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    AngioDynamics Reports Fiscal Year 2024 Fourth Quarter and Full-Year Financial Results

    7/16/24 6:30:00 AM ET
    $ANGO
    Medical/Dental Instruments
    Health Care
    Get the next $ANGO alert in real time by email

    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 2024, which ended May 31, 2024.

    Fiscal Year 2024 Fourth Quarter Highlights

     

    Quarter Ended



    May 31, 2024

    Pro Forma* YoY Growth

    Pro Forma* Net Sales

    $71.1 million

    1.9%

    Med Tech Net Sales

    $29.3 million

    11.3%

    Med Device Net Sales

    $41.8 million

    (3.8)%

    • GAAP Gross margin of 54.3%
    • GAAP loss per share of $(0.33)
    • Adjusted loss per share of $(0.05)
    • FDA 510(k) clearance and CE Mark approval for AlphaVac F18 System for the treatment of Pulmonary Embolism (PE)
    • Subsequent to the end of the fiscal quarter, announced share repurchase program for up to $15.0 million of its outstanding common shares

    Fiscal Year 2024 Highlights

     

    Year Ended



    May 31, 2024

    Pro Forma* YoY Growth

    Pro Forma* Net Sales

    $270.7 million

    5.3%

    Med Tech Net Sales

    $106.0 million

    10.1%

    Med Device Net Sales

    $164.8 million

    2.4%

    • GAAP Gross margin of 50.9%
    • Pro Forma gross margin of 53.8%
    • GAAP** loss per share of $(4.59)
    • Adjusted loss per share of $(0.45)
    • Reached settlement agreement with Becton, Dickinson and C.R. Bard, ending decade-long intellectual property litigation
    • Initiated transition of manufacturing operations to a fully outsourced model to drive efficiencies and cost savings
    • Optimized Med Device business, including the divestiture of its Dialysis and BioSentry businesses, as well as the PICC and Midline product portfolios, and discontinued the sale of its RadioFrequency products and Syntrax support catheter products
    • In conjunction with divestitures, repaid all amounts outstanding under its $50 million Credit Agreement

    *"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. "As Reported" results include sales of the respective products prior to their divestiture or discontinuance.

    **GAAP Loss per share includes a $159.5 million goodwill impairment and $19.3 million related to the previously announced settlement of IP litigation.

    "We capped off a transformative 2024 with a solid fourth quarter, largely driven by a second straight quarter of double-digit increases in our Med Tech business as Auryon and NanoKnife, delivered strong revenue growth," commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. "Within our Mechanical Thrombectomy segment, we achieved key milestones by receiving both FDA 510(k) clearance and CE Marking for AlphaVac in the treatment of pulmonary embolism. These indications open up multiple large, fast-growing markets, and helped to drive a more than 68% sequential increase in AlphaVac revenue during the fourth quarter."

    Mr. Clemmer continued, "Over the last three years, AngioDynamics has undergone a significant transformation to position ourselves for long-term success. We now have an optimized, stable, cash-generating Med Device business, which, in combination with the strength of our balance sheet, allows us to aggressively pursue large, fast-growing global market opportunities with our highly innovative Med Tech portfolio to drive accelerated, profitable growth moving forward."

    "We view 2025 as an inflection point in the trajectory of our business. We expect to continue to deliver strong revenue growth within our Med Tech business as we execute on key commercial initiatives, including multiple significant international expansion opportunities and the broader launch of AlphaVac for PE. The increased scale of our Med Tech business, in combination with the optimization of our Med Device business, will allow us to begin to see increasing leverage as we exit the year. Operationally, we will continue to work through the transition of our manufacturing model to reduce overhead costs and improve margins in 2026 and beyond."

    Fourth Quarter 2024 Financial Results

    Unless otherwise noted, all financial results below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses divested in June 2023, the PICC, Midline, and tip location product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024.

    Net sales for the fourth quarter of fiscal year 2024 were $71.1 million, an increase of 1.9% 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 $29.3 million, an 11.3% increase from $26.4 million in the prior-year period. Med Tech includes the Auryon peripheral atherectomy platform, the thrombus management platform and the NanoKnife irreversible electroporation platform. Growth was driven by Auryon sales during the quarter of $13.0 million, which increased 12.0%, NanoKnife disposable sales of $5.4 million, representing an increase of 18.0% compared to the fourth quarter of fiscal 2023, and AlphaVac sales of $1.9 million, an increase of 6.8% over the prior year.

    Med Device net sales were $41.8 million, a decrease of 3.8% compared to $43.4 million in the prior-year period.

    U.S. net sales in the fourth quarter of fiscal 2024 were $60.8 million, an increase of 4.3% from $58.3 million a year ago. International net sales were $10.3 million, a decrease of 9.9%, compared to $11.5 million a year ago.

    Gross margin for the fourth quarter of fiscal 2024 was 54.3%, which was flat compared to the fourth quarter of fiscal 2023, but up 320 basis points sequentially from 51.1% in the third quarter. Gross margin for the Med Tech business was 64.1%, a decrease of 70 basis points from the fourth quarter of fiscal 2023 due to product mix and increased hardware depreciation. Gross margin for the Med Device business was 47.4%, a decrease of 60 basis points compared to the fourth quarter of fiscal 2023 primarily due to retained manufacturing overhead costs associated with the discontinuation of certain Medical Device products.

    The Company recorded a GAAP net loss of $13.4 million, or a loss per share of $0.33, in the fourth quarter of fiscal 2024. Excluding the items show in the non-GAAP reconciliation table below, adjusted net loss for the fourth quarter of fiscal 2024 was $2.2 million, or a loss per share of $0.05. This compares to an adjusted net loss during the fiscal fourth quarter of 2023 of $4.3 million, or a loss per share of $0.11.

    Adjusted EBITDA in the fourth quarter of fiscal 2024, excluding the items shown in the reconciliation table below, was $1.5 million, compared to $1.3 million in the fourth quarter of fiscal 2023.

