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 12804
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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 January 5, 2012.
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ANGIODYNAMICS, INC.
(Registrant)
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|||
Date: January 5, 2012
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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 January 5, 2012.
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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.
Greg Gin/Doug Sherk
(646) 445-4801; (415) 652-9100
ggin@evcgroup.com;
dsherk@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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Continued commercial use of AngioDynamics’ NanoKnife System, with 158 patients treated in the second quarter. To date, more than 1,000 patients have been treated with the NanoKnife System.
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·
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Continued progress on NanoKnife System clinical programs, with completion of enrollment in the NanoPanc European Study (ONC-208) evaluating its use to treat pancreatic cancer in 10 patients.
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·
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Receipt of U.S. FDA 510(k) Market Clearance for the NanoKnife System that provides system enhancements such as implementation of RFID, touch screen capabilities and tightened system parameters.
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·
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Continued double digit growth of VenaCure EVLT® System sales driven by the recent market introduction of the 90 cm NeverTouch® procedure kit and the VenaCure® 1470nm laser.
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·
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Expansion of the leadership team with the appointments of Donna Haire, Senior Vice President of Regulatory, Quality, Clinical and Medical Affairs; Alan Panzer, Senior Vice President and General Manager, Vascular
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Division; and Matthew Kapusta, Senior Vice President of Business Development.
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FY 2012 GUIDANCE, INCLUDING ITEMS (GAAP)
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||||
($ in mil's, except EPS)
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||||
Q3
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Q4
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FY 2012
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||
Sales ($)
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52.0 - 54.0
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53.5 – 55.5
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218.0 - 222.0
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Sales Growth (%)
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(5)% - (1)%
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(5)% - (2)%
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1% - 3%
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Gross Margin (%)
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58.5% - 59.5%
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59.5% - 60.5%
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58.5% - 59.5%
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Operating Income ($)
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2.7 - 3.7
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4.6 - 5.6
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13.9 - 15.9
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EBITDA ($)
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6.2 – 7.2
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8.1 - 9.1
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27.5 – 29.5
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EPS ($)
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0.07 - 0.09
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0.11 - 0.13
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0.32 - 0.37
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FY 2012 GUIDANCE, EXCLUDING ITEMS (Non-GAAP)*
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||||
($ in mil's, except EPS)
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||||
Q3
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Q4
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FY 2012
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||
Sales ($)
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52.0 - 54.0
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53.5 - 55.5
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218.0 - 222.0
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Sales Growth (%)
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(5)% - (1)%
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(5)% - (2)%
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1% - 3%
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Pro Forma Sales Growth (%)**
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0% - 4%
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10% - 15%
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5% - 7%
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Gross Margin (%)
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58.5% - 59.5%
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59.5% - 60.5%
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58.5% - 59.5%
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Operating Income ($)
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3.5 – 4.5
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4.9 - 5.9
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17.4 - 19.4
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EBITDA ($)
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7.0 – 8.0
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8.4 - 9.4
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31.0 - 33.0
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EPS ($)
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0.09 - 0.11
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0.11 - 0.13
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0.41 - 0.45
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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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Six months ended
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|||||||||||||||
November 30,
