|
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
||
(Address of Principal Executive Offices)
|
(Zip Code) | |
(
|
||
(Registrant’s telephone number, including area code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
|
• |
unaudited pro forma consolidated income statements;
|
• |
net sales and gross profit by product category; and
|
• |
notes to the unaudited pro forma consolidated financial statements.
|
(d) |
Exhibits.
|
Exhibit No.
|
Description
|
|
Unaudited Pro Forma Financial Information
|
ANGIODYNAMICS, INC.
|
||
(Registrant)
|
||
Date: July 16, 2024
|
By:
|
/s/ Stephen A. Trowbridge
|
Name: |
Stephen A. Trowbridge
|
|
Title: |
Executive Vice President and Chief Financial Officer
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
As Reported (1)
|
Pro Forma Adjustments (2)
|
Pro Forma
|
As Reported (1)
|
Pro Forma Adjustments (2)
|
Pro Forma
|
|||||||||||||||||||
Aug 31, 2023
|
Aug 31, 2023
|
Aug 31, 2023
|
Aug 31, 2022
|
Aug 31, 2022
|
Aug 31, 2022
|
|||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||
Net sales
|
$
|
78,679
|
$
|
(11,935
|
)
|
$
|
66,744
|
$
|
81,537
|
$
|
(19,828
|
)
|
$
|
61,709
|
||||||||||
Cost of sales (exclusive of intangible amortization)
|
38,619
|
(8,482
|
)
|
30,137
|
39,232
|
(11,585
|
)
|
27,647
|
||||||||||||||||
Gross profit
|
40,060
|
(3,453
|
)
|
36,607
|
42,305
|
(8,243
|
)
|
34,062
|
||||||||||||||||
% of net sales
|
50.9
|
%
|
54.8
|
%
|
51.9
|
%
|
55.2
|
%
|
||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||
Research and development
|
7,941
|
(207
|
)
|
7,734
|
8,333
|
(125
|
)
|
8,208
|
||||||||||||||||
Sales and marketing
|
27,368
|
(1,487
|
)
|
25,881
|
26,543
|
(1,416
|
)
|
25,127
|
||||||||||||||||
General and administrative
|
10,856
|
(1
|
)
|
10,855
|
10,101
|
(101
|
)
|
10,000
|
||||||||||||||||
Amortization of intangibles
|
3,625
|
(964
|
)
|
2,661
|
4,837
|
(1,448
|
)
|
3,389
|
||||||||||||||||
Change in fair value of contingent consideration
|
(130
|
)
|
—
|
(130
|
)
|
211
|
—
|
211
|
||||||||||||||||
Acquisition, restructuring and other items, net
|
3,212
|
(22
|
)
|
3,190
|
5,581
|
(17
|
)
|
5,564
|
||||||||||||||||
Total operating expenses
|
52,872
|
(2,681
|
)
|
50,191
|
55,606
|
(3,107
|
)
|
52,499
|
||||||||||||||||
Gain on sale of assets
|
47,842
|
(47,842
|
)
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Operating income (loss)
|
35,030
|
(48,614
|
)
|
(13,584
|
)
|
(13,301
|
)
|
(5,136
|
)
|
(18,437
|
)
|
|||||||||||||
Interest expense, net
|
119
|
—
|
119
|
(381
|
)
|
—
|
(381
|
)
|
||||||||||||||||
Other expense, net
|
(288
|
)
|
—
|
(288
|
)
|
(175
|
)
|
—
|
(175
|
)
|
||||||||||||||
Total other expense, net
|
(169
|
)
|
—
|
(169
|
)
|
(556
|
)
|
—
|
(556
|
)
|
||||||||||||||
Income (loss) before income tax benefit
|
34,861
|
(48,614
|
)
|
(13,753
|
)
|
(13,857
|
)
|
(5,136
|
)
|
(18,993
|
)
|
|||||||||||||
Income tax benefit
|
(11,023
|
)
|
—
|
(11,023
|
)
|
(853
|
)
|
(853
|
)
|
|||||||||||||||