    In the fourth quarter of fiscal 2024, the Company generated $5.0 million in operating cash, which was inclusive of a $3 million payment to Bard associated with the Company's patent litigation settlement.

    Full-Year 2024 Financial Results

    Unless otherwise noted, all financial results below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses divested in June 2023, the PICC and Midline product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024.

    Net sales were $270.7 million, an increase of 5.3%, compared to $257.2 million for the prior year period.

    Med Tech net sales were $106.0 million, a 10.1% increase from the prior year period. Med Device net sales were $164.8 million, an increase of 2.4% from the prior year period.

    Gross margin declined by 110 basis points to 53.8% from 54.9% a year ago due to product and geographic mix, as well as retained manufacturing overhead costs associated with the discontinuation of certain Medical Device products.

    The Company's GAAP net loss was $184.3 million, or a loss per share of $4.59, compared to a net loss of $52.4 million, or a loss per share of $1.33, a year ago. This includes a goodwill impairment charge of $159.5 million, settlement charge of $19.3 million and asset impairment charges totaling $6.8 million related to the transition to outsourced manufacturing and discontinuation of Syntrax.

    Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss was $18.2 million, with adjusted loss per share of $0.45, compared to adjusted net loss of $21.8 million, or adjusted loss per share of $0.55, a year ago.

    Adjusted EBITDA, excluding the items shown in the reconciliation table below, was a loss of $3.2 million, compared to a loss of $3.0 million for the prior year.

    At May 31, 2024, the Company had $76.1 million in cash and cash equivalents compared to $44.6 million, which included $50 million of debt, at May 31, 2023. During the first fiscal quarter of 2024, the Company repaid all amounts outstanding under its then existing credit agreement, and currently has no long-term debt.

    Pro Forma 2024 Performance

    In addition to actual results, the tables accompanying this press release reflect pro forma results, which exclude the Dialysis and BioSentry businesses divested in June 2023, the PICC, Midline, and tip location product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024.

    Fiscal Year 2025 Financial Guidance

    For fiscal year 2025, the Company expects:

    • 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
    • Med Tech net sales are expected to grow in the range of 10% to 12%
    • Med Device net sales are expected to grow in the range of 1% to 3%
    • Gross margin to be approximately 52% to 53%
    • Adjusted EBITDA loss of $2.5 million to $0, compared to a pro forma adjusted EBITDA loss of $3.2 million in fiscal 2024
    • Adjusted loss per share in the range of $0.38 to $0.42, compared to pro forma adjusted loss per share of $0.45 in fiscal 2024

    Share Repurchase Program

    Today, the Company announced that the Board of Directors has approved a stock repurchase program authorizing the Company's management team to purchase up to $15.0 million of its outstanding common shares.

    The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations.

    Q4 and Full Year 2024 Key Takeaways

    AlphaVac F18 System Pulmonary Embolism (PE) Indication Expansions

    In April of fiscal 2024, the Company announced that the Food and Drug Administration has cleared the AlphaVac F18 System for the treatment of pulmonary embolism (PE), a condition affecting around 900,0001,2 people in the United States annually and the third leading cause of cardiovascular mortality in the nation. The expanded FDA indication allows for the utilization of the AlphaVac F18 System in the non-surgical removal of thrombi or emboli from the venous vasculature, reducing thrombus burden and improving right ventricular function in patients with PE.

    In May of fiscal 2024, the Company received CE Mark approval of the AlphaVac F18 System for PE. The CE Mark allows AngioDynamics to provide innovative solutions to more healthcare professionals treating patients diagnosed with PE in the European Union (EU), where an estimated 435,0003 PE events occur each year in the six largest EU countries. Compared to the United States, the prevalence of PE is higher for patients admitted to the emergency department in Europe, and European patients also had higher acuity and worse outcomes4.

    For risk information, visit https://bit.ly/Angio-risk-info

    Settlement Agreement with BD and Bard

    In April of fiscal 2024, the Company reached a settlement agreement with Becton, Dickinson and Company (BD) and C. R. Bard, Inc. (Bard), putting an end to a decade-long intellectual property litigation. With this resolution, the Company can now fully dedicate its resources to delivering innovative medical technology solutions and improving patient outcomes.

    Initiated Transition of Manufacturing Operations to Fully Outsourced Model

    In January of fiscal 2024, the Company announced that it is committed to shifting its manufacturing operations from a company-owned facility in upstate New York to a fully outsourced model over the next two years. This shift is expected to result in an approximate $15 million annualized reduction in expenses by fiscal year 2027.

    Optimization of Med Device Business

    In fiscal year 2024, the Company optimized its Med Device business through the divestiture and discontinuation of a number of non-core assets.

    Sale of Dialysis Product Portfolio and BioSentry Product

    In June of fiscal 2024, the Company completed the sale of its Dialysis product portfolio and BioSentry Tract Sealant System Biopsy product to Merit Medical Systems, Inc. for $100 million in cash.

    Sale of PICC and Midline Product Portfolios

    In February of fiscal 2024, the Company completed the sale of its PICC and Midline product portfolios to Spectrum Vascular, for up to $45 million in cash.

    At the same time, the Company discontinued the sale of its RadioFrequency products, as well as its Syntrax support catheter products to further streamline its product portfolio.

    Repaid $50 Million Credit Agreement, Eliminating All Long-Term Debt

    In June of fiscal 2024 and, in conjunction with receipt of proceeds from the sale of its Dialysis product portfolio and BioSentry product, the Company repaid all amounts outstanding under its then existing $50.0 million Credit Agreement, fully eliminating all long-term debt from its balance sheet.

    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 2024 results.

    To participate in the conference call, dial 1-877-407-0784 (domestic) or +1- 201-689-8560 (international) and refer to the passcode 13747424.

    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 12:00 p.m. ET on Tuesday, July 16, 2024, until 11:59 p.m. ET on Tuesday, July 23, 2024. To hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13747424.

