Exhibit 99.1
PRESS RELEASE
Investor Contact:
AngioDynamics, Inc.
Stephen Trowbridge, Executive Vice President & CFO
(518) 795-1408
AngioDynamics Reports Fiscal 2022 Third Quarter Financial Results;
Reaffirms Fiscal Year 2022 Guidance
Fiscal 2022 Third Quarter Highlights
|
•
|
Net sales of $74.0 million increased 3.9% compared to the prior-year quarter
|
|
•
|
Med Tech grew 28.6% and Med Device declined 2.8% year over year
|
|
•
|
Gross margin of 52.2% declined 190 basis points year over year
|
|
•
|
GAAP loss per share of $0.13 and adjusted earnings per share of $0.03
|
|
•
|
Subsequent to quarter end:
|
|
o
|
the Company enrolled the first patients in its PRESERVE study for the use of NanoKnife in prostate;
|
|
o
|
the Company received FDA approval for its AlphaVac F18 thrombectomy system; and
|
|
o
|
the Company received FDA approval for its IDE study for the use of AlphaVac F18 to treat
pulmonary embolism
|
Latham, New York, April 7, 2022 – AngioDynamics, Inc. (NASDAQ: ANGO), a leading
and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options and improving quality of life for patients, today announced financial results for the third
quarter of fiscal year 2022, which ended February 28, 2022.
“We are proud of our team’s ability to drive continued growth in our business during the third quarter while operating amid macro-related supply
chain disruptions, procedural volume challenges and ongoing inflation, particularly in December and January. During the quarter, we made significant progress implementing our manufacturing capacity enhancement initiatives, exiting the quarter with an
approximately 20% increase in production hours. Even as we started to see benefits of our capacity enhancement initiatives, we saw our backlog increase during our third
quarter, signaling continued strong customer demand. Since mid-February, we have seen steady improvement in procedure volumes and remain
confident in both the long-term growth trajectory of our portfolio and the strategic transformation of the Company,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics.
Clemmer continued, “Despite the increased COVID and macro headwinds in our third quarter, we continued to invest in our transformation to make
Med Tech comprise a larger, faster-growing piece of our business. As an example, we are pleased to announce the recent FDA clearance of our AlphaVac F18 thrombectomy system for use in the venous vasculature and approval of our IDE study for the use
of AlphaVac F18 to treat pulmonary embolism.”
Third Quarter 2022 Financial Results
Net sales for the third quarter of fiscal 2022 were $74.0 million, an increase of 3.9% compared to the prior-year quarter.
Foreign currency translation did not have a significant impact on the Company’s sales in the quarter.
Med Tech net sales were $19.6 million, a 28.6% increase from $15.2 million in the prior- year period, while Med Device net sales were $54.4
million, a decrease of 2.8% compared to $55.9 million in the prior-year period. Med Tech includes the Auryon Peripheral Atherectomy platform, the thrombectomy platform and the NanoKnife irreversible electroporation platform. The Company’s performance
was impacted by headwinds related to the Omicron variant spike, particularly during the months of December and January, which included supply chain disruptions, procedural challenges and continued inflationary pressures.
|
•
|
Endovascular Therapies (formerly Vascular Interventions and Therapies) net sales were $38.1 million, an increase of 14.5%, compared to
$33.3 million a year ago. Growth was driven by strength in our atherectomy and thrombectomy portfolios relative to the prior-year period. Auryon sales during the quarter were $7.3 million, as the Company continued to see sequential sales
growth of this platform.
|
|
•
|
Oncology net sales were $12.5 million, a decrease of 5.0%, compared to $13.1 million in the prior-year period. The year-over-year
decline was largely due to procedural volume pressures related to COVID and lower NanoKnife capital sales, partially offset by increased sales of NanoKnife disposables in the U.S.
|
|
•
|
Vascular Access net sales were $23.4 million, a decrease of 5.6%, compared to $24.8 million a year ago.
|
|
•
|
Med Device products make up the majority of the Company’s backlog, which stood at approximately $9.6 million at the end of the third
quarter.
|
U.S. net sales in the third quarter of fiscal 2022 were $62.4 million, an increase of 6.5% from $58.7 million a year ago. International net sales
were $11.5 million, a decrease of 8.0%, compared to $12.5 million a year ago. International net sales were primarily impacted by the global Omicron variant spike and reduced capital sales.