Net income (loss)
|
$
|
45,884
|
$
|
(48,614
|
)
|
$
|
(2,730
|
)
|
$
|
(13,004
|
)
|
$
|
(5,136
|
)
|
$
|
(18,140
|
)
|
|||||||
Income (loss) per share
|
||||||||||||||||||||||||
Basic
|
$
|
1.15
|
$
|
(0.07
|
)
|
$
|
(0.33
|
)
|
$
|
(0.46
|
)
|
|||||||||||||
Diluted
|
$
|
1.15
|
$
|
(0.07
|
)
|
$
|
(0.33
|
)
|
$
|
(0.46
|
)
|
|||||||||||||
Weighted average shares outstanding
|
||||||||||||||||||||||||
Basic
|
39,842
|
39,842
|
39,302
|
39,302
|
||||||||||||||||||||
Diluted
|
39,968
|
39,842
|
39,302
|
39,302
|
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss:
|
||||||||
Pro Forma
|
||||||||
Three Months Ended
|
||||||||
Aug 31, 2023
|
Aug 31, 2022
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Pro forma net loss
|
$
|
(2,730
|
)
|
$
|
(18,140
|
)
|
||
Amortization of intangibles
|
2,661
|
3,389
|
||||||
Change in fair value of contingent consideration
|
(130
|
)
|
211
|
|||||
Acquisition, restructuring and other items, net (1)
|
3,190
|
5,564
|
||||||
Tax effect of non-GAAP items (2)
|
(9,176
|
)
|
1,408
|
|||||
Adjusted pro forma net loss
|
$
|
(6,185
|
)
|
$
|
(7,568
|
)
|
Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share:
|
||||||||
Pro Forma
|
||||||||
Three Months Ended
|
||||||||
Aug 31, 2023
|
Aug 31, 2022
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Pro forma diluted loss per share
|
$
|
(0.07
|
)
|
$
|
(0.46
|
)
|
||
Amortization of intangibles
|
0.07
|
0.09
|
||||||
Change in fair value of contingent consideration
|
—
|
0.01
|
||||||
Acquisition, restructuring and other items, net (1)
|
0.08
|
0.14
|
||||||
Tax effect of non-GAAP items (2)
|
(0.24
|
)
|
0.03
|
|||||
Adjusted pro forma diluted loss per share
|
$
|
(0.16
|
)
|
$
|
(0.19
|
)
|
||
Adjusted diluted sharecount (3)
|
39,842
|
39,302
|
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA:
|
||||||||
Pro Forma
|
||||||||
Three Months Ended
|
||||||||
Aug 31, 2023
|
Aug 31, 2022
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Pro forma net loss
|
$
|
(2,730
|
)
|
$
|
(18,140
|
)
|
||
Income tax benefit
|
(11,023
|
)
|
(853
|
)
|
||||
Interest expense, net
|
(119
|
)
|
381
|
|||||
Depreciation and amortization
|
5,682
|
6,124
|
||||||
Change in fair value of contingent consideration
|
(130
|
)
|
211
|
|||||
Stock based compensation
|
4,058
|
2,937
|
||||||
Acquisition, restructuring and other items, net (1)
|
3,190
|
5,564
|
||||||
Pro forma adjusted EBITDA
|
$
|
(1,072
|
)
|
$
|
(3,776
|
)
|
||
Per diluted share:
|
||||||||
Adjusted EBITDA
|
$
|
(0.03
|
)
|
$
|
(0.10
|
)
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||||||||||||||||||||||
Actual (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
As
Reported (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
Actual
|
Pro Forma
|
|||||||||||||||||||||||||||||||||||||||||
Aug 31, 2023
|
Aug 31, 2023
|
Aug 31, 2023
|
Aug 31, 2022
|
Aug 31, 2022
|
Aug 31, 2022
|
% Growth
|
Currency Impact
|
Constant Currency Growth
|
%
Growth
|
Currency Impact