    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, 2023. 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

     

    Three Months Ended

     

    Actual (1)

     

    Pro Forma Adjustments (2)

     

    Pro Forma

     

    As Reported (1)

     

    Pro Forma Adjustments (2)

     

    Pro Forma

     

    May 31, 2024

     

    May 31, 2024

     

    May 31, 2024

     

    May 31, 2023

     

    May 31, 2023

     

    May 31, 2023

     

     

     

    (unaudited)

     

     

     

     

     

    (unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net sales

    $

    70,980

     

     

     

    142

     

     

    $

    71,122

     

     

    $

    91,074

     

     

     

    (21,305

    )

     

    $

    69,769

     

    Cost of sales (exclusive of intangible amortization)

     

    32,465

     

     

     

    56

     

     

     

    32,521

     

     

     

    44,715

     

     

     

    (12,836

    )

     

     

    31,879

     

    Gross profit

     

    38,515

     

     

     

    86

     

     

     

    38,601

     

     

     

    46,359

     

     

     

    (8,469

    )

     

     

    37,890

     

    % of net sales

     

    54.3

    %

     

     

     

     

    54.3

    %

     

     

    50.9

    %

     

     

     

     

    54.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    6,724

     

     

     

    (1

    )

     

     

    6,723

     

     

     

    7,860

     

     

     

    (224

    )

     

     

    7,636

     

    Sales and marketing

     

    24,581

     

     

     

    (17

    )

     

     

    24,564

     

     

     

    26,293

     

     

     

    (1,804

    )

     

     

    24,489

     

    General and administrative

     

    10,441

     

     

     

    (7

    )

     

     

    10,434

     

     

     

    10,228

     

     

     

    51

     

     

     

    10,279

     

    Amortization of intangibles

     

    2,574

     

     

     

    —

     

     

     

    2,574

     

     

     

    4,406

     

     

     

    (1,448

    )

     

     

    2,958

     

    Goodwill impairment

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    14,549

     

     

     

    —

     

     

     

    14,549

     

    Change in fair value of contingent consideration

     

    229

     

     

     

    —

     

     

     

    229

     

     

     

    236

     

     

     

    —

     

     

     

    236

     

    Acquisition, restructuring and other items, net

     

    8,415

     

     

     

    (3

    )

     

     

    8,412

     

     

     

    3,624

     

     

     

    (368

    )

     

     

    3,256

     

    Total operating expenses

     

    52,964

     

     

     

    (28

    )

     

     

    52,936

     

     

     

    67,196

     

     

     

    (3,793

    )

     

     

    63,403

     

    Operating loss

     

    (14,449

    )

     

     

    114

     

     

     

    (14,335

    )

     

     

    (20,837

    )

     

     

    (4,676

    )

     

     

    (25,513

    )

    Interest income (expense), net

     

    567

     

     

     

    —

     

     

     

    567

     

     

     

    (901

    )

     

     

    —

     

     

     

    (901

    )

    Other expense, net

     

    (259

    )

     

     

    —

     

     

     

    (259

    )

     

     

    (127

    )

     

     

    —

     

     

     

    (127

    )

    Total other income (expense), net

     

    308

     

     

     

    —

     

     

     

    308

     

     

     

    (1,028

    )

     

     

    —

     

     

     

    (1,028

    )

    Loss before income tax expense (benefit)

     

    (14,141

    )

     

     

    114

     

     

     

    (14,027

    )

     

     

    (21,865

    )

     

     

    (4,676

    )

     

     

    (26,541

    )

    Income tax benefit

     

    (692

    )

     

     

    —

     

     

     

    (692

    )

     

     

    (398

    )

     

     

    —

     

     

     

    (398

    )

    Net loss

    $

    (13,449

    )

     

    $

    114

     

     

    $

    (13,335

    )

     

    $

    (21,467

    )

     

    $

    (4,676

    )

     

    $

    (26,143

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Loss per share

     

     

     

     

     

     

     

     

     

     

     

    Basic

    $

    (0.33

    )

     

     

     

    $

    (0.33

    )

     

    $

    (0.54

    )

     

     

     

    $

    (0.66

    )

    Diluted

    $

    (0.33

    )

     

     

     

    $

    (0.33

    )

     

    $

    (0.54

    )

     

     

     

    $

    (0.66

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    40,427

     

     

     

     

     

    40,427

     

     

     

    39,608

     

     

     

     

     

    39,608

     

    Diluted

     

    40,427

     

     

     

     

     

    40,427

     

     

     

    39,608

     

     

     

     

     

    39,608

     

    (1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended May 31, 2024 and May 31, 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)

     

    Twelve months ended

     

    Twelve months ended

     

    Actual (1)

     

    Pro Forma Adjustments (2)

     

    Pro Forma

     

    As Reported (1)

     

    Pro Forma Adjustments (2)

     

    Pro Forma

     

    May 31, 2024

     

    May 31, 2024

     

    May 31, 2024

     

    May 31, 2023

     

    May 31, 2023

     

    May 31, 2023

     

     

     

    (unaudited)

     

     

     

     

     

    (unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net sales

    $

    303,914

     

     

     

    (33,193

    )

     

    $

    270,721

     

     

    $

    338,752

     

     

     

    (81,565

    )

     

    $

    257,187

     

    Cost of sales (exclusive of intangible amortization)

     

    149,216

     

     

     

    (24,064

    )

     

     

    125,152

     

     

     

    164,506

     

     

     

    (48,540

    )

     

     

    115,966

     

    Gross profit

     

    154,698

     

     

     

    (9,129

    )

     

     

    145,569

     

     

     

    174,246

     

     

     

    (33,025

    )

     

     

    141,221

     

    % of net sales

     

    50.9

    %

     

     

     

     

    53.8

    %

     

     

    51.4

    %

     

     

     

     

    54.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    31,512

     

     

     

    (648

    )

     

     

    30,864

     

     

     

