Fiscal Year 2024 First Quarter Highlights
- Net sales of $78.7 million as reported
- Includes $0.7 million of Dialysis and BioSentry Biopsy Tract
Sealant System sales
- Net sales increased 5.7% on a pro-forma basis when excluding
Dialysis and BioSentry, compared to the prior-year quarter
- Med Tech net sales of $25.9 million increased 13.3%
- Med Device net sales of $52.8 million as reported
- Med Device net sales increased 2.3% on a pro-forma
basis
- Gross margin of 50.9%
- Declined 20 basis points on a pro-forma basis year over
year
- Completed the sale of the Dialysis and BioSentry Biopsy
Tract Sealant System businesses to Merit Medical Systems, Inc. for
$100.0 million in cash
- GAAP earnings per share of $1.15
- As reported adjusted loss per share of $0.12
- Cash and cash equivalents at August 31, 2023 were $57.6
million
- Completed enrollment in the PRESERVE study for the use
NanoKnife to treat prostate tissue
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 first quarter of fiscal year 2024, which
ended August 31, 2023.
“We started Fiscal Year 2024 with strong performance across both
businesses, driven by continued strength from NanoKnife and our
International markets,” commented Jim Clemmer, President and Chief
Executive Officer of AngioDynamics, Inc. “We remain focused on
bringing innovative new products to market, expanding the approved
indications for our existing products, and continuing to build a
body of compelling clinical evidence in support of these
indications and products.”
First Quarter 2024 Financial Results
Net sales for the first quarter of fiscal year 2024 were $78.7
million, including $0.7 million of Dialysis and BioSentry Tract
Sealant System sales. On a pro forma basis, excluding sales of
Dialysis and BioSentry, net sales increased 5.7% 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 $25.9 million, a 13.3% increase from
$22.8 million in the prior- year period. Med Tech includes the
Auryon peripheral atherectomy platform, the thrombus management
platform and the NanoKnife irreversible electroporation platform.
Year-over-year growth was driven by Auryon sales during the quarter
of $11.1 million, which increased 25.7%, NanoKnife disposable sales
of $4.3 million, which grew 34.5%, and AlphaVac sales of $1.8
million, which grew 1.8%. AngioVac sales were $6.3 million in the
quarter, a decline of 7.7% year over year and up 3.6% sequentially
from the fourth fiscal quarter of FY23.
Med Device net sales were $52.8 million. When excluding sales of
Dialysis and BioSentry, Med Device net sales increased 2.3%
compared to $51.0 million in the prior-year period.
U.S. net sales in the first quarter of fiscal 2024 were $64.4
million. When excluding sales of Dialysis and BioSentry, U.S. net
sales increased 2.1% from $62.4 million a year ago. International
net sales were $14.3 million. When excluding sales of Dialysis and
BioSentry, International net sales increased 25.7%, compared to
$11.3 million a year ago.
Gross margin for the first quarter of fiscal 2024 was 50.9%. On
a pro forma basis, excluding Dialysis and BioSentry, gross margin
of 50.8% decreased 20 basis points compared to the first quarter of
fiscal 2023. Gross margin for the Med Tech business was 64.7%, an
increase of 150 basis points from the first quarter of fiscal 2023.
Gross margin for the Med Device business was 44.2%. On a pro forma
basis, excluding Dialysis and BioSentry, Med Device gross margin of
43.9% decreased 170 basis points compared to the first quarter of
fiscal 2023. Gross margin continued to be impacted by inflationary
pressures including increased costs for labor and raw materials as
well as geographic mix.
The Company recorded net income of $45.9 million, or earnings
per share of $1.15, in the first quarter of fiscal 2024. This
includes a gain on the sale of the Company’s Dialysis and BioSentry
Tract Sealant System products of $47.8 million in connection with
the transaction announced on June 8, 2023.
Excluding the items shown in the non-GAAP reconciliation table
below, adjusted net loss for the first quarter of fiscal 2024 was
$4.8 million, and adjusted loss per share was $0.12. When excluding
Dialysis and BioSentry, on a pro-forma basis, adjusted net loss in
the first quarter of fiscal 2024 was $5.2 million, or an adjusted
net loss of $0.13 per share, compared to adjusted net loss of $6.0
million, or an adjusted net loss of $0.15 per share compared to the
prior-year period. During the first quarter of fiscal 2024, the
Company revised its annual equity grant practice for non-employee
directors, moving from granting shares with a one-year vesting term
to granting immediately vested shares. The target grant value was
not changed from the prior year. This change resulted in cumulative
expense totaling approximately $0.02 shifting into the first
quarter instead of being ratably expensed over the remainder of
fiscal year 2024.