|
Constant Currency Growth
|
|||||||||||||||||||||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||||||||||||||||||
Net Sales
|
||||||||||||||||||||||||||||||||||||||||||||||||
Med Tech
|
$
|
25,860
|
$
|
(131
|
)
|
$
|
25,729
|
$
|
22,817
|
$
|
(76
|
)
|
$
|
22,741
|
13.3
|
%
|
13.1
|
%
|
||||||||||||||||||||||||||||||
Med Device
|
52,819
|
(11,804
|
)
|
41,015
|
58,720
|
(19,752
|
)
|
38,968
|
(10.0
|
)%
|
5.3
|
%
|
||||||||||||||||||||||||||||||||||||
$
|
78,679
|
$
|
(11,935
|
)
|
$
|
66,744
|
$
|
81,537
|
$
|
(19,828
|
)
|
$
|
61,709
|
(3.5
|
)%
|
0.0
|
%
|
(3.5
|
)%
|
8.2
|
%
|
0.0
|
%
|
8.2
|
%
|
|||||||||||||||||||||||
Net Sales
|
||||||||||||||||||||||||||||||||||||||||||||||||
United States
|
$
|
64,399
|
$
|
(8,395
|
)
|
$
|
56,004
|
$
|
69,023
|
$
|
(15,150
|
)
|
$
|
53,873
|
(6.7
|
)%
|
4.0
|
%
|
||||||||||||||||||||||||||||||
International
|
14,280
|
(3,540
|
)
|
10,740
|
12,514
|
(4,678
|
)
|
7,836
|
14.1
|
%
|
0.0
|
%
|
14.1
|
%
|
37.1
|
%
|
||||||||||||||||||||||||||||||||
$
|
78,679
|
$
|
(11,935
|
)
|
$
|
66,744
|
$
|
81,537
|
$
|
(19,828
|
)
|
$
|
61,709
|
(3.5
|
)%
|
0.0
|
%
|
(3.5
|
)%
|
8.2
|
%
|
0.0
|
%
|
8.2
|
%
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||||||
Actual (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
As Reported (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
Actual
|
Pro Forma
|
|||||||||||||||||||||||||
Aug 31, 2023
|
Aug 31, 2023
|
Aug 31, 2023
|
Aug 31, 2022
|
Aug 31, 2022
|
Aug 31, 2022
|
% Change
|
% Change
|
|||||||||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||
Med Tech
|
$
|
16,727
|
$
|
(39
|
)
|
$
|
16,688
|
$
|
14,429
|
$
|
(20
|
)
|
$
|
14,409
|
15.9
|
%
|
15.8
|
%
|
||||||||||||||
Gross profit % of sales
|
64.7
|
%
|
64.9
|
%
|
63.2
|
%
|
63.4
|
%
|
||||||||||||||||||||||||
Med Device
|
$
|
23,333
|
$
|
(3,414
|
)
|
$
|
19,919
|
$
|
27,876
|
$
|
(8,223
|
)
|
$
|
19,653
|
(16.3
|
)%
|
1.4
|
%
|
||||||||||||||
Gross profit % of sales
|
44.2
|
%
|
48.6
|
%
|
47.5
|
%
|
50.4
|
%
|
||||||||||||||||||||||||
Total
|
$
|
40,060
|
$
|
(3,453
|
)
|
$
|
36,607
|
$
|
42,305
|
$
|
(8,243
|
)
|
$
|
34,062
|
(5.3
|
)%
|
7.5
|
%
|
||||||||||||||
Gross profit % of sales
|
50.9
|
%
|
54.8
|
%
|
51.9
|
%
|
55.2
|
%
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
As Reported (1)
|
Pro Forma Adjustments (2)
|
Pro Forma
|
As Reported (1)
|
Pro Forma Adjustments (2)
|
Pro Forma
|
|||||||||||||||||||
Nov 30, 2023
|
Nov 30, 2023
|
Nov 30, 2023
|
Nov 30, 2022
|
Nov 30, 2022
|
Nov 30, 2022
|
|||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||
Net sales
|
$
|
79,073
|
$
|
(12,190
|
)
|
$
|
66,883
|
$
|
85,429
|
$
|
(20,810
|
)
|
$
|
64,619
|
||||||||||
Cost of sales (exclusive of intangible amortization)
|
38,811
|
(8,600
|
)
|
30,211
|
40,351
|
(12,023
|
)
|
28,328
|
||||||||||||||||
Gross profit
|
40,262
|
(3,590
|
)
|
36,672
|
45,078
|
(8,787
|
)
|
36,291
|
||||||||||||||||
% of net sales
|
50.9
|
%
|
54.8
|
%
|
52.8