    29,883

     

     

     

    (615

    )

     

     

    29,268

     

    Sales and marketing

     

    102,818

     

     

     

    (4,730

    )

     

     

    98,088

     

     

     

    104,249

     

     

     

    (6,109

    )

     

     

    98,140

     

    General and administrative

     

    41,164

     

     

     

    (60

    )

     

     

    41,104

     

     

     

    40,003

     

     

     

    (1,190

    )

     

     

    38,813

     

    Amortization of intangibles

     

    13,048

     

     

     

    (2,571

    )

     

     

    10,477

     

     

     

    18,790

     

     

     

    (5,790

    )

     

     

    13,000

     

    Goodwill impairment

     

    159,476

     

     

     

    —

     

     

     

    159,476

     

     

     

    14,549

     

     

     

    —

     

     

     

    14,549

     

    Change in fair value of contingent consideration

     

    432

     

     

     

    —

     

     

     

    432

     

     

     

    2,320

     

     

     

    —

     

     

     

    2,320

     

    Acquisition, restructuring and other items, net

     

    53,182

     

     

     

    (6,397

    )

     

     

    46,785

     

     

     

    15,633

     

     

     

    (385

    )

     

     

    15,248

     

    Total operating expenses

     

    401,632

     

     

     

    (14,406

    )

     

     

    387,226

     

     

     

    225,427

     

     

     

    (14,089

    )

     

     

    211,338

     

    Gain on sale of assets

     

    54,499

     

     

     

    (54,499

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Operating loss

     

    (192,435

    )

     

     

    (49,222

    )

     

     

    (241,657

    )

     

     

    (51,181

    )

     

     

    (18,936

    )

     

     

    (70,117

    )

    Interest income (expense), net

     

    1,614

     

     

     

    —

     

     

     

    1,614

     

     

     

    (2,702

    )

     

     

    —

     

     

     

    (2,702

    )

    Other expense, net

     

    (817

    )

     

     

    —

     

     

     

    (817

    )

     

     

    (554

    )

     

     

    —

     

     

     

    (554

    )

    Total other income (expense), net

     

    797

     

     

     

    —

     

     

     

    797

     

     

     

    (3,256

    )

     

     

    —

     

     

     

    (3,256

    )

    Loss before income tax expense (benefit)

     

    (191,638

    )

     

     

    (49,222

    )

     

     

    (240,860

    )

     

     

    (54,437

    )

     

     

    (18,936

    )

     

     

    (73,373

    )

    Income tax benefit

     

    (7,289

    )

     

     

    —

     

     

     

    (7,289

    )

     

     

    (1,995

    )

     

     

    —

     

     

     

    (1,995

    )

    Net loss

    $

    (184,349

    )

     

    $

    (49,222

    )

     

    $

    (233,571

    )

     

    $

    (52,442

    )

     

    $

    (18,936

    )

     

    $

    (71,378

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Loss per share

     

     

     

     

     

     

     

     

     

     

     

    Basic

    $

    (4.59

    )

     

     

     

    $

    (5.81

    )

     

    $

    (1.33

    )

     

     

     

    $

    (1.81

    )

    Diluted

    $

    (4.59

    )

     

     

     

    $

    (5.81

    )

     

    $

    (1.33

    )

     

     

     

    $

    (1.81

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    40,181

     

     

     

     

     

    40,181

     

     

     

    39,480

     

     

     

     

     

    39,480

     

    Diluted

     

    40,181

     

     

     

     

     

    40,181

     

     

     

    39,480

     

     

     

     

     

    39,480

     

    (1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended May 31, 2024 and May 31, 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 Loss to non-GAAP Adjusted Net Income (Loss):

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

    May 31, 2024

     

    May 31, 2023

     

    May 31, 2024

     

    May 31, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Net loss

    $

    (13,449

    )

     

    $

    (21,467

    )

     

    $

    (184,349

    )

     

    $

    (52,442

    )

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    2,574

     

     

     

    4,406

     

     

     

    13,048

     

     

     

    18,790

     

    Goodwill impairment

     

    —

     

     

     

    14,549

     

     

     

    159,476

     

     

     

    14,549

     

    Change in fair value of contingent consideration

     

    229

     

     

     

    236

     

     

     

    432

     

     

     

    2,320

     

    Acquisition, restructuring and other items, net (1)

     

    8,415

     

     

     

    3,624

     

     

     

    53,182

     

     

     

    15,633

     

    Gain on sale of assets

     

    —

     

     

     

    —

     

     

     

    (54,499

    )

     

     

    —

     

    Tax effect of non-GAAP items (2)

     

    (20

    )

     

     

    (617

    )

     

     

    (2,689

    )

     

     

    (1,272

    )

    Adjusted net income (loss)

    $

    (2,251

    )

     

    $

    731

     

     

    $

    (15,399

    )

     

    $

    (2,422

    )

     

     

     

     

     

     

     

     

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

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

    May 31, 2024

     

    May 31, 2023

     

    May 31, 2024

     

    May 31, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Diluted loss per share

    $

    (0.33

    )

     

    $

    (0.54

    )

     

    $

    (4.59

    )

     

    $

    (1.33

    )

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    0.06

     

     

     

    0.11

     

     

     

    0.32

     

     

     

    0.48

     

    Goodwill impairment

     

    —

     

     

     

    0.37

     

     

     

    3.98

     

     

     

    0.37

     

    Change in fair value of contingent consideration

     

    0.01

     

     

     

    0.01

     

     

     

    0.01

     

     

     

    0.06

     

    Acquisition, restructuring and other items, net (1)

     

    0.20

     

     

     

    0.09

     

     

     

    1.33

     

     

     

    0.39

     

    Gain on sale of assets

     

    —

     

     

     

    —

     

     

     

    (1.36

    )

     

     

    —

     

    Tax effect of non-GAAP items (2)

     

    —

     

     

     

    (0.02

    )

     

     

    (0.07

    )

     

     

