EX-99.1 2 an35656705-ex99_1.htm PRESS RELEASE
 
Exhibit 99.1
 
 
 

FOR IMMEDIATE DISTRIBUTION

Company Contact:
Investor Relations Contacts:
Media Contact:
AngioDynamics Inc.
Caitlin Stefanik
(518) 795-1418
cstefanik@angiodynamics.com
FTI Consulting
Jim Polson
(312) 553-6730
Jim.Polson@fticonsulting.com,
Kotaro Yoshida
(212) 850-5690
Kotaro.Yoshida@fticonsulting.com
FTI Consulting
Kimberly Ha
(212) 850-5612
kimberly.ha@fticonsulting.com

AngioDynamics Reports Fiscal 2016 Fourth Quarter and Full Year Results

·
Q4 Net sales of $93.4 million, up 3% year-over-year
·
Q4 GAAP loss per share of $1.21, inclusive of a one-time tax asset write down of $40.1 million; Non-GAAP adjusted EPS of $0.19, up 37% year-over-year
·
Q4 Operating cash generation of $18.5 million
·
FY2017 revenue guidance set at $355-$360 million, adjusted EPS of $0.62-$0.65

ALBANY, N.Y., (July 13, 2016) – AngioDynamics (NASDAQ: ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today reported fourth quarter and full year financial results the 2016 fiscal year ended May 31, 2016.

“Our fourth quarter results reflect a solid quarter of revenue and adjusted EPS growth driven primarily by outperformance in our Peripheral Vascular business, which saw a 10% increase over the prior year period,” said Jim Clemmer, President and Chief Executive Officer of AngioDynamics. “The Peripheral Vascular business growth was driven by the successful launch of Asclera, as well as opportunities created by the recent Cook Medical recall. We also drove strong free cash flow generation during the quarter of $18.1 million, which was primarily attributable to improved inventory management.”

Clemmer continued, “In addition to ensuring that we delivered solid fourth quarter financial results, during my first quarter with AngioDynamics I have spent a significant amount of time focusing on a plan that will increase our operating efficiency, facilitate investment in areas where we have a competitive advantage and bring products to market that improve patient outcomes and reduce costs to the health system. As we move in to 2017 fiscal year, this focus on execution, excellence and innovation will enable us to build upon our recent momentum and put us on a pathway to sustainable and profitable growth.”

Fourth Quarter 2016 Financial Results
Net sales for the fiscal fourth quarter were $93.4 million, an increase of 3% compared with $90.9 million a year ago. On a constant currency basis, sales were also up 3% compared to the fourth
quarter last year.

 
The following comparisons exclude the BSC supply agreement.

Peripheral Vascular net sales in the fourth quarter were $54.8 million compared to $49.8 million in the fiscal year 2015 fourth quarter. Vascular Access net sales were $24.8 million compared to $27.1 million a year ago. Oncology/Surgery net sales were $13.0 million compared to $13.0 million in the prior year’s fourth quarter. Overall, net sales in the U.S. were $75.0 million compared to $72.0 million in the 2015 fiscal year fourth quarter. International net sales were $17.6 million, down 2% from $17.9 million a year ago. On a constant currency basis, international sales declined by 1%.

The Company recorded a net loss of $44.0 million, or $1.21 on a per share basis, driven by a one-time long-term deferred tax asset write down as well as an inventory write-off related to a change in direction to the Celerity product line. In the fourth quarter of fiscal 2015, the Company recorded a net loss of $0.8 million, or $0.02 per share. Excluding the items shown in the attached quarterly non-GAAP reconciliation table, adjusted net income was $6.8 million, or $0.19 per share, compared to adjusted net income of $5.0 million, or $0.14 per share, from the year ago fourth quarter.

Adjusted EBITDA, excluding the items shown in the attached reconciliation table, was $13.9 million, or $0.38 per share, compared to $13.2 million, or $0.36 per share, in the year ago comparable period.

