AngioDynamics, Inc. (NASDAQ:ANGO) Reports Fiscal 2K19 3rd Quarter Financial Results

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AngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, peripheral vascular disease, and oncology, recently declared financial results for the 3rd quarter of fiscal year 2K19, which finished February 28, 2K19.

“While we had pockets of softness in our financial performance throughout the 3rd quarter, our overall performance remains strong, and we are confident that we will achieve our full-year guidance. We saw strong development contributions throughout the quarter from AngioVac and Solero, as well as from Fluid Administration,” commented Jim Clemmer, President, and CEO of AngioDynamics, Inc.

“In Addition To, I am very thrilled that the FDA has approved the IDE for our NanoKnife® DIRECT Clinical Study, which is the next step toward this incredible technology improving the standard of care for patients afflicted with Stage III pancreatic cancer. The IDE approval also represents a milestone for AngioDynamics as we transform into an evidence-based Company focused on therapies and outcomes facilitated by our unique technologies.”

3rd Quarter 2K19 Financial Results

Net sales for the 3rd quarter of fiscal 2K19 were $86.3M, a raise of 3.0 percent, difference to $83.9M a year ago. Foreign currency translation did not have a remarkable impact on the Company’s sales in the quarter.

  • Oncology net sales were $13.9M, a boost of 15.1 percent from $12.1M a year ago, as strong sales of Solero, in addition to the recent BioSentry and RadiaDyne acquisitions, more than offset weaker than anticipated NanoKnife capital sales throughout the quarter.
  • Vascular Interventions and Therapies net sales in the 3rd quarter of fiscal 2K19 were $50.1M, a boost of 3.3 percent, difference to $48.5M a year ago, as strong development in AngioVac was partially offset by a decelerating decline in the Venous Insufficiency business.
  • Vascular Access net sales were $22.3M, a decline of 4.0 percent from $23.3M a year ago, as lower sales of midlines, PICCs, and ports were somewhat offset by strong dialysis sales.

U.S. net sales in the 3rd quarter of fiscal 2K19 were $68.3M, a boost of 3.9 percent from $65.8M a year ago, and International net sales were $18.0M, a decline of 0.3 percent from $18.1M a year ago.

Gross margin for the 3rd quarter of fiscal 2K19 declined 10 basis points to 54.1 percent from 54.2 percent a year ago. This reflects temporary headwinds related to FX and a one-time positive impact from plant closures recognized last year. The Company continues to see gains in gross margin related to operational and supply-chain improvements.

The Company recorded net income of $0.8M, or $0.02 per share, in the 3rd quarter of fiscal 2K19. This compares to net income of about $14.0M, or $0.37 per share, a year ago.

adjusted net income for the 3rd quarter of fiscal 2K19 was $7.4M, or $0.19 per share, difference to adjusted net income of $8.7M, or $0.23 per share, in the 3rd quarter of fiscal 2K18.

Adjusted EBITDAS in the 3rd quarter of fiscal 2K19, apart from the items shown in the reconciliation table below, was $14.9M, difference to $16.8M in the 3rd quarter of fiscal 2K18.

In the 3rd quarter of fiscal 2K19, the Company generated $8.3M in operating cash flow and had capital expenditures of $0.9M. As of February 28, 2K19, the Company had $41.7M in cash and cash equivalents and $133.8M in debt, apart from the impact of deferred financing costs.

Nine Months Financial Results

For the nine months finished February 28, 2K19:

  • Net sales were $263.2M, a boost of 2.8 percent, difference to $256.0M for the same period a year ago.
  • The Company’s net income was $2.5M, or $0.06 per share, difference to net income of $14.2M, or $0.38 per share, a year ago.
  • Gross margin improved 270 basis points to 53.3 percent from 50.6 percent a year ago.
  • Apart From the items shown in the non-GAAP reconciliation table below, adjusted net income was $22.0M, or $0.57 per share, difference to adjusted net income of $19.9M, or $0.53 per share, a year ago.
  • Adjusted EBITDAS, apart from the items shown in the reconciliation table below, was $43.9M, difference to $41.5M for the same period a year ago.

Fiscal Year 2K19 Financial Guidance

The Company reiterates its formerly declared financial guidance, continuing to expect fiscal year 2K19 net sales in the range of $354 to $359M and free cash flow in the range of $26 to $31M. In Addition To, the Company continues to expect adjusted earnings per share in the range of $0.82 to $0.86.

Conference Call

The Company’s administration will host a conference call recently at 8:00 a.m. ET to discuss its 3rd quarter 2K19 results.

To take part in the conference call, dial 1-877-407-0784 (domestic) or 1-201-689-8560 (international) and refer to the passcode 13688664.

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