    (0.03

    )

    Adjusted diluted earnings (loss) per share

    $

    (0.06

    )

     

    $

    0.02

     

     

    $

    (0.38

    )

     

    $

    (0.06

    )

     

     

     

     

     

     

     

     

    Adjusted diluted sharecount (3)

     

    40,427

     

     

     

    39,916

     

     

     

    40,181

     

     

     

    39,480

     

     

     

     

     

     

     

     

     

    (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 May 31, 2024 and May 31, 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 Loss to Adjusted EBITDA:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

    May 31, 2024

     

    May 31, 2023

     

    May 31, 2024

     

    May 31, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Net loss

    $

    (13,449

    )

     

    $

    (21,467

    )

     

    $

    (184,349

    )

     

    $

    (52,442

    )

     

     

     

     

     

     

     

     

    Income tax benefit

     

    (692

    )

     

     

    (398

    )

     

     

    (7,289

    )

     

     

    (1,995

    )

    Interest expense, net

     

    (567

    )

     

     

    901

     

     

     

    (1,614

    )

     

     

    2,702

     

    Depreciation and amortization

     

    6,817

     

     

     

    7,506

     

     

     

    27,712

     

     

     

    30,681

     

    Goodwill impairment

     

    —

     

     

     

    14,549

     

     

     

    159,476

     

     

     

    14,549

     

    Change in fair value of contingent consideration

     

    229

     

     

     

    236

     

     

     

    432

     

     

     

    2,320

     

    Stock based compensation

     

    1,896

     

     

     

    2,981

     

     

     

    10,529

     

     

     

    11,158

     

    Gain on sale of assets

     

    —

     

     

     

    —

     

     

     

    (54,499

    )

     

     

    —

     

    Acquisition, restructuring and other items, net (1)

     

    7,148

     

     

     

    3,624

     

     

     

    50,780

     

     

     

    15,633

     

    Adjusted EBITDA

    $

    1,382

     

     

    $

    7,932

     

     

    $

    1,178

     

     

    $

    22,606

     

     

     

     

     

     

     

     

     

    Per diluted share:

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    0.03

     

     

    $

    0.20

     

     

    $

    0.03

     

     

    $

    0.57

     

     

     

     

     

     

     

     

     

    (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

     

    Twelve Months Ended

     

    May 31, 2024

     

    May 31, 2023

     

    May 31, 2024

     

    May 31, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Pro forma net loss

    $

    (13,335

    )

     

    $

    (26,143

    )

     

    $

    (233,571

    )

     

    $

    (71,378

    )

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    2,574

     

     

     

    2,958

     

     

     

    10,477

     

     

     

    13,000

     

    Goodwill impairment

     

    —

     

     

     

    14,549

     

     

     

    159,476

     

     

     

    14,549

     

    Change in fair value of contingent consideration

     

    229

     

     

     

    236

     

     

     

    432

     

     

     

    2,320

     

    Acquisition, restructuring and other items, net (1)

     

    8,412

     

     

     

    3,256

     

     

     

    46,785

     

     

     

    15,248

     

    Tax effect of non-GAAP items (2)

     

    (45

    )

     

     

    877

     

     

     

    (1,840

    )

     

     

    4,504

     

    Adjusted pro forma net loss

    $

    (2,165

    )

     

    $

    (4,267

    )

     

    $

    (18,241

    )

     

    $

    (21,757

    )

     

     

     

     

     

     

     

     

    Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share:

     

    Pro Forma

     

    Pro Forma

     

    Three Months Ended

     

    Twelve Months Ended

     

    May 31, 2024

     

    May 31, 2023

     

    May 31, 2024

     

    May 31, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Pro forma diluted loss per share

    $

    (0.33

    )

     

    $

    (0.66

    )

     

    $

    (5.81

    )

     

    $

    (1.81

    )

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    0.06

     

     

     

    0.07

     

     

     

    0.26

     

     

     

    0.33

     

    Goodwill impairment

     

    —

     

     

     

    0.37

     

     

     

    3.97

     

     

     

    0.38

     

    Change in fair value of contingent consideration

     

    0.01

     

     

     

    0.01

     

     

     

    0.01

     

     

     

    0.06

     

    Acquisition, restructuring and other items, net (1)

     

    0.21

     

     

     

    0.08

     

     

     

    1.17

     

     

     

    0.38

     

    Tax effect of non-GAAP items (2)

     

    —

     

     

     

    0.02

     

     

     

    (0.05

    )

     

     

    0.11

     

    Adjusted pro forma diluted loss per share

    $

    (0.05

    )

     

    $

    (0.11

    )

     

    $

    (0.45

    )

     

    $

    (0.55

    )

     

     

     

     

     

     

     

     

    Adjusted diluted sharecount (3)

     

    40,427

     

     

     

    39,608

     

     

     

    40,181

     

     

     

    39,480

     

    (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 May 31, 2024 and May 31, 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

     

    Twelve Months Ended

     

    May 31, 2024

     

    May 31, 2023

     

    May 31, 2024

     

    May 31, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Pro forma net loss

    $

    (13,335

    )

     

    $

    (26,143

    )

     

    $

    (233,571

    )

     

    $

    (71,378

    )

     

     

     

     

     

     

     

     

    Income tax benefit

     

    (692

    )

     

     

    (398

    )

     

     

    (7,289

    )

     

     

    (1,995

    )

    Interest income (expense), net

     

    (567

    )

     

     

    901

     

     

     

    (1,614

    )

     

     

    2,702

     

    Depreciation and amortization

     

    6,817

     

     

     

    6,008

     

     

     

    25,051

     

     

     

    24,688

     

    Goodwill impairment

     

    —

     

     

     

    14,549

     

     

     

    159,476

     

     

     

    14,549

     

    Change in fair value of contingent consideration

     

    229

     

     

     

    236

     

     

     

    432

     

     

     

    2,320

     

    Stock based compensation

     

    1,895

     

     

     

