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 April 4, 2012.
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ANGIODYNAMICS, INC.
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|||
(Registrant)
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|||
Date: April 4, 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 April 4, 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.
Bob Jones/ Greg Gin
(646) 201-5447/ (646) 445-4801
bjones@evcgroup.com; ggin@evcgroup.com
Doug Sherk
(415) 652-9100
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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AngioDynamics recently announced a strategic relationship with Microsulis Medical Ltd, a company specializing in minimally invasive, microwave ablation technology. The relationship includes a $5 million equity investment, international distribution rights, and an exclusive option to purchase the microwave ablation technology and other assets of the company.
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·
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Five oral presentations were given at the Society of Interventional Radiology’s (SIR) Annual Scientific Meeting in San Francisco on clinical experience with the NanoKnife® System. This included a company-sponsored phase II prospective, multicenter clinical study in Europe to evaluate the NanoKnife System for first-line treatment of liver cancer. It also included two presentations on experience with pancreatic cancer, one of which was highlighted in a press release issued by SIR and a press conference.
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·
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An oral presentation was delivered at the Society of Surgical Oncology (SSO) conference in Orlando regarding clinical experience with the NanoKnife® System on pancreatic cancer. An evaluation of registry data administered by the University of Louisville, Department of Surgery, Division of Surgical Oncology, the authors reported a significant improvement in local progression-free survival, 14 versus six months. Improvement also was reported for distant progression-free survival, 15 versus nine months. Overall survival increased to 20 months versus 13 months.
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·
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Receipt of U.S. FDA 510(k) Market Clearance for AngioDynamics’ NeverTouch Direct™ Procedure Kit for use with the Company’s VenaCure EVLT® Laser Vein Ablation System.
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·
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Continued double-digit growth of VenaCure EVLT System sales, driven by the strong performance of the VenaCure® 1470nm laser and NeverTouch® procedure kits.
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·
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AngioDynamics launched the DuraFlow™ 2 Chronic Dialysis Catheter, which features a redesigned kit that is more convenient for institutions looking to better control inventories, and also expands the product’s appeal to vascular access centers where 45% of all chronic dialysis catheter placements occur.
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FY 2012 GUIDANCE, INCLUDING ITEMS (GAAP)
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|||
($ in mil's, except EPS)
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|||
Q4
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FY 2012
|
||
Sales ($)
|
52.1 - 54.1
|
216.2 - 218.2
|
|
Sales Growth (%)
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(8)% - (4)%
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0% - 1%
|
|
Gross Margin (%)
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57.5% - 58.5%
|
57.0% - 58.0%
|
|
Operating Income ($)
|
1.7 - 2.7
|
5.5 – 6.5
|
|
EBITDA ($)
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5.2 - 6.2
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18.8 – 19.8
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EPS ($)
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0.04 - 0.06
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0.12 - 0.14
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FY 2012 GUIDANCE, EXCLUDING ITEMS (Non-GAAP)*
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|||
($ in mil's, except EPS)
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|||
Q4
|
FY 2012
|
||
Sales ($)
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52.1 - 54.1
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216.2 - 218.2
|
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Sales Growth (%)
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(8)% - (4)%
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0% - 1%
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Pro Forma Sales Growth (%)**
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8% - 13%
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4% - 6%
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Gross Margin (%)
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60.5% - 61.5%
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59.0% - 60.0%
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Operating Income ($)
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3.5 - 4.5
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17.6 - 18.6
|
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EBITDA ($)
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7.0 - 8.0
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30.9 - 31.9
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EPS ($)
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0.09 - 0.11
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0.42 - 0.44
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* Excludes Quality Call to Action program, product recall, acquisition and restructuring costs.
