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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14 Plaza Drive, Latham, New York 12110
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(Address of Principal Executive Offices) (Zip Code)
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(518) 798-1215
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(Registrant’s telephone number, including area 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 July 14, 2011.
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ANGIODYNAMICS, INC. | |||
(Registrant) | |||
Date: July 14, 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 July 14, 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) 568-4887
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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Q4 Net Sales of $56.4 Million; 2011 Net Sales of $216.0 Million
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●
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Q4 NanoKnife® System Sales Up 170% versus Year Ago Quarter; International Sales Rise 28% versus Year Ago Quarter
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●
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Two Non-Cash Charges Totaling $6.4 Million Recorded in Q4
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●
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Q4 EPS of $0.11 Prior to Charges and $0.03 Loss Per Share Including Charges
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●
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FY 2011 EPS of $0.48 Prior to Charges and $0.33 Including Charges
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●
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Operating Cash Flow of $11.9 Million in Q4 and $33.9 Million in FY 2011
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●
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Company Provides Guidance for FY 2012
|
●
|
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 151 patients were treated in April through June, bringing the total number of patients treated with the NanoKnife System to 689. NanoKnife System sales in the fourth quarter included seven new commercial accounts.
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·
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The U.S. Food & Drug Administration (FDA) granted Investigational Device Exemption (IDE) approval to conduct a clinical study of the NanoKnife System for the ablation of low risk, localized prostate cancer.
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·
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The Company submitted its IDE application to the FDA for a clinical study of the use of the NanoKnife System in pancreatic cancer. The IDE application for pancreatic cancer included a review of past commercial use of the product under the approved indication, and retrospectively examined a total of 21 patients for which the NanoKnife was used to ablate Stage III pancreatic cancer. Key findings show that 95% of the cases were technically successful, meaning that the procedure was carried out as planned. There was no 30 day mortality. While these limited retrospective data provide basis for further research to determine NanoKnife’s potential as a safe, effective palliative treatment for pancreatic cancer, these data alone do not support conclusions on determining the clinical significance of the use of NanoKnife in treating pancreatic cancer.
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·
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AngioDynamics expanded its VenaCure EVLT® System product offering with the global launches of the new VenaCure® 1470nm laser and the new 90 cm NeverTouch® procedure kit.
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·
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AngioDynamics advanced its dialysis catheter offering with the U.S. launch of its next generation DuraMax® stepped-tip chronic dialysis catheter and the DuraMaxVP (VascPak™) kit.
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·
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The Company bolstered its Morpheus® Smart PICC product line with the introduction of the 6F triple lumen full IR kits.
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FY 2012 GUIDANCE, INCLUDING KNOWN ITEMS (GAAP)
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|||||
($ in mil's, except EPS)
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|||||
Q1
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Q2
|
Q3
|
Q4
|
FY 2012
|
|
Sales ($)
|
53.5 - 55.5
|
55.5 - 57.5
|
54.5 - 56.5
|
53.5 - 55.5
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217.0 - 225.0
|
Sales Growth (%)
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4% - 8%
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4% - 8%
|
0% - 3%
|
(5)% - (2)%
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0% - 4%
|
Gross Margin (%)
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57.5% - 58.5%
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58.0% - 59.0%
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58.5% - 59.5%
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62.0% - 63.0%
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59.0% - 60.0%
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Operating Income ($)
|
2.1 - 3.1
|
3.9 - 4.9
|
3.8 - 4.8
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4.6 - 5.6
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14.4 - 18.4
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EBITDA ($)
|
5.6 - 6.6
|
7.4 - 8.4
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7.3 - 8.3
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8.1 - 9.1
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28.4 - 32.4
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EPS ($)
|
0.04 - 0.06
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0.09 - 0.11
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0.09 - 0.11
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0.11 - 0.13
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0.33 - 0.41
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FY 2012 GUIDANCE, EXCLUDING KNOWN ITEMS (Non-GAAP)*
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|||||
($ in mil's, except EPS)
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|||||
Q1
|
Q2
|
Q3
|
Q4
|
FY 2012
|
|
Sales ($)
|
53.5 - 55.5
|
55.5 - 57.5
|
54.5 - 56.5
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53.5 - 55.5
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217.0 - 225.0
|
Sales Growth (%)
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4% - 8%
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4% - 8%
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0% - 3%
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(5)% - (2)%
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0% - 4%
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Gross Margin (%)
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58.0% - 59.0%
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59.0% - 60.0%
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60.0% - 61.0%
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62.0% - 63.0%
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60.0% - 61.0%
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Operating Income ($)
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3.5 - 4.5
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4.5 - 5.5
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4.5 - 5.5
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4.5 - 5.5
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17.0 - 21.0
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EBITDA ($)
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7.0 - 8.0
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8.0 - 9.0
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8.0 - 9.0
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8.0 - 9.0
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31.0 - 35.0
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EPS ($)
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0.08 - 0.10
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0.11 - 0.13
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0.11 - 0.13
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0.11 - 0.13
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0.41 - 0.49
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* Excludes known items: CEO transition and manufacturing consolidation under consideration.