|
%
|
56.2
|
%
|
||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||
Research and development
|
8,658
|
(323
|
)
|
8,335
|
6,838
|
(127
|
)
|
6,711
|
||||||||||||||||
Sales and marketing
|
25,464
|
(1,469
|
)
|
23,995
|
26,007
|
(1,485
|
)
|
24,522
|
||||||||||||||||
General and administrative
|
9,289
|
(74
|
)
|
9,215
|
10,835
|
(831
|
)
|
10,004
|
||||||||||||||||
Amortization of intangibles
|
3,562
|
(964
|
)
|
2,598
|
4,808
|
(1,448
|
)
|
3,360
|
||||||||||||||||
Change in fair value of contingent consideration
|
221
|
—
|
221
|
1,646
|
—
|
1,646
|
||||||||||||||||||
Acquisition, restructuring and other items, net
|
6,188
|
(106
|
)
|
6,082
|
3,059
|
—
|
3,059
|
|||||||||||||||||
Total operating expenses
|
53,382
|
(2,936
|
)
|
50,446
|
53,193
|
(3,891
|
)
|
49,302
|
||||||||||||||||
Operating loss
|
(13,120
|
)
|
(654
|
)
|
(13,774
|
)
|
(8,115
|
)
|
(4,896
|
)
|
(13,011
|
)
|
||||||||||||
Interest expense, net
|
534
|
—
|
534
|
(684
|
)
|
—
|
(684
|
)
|
||||||||||||||||
Other expense, net
|
(32
|
)
|
—
|
(32
|
)
|
(252
|
)
|
—
|
(252
|
)
|
||||||||||||||
Total other expense, net
|
502
|
—
|
502
|
(936
|
)
|
—
|
(936
|
)
|
||||||||||||||||
Loss before income tax benefit
|
(12,618
|
)
|
(654
|
)
|
(13,272
|
)
|
(9,051
|
)
|
(4,896
|
)
|
(13,947
|
)
|
||||||||||||
Income tax (benefit) expense
|
16,430
|
—
|
16,430
|
(565
|
)
|
(565
|
)
|
|||||||||||||||||
Net loss
|
$
|
(29,048
|
)
|
$
|
(654
|
)
|
$
|
(29,702
|
)
|
$
|
(8,486
|
)
|
$
|
(4,896
|
)
|
$
|
(13,382
|
)
|
||||||
Loss per share
|
||||||||||||||||||||||||
Basic
|
$
|
(0.72
|
)
|
$
|
(0.74
|
)
|
$
|
(0.21
|
)
|
$
|
(0.34
|
)
|
||||||||||||
Diluted
|
$
|
(0.72
|
)
|
$
|
(0.74
|
)
|
$
|
(0.21
|
)
|
$
|
(0.34
|
)
|
||||||||||||
Weighted average shares outstanding
|
||||||||||||||||||||||||
Basic
|
40,219
|
40,219
|
39,490
|
39,490
|
||||||||||||||||||||
Diluted
|
40,219
|
40,219
|
39,490
|
39,490
|
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss:
|
||||||||
Pro Forma
|
||||||||
Three Months Ended
|
||||||||
Nov 30, 2023
|
Nov 30, 2022
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Pro forma net loss
|
$
|
(29,702
|
)
|
$
|
(13,382
|
)
|
||
Amortization of intangibles
|
2,598
|
3,360
|
||||||
Change in fair value of contingent consideration
|
221
|
1,646
|
||||||
Acquisition, restructuring and other items, net (1)
|
6,082
|
3,059
|
||||||
Tax effect of non-GAAP items (2)
|
17,435
|
788
|
||||||
Adjusted pro forma net loss
|
$
|
(3,366
|
)
|
$
|
(4,529
|
)
|
Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share:
|
||||||||
Pro Forma
|
||||||||
Three Months Ended
|
||||||||
Nov 30, 2023
|
Nov 30, 2022
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Pro forma diluted loss per share
|
$
|
(0.74
|
)
|
$
|
(0.34
|
)
|
||
Amortization of intangibles
|
0.06
|
0.09
|
||||||
Change in fair value of contingent consideration
|
0.01
|
0.04
|
||||||
Acquisition, restructuring and other items, net (1)
|
0.15
|
0.08
|
||||||