Gross margin for the third quarter of fiscal 2022 was 52.2%, a decrease of 190 basis points compared to the third quarter of fiscal 2021. During
the quarter, gross margin continued to be negatively impacted by macro forces including the tight labor market and increased expense for raw materials, labor and freight.
The Company recorded a net loss of $5.0 million, or a loss per share of $0.13, in the third quarter of fiscal 2022. This compares to a net loss
of $3.5 million, or a loss per share of $0.09, a year ago.
Excluding the items shown in the non-GAAP reconciliation table below,
adjusted net income for the third quarter of fiscal 2022 was $1.3 million, and adjusted earnings per share was $0.03 compared to adjusted net income in the prior-year period of $0.7 million and adjusted earnings per share of $0.02. Adjusted net income and adjusted earnings per share in the third quarter of fiscal 2022 includes a $4.2 million, or $0.08 per share benefit, respectively, related to the reimbursement of certain expenses under the employee retention credit as part of the CARES Act.
A similar reimbursement benefit of $1.9 million was included in the prior year period.
Adjusted EBITDA in the third quarter of fiscal 2022, excluding the items shown in the reconciliation table below, was $6.7 million, compared to
$5.4 million in the third quarter of fiscal 2021.
In the third quarter of fiscal 2022, the Company utilized $8.8 million in operating cash, had capital expenditures of $1.1 million and additions
to Auryon placement and evaluation units of $1.5 million. As of February 28, 2022, the Company had $23.9 million in cash and cash equivalents compared to $34.3 million in cash and cash equivalents on November 30, 2021. The Company had debt
outstanding of $25.0 million on February 28, 2022, unchanged from November 30, 2021.
Nine Months Financial Results
For the nine months ended February 28, 2022:
|
•
|
Net sales were $229.2 million, an increase of 7.0%, compared to $214.2 million for the same period a year ago.
|
|
•
|
Med Tech net sales were $56.1 million, a 41.8% increase from the prior year period. Med Device net sales were $173.1 million, a
decrease of 0.8% from the prior year period.
|
|
•
|
The Company’s net loss was $20.3 million, or a loss of $0.52 per share, compared to a net loss of $12.1 million, or a loss of $0.32 per
share, a year ago.
|
|
•
|
Gross margin decreased 140 basis points to 52.0% from 53.4% a year ago.
|
|
•
|
Excluding the items shown in the non-GAAP reconciliation table, below, adjusted net loss was $0.4 million, with adjusted loss per share
of $0.01, compared to adjusted net income and adjusted earnings per share of $1.9 million, and $0.05, respectively, a year ago.
|
|
•
|
Adjusted EBITDA, excluding the items shown in the reconciliation table below, was $14.7 million, compared to $15.0 million for the same
period a year ago.
|
Reiterating Fiscal Year 2022 Guidance
The Company continues to expect:
|
•
|
Fiscal year 2022 net sales to be in the range of $310 to $315 million;
|
|
•
|
Gross margin to be in the range of 52.0% to 54.0%; and
|
|
•
|
Adjusted earnings per share in the range of a loss of $0.02 to a gain of $0.02.
|
Conference Call
The Company's management will host a conference call today at 8:00 a.m. ET to discuss its third quarter results.
To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international) and refer to the passcode 13727875.
This conference call will also be webcast and can be accessed from the
“Investors” section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.
A recording of the call will also be available from 11:00 a.m. ET on Thursday, April 7, 2022, until 11:59 p.m. ET on Thursday, April 14, 2022. To
hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13727875.
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 adjusted EBITDA, adjusted net income and adjusted earnings per share. 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, Inc.
AngioDynamics is a leading, and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system,
expanding cancer treatment options and improving quality of life for patients.