    2,910

     

     

     

    9,898

     

     

     

    10,864

     

    Acquisition, restructuring and other items, net (1)

     

    7,145

     

     

     

    3,256

     

     

     

    44,382

     

     

     

    15,248

     

    Pro forma adjusted EBITDA

    $

    1,492

     

     

    $

    1,319

     

     

    $

    (3,235

    )

     

    $

    (3,002

    )

     

     

     

     

     

     

     

     

    Per diluted share:

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    0.04

     

     

    $

    0.03

     

     

    $

    (0.08

    )

     

    $

    (0.08

    )

     

     

     

     

     

     

     

     

    (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

     

    Twelve Months Ended

    (in thousands)

    May 31, 2024

     

    May 31, 2023

     

    May 31, 2024

     

    May 31, 2023

    Legal (1)

    $

    4,489

     

     

    $

    3,099

     

    $

    34,942

     

     

    $

    9,998

    Mergers and acquisitions (2)

     

    —

     

     

     

    368

     

     

    399

     

     

     

    368

    Transition service agreement (3)

     

    (437

    )

     

     

    —

     

     

    (1,092

    )

     

     

    —

    Plant Closure (4)

     

    3,366

     

     

     

    —

     

     

    9,481

     

     

     

    —

    Manufacturing Relocation (5)

     

    —

     

     

     

    29

     

     

    587

     

     

     

    1,091

    Intangible and other asset impairment (6)

     

    —

     

     

     

    —

     

     

    6,260

     

     

     

    —

    Israeli Innovation Authority prepayment (7)

     

    —

     

     

     

    —

     

     

    —

     

     

     

    3,544

    Other (8)

     

    997

     

     

     

    128

     

     

    2,605

     

     

     

    632

    Total

    $

    8,415

     

     

    $

    3,624

     

    $

    53,182

     

     

    $

    15,633

    (1) Legal expenses related to litigation that is outside the normal course of business. In the third quarter of fiscal year 2024 a $19.3 million settlement expense was recorded as a result of the Settlement Agreement that was entered into between the Company and BD.

    (2) Mergers and acquisitions expenses related to investment banking, legal and due diligence.

    (3) Transition services agreement that were entered into with Merit and Spectrum.

    (4) Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024.

    (5) Expenses to relocate manufacturing lines out of Queensbury, NY.

    (6) An impairment of $3.4 million on intangible and fixed assets and an inventory write-off of $2.9 million was taken in the third quarter of fiscal year 2024 relating to the abandonment of the Syntrax and RF product lines.

    (7) In the first quarter of fiscal year 2023, a $3.5 million payment was made to the Israeli Innovation Authority to fully satisfy the obligation related to grant funds that were provided to Eximo for development of the Auryon laser prior to the acquisition in the second quarter of fiscal year 2020.

    (8) Included in the $2.6 million in other for the year ended May 31, 2024 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

     

    May 31, 2024

    May 31, 2024

    May 31, 2024

     

    May 31, 2023

    May 31, 2023

    May 31, 2023

     

    % Growth

    Currency Impact

    Constant Currency Growth

     

    %

    Growth

    Currency Impact

    Constant Currency Growth

     

     

    (unaudited)

     

     

     

    (unaudited)

     

     

     

     

     

     

     

     

     

    Net Sales

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Med Tech

    $

    29,335

    $

    —

    $

    29,335

     

    $

    26,494

    $

    (148

    )

    $

    26,346

     

    10.7

    %

     

     

     

    11.3

    %

     

     

    Med Device

     

    41,645

     

    142

     

    41,787

     

     

    64,580

     

    (21,157

    )

     

    43,423

     

    (35.5

    )%

     

     

     

    (3.8

    )%

     

     

     

    $

    70,980

    $

    142

    $

    71,122

     

    $

    91,074

    $

    (21,305

    )

    $

    69,769

     

    (22.1

    )%

    0.0

    %

    (22.1

    )%

     

    1.9

    %

    0.0

    %

    1.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Sales

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    United States

    $

    60,743

    $

    61

    $

    60,804

     

    $

    74,439

    $

    (16,121

    )

    $

    58,318

     

    (18.4

    )%

     

     

     

    4.3

    %

     

     

    International

     

    10,237

     

    81

     

    10,318

     

     

    16,635

     

    (5,184

    )

     

    11,451

     

    (38.5

    )%

    0.0

    %

    (38.5

    )%

     

    (9.9

    )%

     

     

     

    $

    70,980

    $

    142

    $

    71,122

     

    $

    91,074

    $

    (21,305

    )

    $

    69,769

     

    (22.1

    )%

    0.0

    %

    (22.1

    )%

     

    1.9

    %

    0.0

    %

    1.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended May 31, 2024 and May 31 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

     

    May 31, 2024

    May 31, 2024

    May 31, 2024

     

    May 31, 2023

    May 31, 2023

    May 31, 2023

     

    % Change

     

    % Change

     

    (unaudited)

     

    (unaudited)

     

     

     

     

    Med Tech

    $

    18,798

     

    $

    6

    $

    18,804

     

     

    $

    17,150

     

    $

    (82

    )

    $

    17,068

     

     

    9.6

    %

     

    10.2

    %

    Gross profit % of sales

     

    64.1

    %

     

     

    64.1

    %

     

     

    64.7

    %

     

     

    64.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Med Device

    $

    19,717

     

    $

    80

    $

    19,797

     

     

    $

    29,209

     

    $

    (8,387

    )

    $

    20,822

     

     

    (32.5

    )%

     

    (4.9

    )%

    Gross profit % of sales

     

    47.3

    %

     

     

    47.4

    %

     

     

    45.2

    %

     

     

    48.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total

    $

    38,515

     

    $

    86

    $

    38,601

     

     

    $

    46,359

     

    $

    (8,469

    )

    $

    37,890

     

     

    (16.9

    )%

     

    1.9

    %

    Gross profit % of sales

     

    54.3

    %

     

