Exhibit 99.1
PRESS RELEASE
Investor Contact:
AngioDynamics, Inc.
Stephen Trowbridge, Executive Vice President & CFO
(518) 795-1408
AngioDynamics Reports Fiscal 2023 Third Quarter
Financial Results; Revises Guidance
Financial Results; Revises Guidance
Fiscal Year 2023 Third Quarter Highlights
|
•
|
Net sales of $80.7 million increased 9.1% compared to the prior-year quarter
|
|
o
|
Med Tech net sales of $22.9 million increased 16.6%
|
|
o
|
Med Device net sales of $57.8 million increased 6.4%
|
|
•
|
Gross margin of 50.2% decreased 200 basis points year over year
|
|
•
|
GAAP loss per share of $0.24 and adjusted loss per share of $0.03
|
Latham, New York, March 30, 2023 – 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 2023, which ended February 28, 2023.
“We continued to make solid progress during the quarter executing on our strategic plan. Auryon, AlphaVac, NanoKnife, and our Med Device portfolio were bright spots during
the third quarter, and while we experienced continued softness in AngioVac, we have taken steps to address the performance, and it remains an important driver for AngioDynamics’ growth,” commented Jim Clemmer, President and Chief
Executive Officer of AngioDynamics, Inc. “While our quarterly results were softer than we would have liked, I am pleased with our continued operational improvements and expense discipline, which drove positive cash flow from operations during the
quarter in the face
of continued inflationary pressures. Our team remains committed to pursuing innovation and driving sustained growth in attractive end markets.”
Third Quarter 2023 Financial Results
Net sales for the third quarter of fiscal 2023 were $80.7 million, an increase of 9.1% compared to the prior-year quarter. Foreign currency translation did not have a
significant impact on the Company's net sales in the quarter.
Med Tech net sales were $22.9 million, a 16.6% increase from the prior-year period. Med Tech includes the Auryon peripheral atherectomy platform, the thrombus management platform and the NanoKnife
irreversible electroporation platform. Growth was driven by Auryon sales during the quarter of $10.4 million, which increased 42.8%, and NanoKnife sales of $4.1 million, which increased 5.4% compared to the third quarter of fiscal 2022. NanoKnife
disposable sales were $3.5 million, which increased 22.2% compared to the third quarter of fiscal 2022. In addition, AlphaVac sales were $2.0 million, an increase of $1.3 million from a year ago, and AngioVac sales were $5.5 million, a decline of
15.7% compared to the third quarter of fiscal 2022.
Med Device net sales were $57.8 million, an increase of 6.4% compared to the prior-year period. Med Device sales growth was primarily driven by growth in angiographic catheters, ports,
dialysis catheters and microwave products.
U.S. net sales in the third quarter of fiscal 2023 were $67.6 million, an increase of 8.3% from $62.4 million a year ago. International net sales were $13.1 million, an increase of 13.6%
from $11.5 million a year ago.
Gross margin for the third quarter of fiscal 2023 was 50.2%, a decrease of 200 basis points compared to the third quarter of fiscal 2022. Gross margin for the Med Tech business was
64.6%, a decline of 150 basis points from the third quarter of fiscal 2022. Gross margin for the Med Device business was 44.5%, a decrease of 260 basis points compared to the third quarter of fiscal 2022. Gross margin was negatively impacted by
inflationary pressures including increased costs for labor and raw materials.
The Company recorded a net loss of $9.5 million, or a loss per share of $0.24, in the third quarter of fiscal 2023. This compares to a net loss of $5.0 million, or a loss per share of
$0.13, a year ago.
Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss for the third quarter of fiscal 2023 was $1.0 million, and adjusted loss per share was $0.03,
compared to adjusted net income of $1.3 million and adjusted earnings per share of $0.03 in the prior-year period. Adjusted net income and adjusted earnings per share in the third quarter of fiscal 2022 included 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.
Adjusted EBITDA in the third quarter of fiscal 2023, excluding the items shown in the reconciliation table below, was $4.3 million, compared to adjusted EBITDA of $6.7 million in the
third quarter of fiscal 2022.
In the third quarter of fiscal 2023, the Company generated $1.4 million in operating cash, had capital expenditures of $0.7 million and had additions to Auryon placement and evaluation
units of $1.5 million.