Adjusted EBITDA in the first quarter of fiscal 2024, excluding
the items shown in the reconciliation table below, was $0.8
million. When excluding Dialysis and BioSentry, on a pro-forma
basis, adjusted EBITDA was $0.4 million compared to negative
adjusted EBITDA of $1.6 million in the first quarter of fiscal
2023.
In the first quarter of fiscal 2024, the Company used $25.9
million in operating cash, had capital expenditures of $0.8 million
and $0.8 million in Auryon placement and evaluation units. As
stated in July, the Company expects to finish fiscal year 2024 with
cash balances in the range of $65.0 to $70.0 million.
At August 31, 2023, the Company had $57.6 million in cash and
cash equivalents compared to $44.6 million in cash and cash
equivalents at May 31, 2023. During the first quarter, the Company
used the proceeds from the divestiture of its Dialysis and
BioSentry Tract Sealant System Biopsy businesses to extinguish its
debt.
Fiscal Year 2024 Financial Guidance
The Company continues to expect its fiscal year 2024 net sales
to be in the range of $328 to $333 million, gross margin to be
approximately 50% to 52% and adjusted loss per share in the range
of $0.28 to $0.34. For comparison, pro forma revenue, gross margin,
and adjusted loss per share for FY23 when excluding the assets
divested to Merit Medical were $306.3 million, 50.5%, and $0.43,
respectively.
Conference Call
The Company's management will host a conference call today at
8:00 a.m. ET to discuss its first quarter 2024 results.
To participate in the conference call, dial 1-877-407-0784
(domestic) or +1- 201-689-8560 (international) and refer to the
passcode 13741149.
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 Wednesday, October 4, 2023, until 11:59 p.m. ET on Wednesday,
October 11, 2023. To hear this recording, dial 1-844-512-2921
(domestic) or +1-412-317-6671 (international) and enter the
passcode 13741149.
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 pro-forma results, 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, 2023. 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
Three Months Ended
Actual (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
(671)
$
78,008
$
81,537
$
(7,746)
$
73,791
Cost of sales (exclusive of intangible
amortization)
38,619
(218)
38,401
39,232
(3,108)
36,124
Gross profit
40,060
(453)
39,607
42,305
(4,638)
37,667
% of net sales
50.9 %
50.8 %
51.9 %
51.0 %
Operating expenses
Research and development
7,941
(29)
7,912
8,333
(62)
8,271
Sales and marketing
27,368
—
27,368
26,543
(19)
26,524
General and administrative
10,856
(2)
10,854
10,101
(1)
10,100
Amortization of intangibles
3,625
—
3,625
4,837
(483)
4,354
Change in fair value of contingent
consideration
(130)
—
(130)
211
—
211
Acquisition, restructuring and other
items, net
3,212
—
3,212
5,581
(17)
5,564
Total operating expenses
52,872
(31)
52,841
55,606
(582)
55,024
Gain on sale of assets
47,842
—
47,842
—
—
—
Operating income (loss)
35,030
(422)
34,608
(13,301)
(4,056)
(17,357)
Interest income (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
(422)
34,439
(13,857)
(4,056)
(17,913)
Income tax benefit
(11,023)
—
(11,023)
(853)
—
(853)
Net income (loss)
$
45,884
$
(422)
$
45,462
$
(13,004)
$
(4,056)
$
(17,060)
Earnings (loss) per share
Basic
$
1.15
$
1.14
$
(0.33)
$
(0.43)
Diluted
$
1.15
$
1.14
$
(0.33)
$
(0.43)
Weighted average shares outstanding
Basic
39,842
39,842
39,302
39,302
Diluted
39,968
39,968
39,302
39,302
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses ("the
Businesses") for the three months ended August 31, 2023 and
2022.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sale of
the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
GAAP TO NON-GAAP
RECONCILIATION
(in thousands, except per share
data)
Reconciliation of Net Income (Loss) to
non-GAAP Adjusted Net Loss:
Three Months Ended
Aug 31, 2023
Aug 31, 2022
(unaudited)
Net income (loss) from continuing
operations
$
45,884
$
(13,004)
Amortization of intangibles
3,625
4,837
Change in fair value of contingent
consideration
(130)
211