     

    54.3

    %

     

     

    50.9

    %

     

     

    54.3

    %

     

     

     

     

    (1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended May 31, 2024 and May 31, 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)

     

    Twelve Months Ended

     

    Twelve Months Ended

     

     

     

     

     

     

     

     

     

    Actual (1)

    Pro Forma

    Adj. (2)

    Pro Forma

     

    As

    Reported (1)

    Pro Forma

    Adj. (2)

    Pro Forma

     

    Actual

     

    Pro Forma

     

    May 31, 2024

    May 31, 2024

    May 31, 2024

     

    May 31, 2023

    May 31, 2023

    May 31, 2023

     

    % Growth

    Currency Impact

    Constant Currency Growth

     

    %

    Growth

    Currency Impact

    Constant Currency Growth

     

     

    (unaudited)

     

     

     

    (unaudited)

     

     

     

     

     

     

     

     

     

    Net Sales

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Med Tech

    $

    106,403

    $

    (443

    )

    $

    105,960

     

    $

    96,687

    $

    (450

    )

    $

    96,237

     

    10.0

    %

     

     

     

    10.1

    %

     

     

    Med Device

     

    197,511

     

    (32,750

    )

     

    164,761

     

     

    242,065

     

    (81,115

    )

     

    160,950

     

    (18.4

    )%

     

     

     

    2.4

    %

     

     

     

    $

    303,914

    $

    (33,193

    )

    $

    270,721

     

    $

    338,752

    $

    (81,565

    )

    $

    257,187

     

    (10.3

    )%

    0.0

    %

    (10.3

    )%

     

    5.3

    %

    0.0

    %

    5.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Sales

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    United States

    $

    251,486

    $

    (23,037

    )

    $

    228,449

     

    $

    282,713

    $

    (62,617

    )

    $

    220,096

     

    (11.0

    )%

     

     

     

    3.8

    %

     

     

    International

     

    52,428

     

    (10,156

    )

     

    42,272

     

     

    56,039

     

    (18,948

    )

     

    37,091

     

    (6.4

    )%

    0.0

    %

    (6.4

    )%

     

    14.0

    %

     

     

     

    $

    303,914

    $

    (33,193

    )

    $

    270,721

     

    $

    338,752

    $

    (81,565

    )

    $

    257,187

     

    (10.3

    )%

    0.0

    %

    (10.3

    )%

     

    5.3

    %

    0.0

    %

    5.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended May 31, 2024 and May 31 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)

     

    Twelve Months Ended

     

    Twelve Months Ended

     

     

     

     

     

    Actual (1)

    Pro Forma

    Adj. (2)

    Pro Forma

     

    As Reported (1)

    Pro Forma

    Adj. (2)

    Pro Forma

     

    Actual

     

    Pro Forma

     

    May 31, 2024

    May 31, 2024

    May 31, 2024

     

    May 31, 2023

    May 31, 2023

    May 31, 2023

     

    % Change

     

    % Change

     

    (unaudited)

     

    (unaudited)

     

     

     

     

    Med Tech

    $

    67,198

     

    $

    (167

    )

    $

    67,031

     

     

    $

    61,966

     

    $

    (234

    )

    $

    61,732

     

     

    8.4

    %

     

    8.6

    %

    Gross profit % of sales

     

    63.2

    %

     

     

    63.3

    %

     

     

    64.1

    %

     

     

    64.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Med Device

    $

    87,500

     

    $

    (8,962

    )

    $

    78,538

     

     

    $

    112,280

     

    $

    (32,791

    )

    $

    79,489

     

     

    (22.1

    )%

     

    (1.2

    )%

    Gross profit % of sales

     

    44.3

    %

     

     

    47.7

    %

     

     

    46.4

    %

     

     

    49.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total

    $

    154,698

     

    $

    (9,129

    )

    $

    145,569

     

     

    $

    174,246

     

    $

    (33,025

    )

    $

    141,221

     

     

    (11.2

    )%

     

    3.1

    %

    Gross profit % of sales

     

    50.9

    %

     

     

    53.8

    %

     

     

    51.4

    %

     

     

    54.9

    %

     

     

     

     

    (1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended May 31, 2024 and May 31, 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)

     

    May 31, 2024

     

    May 31, 2023

     

    (unaudited)

     

    (audited)

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    76,056

     

    $

    44,620

    Accounts receivable, net

     

    43,610

     

     

    52,826

    Inventories

     

    60,616

     

     

    55,325

    Prepaid expenses and other

     

    12,971

     

     

    4,617

    Current assets held for sale

     

    —

     

     

    6,154

    Total current assets

     

    193,253

     

     

    163,542

    Property, plant and equipment, net

     

    35,666

     

     

    44,384

    Other assets

     

    11,369

     

     

    10,676

    Intangible assets, net

     

    77,383

     

     

    111,144

    Goodwill

     

    —

     

     

    159,238

    Non-current assets held for sale

     

    —

     

     

    43,653

    Total assets

    $

    317,671

     

    $

    532,637

    Liabilities and stockholders' equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    37,751

     

    $

    40,445

    Accrued liabilities

     

    41,098

     

     

    26,617

    Current portion of contingent consideration

     

    4,728

     

     

    14,761

    Other current liabilities

     

    7,578

     

     

    2,002

    Total current liabilities

     

    91,155

     

     

    83,825

    Long-term debt, net of current portion

     

    —

     

     

    49,818

    Deferred income taxes

     

    4,852

     

     

    12,813

    Contingent consideration, net of current portion

     

    —

     

     

    4,535

    Other long-term liabilities

     

    16,078

     

     

    3,350

    Total liabilities

     

    112,085

     

     

    154,341

    Stockholders' equity

     

    205,586

     

     

    378,296

    Total Liabilities and Stockholders' Equity

    $

    317,671

     

    $

    532,637

     

     

     

     

    ANGIODYNAMICS, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

     

    Three Months Ended

     

