Announces preliminary Fiscal Year 2023 net
sales in the range of $338 million to $339 million
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 that it
has completed the sale of its Dialysis product portfolio and
BioSentry Tract Sealant System Biopsy product to Merit Medical
Systems, Inc. for $100 million in cash.
The transaction consists of AngioDynamics’ DuraFlow™, DuraMax®,
Evenmore®, Schon XL®, Trio-CT® and Vaxel Plus Hemodialysis Catheter
brands, and BioSentry™ Tract Sealant System Biopsy brand. This
combined portfolio of products contributed approximately $32
million in sales in AngioDynamics’ Fiscal Year 2023.
AngioDynamics intends to use net proceeds to eliminate its
existing debt and support further strategic investments in growth
and profitability. The divested assets are included in the
Company’s Med Device Business and do not have a significant amount
of direct costs. As a result, the transaction will be dilutive to
adjusted earnings per share and is expected to be slightly dilutive
to corporate gross margins.
“I am excited to announce this divestiture, which supports our
focus on our high-growth Med Tech platforms. While this deal
divests strong product lines, we’re pleased with the value we’ve
received for these assets, as the transaction strengthens our
balance sheet and better positions us to focus on driving growth in
our NanoKnife, Mechanical Thrombectomy and Auryon businesses,”
commented Jim Clemmer, President and Chief Executive Officer of
AngioDynamics. “This is another significant step in our
transformation, and finding an excellent partner to take on these
leading dialysis and biopsy assets allows our team to more tightly
align around the Company’s core strategic platforms.”
Mr. Clemmer added, “Through this acquisition, Merit gains
well-recognized and dependable products from our Med Device
portfolio that clinicians trust to provide the best patient care.
We are pleased that Merit, a leading global manufacturer and
marketer of healthcare technology, is acquiring our Dialysis brands
and BioSentry biopsy product.”
Management expects the Company’s net sales for its recently
completed fiscal year ended May 31, 2023, inclusive of the Dialysis
Product Portfolio and BioSentry product, to be in the range of $338
million to $339 million. AngioDynamics will report fiscal year
results and provide guidance for the 2024 fiscal year in early
July.
UBS Investment Bank is serving as financial advisor, and
Cadwalader, Wickersham & Taft is serving as legal advisor to
AngioDynamics. Piper Sandler is serving as financial advisor, and
Parr Brown Gee & Loveless is serving as legal advisor to Merit
Medical Systems.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230608005725/en/
Investor: AngioDynamics, Inc. Stephen Trowbridge, Executive Vice
President & CFO (518) 795-1408
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