,219
|
18,621
|
17,776
| |||||||||||
Amortization of intangibles
|
4,889
|
4,593
|
9,710
|
9,546
| |||||||||||
Change in fair value of contingent consideration
|
609
|
184
|
804
|
(473)
| |||||||||||
Acquisition, restructuring and other items, net
|
2,253
|
1,128
|
4,693
|
2,447
| |||||||||||
Total operating expenses
|
49,234
|
45,010
|
97,473
|
85,896
| |||||||||||
Operating loss
|
(8,679)
|
(4,836)
|
(16,779)
|
(9,958)
| |||||||||||
Interest expense, net
|
(174)
|
(235)
|
(330)
|
(450)
| |||||||||||
Other income (expense), net
|
(10)
|
(102)
|
(362)
|
422
| |||||||||||
Total other expense, net
|
(184)
|
(337)
|
(692)
|
(28)
| |||||||||||
Loss before income tax benefit
|
(8,863)
|
(5,173)
|
(17,471)
|
(9,986)
| |||||||||||
Income tax benefit
|
(512)
|
(905)
|
(2,148)
|
(1,450)
| |||||||||||
Net loss
|
$
|
(8,351)
|
$
|
(4,268)
|
$
|
(15,323)
|
$
|
(8,536)
| |||||||
Loss per share
| |||||||||||||||
Basic
|
$
|
(0.21)
|
$
|
(0.11)
|
$
|
(0.39)
|
$
|
(0.22)
| |||||||
Diluted
|
$
|
(0.21)
|
$
|
(0.11)
|
$
|
(0.39)
|
$
|
(0.22)
| |||||||
Weighted average shares outstanding
| |||||||||||||||
Basic
|
39,053
|
38,327
|
38,893
|
38,242
| |||||||||||
Diluted
|
39,053
|
38,327
|
38,893
|
38,242
|
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
|
Six Months Ended
| ||||||||||||||
Nov 30, 2021
|
Nov 30, 2020
|
Nov 30, 2021
|
Nov 30, 2020
| ||||||||||||
(unaudited)
|
(unaudited)
| ||||||||||||||
Net loss
|
$
|
(8,351)
|
$
|
(4,268)
|
$
|
(15,323)
|
$
|
(8,536)
| |||||||
Amortization of intangibles
|
4,889
|
4,593
|
9,710
|
9,546
| |||||||||||
Change in fair value of contingent consideration
|
609
|
184
|
804
|
(473)
| |||||||||||
Acquisition, restructuring and other items, net (1)
|
2,253
|
1,128
|
4,693
|
2,447
| |||||||||||
Tax effect of non-GAAP items (2)
|
(256)
|
(1,073)
|
(1,627)
|
(1,803)
| |||||||||||
Adjusted net income (loss)
|
$
|
(856)
|
$
|
564
|
$
|
(1,743)
|
$
|
1,181
|
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Earnings (Loss) Per Share:
|
Three Months Ended
|
Six Months Ended
| ||||||||||||||
Nov 30, 2021
|
Nov 30, 2020
|
Nov 30, 2021
|
Nov 30, 2020
| ||||||||||||
(unaudited)
|
(unaudited)
| ||||||||||||||
Diluted loss per share
|
$
|
(0.21)
|
$
|
(0.11)
|
$
|
(0.39)
|
$
|
(0.22)
| |||||||
Amortization of intangibles
|
0.13
|
0.12
|
0.25
|
0.25
| |||||||||||
Change in fair value of contingent consideration
|
0.02
|
-
|
0.02
|
(0.01)
| |||||||||||
Acquisition, restructuring and other items, net (1)
|
0.05
|
0.03
|
0.12
|
0.06
| |||||||||||
Tax effect of non-GAAP items (2)
|
(0.01)
|
(0.03)
|
(0.04)
|
(0.05)
| |||||||||||
Adjusted diluted earnings (loss) per share
|
$
|
(0.02)
|
$
|
0.01
|
$
|
(0.04)
|
$
|
0.03
| |||||||
Adjusted diluted sharecount (3)
|
39,053
|
38,473
|
38,893
|
38,503
|
(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, 2021 and 2020.