On February 28, 2023, the Company had $30.1 million in cash and cash equivalents, compared to $28.8 million in cash and cash equivalents on May 31, 2022. The Company had $25.0 million
outstanding on the delayed-draw term loan and $25.0 million outstanding under its revolving credit facility at February 28, 2023.
Nine Months Financial Results
For the nine months ended February 28, 2023:
Net sales were $247.7 million, an increase of 8.1%, compared to $229.2 million for the same period a year ago.
Med Tech net sales were $70.2 million, a 25.1% increase from the prior year period. Med Device net sales were $177.5 million, an increase of 2.5% from the prior year period.
Gross margin decreased 40 basis points to 51.6% from 52.0% a year ago.
The Company’s net loss was $31.0 million, or a loss of $0.79 per share, compared to a net loss of $20.3 million, or a loss of $0.52 per share, a year ago.
Excluding the items shown in the non-GAAP reconciliation table, below, adjusted net loss was $3.2 million, with adjusted loss per share of $0.08, compared to adjusted net loss and
adjusted loss per share of $0.4 million, and $0.01, respectively, a year ago. Adjusted net income and adjusted earnings per share for the nine months ended February 28, 2022 included 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.
Adjusted EBITDA, excluding the items shown in the reconciliation table below, was $14.7 million, compared to $14.7 million for the same period a year ago.
Fiscal Year 2023 Financial Guidance
As a result of lower than anticipated AngioVac sales, management now expects the Company’s fiscal year 2023 net sales to be in the range of $338 million to $342 million, a
decrease from its prior guidance of $342 million to $348 million. Management now expects gross margin to be approximately 51.0% to 52.0%, a decrease from its prior guidance of 52.5% to 54.5%, and adjusted earnings per share to be in the range of a loss of $0.06 to a loss of $0.01, a decrease from its prior guidance of earnings of
$0.01 to $0.06. The adjusted earnings per share guidance is the result of higher than previously anticipated inflationary pressure combined with the lower AngioVac revenue.
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 13737051.
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, March 30, 2023, until 11:59 p.m. ET on Thursday, April 6, 2023. To listen to this recording,
dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13737051.
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, 2022.
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, 2023
|
Feb 28, 2022
|
Feb 28, 2023
|
Feb 28, 2022
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net sales
|
$
|
80,712
|
$
|
73,970
|
$
|
247,678
|
$
|
229,221
|
||||||||
|
Cost of sales (exclusive of intangible amortization)
|
40,208
|
35,387
|
119,791
|
109,944
|
||||||||||||
|
Gross profit
|
40,504
|
38,583
|
127,887
|
119,277
|
||||||||||||
|
% of net sales
|
50.2
|
%
|
52.2
|
%
|
51.6
|
%
|
52.0
|
%
|
||||||||
|
Operating expenses
|
||||||||||||||||
|
Research and development
|
6,852
|
7,280
|
22,023
|
22,873
|
||||||||||||
|
Sales and marketing
|
25,406
|
20,416
|
77,956
|
68,468
|
||||||||||||
|
General and administrative
|
8,839
|
8,727
|
29,775
|
27,348
|
||||||||||||
|
Amortization of intangibles
|
4,739
|
4,895
|
14,384
|
14,605
|
||||||||||||
|
