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 third quarter of fiscal year 2022, which ended February 28, 2022.

“We are proud of our team’s ability to drive continued growth in our business during the third quarter while operating amid macro-related supply chain disruptions, procedural volume challenges and ongoing inflation, particularly in December and January. During the quarter, we made significant progress implementing our manufacturing capacity enhancement initiatives, exiting the quarter with an approximately 20% increase in production hours. Even as we started to see benefits of our capacity enhancement initiatives, we saw our backlog increase during our third quarter, signaling continued strong customer demand. Since mid-February, we have seen steady improvement in procedure volumes and remain confident in both the long-term growth trajectory of our portfolio and the strategic transformation of the Company,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics.

Clemmer continued, “Despite the increased COVID and macro headwinds in our third quarter, we continued to invest in our transformation to make Med Tech comprise a larger, faster-growing piece of our business. As an example, we are pleased to announce the recent FDA clearance of our AlphaVac F18 thrombectomy system for use in the venous vasculature and approval of our IDE study for the use of AlphaVac F18 to treat pulmonary embolism.”

Third Quarter 2022 Financial Results

Net sales for the third quarter of fiscal 2022 were $74.0 million, an increase of 3.9% compared to the prior-year quarter.

Foreign currency translation did not have a significant impact on the Company’s sales in the quarter.

Med Tech net sales were $19.6 million, a 28.6% increase from $15.2 million in the prior- year period, while Med Device net sales were $54.4 million, a decrease of 2.8% compared to $55.9 million in the prior-year period. Med Tech includes the Auryon Peripheral Atherectomy platform, the thrombectomy platform and the NanoKnife irreversible electroporation platform. The Company’s performance was impacted by headwinds related to the Omicron variant spike, particularly during the months of December and January, which included supply chain disruptions, procedural challenges and continued inflationary pressures.

  • Endovascular Therapies (formerly Vascular Interventions and Therapies) net sales were $38.1 million, an increase of 14.5%, compared to $33.3 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 $7.3 million, as the Company continued to see sequential sales growth of this platform.
  • Oncology net sales were $12.5 million, a decrease of 5.0%, compared to $13.1 million in the prior-year period. The year-over-year decline was largely due to procedural volume pressures related to COVID and lower NanoKnife capital sales, partially offset by increased sales of NanoKnife disposables in the U.S.
  • Vascular Access net sales were $23.4 million, a decrease of 5.6%, compared to $24.8 million a year ago.
  • Med Device products make up the majority of the Company’s backlog, which stood at approximately $9.6 million at the end of the third quarter.

U.S. net sales in the third quarter of fiscal 2022 were $62.4 million, an increase of 6.5% from $58.7 million a year ago. International net sales were $11.5 million, a decrease of 8.0%, compared to $12.5 million a year ago. International net sales were primarily impacted by the global Omicron variant spike and reduced capital sales.

Gross margin for the third quarter of fiscal 2022 was 52.2%, a decrease of 190 basis points compared to the third quarter of fiscal 2021. During the quarter, gross margin continued to be negatively impacted by macro forces including the tight labor market and increased expense for raw materials, labor and freight.

The Company recorded a net loss of $5.0 million, or a loss per share of $0.13, in the third quarter of fiscal 2022. This compares to a net loss of $3.5 million, or a loss per share of $0.09, a year ago.

Excluding the items shown in the non-GAAP reconciliation table below, adjusted net income for the third quarter of fiscal 2022 was $1.3 million, and adjusted earnings per share was $0.03 compared to adjusted net income in the prior-year period of $0.7 million and adjusted earnings per share of $0.02. Adjusted net income and adjusted earnings per share in the third quarter of fiscal 2022 includes a $4.2 million, or $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 in the third quarter of fiscal 2022, excluding the items shown in the reconciliation table below, was $6.7 million, compared to $5.4 million in the third quarter of fiscal 2021.

In the third quarter of fiscal 2022, the Company utilized $8.8 million in operating cash, had capital expenditures of $1.1 million and additions to Auryon placement and evaluation units of $1.5 million. As of February 28, 2022, the Company had $23.9 million in cash and cash equivalents compared to $34.3 million in cash and cash equivalents on November 30, 2021. The Company had debt outstanding of $25.0 million on February 28, 2022, unchanged from November 30, 2021.