Acquisition, restructuring and other
items, net (1)
3,212
5,581
Gain on sale of assets
(47,842)
—
Tax effect of non-GAAP items (2)
(9,580)
(111)
Adjusted net loss
$
(4,831)
$
(2,486)
Reconciliation of Diluted Earnings
(Loss) Per Share to non-GAAP Adjusted Diluted Loss Per
Share:
Three Months Ended
Aug 31, 2023
Aug 31, 2022
(unaudited)
Diluted earnings (loss) per share
$
1.15
$
(0.33)
Amortization of intangibles
0.09
0.12
Change in fair value of contingent
consideration
—
0.01
Acquisition, restructuring and other
items, net (1)
0.08
0.14
Gain on sale of assets
(1.20)
—
Tax effect of non-GAAP items (2)
(0.24)
—
Adjusted diluted loss per share
$
(0.12)
$
(0.06)
Adjusted diluted sharecount (3)
39,842
39,302
(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 August 31, 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 Income (Loss) to
Adjusted EBITDA:
Three Months Ended
Aug 31, 2023
Aug 31, 2022
(unaudited)
Net income (loss) from continuing
operations
$
45,884
$
(13,004)
Income tax benefit
(11,023)
(853)
Interest expense, net
(119)
381
Depreciation and amortization
6,688
7,621
Change in fair value of contingent
consideration
(130)
211
Stock based compensation
4,144
3,024
Acquisition, restructuring and other
items, net (1)
3,212
5,581
Gain on sale of assets
(47,842)
—
Adjusted EBITDA
$
814
$
2,961
Per diluted share:
Adjusted EBITDA
$
0.02
$
0.08
(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
GAAP TO NON-GAAP
RECONCILIATION
(in thousands, except per share
data)
Reconciliation of Pro Forma Net Income
(Loss) to Pro Forma Adjusted Net Loss:
Pro Forma
Three Months Ended
Aug 31, 2023
Aug 31, 2022
(unaudited)
Pro forma net income (loss) from
continuing operations
$
45,462
$
(17,060)
Amortization of intangibles
3,625
4,354
Change in fair value of contingent
consideration
(130)
211
Acquisition, restructuring and other
items, net (1)
3,212
5,564
Gain on sale of assets
(47,842)
—
Tax effect of non-GAAP items (2)
(9,483)
937
Adjusted pro forma net loss
$
(5,156)
$
(5,994)
Reconciliation of Pro Forma Diluted
Earnings (Loss) Per Share to Pro Forma Adjusted Diluted Loss Per
Share:
Pro Forma
Three Months Ended
Aug 31, 2023
Aug 31, 2022
(unaudited)
Pro forma diluted earnings (loss) per
share
$
1.14
$
(0.43)
Amortization of intangibles
0.09
0.11
Change in fair value of contingent
consideration
—
0.01
Acquisition, restructuring and other
items, net (1)
0.08
0.14
Gain on sale of assets
(1.20)
—
Tax effect of non-GAAP items (2)
(0.24)
0.02
Adjusted pro forma diluted loss per
share
$
(0.13)
$
(0.15)
Adjusted diluted sharecount (3)
39,842
39,302
(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 August 31, 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 Pro Forma Net Income
(Loss) to Pro Forma Adjusted EBITDA:
Pro Forma
Three Months Ended
Aug 31, 2023
Aug 31, 2022
(unaudited)
Pro forma net income (loss) from
continuing operations
$
45,462
$
(17,060)
Income tax benefit
(11,023)
(853)
Interest expense, net
(119)
381
Depreciation and amortization
6,688
7,131
Change in fair value of contingent
consideration
(130)
211
Stock based compensation
4,144
3,024
Acquisition, restructuring and other
items, net (1)
3,212
5,564
Gain on sale of assets
(47,842)
—
Pro forma adjusted EBITDA
$
392
$
(1,602)
Per diluted share:
Adjusted EBITDA
$
0.01
$
(0.04)
(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
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
$
—
$
25,860
$
22,817
$
—
$
22,817
13.3%
13.3%
Med Device
52,819
(671)
52,148
58,720
(7,746)
50,974
(10.0)%
2.3%
$
78,679
$
(671)
$
78,008
$
81,537
$
(7,746)
$
73,791
(3.5)%
0.0%
(3.5)%
5.7%
0.1%
5.8%
Net Sales
United States
$
64,399
$
(650)
$
63,749
$
69,023
$
(6,576)
$
62,447
(6.7)%
2.1%
International
14,280
(21)
14,259
12,514
(1,170)
11,344
14.1%
0.3%
14.4%
25.7%
$
78,679
$
(671)
$
78,008
$
81,537
$
(7,746)
$
73,791
(3.5)%
0.0%
(3.5)%
5.7%
0.1%
5.8%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses ("the
Businesses") for the three months ended August 31, 2023 and
2022.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sale of
the Businesses.