|
(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
|
Six Months Ended
| ||||||||||||||
Nov 30, 2021
|
Nov 30, 2020
|
Nov 30, 2021
|
Nov 30, 2020
| ||||||||||||
(unaudited)
|
(unaudited)
| ||||||||||||||
Net loss
|
$
|
(8,351)
|
$
|
(4,268)
|
$
|
(15,323)
|
$
|
(8,536)
| |||||||
Income tax benefit
|
(512)
|
(905)
|
(2,148)
|
(1,450)
| |||||||||||
Interest expense, net
|
174
|
235
|
330
|
450
| |||||||||||
Depreciation and amortization
|
7,240
|
6,397
|
14,199
|
12,936
| |||||||||||
Change in fair value of contingent consideration
|
609
|
184
|
804
|
(473)
| |||||||||||
Stock based compensation
|
3,008
|
2,387
|
5,437
|
4,251
| |||||||||||
Acquisition, restructuring and other items, net (1) |
2,253
|
1,128
|
4,693
|
2,447
| |||||||||||
Adjusted EBITDA
|
$
|
4,421
|
$
|
5,158
|
$
|
7,992
|
$
|
9,625
| |||||||
Per diluted share:
| |||||||||||||||
Adjusted EBITDA
|
$
|
0.11
|
$
|
0.13
|
$
|
0.21
|
$
|
0.25
| |||||||
(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
|
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
|
(in thousands)
|
Three Months Ended |
Six Months Ended | ||||||||||||||||||||||||||
Nov 30,
2021 |
Nov 30,
2020
|
%
Growth |
Currency
Impact |
Constant
Currency
Growth |
Nov 30,
2021 |
Nov 30,
2020 |
%
Growth |
Currency
Impact |
Constant
Currency
Growth | ||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||
Med Tech
|
$
|
18,886
|
$
|
13,849
|
36.4%
|
$
|
36,504
|
$
|
24,335
|
50.0%
| |||||||||||||||||
Med Device
|
59,394
|
58,921
|
0.8%
|
118,747
|
118,651
|
0.1%
| |||||||||||||||||||||
$
|
78,280
|
$
|
72,770
|
7.6%
|
0.1%
|
7.7%
|
$
|
155,251
|
$
|
142,986
|
8.6%
|
0.4%
|
9.0%
| ||||||||||||||
Net Sales by Product Category
| |||||||||||||||||||||||||||
Endovascular Therapies
|
$
|
39,660
|
$
|
33,900
|
17.0%
|
$
|
77,718
|
$
|
63,757
|
21.9%
| |||||||||||||||||
Vascular Access
|
25,070
|
23,930
|
4.8%
|
50,026
|
52,035
|
(3.9)%
| |||||||||||||||||||||
Oncology
|
13,550
|
14,940
|
(9.3)%
|
27,507
|
27,194
|
1.2%
| |||||||||||||||||||||
$
|
78,280
|
$
|
72,770
|
7.6%
|
0.1%
|
7.7%
|
$
|
155,251
|
$
|
142,986
|
8.6%
|
0.4%
|
9.0%
| ||||||||||||||
-
|
-
| ||||||||||||||||||||||||||
Net Sales by Geography
| |||||||||||||||||||||||||||
United States
|
$
|
65,350
|
$
|
60,684
|
7.7%
|
$
|
129,814
|
$
|
114,792
|
13.1%
| |||||||||||||||||
International
|
12,930
|
12,086
|
7.0%
|
0.8%
|
7.8%
|
25,437
|
28,194
|
(9.8)%
|
2.0%
|
(7.8)%
| |||||||||||||||||
$
|
78,280
|
$
|
72,770
|
7.6%
|
0.1%
|
7.7%
|
$
|
155,251
|
$
|
142,986
|
8.6%
|
0.4%
|
9.0%
| ||||||||||||||
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
Nov 30, 2021
|
May 31, 2021
| ||||||
(unaudited)
|
(audited)
| ||||||
Assets
| |||||||
Current assets:
| |||||||
Cash and cash equivalents
|
$
|
34,291
|
$
|
48,161
| |||
Accounts receivable, net
|
38,205
|
35,405
| |||||
Inventories
|
48,183
|
48,614
| |||||
Prepaid expenses and other
|
11,506
|
8,699
| |||||
Total current assets
|
132,185
|
140,879
| |||||
Property, plant and equipment, net
|
43,090
|
37,073
| |||||
Other assets
|
12,119
|
13,193
| |||||
Intangible assets, net
|
165,000
|
168,977
| |||||
Goodwill
|
201,709
|
201,316
| |||||
Total assets
|
$
|
554,103
|
$
|
561,438
| |||
Liabilities and stockholders' equity
| |||||||
Current liabilities:
| |||||||
Accounts payable
|
$
|
24,191
|
$
|
19,630