Nine Months Financial Results

For the nine months ended February 28, 2022:

  • Net sales were $229.2 million, an increase of 7.0%, compared to $214.2 million for the same period a year ago.
  • Med Tech net sales were $56.1 million, a 41.8% increase from the prior year period. Med Device net sales were $173.1 million, a decrease of 0.8% from the prior year period.
  • The Company’s net loss was $20.3 million, or a loss of $0.52 per share, compared to a net loss of $12.1 million, or a loss of $0.32 per share, a year ago.
  • Gross margin decreased 140 basis points to 52.0% from 53.4% a year ago.
  • Excluding the items shown in the non-GAAP reconciliation table, below, adjusted net loss was $0.4 million, with adjusted loss per share of $0.01, compared to adjusted net income and adjusted earnings per share of $1.9 million, and $0.05, respectively, a year ago.
  • Adjusted EBITDA, excluding the items shown in the reconciliation table below, was $14.7 million, compared to $15.0 million for the same period a year ago.

Reiterating Fiscal Year 2022 Guidance

The Company continues to expect:

  • Fiscal year 2022 net sales to be in the range of $310 to $315 million;
  • Gross margin to be in the range of 52.0% to 54.0%; and
  • Adjusted earnings per share in the range of a loss of $0.02 to a gain of $0.02.

Conference Call

The Company's management will host a conference call today at 8:00 a.m. ET to discuss its third quarter results.

To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international) and refer to the passcode 13727875.

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 Thursday, April 7, 2022, until 11:59 p.m. ET on Thursday, April 14, 2022. To hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13727875.

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

 

Nine Months Ended

 

Feb 28, 2022

 

Feb 28, 2021

 

Feb 28, 2022

 

Feb 28, 2021

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

Net sales

$

73,970

 

 

$

71,182

 

 

$

229,221

 

 

$

214,168

 

Cost of sales (exclusive of intangible amortization)

 

35,387

 

 

 

32,652

 

 

 

109,944

 

 

 

99,700

 

Gross profit

 

38,583

 

 

 

38,530

 

 

 

119,277

 

 

 

114,468

 

% of net sales

 

52.2

%

 

 

54.1

%

 

 

52.0

%

 

 

53.4

%

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

7,280

 

 

 

8,565

 

 

 

22,873

 

 

 

27,286

 

Sales and marketing

 

20,416

 

 

 

19,607

 

 

 

68,468

 

 

 

57,486

 

General and administrative

 

8,727

 

 

 

9,011

 

 

 

27,348

 

 

 

26,787

 

Amortization of intangibles

 

4,895

 

 

 

4,292

 

 

 

14,605

 

 

 

13,838

 

Change in fair value of contingent consideration

 

201

 

 

 

183

 

 

 

1,005

 

 

 

(290

)

Acquisition, restructuring and other items, net

 

2,359

 

 

 

610

 

 

 

7,052

 

 

 

3,057

 

Total operating expenses

 

43,878

 

 

 

42,268

 

 

 

141,351

 

 

 

128,164

 

Operating loss

 

(5,295

)

 

 

(3,738

)

 

 

(22,074

)

 

 

(13,696

)

Interest expense, net

 

(173

)

 

 

(226

)

 

 

(503

)

 

 

(676

)

Other income (expense), net

 

(289

)

 

 

(163

)

 

 

(651

)

 

 

259

 

Total other expense, net

 

(462

)

 

 

(389

)

 

 

(1,154

)

 

 

(417

)

Loss before income tax benefit

 

(5,757

)

 

 

(4,127

)

 

 

(23,228

)

 

 

(14,113

)

Income tax benefit

 

(799

)

 

 

(583

)

 

 

(2,947

)

 

 

(2,033

)

Net loss

$

(4,958

)

 

$

(3,544

)

 

$

(20,281

)

 

$

(12,080

)

 

 

 

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

Basic

$

(0.13

)

 

$

(0.09

)

 

$

(0.52

)

 

$

(0.32

)

Diluted

$

(0.13

)

 

$

(0.09

)

 

$

(0.52

)

 

$

(0.32

)

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

39,092

 

 

 

38,360

 

 

 

38,959

 

 

 

38,281

 

Diluted

 

39,092

 

 

 

38,360

 

 

 

38,959

 

 

 

38,281

 

 

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

 

Nine Months Ended

 

Feb 28, 2022

 

Feb 28, 2021

 

Feb 28, 2022

 

Feb 28, 2021

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

Net loss

$

(4,958

)

 

$

(3,544

)

 

$

(20,281

)

 

$

(12,080

)

 

 

 

 

 

 

 

 

Amortization of intangibles

 

4,895

 

 

 

4,292

 

 

 

14,605

 

 

 

13,838

 

Change in fair value of contingent consideration

 

201

 

 

 

183

 

 

 

1,005

 

 

 

(290

)

Acquisition, restructuring and other items, net (1)

 

2,359

 

 

 

610

 

 

 

7,052

 

 

 

3,057

 

Tax effect of non-GAAP items (2)

 

(1,190

)

 

 

(803

)

 

 

(2,817

)

 

 

(2,606

)

Adjusted net income (loss)

$

1,307

 

 

$

738

 

 