Tax effect of non-GAAP items (2)
|
0.44
|
0.02
|
||||||
Adjusted pro forma diluted loss per share
|
$
|
(0.08
|
)
|
$
|
(0.11
|
)
|
||
Adjusted diluted sharecount (3)
|
40,219
|
39,490
|
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA:
|
||||||||
Pro Forma
|
||||||||
Three Months Ended
|
||||||||
Nov 30, 2023
|
Nov 30, 2022
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Pro forma net loss
|
$
|
(29,702
|
)
|
$
|
(13,382
|
)
|
||
Income tax benefit
|
16,430
|
(565
|
)
|
|||||
Interest expense, net
|
(534
|
)
|
684
|
|||||
Depreciation and amortization
|
5,691
|
6,268
|
||||||
Change in fair value of contingent consideration
|
221
|
1,646
|
||||||
Stock based compensation
|
1,802
|
3,287
|
||||||
Acquisition, restructuring and other items, net (1)
|
6,082
|
3,059
|
||||||
Pro forma adjusted EBITDA
|
$
|
(10
|
)
|
$
|
997
|
|||
Per diluted share:
|
||||||||
Adjusted EBITDA
|
$
|
—
|
$
|
0.02
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||||||||||||||||||||||
Actual (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
As
Reported (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
Actual
|
Pro Forma
|
|||||||||||||||||||||||||||||||||||||||||
Nov 30, 2023
|
Nov 30, 2023
|
Nov 30, 2023
|
Nov 30, 2022
|
Nov 30, 2022
|
Nov 30, 2022
|
% Growth
|
Currency Impact
|
Constant Currency Growth
|
%
Growth
|
Currency Impact
|
Constant Currency Growth
|
|||||||||||||||||||||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||||||||||||||||||
Net Sales
|
||||||||||||||||||||||||||||||||||||||||||||||||
Med Tech
|
$
|
25,363
|
$
|
(122
|
)
|
$
|
25,241
|
$
|
24,502
|
$
|
(135
|
)
|
$
|
24,367
|
3.5
|
%
|
3.6
|
%
|
||||||||||||||||||||||||||||||
Med Device
|
53,710
|
(12,068
|
)
|
41,642
|
60,927
|
(20,675
|
)
|
40,252
|
(11.8
|
)%
|
3.5
|
%
|
||||||||||||||||||||||||||||||||||||
$
|
79,073
|
$
|
(12,190
|
)
|
$
|
66,883
|
$
|
85,429
|
$
|
(20,810
|
)
|
$
|
64,619
|
(7.4
|
)%
|
0.0
|
%
|
(7.4
|
)%
|
3.5
|
%
|
0.0
|
%
|
3.5
|
%
|
|||||||||||||||||||||||
Net Sales
|
||||||||||||||||||||||||||||||||||||||||||||||||
United States
|
$
|
64,002
|
$
|
(8,182
|
)
|
$
|
55,820
|
$
|
71,631
|
$
|
(16,413
|
)
|
$
|
55,218
|
(10.7
|
)%
|
1.1
|
%
|
||||||||||||||||||||||||||||||
International
|
15,071
|
(4,008
|
)
|
11,063
|
13,798
|
(4,397
|
)
|
9,401
|
9.2
|
%
|
0.0
|
%
|
9.2
|
%
|
17.7
|
%
|
||||||||||||||||||||||||||||||||
$
|
79,073
|
$
|
(12,190
|
)
|
$
|
66,883
|
$
|
85,429
|
$
|
(20,810
|
)
|
$
|
64,619
|
(7.4
|
)%
|
0.0
|
%
|
(7.4
|
)%
|
3.5
|
%
|
0.0
|
%
|
3.5
|
%
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||||||
Actual (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
As Reported (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
Actual
|
Pro Forma
|
|||||||||||||||||||||||||
Nov 30, 2023
|
Nov 30, 2023
|
Nov 30, 2023
|
Nov 30, 2022
|
Nov 30, 2022
|
Nov 30, 2022
|
% Change
|
% Change
|
|||||||||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||
Med Tech
|
$
|
15,816
|
$
|
(33