Change in fair value of contingent consideration
|
227
|
201
|
2,084
|
1,005
|
||||||||||||
|
Acquisition, restructuring and other items, net
|
3,369
|
2,359
|
12,009
|
7,052
|
||||||||||||
|
Total operating expenses
|
49,432
|
43,878
|
158,231
|
141,351
|
||||||||||||
|
Operating loss
|
(8,928
|
)
|
(5,295
|
)
|
(30,344
|
)
|
(22,074
|
)
|
||||||||
|
Interest expense, net
|
(736
|
)
|
(173
|
)
|
(1,801
|
)
|
(503
|
)
|
||||||||
|
Other expense, net
|
—
|
(289
|
)
|
(427
|
)
|
(651
|
)
|
|||||||||
|
Total other expense, net
|
(736
|
)
|
(462
|
)
|
(2,228
|
)
|
(1,154
|
)
|
||||||||
|
Loss before income tax benefit
|
(9,664
|
)
|
(5,757
|
)
|
(32,572
|
)
|
(23,228
|
)
|
||||||||
|
Income tax benefit
|
(179
|
)
|
(799
|
)
|
(1,597
|
)
|
(2,947
|
)
|
||||||||
|
Net loss
|
$
|
(9,485
|
)
|
$
|
(4,958
|
)
|
$
|
(30,975
|
)
|
$
|
(20,281
|
)
|
||||
|
Loss per share
|
||||||||||||||||
|
Basic
|
$
|
(0.24
|
)
|
$
|
(0.13
|
)
|
$
|
(0.79
|
)
|
$
|
(0.52
|
)
|
||||
|
Diluted
|
$
|
(0.24
|
)
|
$
|
(0.13
|
)
|
$
|
(0.79
|
)
|
$
|
(0.52
|
)
|
||||
|
Weighted average shares outstanding
|
||||||||||||||||
|
Basic
|
39,509
|
39,092
|
39,436
|
38,959
|
||||||||||||
|
Diluted
|
39,509
|
39,092
|
39,436
|
38,959
|
||||||||||||
|
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, 2023
|
Feb 28, 2022
|
Feb 28, 2023
|
Feb 28, 2022
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net loss
|
$
|
(9,485
|
)
|
$
|
(4,958
|
)
|
$
|
(30,975
|
)
|
$
|
(20,281
|
)
|
||||
|
Amortization of intangibles
|
4,739
|
4,895
|
14,384
|
14,605
|
||||||||||||
|
Change in fair value of contingent consideration
|
227
|
201
|
2,084
|
1,005
|
||||||||||||
|
Acquisition, restructuring and other items, net (1)
|
3,369
|
2,359
|
12,009
|
7,052
|
||||||||||||
|
Tax effect of non-GAAP items (2)
|
127
|
(1,190
|
)
|
(655
|
)
|
(2,817
|
)
|
|||||||||
|
Adjusted net income (loss)
|
$
|
(1,023
|
)
|
$
|
1,307
|
$
|
(3,153
|
)
|
$
|
(436
|
)
|
|||||
|
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Earnings (Loss) Per Share:
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
Feb 28, 2023
|
Feb 28, 2022
|
Feb 28, 2023
|
Feb 28, 2022
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Diluted loss per share
|
$
|
(0.24
|
)
|
$
|
(0.13
|
)
|
$
|
(0.79
|
)
|
$
|
(0.52
|
)
|
||||
|
Amortization of intangibles
|
0.12
|
0.12
|
0.36
|
0.37
|
||||||||||||
|
Change in fair value of contingent consideration
|
0.01
|
—
|
0.05
|
0.03
|
||||||||||||
|
Acquisition, restructuring and other items, net (1)
|
0.08
|
0.07
|
0.32
|
0.18
|
||||||||||||
|
Tax effect of non-GAAP items (2)
|
—
|
(0.03
|
)
|
(0.02
|
)
|
(0.07
|
)
|
|||||||||
|
Adjusted diluted earnings (loss) per share
|
$
|
(0.03
|
)
|
$
|
0.03
|
$
|
(0.08
|
)
|
$
|
(0.01
|
)
|
|||||
|
Adjusted diluted sharecount (3)
|
39,509
|
40,280
|
39,436
|
38,959
|
||||||||||||
|
(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, 2023 and 2022.
|
|
(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, 2023
|
Feb 28, 2022
|
Feb 28, 2023
|
Feb 28, 2022
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net loss
|
$
|
(9,485
|
)
|
$
|
(4,958
|
)
|
$
|
(30,975
|
)
|
$
|
(20,281
|
)
|
||||
|
Income tax benefit
|
(179
|
)
|
(799
|
)
|
(1,597
|
)
|
(2,947
|
)
|
||||||||
|
Interest expense, net
|
736
|
173
|
1,801
|
503
|
||||||||||||
|
Depreciation and amortization
|
7,787
|
7,367
|
23,175
|
21,566
|
||||||||||||
|