$

(436

)

 

$

1,919

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

Feb 28, 2022

 

Feb 28, 2021

 

Feb 28, 2022

 

Feb 28, 2021

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

Diluted loss per share

$

(0.13

)

 

$

(0.09

)

 

$

(0.52

)

 

$

(0.32

)

 

 

 

 

 

 

 

 

Amortization of intangibles

 

0.12

 

 

 

0.11

 

 

 

0.37

 

 

 

0.36

 

Change in fair value of contingent consideration

 

—

 

 

 

—

 

 

 

0.03

 

 

 

(0.01

)

Acquisition, restructuring and other items, net (1)

 

0.07

 

 

 

0.02

 

 

 

0.18

 

 

 

0.08

 

Tax effect of non-GAAP items (2)

 

(0.03

)

 

 

(0.02

)

 

 

(0.07

)

 

 

(0.06

)

Adjusted diluted earnings (loss) per share

$

0.03

 

 

$

0.02

 

 

$

(0.01

)

 

$

0.05

 

 

 

 

 

 

 

 

 

Adjusted diluted sharecount (3)

 

40,280

 

 

 

39,271

 

 

 

38,959

 

 

 

38,770

 

(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 February 28, 2022 and 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

 

Nine Months Ended

 

Feb 28, 2022

 

Feb 28, 2021

 

Feb 28, 2022

 

Feb 28, 2021

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

Net loss

$

(4,958

)

 

$

(3,544

)

 

$

(20,281

)

 

$

(12,080

)

 

 

 

 

 

 

 

 

Income tax benefit

 

(799

)

 

 

(583

)

 

 

(2,947

)

 

 

(2,033

)

Interest expense, net

 

173

 

 

 

226

 

 

 

503

 

 

 

676

 

Depreciation and amortization

 

7,367

 

 

 

6,340

 

 

 

21,566

 

 

 

19,276

 

Change in fair value of contingent consideration

 

201

 

 

 

183

 

 

 

1,005

 

 

 

(290

)

Stock based compensation

 

2,352

 

 

 

2,147

 

 

 

7,789

 

 

 

6,398

 

Acquisition, restructuring and other items, net (1)

 

2,359

 

 

 

610

 

 

 

7,052

 

 

 

3,057

 

Adjusted EBITDA

$

6,695

 

 

$

5,379

 

 

$

14,687

 

 

$

15,004

 

 

 

 

 

 

 

 

 

Per diluted share:

 

 

 

 

 

 

 

Adjusted EBITDA

$

0.17

 

 

$

0.14

 

 

$

0.38

 

 

$

0.39

 

 

 

 

 

 

 

 

 

(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

 

Nine Months Ended

 

Feb 28, 2022

 

Feb 28, 2021

 

% Growth

 

Currency Impact

 

Constant

Currency

Growth

 

Feb 28, 2022

 

Feb 28, 2021

 

% Growth

 

Currency Impact

 

Constant

Currency

Growth

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Med Tech

$

19,612

 

$

15,246

 

28.6

%

 

 

 

 

 

$

56,117

 

$

39,581

 

41.8

%

 

 

 

 

Med Device

 

54,358

 

 

55,936

 

(2.8

)%

 

 

 

 

 

 

173,104

 

 

174,587

 

(0.8

)%

 

 

 

 

 

$

73,970

 

$

71,182

 

3.9

%

 

(0.1

)%

 

3.8

%

 

$

229,221

 

$

214,168

 

7.0

%

 

0.2

%

 

7.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Product Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Endovascular Therapies

$

38,083

 

$

33,251

 

14.5

%

 

 

 

 

 

$

115,799

 

$

97,008

 

19.4

%

 

 

 

 

Vascular Access

 

23,431

 

 

24,813

 

(5.6

)%

 

 

 

 

 

 

73,459

 

 

76,848

 

(4.4

)%

 

 

 

 

Oncology

 

12,456

 

 

13,118

 

(5.0

)%

 

 

 

 

 

 

39,963

 

 

40,312

 

(0.9

)%

 

 

 

 

 

$

73,970

 

$

71,182

 

3.9

%

 

(0.1

)%

 

3.8

%

 

$

229,221

 

$

214,168

 

7.0

%

 

0.2

%

 

7.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Geography

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

$

62,445

 

$

58,654

 

6.5

%

 

 

 

 

 

$

192,259

 

$

173,446

 

10.8

%

 

 

 

 

International

 

11,525

 

 

12,528

 

(8.0

)%

 

(1.0

)%

 

(9.0

)%

 

 

36,962

 

 

40,722

 

(9.2

)%

 

1.1

%

 

(8.1

)%

 

$

73,970

 

$

71,182

 

3.9

%

 

(0.1

)%

 

3.8

%

 

$

229,221

 