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ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED INCOME STATEMENTS
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||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Three months ended
|
Twelve months ended
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|||||||||||||||
May 31,
|
May 31,
|
May 31,
|
May 31,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net sales
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$ | 56,430 | $ | 60,277 | $ | 215,957 | $ | 216,035 | ||||||||
Cost of sales
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23,861 | 25,320 | 90,111 | 89,066 | ||||||||||||
Gross profit
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32,569 | 34,957 | 125,846 | 126,969 | ||||||||||||
% of net sales
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57.7 | % | 58.0 | % | 58.3 | % | 58.8 | % | ||||||||
Operating expenses
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||||||||||||||||
Research and development
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5,549 | 5,374 | 21,372 | 19,275 | ||||||||||||
Sales and marketing
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15,333 | 16,490 | 58,123 | 60,923 | ||||||||||||
General and administrative
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4,722 | 4,254 | 17,828 | 16,437 | ||||||||||||
Impairment and other costs
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6,410 | - | 7,182 | - | ||||||||||||
Amortization of intangibles
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2,574 | 2,456 | 9,234 | 9,463 | ||||||||||||
Total operating expenses
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34,588 | 28,574 | 113,739 | 106,098 | ||||||||||||
Operating income (loss)
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(2,019 | ) | 6,383 | 12,107 | 20,871 | |||||||||||
Other income (expense), net
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(297 | ) | (563 | ) | (1,265 | ) | (1,252 | ) | ||||||||
Income (loss) before income taxes
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(2,316 | ) | 5,820 | 10,842 | 19,619 | |||||||||||
Provision for (benefit from) income taxes
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(1,564 | ) | 2,081 | 2,616 | 7,307 | |||||||||||
Net income (loss)
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$ | (752 | ) | $ | 3,739 | $ | 8,226 | $ | 12,312 | |||||||
Earnings (loss) per common share
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||||||||||||||||
Basic
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$ | (0.03 | ) | $ | 0.15 | $ | 0.33 | $ | 0.50 | |||||||
Diluted
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$ | (0.03 | ) | $ | 0.15 | $ | 0.33 | $ | 0.50 | |||||||
Weighted average common shares
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||||||||||||||||
Basic
|
24,979 | 24,743 | 24,870 | 24,580 | ||||||||||||
Diluted
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25,261 | 24,969 | 25,133 | 24,787 |
CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Reconciliation of Operating Income to non-GAAP EBITDA:
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||||||||||||||||
Three months ended
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Twelve months ended
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|||||||||||||||
May 31,
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May 31,
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May 31,
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May 31,
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|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Operating income (loss)
|
$ | (2,019 | ) | $ | 6,383 | $ | 12,107 | $ | 20,871 | |||||||
Amortization of intangibles
|
2,574 | 2,456 | 9,234 | 9,463 | ||||||||||||
Impairment charge
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6,410 | - | 6,410 | - | ||||||||||||
Depreciation
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893 | 747 | 3,345 | 2,996 | ||||||||||||
EBITDA
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$ | 7,858 | $ | 9,586 | $ | 31,096 | $ | 33,330 | ||||||||
EBITDA per common share
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||||||||||||||||
Basic
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$ | 0.31 | $ | 0.39 | $ | 1.25 | $ | 1.36 | ||||||||
Diluted
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$ | 0.31 | $ | 0.38 | $ | 1.24 | $ | 1.34 | ||||||||
Weighted average common shares
|
||||||||||||||||
Basic
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24,979 | 24,743 | 24,870 | 24,580 | ||||||||||||
Diluted
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25,261 | 24,969 | 25,133 | 24,787 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES
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NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
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(in thousands)