Change in fair value of contingent consideration
|
227
|
201
|
2,084
|
1,005
|
||||||||||||
|
Stock based compensation
|
1,803
|
2,352
|
8,177
|
7,789
|
||||||||||||
|
Acquisition, restructuring and other items, net (1)
|
3,369
|
2,359
|
12,009
|
7,052
|
||||||||||||
|
Adjusted EBITDA
|
$
|
4,258
|
$
|
6,695
|
$
|
14,674
|
$
|
14,687
|
||||||||
|
Per diluted share:
|
||||||||||||||||
|
Adjusted EBITDA
|
$
|
0.11
|
$
|
0.17
|
$
|
0.37
|
$
|
0.38
|
||||||||
|
(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, 2023
|
Feb 28, 2022
|
% Growth
|
Currency Impact
|
Constant Currency Growth
|
Feb 28, 2023
|
Feb 28, 2022
|
% Growth
|
Currency Impact
|
Constant Currency Growth
|
|||||||||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||||||||||
|
Net Sales
|
||||||||||||||||||||||||||||||||||||||||
|
Med Tech
|
$
|
22,874
|
$
|
19,612
|
16.6
|
%
|
$
|
70,193
|
$
|
56,106
|
25.1
|
%
|
||||||||||||||||||||||||||||
|
Med Device
|
57,838
|
54,358
|
6.4
|
%
|
177,485
|
173,115
|
2.5
|
%
|
||||||||||||||||||||||||||||||||
|
$
|
80,712
|
$
|
73,970
|
9.1
|
%
|
0.3
|
%
|
9.4
|
%
|
$
|
247,678
|
$
|
229,221
|
8.1
|
%
|
0.4
|
%
|
8.5
|
%
|
|||||||||||||||||||||
|
Net Sales
|
||||||||||||||||||||||||||||||||||||||||
|
United States
|
$
|
67,620
|
$
|
62,445
|
8.3
|
%
|
$
|
208,274
|
$
|
192,259
|
8.3
|
%
|
||||||||||||||||||||||||||||
|
International
|
13,092
|
11,525
|
13.6
|
%
|
1.6
|
%
|
15.2
|
%
|
39,404
|
36,962
|
6.6
|
%
|
2.7
|
%
|
9.3
|
%
|
||||||||||||||||||||||||
|
$
|
80,712
|
$
|
73,970
|
9.1
|
%
|
0.3
|
%
|
9.4
|
%
|
$
|
247,678
|
$
|
229,221
|
8.1
|
%
|
0.4
|
%
|
8.5
|
%
|
|||||||||||||||||||||
GROSS PROFIT BY PRODUCT CATEGORY
(in thousands)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||
|
Feb 28, 2023
|
Feb 28, 2022
|
% Change
|
Feb 28, 2023
|
Feb 28, 2022
|
% Change
|
|||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||
|
Med Tech
|
$
|
14,774
|
$
|
12,965
|
14.0
|
%
|
$
|
44,816
|
$
|
37,060
|
20.9
|
%
|
||||||||||||
|
Gross profit % of sales
|
64.6
|
%
|
66.1
|
%
|
63.8
|
%
|
66.1
|
%
|
||||||||||||||||
|
Med Device
|
$
|
25,730
|
$
|
25,618
|
0.4
|
%
|
$
|
83,071
|
$
|
82,217
|
1.0
|
%
|
||||||||||||
|
Gross profit % of sales
|
44.5
|
%
|
47.1
|
%
|
46.8
|
%
|
47.5
|
%
|
||||||||||||||||
|
Total
|
$
|
40,504
|
$
|
38,583
|
5.0
|
%
|
$
|
127,887
|
$
|
119,277
|
7.2
|
%
|
||||||||||||
|
Gross profit % of sales
|
50.2
|
%
|
52.2
|
%
|
51.6
|
%
|
52.0
|
%
|
||||||||||||||||
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(in thousands)
|
|
Feb 28, 2023
|
May 31, 2022
|
|||||||
|
(unaudited)
|
(audited)
|
|||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
30,111
|
$
|
28,825
|
||||
|
Accounts receivable, net
|
50,892
|
52,304
|
||||||
|
Inventories
|
63,532
|
51,392
|
||||||
|
Prepaid expenses and other
|
8,039
|
10,824
|
||||||
|
Total current assets
|
152,574
|
143,345
|
||||||
|
Property, plant and equipment, net
|
45,559
|
45,005
|
||||||
|
Other assets
|
10,729
|
10,963
|
||||||
|
Intangible assets, net
|
134,011
|
152,380
|
||||||
|
Goodwill
|
199,976
|
201,058
|
||||||
|
Total assets
|
$
|
542,849
|
$
|
552,751
|
||||
|
Liabilities and stockholders' equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$
|
35,600
|
$
|
28,047
|
||||
|
Accrued liabilities
|
21,775
|
34,842
|
||||||
|
Current portion of contingent consideration
|
9,877
|
8,783
|
||||||
|
Other current liabilities