|
)
|
$
|
15,783
|
$
|
15,614
|
$
|
(50
|
)
|
$
|
15,564
|
1.3
|
%
|
1.4
|
%
|
||||||||||||||
Gross profit % of sales
|
62.4
|
%
|
62.5
|
%
|
63.7
|
%
|
63.9
|
%
|
||||||||||||||||||||||||
Med Device
|
$
|
24,446
|
$
|
(3,557
|
)
|
$
|
20,889
|
$
|
29,464
|
$
|
(8,737
|
)
|
$
|
20,727
|
(17.0
|
)%
|
0.8
|
%
|
||||||||||||||
Gross profit % of sales
|
45.5
|
%
|
50.2
|
%
|
48.4
|
%
|
51.5
|
%
|
||||||||||||||||||||||||
Total
|
$
|
40,262
|
$
|
(3,590
|
)
|
$
|
36,672
|
$
|
45,078
|
$
|
(8,787
|
)
|
$
|
36,291
|
(10.7
|
)%
|
1.0
|
%
|
||||||||||||||
Gross profit % of sales
|
50.9
|
%
|
54.8
|
%
|
52.8
|
%
|
56.2
|
%
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
As Reported (1)
|
Pro Forma Adjustments (2)
|
Pro Forma
|
As Reported (1)
|
Pro Forma Adjustments (2)
|
Pro Forma
|
|||||||||||||||||||
Feb 29, 2024
|
Feb 29, 2024
|
Feb 29, 2024
|
Feb 28, 2023
|
Feb 28, 2023
|
Feb 28, 2023
|
|||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||
Net sales
|
$
|
75,182
|
$
|
(9,211
|
)
|
$
|
65,971
|
$
|
80,712
|
$
|
(19,622
|
)
|
$
|
61,090
|
||||||||||
Cost of sales (exclusive of intangible amortization)
|
39,321
|
(7,038
|
)
|
32,283
|
40,208
|
(12,096
|
)
|
28,112
|
||||||||||||||||
Gross profit
|
35,861
|
(2,173
|
)
|
33,688
|
40,504
|
(7,526
|
)
|
32,978
|
||||||||||||||||
% of net sales
|
47.7
|
%
|
51.1
|
%
|
50.2
|
%
|
54.0
|
%
|
||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||
Research and development
|
8,189
|
(117
|
)
|
8,072
|
6,852
|
(139
|
)
|
6,713
|
||||||||||||||||
Sales and marketing
|
25,405
|
(1,758
|
)
|
23,647
|
25,406
|
(1,404
|
)
|
24,002
|
||||||||||||||||
General and administrative
|
10,578
|
22
|
10,600
|
8,839
|
(306
|
)
|
8,533
|
|||||||||||||||||
Amortization of intangibles
|
3,287
|
(643
|
)
|
2,644
|
4,739
|
(1,448
|
)
|
3,291
|
||||||||||||||||
Goodwill impairment
|
159,476
|
—
|
159,476
|
—
|
—
|
—
|
||||||||||||||||||
Change in fair value of contingent consideration
|
112
|
—
|
112
|
227
|
—
|
227
|
||||||||||||||||||
Acquisition, restructuring and other items, net
|
35,367
|
(6,266
|
)
|
29,101
|
3,369
|
—
|
3,369
|
|||||||||||||||||
Total operating expenses
|
242,414
|
(8,762
|
)
|
233,652
|
49,432
|
(3,297
|
)
|
46,135
|
||||||||||||||||
Gain on sale of assets
|
6,657
|
(6,657
|
)
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Operating loss
|
(199,896
|
)
|
(68
|
)
|
(199,964
|
)
|
(8,928
|
)
|
(4,229
|
)
|
(13,157
|
)
|
||||||||||||
Interest expense, net
|
394
|
—
|
394
|
(736
|
)
|
—
|
(736
|
)
|
||||||||||||||||
Other expense, net
|
(238
|
)
|
—
|
(238
|
)
|
—
|
—
|
—
|
||||||||||||||||
Total other expense, net
|
156
|
—
|
156
|
(736
|
)
|
—
|
(736
|
)
|
||||||||||||||||
Loss before income tax benefit
|
(199,740
|
)
|
(68
|
)
|
(199,808
|
)
|
(9,664
|
)
|
(4,229
|
)
|
(13,893
|
)
|
||||||||||||
Income tax benefit
|
(12,004
|
)
|
—
|
(12,004
|
)
|
(179
|
)
|
(179
|
)
|
|||||||||||||||
Net loss
|
$
|
(187,736
|
)
|
$
|
(68
|
)
|
$
|
(187,804
|
)
|