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November 30,
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November 30,
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November 30,
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|||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
(unaudited)
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(unaudited)
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|||||||||||||||
Net sales
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$ | 58,099 | $ | 53,372 | $ | 112,530 | $ | 104,879 | ||||||||
Cost of sales
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24,868 | 21,836 | 47,154 | 43,323 | ||||||||||||
Gross profit
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33,231 | 31,536 | 65,376 | 61,556 | ||||||||||||
% of net sales
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57.2 | % | 59.1 | % | 58.1 | % | 58.7 | % | ||||||||
Operating expenses
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||||||||||||||||
Research and development
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5,125 | 5,259 | 10,715 | 10,501 | ||||||||||||
Sales and marketing
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15,847 | 13,793 | 32,156 | 28,237 | ||||||||||||
General and administrative
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4,625 | 4,173 | 8,937 | 8,759 | ||||||||||||
Amortization of intangibles
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2,300 | 2,142 | 4,594 | 4,409 | ||||||||||||
Restructuring and other costs
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1,408 | 772 | 2,331 | 772 | ||||||||||||
Total operating expenses
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29,305 | 26,139 | 58,733 | 52,678 | ||||||||||||
Operating income
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3,926 | 5,397 | 6,643 | 8,878 | ||||||||||||
Other income (expense), net
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(357 | ) | (262 | ) | (971 | ) | (790 | ) | ||||||||
Income before income taxes
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3,569 | 5,135 | 5,672 | 8,088 | ||||||||||||
Provision for income taxes
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1,240 | 1,856 | 1,970 | 2,921 | ||||||||||||
Net income
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$ | 2,329 | $ | 3,279 | $ | 3,702 | $ | 5,167 | ||||||||
Earnings per common share
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||||||||||||||||
Basic
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$ | 0.09 | $ | 0.13 | $ | 0.15 | $ | 0.21 | ||||||||
Diluted
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$ | 0.09 | $ | 0.13 | $ | 0.15 | $ | 0.21 | ||||||||
Weighted average common shares
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||||||||||||||||
Basic
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25,190 | 24,845 | 25,107 | 24,799 | ||||||||||||
Diluted
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25,340 | 25,094 | 25,278 | 25,067 |
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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Reconciliation of Operating Income to non-GAAP EBITDA:
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||||||||||||||||
Three months ended
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Six months ended
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|||||||||||||||
November 30,
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November 30,
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November 30,
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November 30,
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|||||||||||||
2011
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2010
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2011
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2010
|
|||||||||||||
(unaudited)
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(unaudited)
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|||||||||||||||
Operating income
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$ | 3,926 | $ | 5,397 | $ | 6,643 | $ | 8,878 | ||||||||
Amortization of intangibles
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2,300 | 2,142 | 4,594 | 4,409 | ||||||||||||
Depreciation
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850 | 813 | 1,679 | 1,575 | ||||||||||||
EBITDA
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$ | 7,076 | $ | 8,352 | $ | 12,916 | $ | 14,862 | ||||||||
EBITDA per common share
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||||||||||||||||
Basic
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$ | 0.28 | $ | 0.34 | $ | 0.51 | $ | 0.60 | ||||||||
Diluted
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$ | 0.28 | $ | 0.33 | $ | 0.51 | $ | 0.59 | ||||||||
Weighted average common shares
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||||||||||||||||
Basic
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25,190 | 24,845 | 25,107 | 24,799 | ||||||||||||
Diluted
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25,340 | 25,094 | 25,278 | 25,067 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES
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NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
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(in thousands)
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Three months ended
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Six months ended
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|||||||||||||||
November 30,
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November 30,
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November 30,
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November 30,
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|||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
(unaudited)
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(unaudited)
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|||||||||||||||
Net Sales by Product Category
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Vascular
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Peripheral Vascular
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$ | 23,078 | $ | 22,004 | $ | 44,046 | $ | 42,705 | ||||||||
Access
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15,204 | 15,516 | 30,801 | 30,729 | ||||||||||||
Total Vascular
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38,282 | 37,520 | 74,847 | 73,434 | ||||||||||||
Oncology/Surgery
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19,817 | 15,852 | 37,683 | 31,445 | ||||||||||||
Total