In the fourth quarter, the Company generated $18.5 million in operating cash flow. At May 31, 2016, cash and investments were $34.0 million and debt was $121.4 million.

Twelve Months Financial Results
For the twelve months ended May 31, 2016, net sales were $353.7 million compared to the $357.0 million reported a year ago. The Company recorded a loss of $44.5 million, or $1.23 per share, compared to a net loss of $3.3 million, or $0.09 per share, reported a year ago. Excluding the items shown in the attached quarterly non-GAAP reconciliation table, adjusted net income was $21.2 million, or $0.58 per share, compared to adjusted net income of $21.2 million, or $0.58 per share, a year ago. Adjusted EBITDA, excluding the items shown in the attached reconciliation table, was $53.2 million, or $1.46 per share, compared to $56.7 million, or $1.56 per share, in the year ago period.

Recent Events
·
The Peripheral Vascular segment had a solid quarter with double digit year-over-year sales growth. The segment was positively impacted by increased demand resulting from the recent product recall by Cook Medical.

·
The company successfully launched Asclera for the treatment of uncomplicated spider and uncomplicated reticular (small varicose) veins.

 
·
The Vascular Access business saw increased BioFlo Midline sales during the quarter, highlighting the improved outcomes for patients and cost savings for the healthcare system.

·
The company received clearance by Chinese regulators during the fourth quarter for NanoKnife applicators.

Fiscal Year 2017 and First Quarter Financial Guidance
The Company announced its FY2017 net sales guidance of $355 to $360 million and adjusted earnings per share (EPS) of $0.62 to $0.65. The Company expects first quarter net sales to be in the range of $84 to $87 million and adjusted EPS of $0.11 to $0.14. The company announced FY2017 free cash flow guidance of greater than $30 million.

Conference Call
AngioDynamics will host a conference call today at 8:00am ET to discuss its fourth quarter and full year results. To participate in the live call by telephone, please call 888-504-7953 and reference the Conference ID: 7684613. In addition, a live webcast and archived replay of the call will be available at investors.angiodynamics.com. To access the live webcast, please go to the website 15-minutes prior its start to register, download and install the necessary software.

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 net sales excluding a supply agreement; adjusted sales growth; adjusted EBITDA (income before interest, taxes, depreciation and amortization); adjusted gross profit; adjusted net income and adjusted earnings per share. Additionally, this press release evaluates results on a constant currency basis. As a non-GAAP measure, constant currency excludes the impact of foreign currency exchange rate fluctuations. 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
AngioDynamics Inc. is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, surgery, peripheral vascular disease and oncology. AngioDynamics' diverse product lines include market-leading ablation systems, fluid management systems, vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products and venous
products. More information is available at AngioDynamics.com.

Trademarks
AngioDynamics, the AngioDynamics logo and NanoKnife are trademarks and/or registered trademarks of AngioDynamics Inc., an affiliate or a subsidiary. Asclera is a registered trademark of Chemische Fabrik Kreussler & Co. GmbH.

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,” “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 from AngioDynamics’ expectations. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, 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, 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 integrate purchased 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, 2015 and its quarterly reports on Form 10-Q for the fiscal period ended August 31, 2015, November 30, 2015 and February 29, 2016. 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
    
Twelve months ended
  
   
May 31,
    
May 31,
    
May 31,
    
May 31,
  
   
2016
    
2015
    
2016
    
2015
  
   
(unaudited)
    
(unaudited)
  