GROSS PROFIT BY PRODUCT
CATEGORY
(in thousands)
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
$
—
$
16,727
$
14,429
$
—
$
14,429
15.9 %
15.9 %
Gross profit % of sales
64.7 %
64.7 %
63.2 %
63.2 %
Med Device
$
23,333
$
(453)
$
22,880
$
27,876
$
(4,638)
$
23,238
(16.3) %
(1.5) %
Gross profit % of sales
44.2 %
43.9 %
47.5 %
45.6 %
Total
$
40,060
$
(453)
$
39,607
$
42,305
$
(4,638)
$
37,667
(5.3) %
5.2 %
Gross profit % of sales
50.9 %
50.8 %
51.9 %
51.0 %
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses ("the
Businesses") for the three months ended August 31, 2023 and
2022.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sale of
the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(in thousands)
Aug 31, 2023
May 31, 2023
(unaudited)
(audited)
Assets
Current assets:
Cash and cash equivalents
$
57,586
$
44,620
Accounts receivable, net
49,755
52,826
Inventories
59,972
55,325
Prepaid expenses and other
8,162
4,617
Current assets held for sale
—
6,154
Total current assets
175,475
163,542
Property, plant and equipment, net
43,356
44,384
Other assets
9,430
10,676
Intangible assets, net
106,671
111,144
Goodwill
159,017
159,238
Non-current assets held for sale
—
43,653
Total assets
$
493,949
$
532,637
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
24,807
$
40,445
Accrued liabilities
26,079
26,617
Current portion of contingent
consideration
4,729
14,761
Other current liabilities
1,837
2,002
Total current liabilities
57,452
83,825
Long-term debt
—
49,818
Deferred income taxes
1,279
12,813
Contingent consideration
4,438
4,535
Other long-term liabilities
2,976
3,350
Total liabilities
66,145
154,341
Stockholders' equity
427,804
378,296
Total Liabilities and Stockholders'
Equity
$
493,949
$
532,637
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
Three Months Ended
Aug 31, 2023
Aug 31, 2022
(unaudited)
Cash flows from operating
activities:
Net income (loss)
$
45,884
$
(13,004)
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation and amortization
6,688
7,660
Non-cash lease expense
476
621
Stock based compensation
4,144
3,024
Gain on disposal of assets
(47,842)
—
Transaction costs for disposition
(2,427)
—
Change in fair value of contingent
consideration
(130)
211
Deferred income taxes
(11,415)
(907)
Change in accounts receivable
allowances
(78)
45
Fixed and intangible asset impairments and
disposals
65
87
Write-off of other assets
869
—
Other
(9)
(96)
Changes in operating assets and
liabilities:
Accounts receivable
3,157
(1,425)
Inventories
(4,574)
(6,238)
Prepaid expenses and other
(4,168)
(5,733)
Accounts payable, accrued and other
liabilities
(16,539)
(8,990)
Net cash used in operating
activities
(25,899)
(24,745)
Cash flows from investing
activities:
Additions to property, plant and
equipment
(791)
(809)
Additions to placement and evaluation
units
(767)
(2,227)
Acquisition of intangibles
—
(540)
Proceeds from sale of assets
100,000
—
Net cash provided by (used in)
investing activities
98,442
(3,576)
Cash flows from financing
activities:
Repayment of long-term debt
(50,000)
(45,000)
Proceeds from borrowings on long-term
debt
—
70,000
Deferred financing costs on long-term
debt
—
(706)
Payment of acquisition related contingent
consideration
(10,000)
—
Proceeds from exercise of stock options
and employee stock purchase plan
410
82
Net cash (used in) provided by
financing activities
(59,590)
24,376
Effect of exchange rate changes on cash
and cash equivalents
13
(316)
Increase (decrease) in cash and cash
equivalents
12,966
(4,261)
Cash and cash equivalents at beginning of
period
44,620
28,825
Cash and cash equivalents at end of
period
$
57,586
$
24,564
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231004330619/en/
Investor Contact: AngioDynamics, Inc. Stephen Trowbridge,
Executive Vice President & CFO (518) 795-1408
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