** Pro Forma Sales Growth excluding LC Beads in all periods
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Three months ended
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Nine months ended
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|||||||||||||||
February 29,
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February 28,
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February 29,
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February 28,
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|||||||||||||
2012
|
2011
|
2012
|
2011
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|||||||||||||
(unaudited)
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(unaudited)
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|||||||||||||||
Net sales
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$ | 51,567 | $ | 54,648 | $ | 164,097 | $ | 159,527 | ||||||||
Cost of sales
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22,153 | 22,927 | 69,307 | 66,250 | ||||||||||||
Gross profit
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29,414 | 31,721 | 94,790 | 93,277 | ||||||||||||
% of net sales
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57.0 | % | 58.0 | % | 57.8 | % | 58.5 | % | ||||||||
Operating expenses
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||||||||||||||||
Research and development
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4,574 | 5,322 | 15,289 | 15,824 | ||||||||||||
Sales and marketing
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15,802 | 14,553 | 47,958 | 42,790 | ||||||||||||
General and administrative
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4,434 | 4,346 | 13,371 | 13,105 | ||||||||||||
Amortization of intangibles
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2,320 | 2,252 | 6,914 | 6,660 | ||||||||||||
Acquisition and restructuring
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5,041 | - | 7,372 | 772 | ||||||||||||
Total operating expenses
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32,171 | 26,473 | 90,904 | 79,151 | ||||||||||||
Operating income (loss)
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(2,757 | ) | 5,248 | 3,886 | 14,126 | |||||||||||
Other income (expense), net
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(123 | ) | (178 | ) | (1,094 | ) | (968 | ) | ||||||||
Income (loss) before income taxes
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(2,880 | ) | 5,070 | 2,792 | 13,158 | |||||||||||
Provision for (benefit from) income taxes
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(1,112 | ) | 1,259 | 858 | 4,180 | |||||||||||
Net income (loss)
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$ | (1,768 | ) | $ | 3,811 | $ | 1,934 | $ | 8,978 | |||||||
Earnings (Loss) per common share
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||||||||||||||||
Basic
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$ | (0.07 | ) | $ | 0.15 | $ | 0.08 | $ | 0.36 | |||||||
Diluted | $ | (0.07 | ) | $ | 0.15 | $ | 0.08 | $ | 0.36 | |||||||
Weighted average common shares
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||||||||||||||||
Basic
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25,129 | 24,902 | 25,114 | 24,833 | ||||||||||||
Diluted | 25,129 | 25,174 | 25,289 | 25,085 |
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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|||||||||||||||
February 29,
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February 28,
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February 29,
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February 28,
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|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Operating income (loss)
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$ | (2,757 | ) | $ | 5,248 | $ | 3,886 | $ | 14,126 | |||||||
Amortization of intangibles
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2,320 | 2,252 | 6,914 | 6,660 | ||||||||||||
Depreciation
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868 | 876 | 2,547 | 2,452 | ||||||||||||
EBITDA
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431 | 8,376 | 13,347 | 23,238 | ||||||||||||
Quality Call to Action Program
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912 | - | 912 | - | ||||||||||||
Product recalls
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438 | - | 1,879 | - | ||||||||||||
Acquisition and restructuring
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5,041 | - | 7,372 | 772 | ||||||||||||
Adjusted EBITDA
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$ | 6,822 | $ | 8,376 | $ | 23,510 | $ | 24,010 | ||||||||
EBITDA per common share
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||||||||||||||||
Basic
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$ | 0.02 | $ | 0.34 | $ | 0.53 | $ | 0.94 | ||||||||
Diluted
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$ | 0.02 | $ | 0.33 | $ | 0.53 | $ | 0.93 | ||||||||
Adjusted EBITDA per common share
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||||||||||||||||
Basic
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$ | 0.27 | $ | 0.34 | $ | 0.94 | $ | 0.97 | ||||||||
Diluted
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$ | 0.27 | $ | 0.33 | $ | 0.93 | $ | 0.96 | ||||||||
Weighted average common shares
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||||||||||||||||
Basic
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25,129 | 24,902 | 25,114 | 24,833 | ||||||||||||
Diluted
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25,129 | 25,174 | 25,289 | 25,085 |
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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Nine months ended