The Company’s innovative technologies and devices are chosen by
talented physicians in fast-growing healthcare markets to treat unmet patient needs. For more information, visit www.angiodynamics.com.
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," “projects”, "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 materially from
AngioDynamics' expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the scale and scope of the COVID-19 global pandemic, 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 (including inflation, labor shortages and supply chain challenges including the cost and availability of raw materials), 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 obtain regulatory clearances or
approval of its products, or to integrate acquired 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, 2021.
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
|
Nine Months Ended
|
|||||||||||||||
|
Feb 28, 2022
|
Feb 28, 2021
|
Feb 28, 2022
|
Feb 28, 2021
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net sales
|
$
|
73,970
|
$
|
71,182
|
$
|
229,221
|
$
|
214,168
|
||||||||
|
Cost of sales (exclusive of intangible amortization)
|
35,387
|
32,652
|
109,944
|
99,700
|
||||||||||||
|
Gross profit
|
38,583
|
38,530
|
119,277
|
114,468
|
||||||||||||
|
% of net sales
|
52.2
|
%
|
54.1
|
%
|
52.0
|
%
|
53.4
|
%
|
||||||||
|
Operating expenses
|
||||||||||||||||
|
Research and development
|
7,280
|
8,565
|
22,873
|
27,286
|
||||||||||||
|
Sales and marketing
|
20,416
|
19,607
|
68,468
|
57,486
|
||||||||||||
|
General and administrative
|
8,727
|
9,011
|
27,348
|
26,787
|
||||||||||||
|
Amortization of intangibles
|
4,895
|
4,292
|
14,605
|
13,838
|
||||||||||||
|
Change in fair value of contingent consideration
|
201
|
183
|
1,005
|
(290
|
)
|
|||||||||||
|
Acquisition, restructuring and other items, net
|
2,359
|
610
|
7,052
|
3,057
|
||||||||||||
|
Total operating expenses
|
43,878
|
42,268
|
141,351
|
128,164
|
||||||||||||
|
Operating loss
|
(5,295
|
)
|
(3,738
|
)
|
(22,074
|
)
|
(13,696
|
)
|
||||||||
|
Interest expense, net
|
(173
|
)
|
(226
|
)
|
(503
|
)
|
(676
|
)
|
||||||||
|
Other income (expense), net
|
(289
|
)
|
(163
|
)
|
(651
|
)
|
259
|
|||||||||
|
Total other expense, net
|
(462
|
)
|
(389
|
)
|
(1,154
|
)
|
(417
|
)
|
||||||||
|
Loss before income tax benefit
|
(5,757
|
)
|
(4,127
|
)
|
(23,228
|
)
|
(14,113
|
)
|
||||||||
|
Income tax benefit
|
(799
|
)
|
(583
|
)
|
(2,947
|
)
|
(2,033
|
)
|
||||||||
|
Net loss
|
$
|
(4,958
|
)
|
$
|
(3,544
|
)
|
$
|
(20,281
|
)
|
$
|
(12,080
|
)
|
||||
|
Loss per share
|
||||||||||||||||
|
Basic
|
$
|
(0.13
|
)
|
$
|
(0.09
|
)
|
$
|
(0.52
|
)
|
$
|
(0.32
|
)
|
||||
|
Diluted
|
$
|
(0.13
|
)
|
$
|
(0.09
|
)
|
$
|
(0.52
|
)
|
$
|
(0.32
|
)
|
||||
|
Weighted average shares outstanding
|
||||||||||||||||
|
Basic
|
39,092
|
38,360
|
38,959
|
38,281
|
||||||||||||
|
Diluted
|
39,092
|
38,360
|
38,959
|
38,281
|
||||||||||||
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
(in thousands, except per share data)
|
|
Reconciliation of Net Loss to non-GAAP Adjusted Net Income (Loss):
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