                                 
Net sales
  
$
93,369
    
$
90,897
    
$
353,690
    
$
356,974
  
Cost of sales
    
51,892
      
45,340
      
179,721
      
180,085
  
                Gross profit
    
41,477
      
45,557
      
173,969
      
176,889
  
                % of net sales
    
44.4
%
    
50.1
%
    
49.2
%
    
49.6
 % 
                                 
Operating expenses
                                
         Research and development
    
6,937
      
7,289
      
25,126
      
26,931
  
         Sales and marketing
    
21,191
      
20,730
      
84,911
      
82,571
  
         General and administrative
    
6,906
      
7,658
      
29,206
      
29,871
  
         Amortization of intangibles
    
4,762
      
4,730
      
18,118
      
17,912
  
         Change in fair value of contingent consideration
    
318
      
430
      
948
      
(8,196
 ) 
         Acquisition, restructuring and other items, net
    
3,493
      
2,855
      
12,591
      
26,600
  
         Medical device excise tax
    
-
      
1,037
      
2,416
      
4,142
  
                Total operating expenses
    
43,607
      
44,729
      
173,316
      
179,831
  
                Operating  income (loss)
    
(2,130
)
    
828
      
653
      
(2,942
 ) 
Other income (expense), net
    
(1,835
)
    
(1,095
)
    
(5,008
)
    
(5,057
 ) 
                Income (loss) before income taxes
    
(3,965
)
    
(267
)
    
(4,355
)
    
(7,999
 ) 
Income tax expense (benefit)
    
39,997
      
547
      
40,096
      
(4,731
 ) 
                Net income (loss)
  
$
(43,962
)
  
$
(814
)
  
$
(44,451
)
  
$
(3,268
 ) 
                                 
Earnings (loss) per share
                                
         Basic
  
$
(1.21
)
  
$
(0.02
)
  
$
(1.23
)
  
$
(0.09
 ) 
         Diluted
  
$
(1.21
)
  
$
(0.02
)
  
$
(1.23
)
  
$
(0.09
 ) 
                                 
Weighted average shares outstanding
                                
         Basic
    
36,242
      
35,918
      
36,161
      
35,683
  
         Diluted
    
36,242
      
35,918
      
36,161
      
35,683
  
 
 
 
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)
 
 
Reconciliation of Gross Profit to non-GAAP Adjusted Gross Profit
              
   
Three months ended
    
Twelve months ended
  
   
May 31,
    
May 31,
    
May 31,
    
May 31,
  
   
2016
    
2015
    
2016
    
2015
  
   
(unaudited)
   		    
(unaudited)
   		  
Gross profit
  
$
41,477
    
$
45,557
    
$
173,969
    
$
176,889
  
                                 
Recall expenses included in cost of sales
    
-
      
(202
)
    
(92
)
    
4,795
  
Inventory charge included in cost of sales
    
5,940
      
-
      
5,940
      
-
  
       Adjusted gross profit
  
$
47,417
    
$
45,355
    
$
179,817
    
$
181,684
  
              Adjusted gross profit % of sales
    
50.8
%
    
49.9
%
    
50.8
%
    
50.9
%
                                 
                                 
Reconciliation of Net Income to non-GAAP Adjusted Net Income:
                  
   
Three months ended
    
Twelve months ended
  
   
May 31,
    
May 31,
    
May 31,
    
May 31,
  
     2016      2015      2016      2015  
   
(unaudited)
    		    
(unaudited)
    		  
Net income (loss)
  
$
(43,962
)
  
$
(814
)
  
$
(44,451
)
  
$
(3,268
)
                                 
Recall expenses included in cost of sales
    
-
      
(202
)
    
(92
)
    
4,795
  
Inventory charge included in cost of sales
    
5,940
      
-
      
5,940
      
-
  
Amortization of intangibles
    
4,762
      
4,730
      
18,118
      
17,912
  
Change in fair value of contingent consideration
    
318
      
430
      
948
      
(8,196
)
Fixed and intangible asset impairments
    
-
      
-
      
-
      
9,074
  
Indefinite-lived intangible asset impairment
    
-
      
-
      
-
      
6,400
  
Acquisition, restructuring and other items, net (1)
    
3,493
      
2,855
      
12,591
      
11,126
  
Tax effect of non-GAAP items (2)
    
