Delaware
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000-50761
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11-3146460
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(State or Other Jurisdiction of Incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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603 Queensbury Avenue, Queensbury, New York
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12804
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(Address of Principal Executive Offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
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Exhibit No.
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Description
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99.1
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Press Release dated April 5, 2011.
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ANGIODYNAMICS, INC. | |||
(Registrant) | |||
Date: April 5, 2011
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By:
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/s/ D. Joseph Gersuk | |
D. Joseph Gersuk | |||
Chief Financial Officer | |||
Exhibit No.
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Description
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99.1
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Press Release dated April 5, 2011.
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Company Contact:
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Investor Relations Contacts:
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Media Contact:
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AngioDynamics, Inc.
D. Joseph Gersuk, CFO
(800) 772-6446 x1608
jgersuk@AngioDynamics.com
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EVC Group, Inc.
Doug Sherk
(415) 896-6820
dsherk@evcgroup.com
Greg Gin
(646) 445-4801
ggin@evcgroup.com
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EVC Group, Inc.
Chris Gale
(646) 201-5431
cgale@evcgroup.com
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·
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Net Sales of $54.6 Million; NanoKnife® System Net Sales of $1.9 Million
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·
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Net Income of $3.8 Million, or $0.15 EPS
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·
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Operating Cash Flow of $10.3 Million
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·
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Updates Fiscal Year 2011 Guidance
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·
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Conference Call Today at 4:30 p.m. Eastern Time
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·
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Strong clinician response to AngioDynamics’ NanoKnife System commercial sales efforts continued. An additional 126 patients were treated since January 1, 2011, with a total of 538 patients have been treated to date with the NanoKnife System. NanoKnife System sales in the third quarter included seven new commercial accounts.
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·
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We submitted to the FDA our response to certain questions regarding our application for an IDE for use of the NanoKnife in prostate cancer, including the results of an additional animal study requested by FDA.
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·
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The NanoKnife 2.2.0 System, a broad hardware and software upgrade that enhances system performance, received CE Mark approval and the first unit was shipped.
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·
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In the multi-center European prospective Hepatocellular Carcinoma trial, three additional trial sites started screening patients in the third quarter. Six sites are now enrolling patients. A total of 11 patients have been treated to date.
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·
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AngioDynamics established a direct sales organization in The Netherlands by purchasing the relevant business assets of AngioCare BV, the long-time distributor of the Company’s VenaCure EVLT® System and other vascular products in The Netherlands.
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·
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The Company expanded its Morpheus® Smart PICC product line with the launch of a bedside insertion kit.
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·
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AngioDynamics bolstered its port offering by launching the Safe Sheath® Ultra Lite Valved, Peel-Away Introducer in the U.S., representing the Company’s first valved, splittable sheath dilator for port insertion.
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·
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AngioDynamics entered into contracts with two leading U.S. hospital group purchasing organizations covering the Company’s Smart Port power-injectable ports and certain vascular products.