Feb 28, 2022
|
Feb 28, 2021
|
Feb 28, 2022
|
Feb 28, 2021
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net loss
|
$
|
(4,958
|
)
|
$
|
(3,544
|
)
|
$
|
(20,281
|
)
|
$
|
(12,080
|
)
|
||||
|
Amortization of intangibles
|
4,895
|
4,292
|
14,605
|
13,838
|
||||||||||||
|
Change in fair value of contingent consideration
|
201
|
183
|
1,005
|
(290
|
)
|
|||||||||||
|
Acquisition, restructuring and other items, net (1)
|
2,359
|
610
|
7,052
|
3,057
|
||||||||||||
|
Tax effect of non-GAAP items (2)
|
(1,190
|
)
|
(803
|
)
|
(2,817
|
)
|
(2,606
|
)
|
||||||||
|
Adjusted net income (loss)
|
$
|
1,307
|
$
|
738
|
$
|
(436
|
)
|
$
|
1,919
|
|||||||
|
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Earnings (Loss) Per Share:
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
Feb 28, 2022
|
Feb 28, 2021
|
Feb 28, 2022
|
Feb 28, 2021
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Diluted loss per share
|
$
|
(0.13
|
)
|
$
|
(0.09
|
)
|
$
|
(0.52
|
)
|
$
|
(0.32
|
)
|
||||
|
Amortization of intangibles
|
0.12
|
0.11
|
0.37
|
0.36
|
||||||||||||
|
Change in fair value of contingent consideration
|
—
|
—
|
0.03
|
(0.01
|
)
|
|||||||||||
|
Acquisition, restructuring and other items, net (1)
|
0.07
|
0.02
|
0.18
|
0.08
|
||||||||||||
|
Tax effect of non-GAAP items (2)
|
(0.03
|
)
|
(0.02
|
)
|
(0.07
|
)
|
(0.06
|
)
|
||||||||
|
Adjusted diluted earnings (loss) per share
|
$
|
0.03
|
$
|
0.02
|
$
|
(0.01
|
)
|
$
|
0.05
|
|||||||
|
Adjusted diluted sharecount (3)
|
40,280
|
39,271
|
38,959
|
38,770
|
||||||||||||
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and
write-offs, certain litigation, and other items.
|
|
(2) Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's U.S. deferred
tax assets and an effective tax rate of 23% for the periods ended February 28, 2022 and 2021.
|
|
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.
|
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
|
GAAP TO NON-GAAP RECONCILIATION (Continued)
|
|
(in thousands, except per share data)
|
|
Reconciliation of Net Loss to Adjusted EBITDA:
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
Feb 28, 2022
|
Feb 28, 2021
|
Feb 28, 2022
|
Feb 28, 2021
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net loss
|
$
|
(4,958
|
)
|
$
|
(3,544
|
)
|
$
|
(20,281
|
)
|
$
|
(12,080
|
)
|
||||
|
Income tax benefit
|
(799
|
)
|
(583
|
)
|
(2,947
|
)
|
(2,033
|
)
|
||||||||
|
Interest expense, net
|
173
|
226
|
503
|
676
|
||||||||||||
|
Depreciation and amortization
|
7,367
|
6,340
|
21,566
|
19,276
|
||||||||||||
|
Change in fair value of contingent consideration
|
201
|
183
|
1,005
|
(290
|
)
|
|||||||||||
|
Stock based compensation
|
2,352
|
2,147
|
7,789
|
6,398
|
||||||||||||
|
Acquisition, restructuring and other items, net (1)
|
2,359
|
610
|
7,052
|
3,057
|
||||||||||||
|
Adjusted EBITDA
|
$
|
6,695
|
$
|
5,379
|
$
|
14,687
|
$
|
15,004
|
||||||||
|
Per diluted share:
|
||||||||||||||||
|
Adjusted EBITDA
|
$
|
0.17
|
$
|
0.14
|
$
|
0.38
|
$
|
0.39
|
||||||||
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and
write-offs, certain litigation, and other items.