|
2,380
|
2,652
|
||||||
|
Total current liabilities
|
69,632
|
74,324
|
||||||
|
Long-term debt
|
49,807
|
25,000
|
||||||
|
Deferred income taxes
|
13,490
|
16,037
|
||||||
|
Contingent consideration
|
9,182
|
8,165
|
||||||
|
Other long-term liabilities
|
3,083
|
4,736
|
||||||
|
Total liabilities
|
145,194
|
128,262
|
||||||
|
Stockholders' equity
|
397,655
|
424,489
|
||||||
|
Total Liabilities and Stockholders' Equity
|
$
|
542,849
|
$
|
552,751
|
||||
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(in thousands)
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
Feb 28, 2023
|
Feb 28, 2022
|
Feb 28, 2023
|
Feb 28, 2022
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Cash flows from operating activities:
|
||||||||||||||||
|
Net loss
|
$
|
(9,485
|
)
|
$
|
(4,958
|
)
|
$
|
(30,975
|
)
|
$
|
(20,281
|
)
|
||||
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
7,838
|
7,406
|
23,316
|
21,682
|
||||||||||||
|
Non-cash lease expense
|
635
|
613
|
1,883
|
1,822
|
||||||||||||
|
Stock based compensation
|
1,803
|
2,352
|
8,177
|
7,789
|
||||||||||||
|
Change in fair value of contingent consideration
|
227
|
201
|
2,084
|
1,005
|
||||||||||||
|
Deferred income taxes
|
(227
|
)
|
(862
|
)
|
(1,752
|
)
|
(3,121
|
)
|
||||||||
|
Change in accounts receivable allowances
|
168
|
(82
|
)
|
560
|
(66
|
)
|
||||||||||
|
Fixed and intangible asset impairments and disposals
|
57
|
148
|
144
|
245
|
||||||||||||
|
Other
|
(274
|
)
|
51
|
(317
|
)
|
(27
|
)
|
|||||||||
|
Changes in operating assets and liabilities:
|
||||||||||||||||
|
Accounts receivable
|
1,778
|
(3,519
|
)
|
759
|
(6,441
|
)
|
||||||||||
|
Inventories
|
(423
|
)
|
110
|
(12,254
|
)
|
588
|
||||||||||
|
Prepaid expenses and other
|
3,539
|
(2,963
|
)
|
(392
|
)
|
(7,147
|
)
|
|||||||||
|
Accounts payable, accrued and other liabilities
|
(4,266
|
)
|
(7,288
|
)
|
(7,109
|
)
|
(11,802
|
)
|
||||||||
|
Net cash provided by (used in) operating activities
|
1,370
|
(8,791
|
)
|
(15,876
|
)
|
(15,754
|
)
|
|||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
Additions to property, plant and equipment
|
(666
|
)
|
(1,106
|
)
|
(2,756
|
)
|
(3,258
|
)
|
||||||||
|
Additions to placement and evaluation units
|
(1,480
|
)
|
(1,487
|
)
|
(4,922
|
)
|
(8,676
|
)
|
||||||||
|
Cash paid in acquisition
|
—
|
—
|
(540
|
)
|
(3,600
|
)
|
||||||||||
|
Net cash used in investing activities
|
(2,146
|
)
|
(2,593
|
)
|
(8,218
|
)
|
(15,534
|
)
|
||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
Proceeds from borrowings on long-term debt
|
—
|
—
|
70,000
|
5,000
|
||||||||||||
|
Repayment of long-term debt
|
—
|
—
|
(45,000
|
)
|
—
|
|||||||||||
|
Deferred financing costs on long-term debt
|
—
|
—
|
(751
|
)
|
—
|
|||||||||||
|
Proceeds from exercise of stock options and employee stock purchase plan
|
941
|
966
|
1,171
|
2,354
|
||||||||||||
|
Net cash provided by financing activities
|
941
|
966
|
25,420
|
7,354
|
||||||||||||
|
Effect of exchange rate changes on cash and cash equivalents
|
89
|
17
|
(40
|
)
|
(337
|
)
|
||||||||||
|
Increase (decrease) in cash and cash equivalents
|
254
|
(10,401
|
)
|
1,286
|
(24,271
|
)
|
||||||||||
|
Cash and cash equivalents at beginning of period
|
29,857
|
34,291
|
28,825
|
48,161
|
||||||||||||
|
Cash and cash equivalents at end of period
|
$
|
30,111
|
$
|
23,890
|
$
|
30,111
|
$
|
23,890
|
||||||||