$
|
(9,485
|
)
|
$
|
(4,229
|
)
|
$
|
(13,714
|
)
|
||||||
Loss per share
|
||||||||||||||||||||||||
Basic
|
$
|
(4.67
|
)
|
$
|
(4.67
|
)
|
$
|
(0.24
|
)
|
$
|
(0.35
|
)
|
||||||||||||
Diluted
|
$
|
(4.67
|
)
|
$
|
(4.67
|
)
|
$
|
(0.24
|
)
|
$
|
(0.35
|
)
|
||||||||||||
Weighted average shares outstanding
|
||||||||||||||||||||||||
Basic
|
40,234
|
40,234
|
39,509
|
39,509
|
||||||||||||||||||||
Diluted
|
40,234
|
40,234
|
39,509
|
39,509
|
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss:
|
||||||||
Pro Forma
|
||||||||
Three Months Ended
|
||||||||
Feb 29, 2024
|
Feb 28, 2023
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Pro forma net loss
|
$
|
(187,804
|
)
|
$
|
(13,714
|
)
|
||
Amortization of intangibles
|
2,644
|
3,291
|
||||||
Change in fair value of contingent consideration
|
112
|
227
|
||||||
Acquisition, restructuring and other items, net (1)
|
29,101
|
3,369
|
||||||
Goodwill impairment
|
159,476
|
—
|
||||||
Tax effect of non-GAAP items (2)
|
(10,055
|
)
|
1,432
|
|||||
Adjusted pro forma net loss
|
$
|
(6,526
|
)
|
$
|
(5,395
|
)
|
Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share:
|
||||||||
Pro Forma
|
||||||||
Three Months Ended
|
||||||||
Feb 29, 2024
|
Feb 28, 2023
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Pro forma diluted loss per share
|
$
|
(4.67
|
)
|
$
|
(0.35
|
)
|
||
Amortization of intangibles
|
0.07
|
0.08
|
||||||
Change in fair value of contingent consideration
|
—
|
0.01
|
||||||
Acquisition, restructuring and other items, net (1)
|
0.72
|
0.08
|
||||||
Goodwill impairment
|
3.97
|
—
|
||||||
Tax effect of non-GAAP items (2)
|
(0.25
|
)
|
0.04
|
|||||
Adjusted pro forma diluted loss per share
|
$
|
(0.16
|
)
|
$
|
(0.14
|
)
|
||
Adjusted diluted sharecount (3)
|
40,234
|
39,509
|
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA:
|
||||||||
Pro Forma
|
||||||||
Three Months Ended
|
||||||||
Feb 29, 2024
|
Feb 28, 2023
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Pro forma net loss
|
$
|
(187,804
|
)
|
$
|
(13,714
|
)
|
||
Income tax benefit
|
(12,004
|
)
|
(179
|
)
|
||||
Interest expense, net
|
(394
|
)
|
736
|
|||||
Depreciation and amortization
|
6,861
|
6,288
|
||||||
Goodwill impairment
|
159,476
|
—
|
||||||
Change in fair value of contingent consideration
|
112
|
227
|
||||||
Stock based compensation
|
2,141
|
1,728
|
||||||
Acquisition, restructuring and other items, net (1)
|
27,966
|
3,369
|
||||||
Pro forma adjusted EBITDA
|
$
|
(3,646
|
)
|
$
|
(1,545
|
)
|
||
Per diluted share:
|
||||||||
Adjusted EBITDA
|
$
|
(0.09
|
)
|
$
|
(0.04
|
)
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||||||||||||||||||||||
Actual (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
As
Reported (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
Actual
|
Pro Forma
|
|||||||||||||||||||||||||||||||||||||||||
Feb 29, 2024
|
Feb 29, 2024
|
Feb 29, 2024
|
Feb 28,
2023
|
Feb 28, 2023
|
Feb 28, 2023
|
% Growth
|
Currency Impact