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·
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Net sales in the range of $217 million to $220 million, as compared with $216 million in fiscal 2010 net sales
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·
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Gross margin in the range of 58% to 59% of net sales
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·
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GAAP operating income in the range of $20 million to $21 million
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·
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EBITDA in the range of $32 million to $33 million
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·
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GAAP EPS in the range of $0.48 to $0.50, inclusive of the impact from the ongoing investment in the NanoKnife® program
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ANGIODYNAMICS, INC. AND SUBSIDIARIES
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||||||||||||||||
CONSOLIDATED INCOME STATEMENTS
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||||||||||||||||
(in thousands, except per share data)
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||||||||||||||||
Three months ended
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Nine months ended
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|||||||||||||||
Feb, 28
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Feb, 28
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Feb, 28
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Feb, 28
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|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(unaudited)
|
(unaudited)
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|||||||||||||||
Net sales
|
$ | 54,648 | $ | 52,207 | $ | 159,527 | $ | 155,758 | ||||||||
Cost of sales
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22,927 | 21,934 | 66,250 | 63,746 | ||||||||||||
Gross profit
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31,721 | 30,273 | 93,277 | 92,012 | ||||||||||||
% of net sales
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58.0 | % | 58.0 | % | 58.5 | % | 59.1 | % | ||||||||
Operating expenses
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||||||||||||||||
Research and development
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5,322 | 4,289 | 15,823 | 13,901 | ||||||||||||
Sales and marketing
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14,553 | 14,032 | 42,790 | 44,433 | ||||||||||||
General and administrative
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4,346 | 4,075 | 13,106 | 12,183 | ||||||||||||
Non-recurring costs
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- | - | 772 | - | ||||||||||||
Amortization of intangibles
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2,252 | 2,284 | 6,660 | 7,007 | ||||||||||||
Total operating expenses
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26,473 | 24,680 | 79,151 | 77,524 | ||||||||||||
Operating income
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5,248 | 5,593 | 14,126 | 14,488 | ||||||||||||
Other income (expense), net
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(178 | ) | (233 | ) | (968 | ) | (688 | ) | ||||||||
Income before income taxes
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5,070 | 5,360 | 13,158 | 13,800 | ||||||||||||
Provision for income taxes
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1,259 | 2,027 | 4,180 | 5,227 | ||||||||||||
Net income
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$ | 3,811 | $ | 3,333 | $ | 8,978 | $ | 8,573 | ||||||||
Earnings per common share
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||||||||||||||||
Basic
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$ | 0.15 | $ | 0.14 | $ | 0.36 | $ | 0.35 | ||||||||
Diluted
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$ | 0.15 | $ | 0.13 | $ | 0.36 | $ | 0.35 | ||||||||
Weighted average common shares
|
||||||||||||||||
Basic
|
24,902 | 24,622 | 24,833 | 24,523 | ||||||||||||
Diluted
|
25,174 | 24,867 | 25,085 | 24,722 |
CONSOLIDATED BALANCE SHEETS
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||||||||
(in thousands)
|
||||||||
Feb, 28
|
May 31,
|
|||||||
2011
|
2010
|
|||||||
(unaudited)
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(2) | |||||||
Assets
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||||||||
Current Assets
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||||||||
Cash and cash equivalents | $ | 35,257 | $ | 58,763 | ||||
Marketable securities
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84,973 | 41,311 | ||||||
Total cash and investments
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120,230 | 100,074 | ||||||
Receivables, net
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28,461 | 29,838 | ||||||
Inventories, net
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29,489 | 29,216 | ||||||
Deferred income taxes
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3,848 | 5,281 | ||||||
Prepaid income taxes
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2,998 | 5,525 | ||||||
Prepaid expenses and other
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1,541 | 1,426 | ||||||
Total current assets
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186,567 | 171,360 | ||||||
Property, plant and equipment, net
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23,714 | 24,193 | ||||||
Intangible assets, net
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53,770 | 58,352 | ||||||
Goodwill
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161,959 | 161,974 | ||||||
Deferred income taxes
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1,638 | 2,527 | ||||||
Other non-current assets
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5,751 | 5,519 | ||||||
Total Assets | $ | 433,399 | $ | 423,925 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Current portion of long-term debt
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$ | 270 | $ | 260 | ||||