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|||||||||||||||
February 29,
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February 28,
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February 29,
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February 28,
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|||||||||||||
2012
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2011
|
2012
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2011
|
|||||||||||||
(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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$ | 22,852 | $ | 21,856 | $ | 66,899 | $ | 64,561 | ||||||||
Access
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15,062 | $ | 16,477 | 45,863 | 47,206 | |||||||||||
Total Vascular
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37,914 | 38,333 | 112,762 | 111,767 | ||||||||||||
Oncology/Surgery
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13,653 | 16,315 | 51,335 | 47,760 | ||||||||||||
Total
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$ | 51,567 | $ | 54,648 | $ | 164,097 | $ | 159,527 | ||||||||
Net Sales by Geography
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||||||||||||||||
United States
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$ | 43,629 | $ | 48,338 | $ | 140,587 | $ | 140,513 | ||||||||
International
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7,938 | 6,310 | 23,510 | 19,014 | ||||||||||||
Total
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$ | 51,567 | $ | 54,648 | $ | 164,097 | $ | 159,527 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
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(in thousands)
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February 29,
|
May 31,
|
|||||||
2012
|
2011
|
|||||||
(unaudited)
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(unaudited)
|
|||||||
Assets
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||||||||
Current Assets
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||||||||
Cash and cash equivalents
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$ | 34,047 | $ | 45,984 | ||||
Marketable securities
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108,980 | 85,558 | ||||||
Total cash and investments
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143,027 | 131,542 | ||||||
Receivables, net
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26,723 | 27,141 | ||||||
Inventories, net
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28,158 | 28,126 | ||||||
Deferred income taxes
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3,788 | 2,821 | ||||||
Prepaid income taxes
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1,495 | 503 | ||||||
Prepaid expenses and other
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7,858 | 4,172 | ||||||
Total current assets
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211,049 | 194,305 | ||||||
Property, plant and equipment, net
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23,148 | 23,804 | ||||||
Intangible assets, net
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41,530 | 48,037 | ||||||
Goodwill
|
161,951 | 161,951 | ||||||
Deferred income taxes
|
5,164 | 5,835 | ||||||
Other non-current assets
|
3,765 | 3,489 | ||||||
Total Assets
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$ | 446,607 | $ | 437,421 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Current portion of long-term debt
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$ | 295 | $ | 275 | ||||
Other current liabilities
|
28,899 | 25,232 | ||||||
Long-term debt, net of current portion
|
6,050 | 6,275 | ||||||
Total Liabilities
|
35,244 | 31,782 | ||||||
Stockholders' equity
|
411,363 | 405,639 | ||||||
Total Liabilities and Stockholders' Equity
|
$ | 446,607 | $ | 437,421 | ||||
- | ||||||||
Shares outstanding
|
25,195 | 24,986 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
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(in thousands)
|
Nine months ended
|
||||||||
February 29,
|
February 28,
|
|||||||
2012
|
2011
|
|||||||
(unaudited) |
(unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 1,934 | $ | 8,978 | ||||
Depreciation and amortization
|
9,461 | 9,112 | ||||||
Tax effect of exercise of stock options
|
(237 | ) | (97 | ) | ||||
Deferred income taxes
|
(247 | ) | 2,437 | |||||
Stock-based compensation
|
2,998 | 3,402 | ||||||
Other
|
323 | (92 | ) | |||||
Changes in operating assets and liabilities
|
||||||||
Receivables
|
372 | 1,440 | ||||||
Inventories
|
(277 | ) | 55 | |||||
Accounts payable and accrued liabilities
|
3,457 | (5,633 | ) | |||||
Other
|
(5,282 | ) | 2,371 | |||||
Net cash provided by operating activities
|
12,502 | 21,973 | ||||||
Cash flows from investing activities:
|
||||||||
Additions to property, plant and equipment
|
(1,879 | ) | (1,972 | ) | ||||
Acquisition of intangible and other assets
|
(500 | ) | (1,084 | ) | ||||
Proceeds from sales of intangible and other assets
|
1,000 | - | ||||||
Purchases, sales and maturities of marketable securities, net
|
(24,061 | ) | (44,282 | ) | ||||
Net cash provided by (used in) investing activities
|
(25,440 | ) | (47,338 | ) | ||||
Cash flows from financing activities:
|
||||||||
Repayment of long-term debt
|
(205 | ) | (195 | ) | ||||
Proceeds from exercise of stock options and ESPP
|
3,312 | 2,012 | ||||||
Repurchase and retirement of shares
|
(2,104 | ) | - | |||||
Net cash provided by financing activities
|
1,003 | 1,817 | ||||||
Effect of exchange rate changes on cash
|
(2 | ) | 42 | |||||
Decrease in cash and cash equivalents
|
(11,937 | ) | (23,506 | ) | ||||
Cash and cash equivalents
|
||||||||
Beginning of period
|
45,984 | 58,763 | ||||||
End of period
|
$ | 34,047 | $ | 35,257 |
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