$

214,168

 

7.0

%

 

0.2

%

 

7.2

%

 
ANGIODYNAMICS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

Feb 28, 2022

 

May 31, 2021

 

(unaudited)

 

(audited)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

23,890

 

$

48,161

Accounts receivable, net

 

41,810

 

 

35,405

Inventories

 

48,039

 

 

48,614

Prepaid expenses and other

 

13,947

 

 

8,699

Total current assets

 

127,686

 

 

140,879

Property, plant and equipment, net

 

43,594

 

 

37,073

Other assets

 

11,309

 

 

13,193

Intangible assets, net

 

159,105

 

 

168,977

Goodwill

 

201,484

 

 

201,316

Total assets

$

543,178

 

$

561,438

Liabilities and stockholders' equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

21,570

 

$

19,630

Accrued liabilities

 

25,196

 

 

35,459

Other current liabilities

 

2,602

 

 

2,495

Total current liabilities

 

49,368

 

 

57,584

Long-term debt

 

25,000

 

 

20,000

Deferred income taxes

 

16,961

 

 

19,955

Contingent consideration

 

16,741

 

 

15,741

Other long-term liabilities

 

5,416

 

 

8,701

Total liabilities

 

113,486

 

 

121,981

Stockholders' equity

 

429,692

 

 

439,457

Total Liabilities and Stockholders' Equity

$

543,178

 

$

561,438

 

ANGIODYNAMICS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Three Months Ended

 

Nine Months Ended

 

Feb 28, 2022

 

Feb 28, 2021

 

Feb 28, 2022

 

Feb 28, 2021

 

(unaudited)

 

(unaudited)

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(4,958

)

 

$

(3,544

)

 

$

(20,281

)

 

$

(12,080

)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

7,406

 

 

 

6,379

 

 

 

21,682

 

 

 

19,392

 

Non-cash lease expense

 

613

 

 

 

595

 

 

 

1,822

 

 

 

1,860

 

Stock based compensation

 

2,352

 

 

 

2,147

 

 

 

7,789

 

 

 

6,398

 

Change in fair value of contingent consideration

 

201

 

 

 

183

 

 

 

1,005

 

 

 

(290

)

Deferred income taxes

 

(862

)

 

 

(634

)

 

 

(3,121

)

 

 

(2,187

)

Change in accounts receivable allowances

 

(82

)

 

 

2

 

 

 

(66

)

 

 

31

 

Fixed and intangible asset impairments and disposals

 

148

 

 

 

10

 

 

 

245

 

 

 

190

 

Other

 

51

 

 

 

81

 

 

 

(27

)

 

 

(149

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(3,519

)

 

 

458

 

 

 

(6,441

)

 

 

(1,823

)

Inventories

 

110

 

 

 

591

 

 

 

588

 

 

 

11,119

 

Prepaid expenses and other

 

(2,963

)

 

 

(2,498

)

 

 

(7,147

)

 

 

(8,821

)

Accounts payable, accrued and other liabilities

 

(7,288

)

 

 

2,101

 

 

 

(11,802

)

 

 

(1,746

)

Net cash (used in) provided by operating activities

 

(8,791

)

 

 

5,871

 

 

 

(15,754

)

 

 

11,894

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

(1,106

)

 

 

(1,382

)

 

 

(3,258

)

 

 

(4,567

)

Additions to placement and evaluation units

 

(1,487

)

 

 

—

 

 

 

(8,676

)

 

 

—

 

Cash paid in acquisition

 

—

 

 

 

—

 

 

 

(3,600

)

 

 

—

 

Net cash used in investing activities

 

(2,593

)

 

 

(1,382

)

 

 

(15,534

)

 

 

(4,567

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from borrowings on long-term debt

 

—

 

 

 

—

 

 

 

5,000

 

 

 

—

 

Repayment of long-term debt

 

—

 

 

 

(10,000

)

 

 

—

 

 

 

(10,000

)

Proceeds from exercise of stock options and employee stock purchase plan

 

966

 

 

 

1,978

 

 

 

2,354

 

 

 

2,459

 

Net cash provided by (used in) financing activities

 

966

 

 

 

(8,022

)

 

 

7,354

 

 

 

(7,541

)

Effect of exchange rate changes on cash and cash equivalents

 

17

 

 

 

(23

)

 

 

(337

)

 

 

248

 

(Decrease) increase in cash and cash equivalents

 

(10,401

)

 

 

(3,556

)

 

 

(24,271

)

 

 

34

 

Cash and cash equivalents at beginning of period

 

34,291

 

 

 

58,025

 

 

 

48,161

 

 

 

54,435

 

Cash and cash equivalents at end of period

$

23,890

 

 

$

54,469

 

 

$

23,890

 

 

$

54,469