36,200
      
(2,041
)
    
28,162
      
(16,651
)
       Adjusted net income
  
$
6,751
    
$
4,958
    
$
21,216
    
$
21,192
  
                                 
                                 
Reconciliation of Diluted Earnings Per Share to non-GAAP Adjusted Diluted Earnings Per Share:
          
   
Three months ended
    
Twelve months ended
  
   
May 31,
    
May 31,
    
May 31,
    
May 31,
  
    2016      2015      2016      2015  
   
(unaudited)
    		    
(unaudited)
    		  
                                 
Diluted earnings (loss) per share
  
$
(1.21
)
  
$
(0.02
)
  
$
(1.23
)
  
$
(0.09
)
                                 
Recall expenses included in cost of sales
    
-
      
(0.01
)
    
(0.00
)
    
0.13
  
Inventory charge included in cost of sales
    
0.16
      
-
      
0.16
      
-
  
Amortization of intangibles
    
0.13
      
0.13
      
0.50
      
0.49
  
Change in fair value of contingent consideration
    
0.01
      
0.01
      
0.03
      
(0.23
)
Fixed and intangible asset impairments
    
-
      
-
      
-
      
0.25
  
Indefinite-lived intangible asset impairment
    
-
      
-
      
-
      
0.18
  
Acquisition, restructuring and other items, net (1)
    
0.10
      
0.08
      
0.35
      
0.31
  
Tax effect of non-GAAP items (2)
    
0.99
      
(0.06
)
    
0.77
      
(0.46
)
       Adjusted diluted earnings per share
  
$
0.19
    
$
0.14
    
$
0.58
    
$
0.58
  
                                 
                                 
       Adjusted diluted sharecount
    
36,391
      
36,616
      
36,372
      
36,359
  
 
 
(1)  Includes costs related to mergers and acquisition activities, integrations, restructurings, debt refinancings, litigation, and other items.
(2)  Represents the net tax effect of non-GAAP adjustments.
 
 
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION (Continued)
(in thousands, except per share data)
 
 
 
Reconciliation of Net Income to Adjusted EBITDA:
                        
                         
   
Three months ended
    
Twelve months ended
  
   
May 31,
    
May 31,
    
May 31,
    
May 31,
  
   
2016
    
2015
    
2016
    
2015
  
   
(unaudited)
   		    
(unaudited)
   		  
Net income (loss)
  
$
(43,962
)
  
$
(814
)
  
$
(44,451
)
  
$
(3,268
)
                                 
Income tax expense (benefit)
    
39,997
      
547
      
40,096
      
(4,731
)
Other income (expense), net
    
1,835
      
1,095
      
5,008
      
5,057
  
Depreciation and amortization
    
6,860
      
7,582
      
27,900
      
29,956
  
Recall expenses included in cost of sales
    
-
      
(202
)
    
(92
)
    
4,795
  
Inventory charge included in cost of sales
    
5,940
      
-
      
5,940
      
-
  
Change in fair value of contingent consideration
    
318
      
430
      
948
      
(8,196
)
Fixed and intangible asset impairments
    
-
      
-
      
-
      
9,074
  
Indefinite-lived intangible asset impairment
    
-
      
-
      
-
      
6,400
  
Acquisition, restructuring and other items, net (1,2)
    
3,493
      
2,478
      
11,590
      
9,619
  
Credit card fees
    
689
      
512
      
2,980
      
1,948
  
Stock-based compensation
    
(1,260
)
    
1,609
      
3,240
      
5,998
  
        Adjusted EBITDA
  
$
13,910
    
$
13,237
    
$
53,159
    
$
56,652
  
                                 
Per diluted share:
                                
        Adjusted EBITDA
  
$
0.38
    
$
0.36
    
$
1.46
    
$
1.56
  
 
 
(1)  Includes costs related to mergers and acquisition activities, integrations, restructurings, debt refinancings, litigation, and other items.
(2)  Excludes depreciation expense captured in the depreciation and amortization component of the reconciliation.
 