    Twelve Months Ended

     

    May 31, 2024

     

    May 31, 2023

     

    May 31, 2024

     

    May 31, 2023

     

    (unaudited)

     

    (unaudited)

     

    (audited)

    Cash flows from operating activities:

     

     

     

     

     

     

     

    Net loss

    $

    (13,449

    )

     

    $

    (21,467

    )

     

    $

    (184,349

    )

     

    $

    (52,442

    )

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

     

     

     

     

     

     

     

    Depreciation and amortization

     

    6,817

     

     

     

    7,557

     

     

     

    27,712

     

     

     

    30,873

     

    Non-cash lease expense

     

    490

     

     

     

    601

     

     

     

    1,931

     

     

     

    2,484

     

    Goodwill impairment

     

    —

     

     

     

    14,549

     

     

     

    159,476

     

     

     

    14,549

     

    Stock based compensation

     

    1,896

     

     

     

    2,981

     

     

     

    10,529

     

     

     

    11,158

     

    Gain on disposition

     

    —

     

     

     

    —

     

     

     

    (54,499

    )

     

     

    —

     

    Transaction costs for disposition

     

    —

     

     

     

    —

     

     

     

    (5,084

    )

     

     

    —

     

    Change in fair value of contingent consideration

     

    229

     

     

     

    236

     

     

     

    432

     

     

     

    2,320

     

    Deferred income tax provision

     

    (825

    )

     

     

    (558

    )

     

     

    (7,968

    )

     

     

    (2,311

    )

    Change in accounts receivable allowances

     

    319

     

     

     

    135

     

     

     

    1,326

     

     

     

    695

     

    Asset impairments and disposals

     

    24

     

     

     

    147

     

     

     

    7,108

     

     

     

    291

     

    Write-off of other assets

     

    —

     

     

     

    —

     

     

     

    869

     

     

     

    —

     

    Other

     

    (223

    )

     

     

    (197

    )

     

     

    (62

    )

     

     

    (513

    )

    Changes in operating assets and liabilities, net of acquisitions:

     

     

     

     

     

     

     

    Accounts receivable

     

    5,549

     

     

     

    (2,058

    )

     

     

    7,894

     

     

     

    (1,299

    )

    Inventories

     

    (2,585

    )

     

     

    4,056

     

     

     

    (9,410

    )

     

     

    (8,198

    )

    Prepaid expenses and other

     

    (4,028

    )

     

     

    724

     

     

     

    (11,594

    )

     

     

    332

     

    Accounts payable, accrued and other liabilities

     

    10,787

     

     

     

    9,248

     

     

     

    27,531

     

     

     

    2,139

     

    Net cash provided by (used in) operating activities

     

    5,001

     

     

     

    15,954

     

     

     

    (28,158

    )

     

     

    78

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

    Additions to property, plant and equipment

     

    (566

    )

     

     

    (1,056

    )

     

     

    (2,518

    )

     

     

    (3,812

    )

    Additions to placement and evaluation units

     

    (1,770

    )

     

     

    (472

    )

     

     

    (5,015

    )

     

     

    (5,394

    )

    Proceeds from sale of assets

     

    —

     

     

     

    —

     

     

     

    134,500

     

     

     

    —

     

    Acquisition of intangibles

     

    —

     

     

     

    —

     

     

     

    (3,250

    )

     

     

    (540

    )

    Net cash (used in) provided by investing activities

     

    (2,336

    )

     

     

    (1,528

    )

     

     

    123,717

     

     

     

    (9,746

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

    Proceeds from issuance of long-term debt

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    70,000

     

    Repayment of long-term debt

     

    —

     

     

     

    —

     

     

     

    (50,000

    )

     

     

    (45,000

    )

    Deferred financing costs on long-term debt

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (751

    )

    Payment of acquisition related contingent consideration

     

    (5,000

    )

     

     

    —

     

     

     

    (15,000

    )

     

     

    —

     

    Proceeds from exercise of stock options and employee stock purchase plan

     

    —

     

     

     

    —

     

     

     

    752

     

     

     

    1,171

     

    Net cash (used in) provided by financing activities

     

    (5,000

    )

     

     

    —

     

     

     

    (64,248

    )

     

     

    25,420

     

    Effect of exchange rate changes on cash and cash equivalents

     

    (60

    )

     

     

    83

     

     

     

    125

     

     

     

    43

     

    Increase (decrease) in cash and cash equivalents

     

    (2,395

    )

     

     

    14,509

     

     

     

    31,436

     

     

     

    15,795

     

    Cash and cash equivalents at beginning of period

     

    78,451

     

     

     

    30,111

     

     

     

    44,620

     

     

     

    28,825

     

    Cash and cash equivalents at end of period

    $

    76,056

     

     

    $

    44,620

     

     

    $

    76,056

     

     

    $

    44,620

    1.

    Learn About Pulmonary Embolism. Lung.org. http://www.lung.org/lung-health-diseases/lung-disease-lookup/pulmonary-embolism/learn-about-pulmonary-embolism. Published 2023.

    2.

    Giri J, Sista AK, Weinberg I, et al. Interventional Therapies for Acute Pulmonary Embolism: Current Status and Principles for The Development Of Novel Evidence: A Scientific Statement From The American Heart Association. Circulation 2019;140(20)e774-e801.

    3.

    Willich SN, Chuang LH, van Hout B, Gumbs P, Jimenez D, Kroep S, Bauersachs R, Monreal M, Agnelli G, Cohen A. Pulmonary embolism in Europe - Burden of illness in relationship to healthcare resource utilization and return to work. Thromb Res. 2018 Oct;170:181-191.

    4.

    Germini F., Zarabi S., Eventov M., Turcotte M., Li M., de Wit K. Pulmonary embolism prevalence among emergency department cohorts: A systematic review and meta‐analysis by country of study. Journal of Thrombosis and Haemostasis. 2022 Dec; 19(1):173-185

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240716644861/en/

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