|
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
|
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
|
|
(in thousands)
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||||||||||||||||||
|
Feb 28, 2022
|
Feb 28, 2021
|
% Growth
|
Currency Impact
|
Constant Currency Growth
|
Feb 28, 2022
|
Feb 28, 2021
|
% Growth
|
Currency Impact
|
Constant Currency Growth
|
|||||||||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||||||||||
|
Net Sales
|
||||||||||||||||||||||||||||||||||||||||
|
Med Tech
|
$
|
19,612
|
$
|
15,246
|
28.6
|
%
|
$
|
56,117
|
$
|
39,581
|
41.8
|
%
|
||||||||||||||||||||||||||||
|
Med Device
|
54,358
|
55,936
|
(2.8
|
)%
|
173,104
|
174,587
|
(0.8
|
)%
|
||||||||||||||||||||||||||||||||
|
$
|
73,970
|
$
|
71,182
|
3.9
|
%
|
(0.1
|
)%
|
3.8
|
%
|
$
|
229,221
|
$
|
214,168
|
7.0
|
%
|
0.2
|
%
|
7.2
|
%
|
|||||||||||||||||||||
|
Net Sales by Product Category
|
||||||||||||||||||||||||||||||||||||||||
|
Endovascular Therapies
|
$
|
38,083
|
$
|
33,251
|
14.5
|
%
|
$
|
115,799
|
$
|
97,008
|
19.4
|
%
|
||||||||||||||||||||||||||||
|
Vascular Access
|
23,431
|
24,813
|
(5.6
|
)%
|
73,459
|
76,848
|
(4.4
|
)%
|
||||||||||||||||||||||||||||||||
|
Oncology
|
12,456
|
13,118
|
(5.0
|
)%
|
39,963
|
40,312
|
(0.9
|
)%
|
||||||||||||||||||||||||||||||||
|
$
|
73,970
|
$
|
71,182
|
3.9
|
%
|
(0.1
|
)%
|
3.8
|
%
|
$
|
229,221
|
$
|
214,168
|
7.0
|
%
|
0.2
|
%
|
7.2
|
%
|
|||||||||||||||||||||
|
—
|
—
|
|||||||||||||||||||||||||||||||||||||||
|
Net Sales by Geography
|
||||||||||||||||||||||||||||||||||||||||
|
United States
|
$
|
62,445
|
$
|
58,654
|
6.5
|
%
|
$
|
192,259
|
$
|
173,446
|
10.8
|
%
|
||||||||||||||||||||||||||||
|
International
|
11,525
|
12,528
|
(8.0
|
)%
|
(1.0
|
)%
|
(9.0
|
)%
|
36,962
|
40,722
|
(9.2
|
)%
|
1.1
|
%
|
(8.1
|
)%
|
||||||||||||||||||||||||
|
$
|
73,970
|
$
|
71,182
|
3.9
|
%
|
(0.1
|
)%
|
3.8
|
%
|
$
|
229,221
|
$
|
214,168
|
7.0
|
%
|
0.2
|
%
|
7.2
|
%
|
|||||||||||||||||||||
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(in thousands)
|
|
Feb 28, 2022
|
May 31, 2021
|
|||||||
|
(unaudited)
|
(audited)
|
|||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
23,890
|
$
|
48,161
|
||||
|
Accounts receivable, net
|
41,810
|
35,405
|
||||||
|
Inventories
|
48,039
|
48,614
|
||||||
|
Prepaid expenses and other
|
13,947
|
8,699
|
||||||
|
Total current assets
|
127,686
|
140,879
|
||||||
|
Property, plant and equipment, net
|
43,594
|
37,073
|
||||||
|
Other assets
|
11,309
|
13,193
|
||||||
|
Intangible assets, net
|
159,105
|
168,977
|
||||||
|
Goodwill
|
201,484
|
201,316
|
||||||
|
Total assets
|
$
|
543,178
|
$
|
561,438
|
||||
|
Liabilities and stockholders' equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$
|
21,570
|
$
|
19,630
|
||||
|
Accrued liabilities
|
25,196
|
35,459
|
||||||
|
Other current liabilities
|
2,602
|
2,495
|
||||||
|
Total current liabilities
|
49,368
|
57,584
|
||||||
|
Long-term debt
|
25,000
|
20,000
|
||||||
|
Deferred income taxes
|
16,961
|
19,955
|
||||||
|
Contingent consideration
|
16,741
|
15,741
|