Other current liabilities
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21,210 | 25,766 | ||||||
Long-term debt, net of current portion
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6,345 | 6,550 | ||||||
Total Liabilities
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27,825 | 32,576 | ||||||
Stockholders' equity
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405,574 | 391,349 | ||||||
Total Liabilities and Stockholders' Equity
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$ | 433,399 | $ | 423,925 | ||||
Shares outstanding
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24,975 | 24,747 | ||||||
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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||||||||||||
(in thousands)
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||||||||||||
Nine months ended
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Feb, 28
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Feb, 28
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|||||||||||
2011
|
2010
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|||||||||||
(unaudited)
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(unaudited)
|
|||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
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$ | 8,978 | $ | 8,573 | ||||||||
Depreciation and amortization | 9,112 | 9,256 | ||||||||||
Tax effect of exercise of stock options | (97 | ) | (145 | ) | ||||||||
Deferred income taxes | 2,437 | 4,943 | ||||||||||
Stock-based compensation | 3,402 | 3,672 | ||||||||||
Other | 50 | (652 | ) | |||||||||
Changes in operating assets and liabilities | ||||||||||||
Receivables
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1,440 | 713 | ||||||||||
Inventories
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(87 | ) | 3,170 | |||||||||
Accounts payable and accrued liabilities | (5,633 | ) | (5,708 | ) | ||||||||
Other | 2,371 | (8 | ) | |||||||||
Net cash provided by operating activities
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21,973 | 23,814 | ||||||||||
Cash flows from investing activities:
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||||||||||||
Additions to property, plant and equipment
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(1,972 | ) | (3,394 | ) | ||||||||
Acquisition of intangible assets and businesses
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(1,084 | ) | (5,342 | ) | ||||||||
Other cash flow from investing activities
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(182 | ) | - | |||||||||
Purchases, sales and maturities of marketable securities, net
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(44,100 | ) | (8,185 | ) | ||||||||
Net cash provided by (used in) investing activities
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(47,338 | ) | (16,921 | ) | ||||||||
Cash flows from financing activities:
|
||||||||||||
Repayment of long-term debt
|
(195 | ) | (205 | ) | ||||||||
Proceeds from exercise of stock options and ESPP
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2,012 | 2,934 | ||||||||||
Net cash provided by (used in) financing activities
|
1,817 | 2,729 | ||||||||||
Effect of exchange rate changes on cash
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42 | (18 | ) | |||||||||
Increase (Decrease) in cash and cash equivalents
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(23,506 | ) | 9,604 | |||||||||
Cash and cash equivalents
|
||||||||||||
Beginning of period
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58,763 | 27,909 | ||||||||||
End of period
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$ | 35,257 | $ | 37,513 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
||||||||||||||||
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
|
||||||||||||||||
(in thousands)
|
||||||||||||||||
Three months ended
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Nine months ended
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|||||||||||||||
Feb, 28
|
Feb, 28
|
Feb, 28
|
Feb, 28
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net Sales by Product Category
|
||||||||||||||||
Vascular
|
||||||||||||||||
Peripheral Vascular
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$ | 21,855 | $ | 22,413 | $ | 64,560 | $ | 66,639 | ||||||||
Access
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16,478 | 16,086 | 47,207 | 48,994 | ||||||||||||
Total Vascular
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38,333 | 38,499 | 111,767 | 115,633 | ||||||||||||
Oncology/Surgery
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16,315 | 13,708 | 47,760 | 40,125 | ||||||||||||
Total
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$ | 54,648 | $ | 52,207 | $ | 159,527 | $ | 155,758 | ||||||||
Net Sales by Geography
|
||||||||||||||||
United States
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$ | 48,338 | $ | 46,380 | $ | 140,514 | $ | 138,781 | ||||||||
International
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6,310 | 5,827 | 19,013 | 16,977 | ||||||||||||
Total
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$ | 54,648 | $ | 52,207 | $ | 159,527 | $ | 155,758 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Reconciliation of Operating Income to non-GAAP EBITDA:
|
||||||||||||||||
Three months ended
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Nine months ended
|
|||||||||||||||
Feb, 28
|
Feb, 28
|
Feb, 28
|
Feb, 28
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Operating income
|
$ | 5,248 | $ | 5,593 | $ | 14,126 | $ | 14,488 | ||||||||
Amortization of intangibles
|
2,252 | 2,284 | 6,660 | 7,007 | ||||||||||||
Depreciation
|
876 | 925 | 2,452 | 2,249 | ||||||||||||
EBITDA
|
$ | 8,376 | $ | 8,802 | $ | 23,238 | $ | 23,744 | ||||||||
EBITDA per common share
|
||||||||||||||||
Basic
|
$ | 0.34 | $ | 0.36 | $ | 0.94 | $ | 0.97 | ||||||||
Diluted
|
$ | 0.33 | $ | 0.35 | $ | 0.93 | $ | 0.96 | ||||||||
Weighted average common shares
|
||||||||||||||||
Basic
|
24,902 | 24,622 | 24,833 | 24,523 | ||||||||||||
Diluted
|
25,174 | 24,867 | 25,085 | 24,722 |
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