| |||
Accrued liabilities
|
27,715
|
35,459
| |||||
Other current liabilities
|
2,569
|
2,495
| |||||
Total current liabilities
|
54,475
|
57,584
| |||||
Long-term debt
|
25,000
|
20,000
| |||||
Deferred income taxes
|
17,994
|
19,955
| |||||
Contingent consideration
|
16,540
|
15,741
| |||||
Other long-term liabilities
|
7,726
|
8,701
| |||||
Total liabilities
|
121,735
|
121,981
| |||||
Stockholders' equity
|
432,368
|
439,457
| |||||
Total Liabilities and Stockholders' Equity
|
$
|
554,103
|
$
|
561,438
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
Three Months Ended
|
Six Months Ended
| ||||||||||||||
Nov 30, 2021
|
Nov 30, 2020
|
Nov 30, 2021
|
Nov 30, 2020
| ||||||||||||
(unaudited)
|
(unaudited)
| ||||||||||||||
Cash flows from operating activities:
| |||||||||||||||
Net loss
|
$
|
(8,351)
|
$
|
(4,268)
|
$
|
(15,323)
|
$
|
(8,536)
| |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
| |||||||||||||||
Depreciation and amortization
|
7,279
|
6,436
|
14,276
|
13,013
| |||||||||||
Non-cash lease expense
|
607
|
599
|
1,209
|
1,265
| |||||||||||
Stock based compensation
|
3,008
|
2,387
|
5,437
|
4,251
| |||||||||||
Change in fair value of contingent consideration
|
609
|
184
|
804
|
(473)
| |||||||||||
Deferred income taxes
|
(569)
|
(933)
|
(2,259)
|
(1,553)
| |||||||||||
Change in accounts receivable allowances
|
60
|
(431)
|
16
|
29
| |||||||||||
Fixed and intangible asset impairments and disposals
|
67
|
90
|
97
|
180
| |||||||||||
Other
|
(32)
|
202
|
(78)
|
(230)
| |||||||||||
Changes in operating assets and liabilities, net of acquisitions:
| |||||||||||||||
Accounts receivable
|
(2,886)
|
425
|
(2,922)
|
(2,281)
| |||||||||||
Inventories
|
1,148
|
3,281
|
478
|
10,528
| |||||||||||
Prepaid expenses and other
|
(830)
|
(2,764)
|
(4,184)
|
(6,323)
| |||||||||||
Accounts payable, accrued and other liabilities
|
1,831
|
6,240
|
(4,514)
|
(3,847)
| |||||||||||
Net cash (used in) provided by operating activities
|
1,941
|
11,448
|
(6,963)
|
6,023
| |||||||||||
Cash flows from investing activities:
| |||||||||||||||
Additions to property, plant and equipment
|
(1,131)
|
(1,361)
|
(2,152)
|
(3,185)
| |||||||||||
Additions to placement and evaluation units
|
(2,718)
|
-
|
(7,189)
|
-
| |||||||||||
Cash paid in acquisition
|
-
|
-
|
(3,600)
|
-
| |||||||||||
Net cash used in investing activities
|
(3,849)
|
(1,361)
|
(12,941)
|
(3,185)
| |||||||||||
Cash flows from financing activities:
| |||||||||||||||
Proceeds from borrowings on long-term debt
|
-
|
-
|
5,000
|
-
| |||||||||||
Proceeds from exercise of stock options and employee stock purchase plan
|
942
|
(10)
|
1,388
|
481
| |||||||||||
Net cash provided by financing activities
|
942
|
(10)
|
6,388
|
481
| |||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(215)
|
19
|
(354)
|
271
| |||||||||||
(Decrease) increase in cash and cash equivalents
|
(1,181)
|
10,096
|
(13,870)
|
3,590
| |||||||||||
Cash and cash equivalents at beginning of period
|
35,472
|
47,929
|
48,161
|
54,435
| |||||||||||
Cash and cash equivalents at end of period
|
$
|
34,291
|
$
|
58,025
|
$
|
34,291
|
$
|
58,025
|
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Disclaimer
AngioDynamics Inc. published this content on 06 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 January 2022 12:27:05 UTC.