||||||
|
Other long-term liabilities
|
5,416
|
8,701
|
||||||
|
Total liabilities
|
113,486
|
121,981
|
||||||
|
Stockholders' equity
|
429,692
|
439,457
|
||||||
|
Total Liabilities and Stockholders' Equity
|
$
|
543,178
|
$
|
561,438
|
||||
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(in thousands)
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
Feb 28, 2022
|
Feb 28, 2021
|
Feb 28, 2022
|
Feb 28, 2021
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Cash flows from operating activities:
|
||||||||||||||||
|
Net loss
|
$
|
(4,958
|
)
|
$
|
(3,544
|
)
|
$
|
(20,281
|
)
|
$
|
(12,080
|
)
|
||||
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
7,406
|
6,379
|
21,682
|
19,392
|
||||||||||||
|
Non-cash lease expense
|
613
|
595
|
1,822
|
1,860
|
||||||||||||
|
Stock based compensation
|
2,352
|
2,147
|
7,789
|
6,398
|
||||||||||||
|
Change in fair value of contingent consideration
|
201
|
183
|
1,005
|
(290
|
)
|
|||||||||||
|
Deferred income taxes
|
(862
|
)
|
(634
|
)
|
(3,121
|
)
|
(2,187
|
)
|
||||||||
|
Change in accounts receivable allowances
|
(82
|
)
|
2
|
(66
|
)
|
31
|
||||||||||
|
Fixed and intangible asset impairments and disposals
|
148
|
10
|
245
|
190
|
||||||||||||
|
Other
|
51
|
81
|
(27
|
)
|
(149
|
)
|
||||||||||
|
Changes in operating assets and liabilities:
|
||||||||||||||||
|
Accounts receivable
|
(3,519
|
)
|
458
|
(6,441
|
)
|
(1,823
|
)
|
|||||||||
|
Inventories
|
110
|
591
|
588
|
11,119
|
||||||||||||
|
Prepaid expenses and other
|
(2,963
|
)
|
(2,498
|
)
|
(7,147
|
)
|
(8,821
|
)
|
||||||||
|
Accounts payable, accrued and other liabilities
|
(7,288
|
)
|
2,101
|
(11,802
|
)
|
(1,746
|
)
|
|||||||||
|
Net cash (used in) provided by operating activities
|
(8,791
|
)
|
5,871
|
(15,754
|
)
|
11,894
|
||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
Additions to property, plant and equipment
|
(1,106
|
)
|
(1,382
|
)
|
(3,258
|
)
|
(4,567
|
)
|
||||||||
|
Additions to placement and evaluation units
|
(1,487
|
)
|
—
|
(8,676
|
)
|
—
|
||||||||||
|
Cash paid in acquisition
|
—
|
—
|
(3,600
|
)
|
—
|
|||||||||||
|
Net cash used in investing activities
|
(2,593
|
)
|
(1,382
|
)
|
(15,534
|
)
|
(4,567
|
)
|
||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
Proceeds from borrowings on long-term debt
|
—
|
—
|
5,000
|
—
|
||||||||||||
|
Repayment of long-term debt
|
—
|
(10,000
|
)
|
—
|
(10,000
|
)
|
||||||||||
|
Proceeds from exercise of stock options and employee stock purchase plan
|
966
|
1,978
|
2,354
|
2,459
|
||||||||||||
|
Net cash provided by (used in) financing activities
|
966
|
(8,022
|
)
|
7,354
|
(7,541
|
)
|
||||||||||
|
Effect of exchange rate changes on cash and cash equivalents
|
17
|
(23
|
)
|
(337
|
)
|
248
|
||||||||||
|
(Decrease) increase in cash and cash equivalents
|
(10,401
|
)
|
(3,556
|
)
|
(24,271
|
)
|
34
|
|||||||||
|
Cash and cash equivalents at beginning of period
|
34,291
|
58,025
|
48,161
|
54,435
|
||||||||||||
|
Cash and cash equivalents at end of period
|
$
|
23,890
|
$
|
54,469
|
$
|
23,890
|
$
|
54,469
|
||||||||