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRELIMINARY NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(unaudited in thousands)

   
Three months ended
    
Twelve months ended
  
                   
Currency
    
Constant
                      
Currency
    
Constant
  
   
May 31,
    
May 31,
  
%
    
Impact
    
Currency
    
May 31,
    
May 31,
    
%
    
Impact
    
Currency
  
   
2016
    
2015
  
Growth
    
(Pos) Neg
    
Growth
    
2016
    
2015
    
Growth
    
(Pos) Neg
    
Growth
  
                                                           
Net Sales by Product Category
                                                      
      Peripheral Vascular
  
$
54,837
    
$
49,837
    
10
%
              
$
202,780
    
$
192,833
      
5
%
            
      Vascular Access
    
24,799
      
27,081
    
-8
%
                
99,375
      
107,874
      
-8
%
            
      Oncology/Surgery
    
12,989
      
13,028
    
0
%
                
48,695
      
52,090
      
-7
%
            
Total Excluding Supply Agreement
    
92,625
      
89,946
    
3
%
    
0
%
    
3
%
    
350,850
      
352,797
      
-1
%
    
1
%
    
0
%
      Supply Agreement
    
744
      
951
    
-22
%
    
0
%
    
-22
%
    
2,840
      
4,177
      
-32
%
    
0
%
    
-32
%
Total
  
$
93,369
    
$
90,897
    
3
%
    
0
%
    
3
%
  
$
353,690
    
$
356,974
      
-1
%
    
1
%
    
0
%
     
0
      
0
                            
0
      
0
                          
                                                                               
Net Sales by Geography
                                                                              
      United States
  
$
74,990
    
$
72,003
    
4
%
    
0
%
    
4
%
  
$
283,519
    
$
280,851
      
1
%
    
0
%
    
1
%
      International
    
17,635
      
17,943
    
-2
%
    
1
%
    
-1
%
    
67,331
      
71,946
      
-6
%
    
3
%
    
-3
%
      Supply Agreement
    
744
      
951
    
-22
%
    
0
%
    
-22
%
    
2,840
      
4,177
      
-32
%
    
0
%
    
-32
%
Total
  
$
93,369
    
$
90,897
    
3
%
    
0
%
    
3
%
  
$
353,690
    
$
356,974
      
-1
%
    
1
%
    
0
%
 
 
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
 
 
   
May 31,
    
May 31,
  
   
2016
    
2015
  
   
(unaudited)
    
(unaudited)
  
Assets
            
Current Assets
            
Cash and cash equivalents
  
$
32,333
    
$
18,391
  
Marketable securities
    
1,653
      
1,689
  
   Total cash and investments
    
33,986
      
20,080
  
                 
Accounts receivable, net
    
52,867
      
58,428
  
Inventories
    
55,370
      
67,388
  
Prepaid income taxes
    
788
      
770
  
Prepaid expenses and other
    
3,243
      
4,783
  
   Total current assets
    
146,254
      
151,449
  
                 
Property, plant and equipment, net
    
48,284
      
54,560
  
Other non-current assets
    
4,696
      
5,288
  
Intangible assets, net
    
167,577
      
181,806
  
Goodwill
    
361,252
      
361,252
  
Deferred income taxes, long-term
    
-
      
19,268
  
   Total Assets
  
$
728,063
    
$
773,623
  
                 
Liabilities and Stockholders' Equity
                
Accounts payable
  
$
15,616
    
$
23,668
  
Accrued liabilities
    
22,265
      
18,331
  
Income taxes payable
    
46
      
439
  
Current portion of long-term debt
    
16,250
      
8,750
  
Current portion of contingent consideration
    
12,919
      
9,969
  
   Total current liabilities
    
67,096
      
61,157
  
Long-term debt, net of current portion
    
105,160
      
128,910
  
Deferred income taxes, long-term
    
21,683
      
1,119
  
Contingent consideration, net of current portion
    
25,356
      
37,415
  
Other long-term liabilities
    
1,741
      
-
  
   Total Liabilities
    
221,036
      
228,601
  
                 
Stockholders' equity
    
507,027
      
545,022
  
   Total Liabilities and Stockholders' Equity
  
$
728,063
    
$
773,623
  
 
 