|
Constant Currency Growth
|
%
Growth
|
Currency Impact
|
Constant Currency Growth
|
|||||||||||||||||||||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||||||||||||||||||
Net Sales
|
||||||||||||||||||||||||||||||||||||||||||||||||
Med Tech
|
$
|
25,844
|
$
|
(190
|
)
|
$
|
25,654
|
$
|
22,874
|
$
|
(91
|
)
|
$
|
22,783
|
13.0
|
%
|
12.6
|
%
|
||||||||||||||||||||||||||||||
Med Device
|
49,338
|
(9,021
|
)
|
40,317
|
57,838
|
(19,531
|
)
|
38,307
|
(14.7
|
)%
|
5.2
|
%
|
||||||||||||||||||||||||||||||||||||
$
|
75,182
|
$
|
(9,211
|
)
|
$
|
65,971
|
$
|
80,712
|
$
|
(19,622
|
)
|
$
|
61,090
|
(6.9
|
)%
|
0.0
|
%
|
(6.9
|
)%
|
8.0
|
%
|
0.0
|
%
|
8.0
|
%
|
|||||||||||||||||||||||
Net Sales
|
||||||||||||||||||||||||||||||||||||||||||||||||
United States
|
$
|
62,342
|
$
|
(6,521
|
)
|
$
|
55,821
|
$
|
67,620
|
$
|
(14,932
|
)
|
$
|
52,688
|
(7.8
|
)%
|
5.9
|
%
|
||||||||||||||||||||||||||||||
International
|
12,840
|
(2,690
|
)
|
10,150
|
13,092
|
(4,690
|
)
|
8,402
|
(1.9
|
)%
|
0.0
|
%
|
(1.9
|
)%
|
20.8
|
%
|
||||||||||||||||||||||||||||||||
$
|
75,182
|
$
|
(9,211
|
)
|
$
|
65,971
|
$
|
80,712
|
$
|
(19,622
|
)
|
$
|
61,090
|
(6.9
|
)%
|
0.0
|
%
|
(6.9
|
)%
|
8.0
|
%
|
0.0
|
%
|
8.0
|
%
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||||||
Actual (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
As Reported (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
Actual
|
Pro Forma
|
|||||||||||||||||||||||||
Feb 29, 2024
|
Feb 29, 2024
|
Feb 29, 2024
|
Feb 28, 2023
|
Feb 28, 2023
|
Feb 28, 2023
|
% Change
|
% Change
|
|||||||||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||
Med Tech
|
$
|
15,857
|
$
|
(83
|
)
|
$
|
15,774
|
$
|
14,774
|
$
|
(93
|
)
|
$
|
14,681
|
7.3
|
%
|
7.4
|
%
|
||||||||||||||
Gross profit % of sales
|
61.4
|
%
|
61.5
|
%
|
64.6
|
%
|
64.4
|
%
|
||||||||||||||||||||||||
Med Device
|
$
|
20,004
|
$
|
(2,090
|
)
|
$
|
17,914
|
$
|
25,730
|
$
|
(7,433
|
)
|
$
|
18,297
|
(22.3
|
)%
|
(2.1
|
)%
|
||||||||||||||
Gross profit % of sales
|
40.5
|
%
|
44.4
|
%
|
44.5
|
%
|
47.8
|
%
|
||||||||||||||||||||||||
Total
|
$
|
35,861
|
$
|
(2,173
|
)
|
$
|
33,688
|
$
|
40,504
|
$
|
(7,526
|
)
|
$
|
32,978
|
(11.5
|
)%
|
2.2
|
%
|
||||||||||||||
Gross profit % of sales
|
47.7
|
%
|
51.1
|
%
|
50.2
|
%
|
54.0
|
%
|
Document and Entity Information |
Jul. 16, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 16, 2024 |
Entity File Number | 000-50761 |
Entity Registrant Name | AngioDynamics, Inc. |
Entity Central Index Key | 0001275187 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 11-3146460 |
Entity Address, Address Line One | 14 Plaza Drive |
Entity Address, City or Town | Latham |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 12110 |
City Area Code | 518 |
Local Phone Number | 795-1400 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | ANGO |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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