|
Three months ended
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Twelve months ended
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|||||||||||||||
May 31,
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May 31,
|
May 31,
|
May 31,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(unaudited)
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(unaudited)
|
|||||||||||||||
Net Sales by Product Category
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||||||||||||||||
Vascular
|
||||||||||||||||
Peripheral Vascular
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$ | 22,639 | $ | 25,524 | $ | 87,199 | $ | 92,163 | ||||||||
Access
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15,323 | 17,994 | 62,530 | 66,988 | ||||||||||||
Total Vascular
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37,962 | 43,518 | 149,729 | 159,151 | ||||||||||||
Oncology/Surgery
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18,468 | 16,759 | 66,228 | 56,884 | ||||||||||||
Total
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$ | 56,430 | $ | 60,277 | $ | 215,957 | $ | 216,035 | ||||||||
Net Sales by Geography
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||||||||||||||||
United States
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$ | 48,572 | $ | 54,152 | $ | 189,086 | $ | 192,933 | ||||||||
International
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7,858 | 6,125 | 26,871 | 23,102 | ||||||||||||
Total
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$ | 56,430 | $ | 60,277 | $ | 215,957 | $ | 216,035 | ||||||||
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
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||||||||
(in thousands)
|
||||||||
May 31,
|
May 31,
|
|||||||
2011
|
2010
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 45,984 | $ | 58,763 | ||||
Marketable securities
|
85,558 | 41,311 | ||||||
Total cash and investments
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131,542 | 100,074 | ||||||
Receivables, net
|
27,365 | 29,838 | ||||||
Inventories, net
|
28,062 | 29,216 | ||||||
Deferred income taxes
|
2,821 | 5,281 | ||||||
Prepaid income taxes
|
503 | 2,749 | ||||||
Prepaid expenses and other
|
4,137 | 4,202 | ||||||
Total current assets
|
194,430 | 171,360 | ||||||
Property, plant and equipment, net
|
23,804 | 24,193 | ||||||
Intangible assets, net
|
48,037 | 58,352 | ||||||
Goodwill
|
161,951 | 161,974 | ||||||
Deferred income taxes
|
5,835 | 2,527 | ||||||
Other non-current assets
|
3,489 | 5,519 | ||||||
Total Assets
|
$ | 437,546 | $ | 423,925 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Current portion of long-term debt
|
$ | 275 | $ | 260 | ||||
Other current liabilities
|
25,248 | 25,766 | ||||||
Long-term debt, net of current portion
|
6,275 | 6,550 | ||||||
Total Liabilities
|
31,798 | 32,576 | ||||||
Stockholders' equity
|
405,748 | 391,349 | ||||||
Total Liabilities and Stockholders' Equity
|
$ | 437,546 | $ | 423,925 | ||||
Shares outstanding
|
24,986 | 24,747 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(in thousands)
|
||||||||
Twelve months ended
|
||||||||
May 31,
|
May 31,
|
|||||||
2011
|
2010
|
|||||||
(unaudited) |
(unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$ | 8,226 | $ | 12,312 | ||||
Depreciation and amortization
|
12,579 | 12,459 | ||||||
Tax effect of exercise of stock options
|
(741 | ) | (529 | ) | ||||
Deferred income taxes
|
(840 | ) | 5,877 | |||||
Stock-based compensation
|
4,609 | 4,876 | ||||||
Impairment Charges
|
6,410 | - | ||||||
Other
|
(147 | ) | (940 | ) | ||||
Changes in operating assets and liabilities
|
||||||||
Receivables
|
2,546 | (2,613 | ) | |||||
Inventories
|
1,559 | 8,302 | ||||||
Accounts payable and accrued liabilities
|
2,085 | 1,522 | ||||||
Other
|
(2,416 | ) | (1,307 | ) | ||||
Net cash provided by operating activities
|
33,870 | 39,959 | ||||||
Cash flows from investing activities:
|
||||||||
Additions to property, plant and equipment
|
(2,957 | ) | (5,042 | ) | ||||
Acquisition of intangible assets and businesses
|
(1,086 | ) | (5,411 | ) | ||||
Other cash flow from investing activities
|
(182 | ) | - | |||||
Purchases, sales and maturities of marketable securities, net
|
(44,395 | ) | (1,324 | ) | ||||
Net cash provided by (used in) investing activities
|
(48,620 | ) | (11,777 | ) | ||||
Cash flows from financing activities:
|
||||||||
Repayment of long-term debt
|
(260 | ) | (265 | ) | ||||
Proceeds from exercise of stock options and ESPP
|
2,182 | 2,983 | ||||||
Net cash provided by (used in) financing activities
|
1,922 | 2,718 | ||||||
Effect of exchange rate changes on cash
|
49 | (46 | ) | |||||
Increase (Decrease) in cash and cash equivalents
|
(12,779 | ) | 30,854 | |||||
Cash and cash equivalents
|
||||||||
Beginning of period
|
58,763 | 27,909 | ||||||
End of period
|
$ | 45,984 | $ | 58,763 | ||||
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