 
 
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
 
   
Three months ended
    
Twelve months ended
  
   
May 31,
    
May 31,
    
May 31,
    
May 31,
  
   
2016
    
2015
    
2016
    
2015
  
   
(unaudited)
    
(unaudited)
    
(unaudited)
    
(unaudited)
  
                         
Cash flows from operating activities:
                        
 Net  income  (loss)
  
$
(43,962
)
  
$
(814
)
  
$
(44,451
)
  
$
(3,268
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                          
Depreciation and amortization
    
6,980
      
7,716
      
28,379
      
30,492
  
Stock-based compensation
    
(1,260
)
    
1,609
      
3,240
      
5,998
  
Change in fair value of contingent consideration
    
318
      
430
      
948
      
(8,196
)
Fixed and intangible asset impairments and disposals
    
131
      
193
      
806
      
9,381
  
Indefinite-lived intangible asset impairment
    
384
      
-
      
384
      
6,400
  
Deferred income taxes
    
40,115
      
(973
)
    
39,742
      
(5,111
)
Change in accounts receivable allowance
    
1,022
      
790
      
2,377
      
1,448
  
Other
    
827
      
104
      
827
      
34
  
 Changes in operating assets and liabilities, net of acquisitions:
                                
Receivables
    
639
      
(1,440
)
    
3,131
      
2,095
  
Inventories
    
10,519
      
1,322
      
11,976
      
(6,154
)
Prepaid and other assets
    
1,494
      
1,319
      
1,253
      
(1,000
)
Accounts payable and accrued liabilities
    
1,337
      
551
      
(3,396
)
    
(5,877
)
 Net cash provided by (used in) operating activities
    
18,544
      
10,807
      
45,216
      
26,242
  
                                 
 Cash flows from investing activities:
                                
 Additions to property, plant and equipment
    
(431
)
    
(902
)
    
(2,326
)
    
(11,940
)
 Acquisition of warrants
    
-
      
-
      
(2,000
)
    
-
  
 Acquisition of intangible assets
    
(3,250
)
    
(349
)
    
(3,268
)
    
(1,353
)
 Other cash flows from investing activities
    
-
      
-
      
25
      
-
  
 Net cash provided by (used in) investing activities
    
(3,681
)
    
(1,251
)
    
(7,569
)
    
(13,293
)
                                 
Cash flows from financing activities:
                                
 Repayment of long-term debt
    
(5,000
)
    
(11,250
)
    
(16,250
)
    
(20,000
)
 Proceeds from issuance  of long-term debt and revolver borrowings
    
-
      
-
      
-
      
15,000
  
 Payment of Contingent Consideration
    
-
      
-
      
(9,850
)
    
(11,222
)
 Proceeds from exercise of stock options and ESPP
    
504
      
144
      
2,437
      
5,757
  
 Net cash provided by (used in) financing activities
    
(4,496
)
    
(11,106
)
    
(23,663
)
    
(10,465
)
                                 
 Effect of exchange rate changes on cash
    
69
      
237
      
(42
)
    
(198
)
 Increase  (Decrease) in cash and cash equivalents
    
10,436
      
(1,313
)
    
13,942
      
2,286
  
                                 
Cash and cash equivalents
                                
 Beginning of period
    
21,897
      
19,704
      
18,391
      
16,105
  
 End of period
  
$
32,333
    
$
18,391
    
$
32,333
    
$
18,391