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$ | 58,099 | $ | 53,372 | $ | 112,530 | $ | 104,879 | ||||||||
Net Sales by Geography
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||||||||||||||||
United States
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$ | 49,653 | $ | 46,703 | $ | 96,958 | $ | 92,176 | ||||||||
International
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8,446 | 6,669 | 15,572 | 12,703 | ||||||||||||
Total
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$ | 58,099 | $ | 53,372 | $ | 112,530 | $ | 104,879 | ||||||||
ANGIODYNAMICS, INC. AND SUBSIDIARIES
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||||||||
CONSOLIDATED BALANCE SHEETS
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||||||||
(in thousands)
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||||||||
November 30,
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May 31,
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|||||||
2011
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2011
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|||||||
(unaudited)
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(unaudited)
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|||||||
Assets
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||||||||
Current Assets
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||||||||
Cash and cash equivalents
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$ | 42,955 | $ | 45,984 | ||||
Marketable securities
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93,364 | 85,558 | ||||||
Total cash and investments
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136,319 | 131,542 | ||||||
Receivables, net
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31,451 | 27,141 | ||||||
Inventories, net
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29,427 | 28,126 | ||||||
Deferred income taxes
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2,851 | 2,821 | ||||||
Prepaid income taxes
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2,269 | 503 | ||||||
Prepaid expenses and other
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3,519 | 4,172 | ||||||
Total current assets
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205,836 | 194,305 | ||||||
Property, plant and equipment, net
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23,196 | 23,804 | ||||||
Intangible assets, net
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43,691 | 48,037 | ||||||
Goodwill
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161,951 | 161,951 | ||||||
Deferred income taxes
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4,870 | 5,835 | ||||||
Other non-current assets
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4,046 | 3,489 | ||||||
Total Assets
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$ | 443,590 | $ | 437,421 | ||||
Liabilities and Stockholders' Equity
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||||||||
Current portion of long-term debt
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$ | 290 | $ | 275 | ||||
Other current liabilities
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26,330 | 25,232 | ||||||
Long-term debt, net of current portion
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6,125 | 6,275 | ||||||
Total Liabilities
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32,745 | 31,782 | ||||||
Stockholders' equity
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410,845 | 405,639 | ||||||
Total Liabilities and Stockholders' Equity
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$ | 443,590 | $ | 437,421 | ||||
- | ||||||||
Shares outstanding
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25,103 | 24,986 | ||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
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||||||||
(in thousands)
|
||||||||
Six months ended
|
||||||||
November 30,
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November 30,
|
|||||||
2011
|
2010
|
|||||||
(unaudited)
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(unaudited)
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|||||||
Cash flows from operating activities:
|
||||||||
Net income
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$ | 3,702 | $ | 5,167 | ||||
Depreciation and amortization
|
6,273 | 5,984 | ||||||
Tax effect of exercise of stock options
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(198 | ) | (29 | ) | ||||
Deferred income taxes
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1,058 | 2,285 | ||||||
Stock-based compensation
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1,877 | 2,254 | ||||||
Other
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168 | 71 | ||||||
Changes in operating assets and liabilities
|
||||||||
Receivables
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(4,515 | ) | 4,157 | |||||
Inventories
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(1,546 | ) | (3,515 | ) | ||||
Accounts payable and accrued liabilities
|
892 | (5,944 | ) | |||||
Other
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(1,998 | ) | 1,195 | |||||
Net cash provided by operating activities
|
5,713 | 11,626 | ||||||
Cash flows from investing activities:
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||||||||
Additions to property, plant and equipment
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(1,058 | ) | (1,489 | ) | ||||
Acquisition of intangible and other assets
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(300 | ) | - | |||||
Proceeds from sales of intangible and other assets
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1,000 | - | ||||||
Purchases, sales and maturities of marketable securities, net
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(8,377 | ) | (42,394 | ) | ||||
Net cash provided by (used in) investing activities
|
(8,735 | ) | (43,883 | ) | ||||
Cash flows from financing activities:
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||||||||
Repayment of long-term debt
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(135 | ) | (130 | ) | ||||
Proceeds from exercise of stock options and ESPP
|
2,250 | 718 | ||||||
Repurchase and retirement of shares
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(2,104 | ) | - | |||||
Net cash provided by financing activities
|
11 | 588 | ||||||
Effect of exchange rate changes on cash
|
(18 | ) | 38 | |||||
Decrease in cash and cash equivalents
|
(3,029 | ) | (31,632 | ) | ||||
Cash and cash equivalents
|
||||||||
Beginning of period
|
45,984 | 58,763 | ||||||
End of period
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$ | 42,955 | $ | 27,131 | ||||