Fiscal Year 2023 Fourth Quarter Highlights
- Net sales of $91.1 million increased 4.7% compared to the
prior-year quarter
- Med Tech net sales of $26.5 million increased 17.2%
- Med Device net sales of $64.6 million increased
0.3%
- Gross margin of 50.9% declined 250 basis points year over
year
- GAAP loss per share of $0.54, inclusive of a goodwill
impairment of $14.5 million, or $0.37 per share, in connection with
the transaction announced on June 8, 2023
- Adjusted earnings per share of $0.02
- Cash and cash equivalents at May 31, 2023 were $44.6
million
- On June 8, 2023, the Company completed the sale of its
Dialysis and BioSentry Tract Sealant System Biopsy businesses to
Merit Medical Systems, Inc. for $100 million in cash
- Subsequent to quarter end, the Company completed enrollment
in its PRESERVE study for the treatment of prostate cancer with
NanoKnife
Full-Year 2023 Highlights
- Net sales of $338.8 million increased 7.1% year over
year
- Gross margin declined 100 basis points year over year to
51.4%
- GAAP loss per share of $1.33, inclusive of a goodwill
impairment of $14.5 million, or $0.37 per share, in connection with
the transaction announced on June 8, 2023
- Adjusted loss per share of $0.06
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 fourth quarter and fiscal year 2023,
which ended May 31, 2023.
“AngioDynamics’ fourth quarter and fiscal year 2023 saw
continued growth driven by our team’s commitment to innovation,”
commented Jim Clemmer, President and Chief Executive Officer of
AngioDynamics, Inc. “Additionally, we recently took another
significant step in our transformation by announcing the
divestiture of our Dialysis and BioSentry Biopsy businesses, which
strengthens our balance sheet and enables an even clearer focus on
our high-growth Med Tech platforms. Looking ahead, we will continue
to seek opportunities to further focus the portfolio in order to
drive growth and margin expansion.”
Mr. Clemmer continued, “We are now two years into the three-year
plan that we provided in July of 2021, and we are at or above our
overall revenue growth targets, with our Med Tech segment
continuing to comprise an increasing portion of our overall
business. This bodes well for our future, and I’m excited about the
differentiated products and clinical data that we will be bringing
to market in fiscal year 2024 and beyond.”
Fourth Quarter 2023 Financial Results
Net sales for the fourth quarter of fiscal year 2023 were $91.1
million, an increase of 4.7% 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 $26.5 million, a 17.2% increase from
$22.6 million in 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 $11.8
million, which increased 22.0%, NanoKnife disposable sales of $4.6
million, representing an increase of 28.0% compared to the fourth
quarter of fiscal 2022, and AlphaVac sales of $1.8 million, an
increase of 86.9% over the prior year.
Med Device net sales were $64.6 million, an increase of 0.3%
compared to $64.4 million in the prior-year period.
U.S. net sales in the fourth quarter of fiscal 2023 were $74.4
million, an increase of 1.0% from $73.7 million a year ago.
International net sales were $16.6 million, an increase of 25.1%,
compared to $13.3 million a year ago.
Gross margin for the fourth quarter of fiscal 2023 was 50.9%, a
decrease of 250 basis points compared to the fourth quarter of
fiscal 2022, but up sequentially from 50.2% in the third quarter.
Gross margin for the Med Tech business was 64.7%, a decrease of 400
basis points from the fourth quarter of fiscal 2022. Gross margin
for the Med Device business was 45.2%, a decrease of 280 basis
points compared to the fourth quarter of fiscal 2022. Gross margin
continued to be impacted by inflationary pressures including
increased costs for labor and raw materials.
The Company recorded a net loss of $21.5 million, or a loss per
share of $0.54, in the fourth quarter of fiscal 2023. This includes
a goodwill impairment of $14.5 million, or $0.37 per share, in
connection with the transaction announced on June 8, 2023. This
goodwill impairment is described in more detail below. This
compares to a net loss of $6.3 million, or a loss per share of
$0.16, a year ago.
Excluding the items shown in the non-GAAP reconciliation table
below, adjusted net income for the fourth quarter of fiscal 2023
was $0.7 million, and adjusted earnings per share was $0.02,
compared to adjusted net income of $0.3 million and adjusted
earnings per share of $0.01 in the prior-year period.
Adjusted EBITDA in the fourth quarter of fiscal 2023, excluding
the items shown in the reconciliation table below, was $7.9
million, compared to $6.2 million in the fourth quarter of fiscal
2022.
In the fourth quarter of fiscal 2023, the Company generated
$16.0 million in operating cash, had capital expenditures of $1.1
million and $0.5 million in Auryon placement and evaluation
units.
At May 31, 2023, the Company had $44.6 million in cash and cash
equivalents compared to $30.1 million in cash and cash equivalents
at February 28, 2023. The Company had $25.0 million outstanding
under its revolving credit facility and $25.0 million outstanding
under the delayed draw term loan at May 31, 2023, equal to the
total amounts outstanding on February 28, 2023. Subsequent to
quarter end, the Company used part of the proceeds from the
divestiture of its Dialysis and BioSentry Tract Sealant System
Biopsy businesses to extinguish its debt.
Full-Year 2023 Financial Results
For the twelve months ended May 31, 2023:
Net sales were $338.8 million, an increase of 7.1%, compared to
$316.2 million for the same period a year ago.
Med Tech net sales were $96.7 million, a 22.8% increase from the
prior year period. Med Device net sales were $242.1 million, an
increase of 1.9% from the prior year period.
Gross margin declined by 100 basis points to 51.4% from 52.4% a
year ago as positive impacts from productivity and the growth of
the Med Tech business were more than offset by inflationary
pressures including increased costs for labor and raw
materials.
The Company's net loss from continuing operations was $52.4
million, or a loss per share of $1.33, compared to a net loss of
$26.5 million, or a loss per share of $0.68, a year ago. This
includes a goodwill impairment of $14.5 million, or $0.37 per
share, in connection with the transaction announced on June 8,
2023. This goodwill impairment is described in more detail
below.
Excluding the items shown in the non-GAAP reconciliation table
below, adjusted net loss was $2.4 million, with adjusted loss per
share of $0.06, compared to adjusted net loss of $0.2 million, or
adjusted earnings per share of $0.00, a year ago.
Adjusted EBITDA, excluding the items shown in the reconciliation
table below, was $22.6 million, compared to $20.9 million for the
same period a year ago.
Goodwill Impairment in Connection with Divestiture
The Dialysis and BioSentry Tract Sealant System Biopsy
businesses that were divested subsequent to the Company’s fiscal
year end, on June 8, 2023, were accounted for as “Held for Sale” as
of May 31, 2023. As a result, the Company recorded a goodwill
impairment during the fiscal fourth quarter ended May 31, 2023. The
gain on the sale of these assets will be recorded in the Company’s
first fiscal quarter ending August 31, 2023.
Pro Forma 2023 Performance
In addition to actual results, the tables accompanying this
press release reflect pro forma results, which exclude the
full-year impact of the Dialysis and BioSentry Tract Sealant System
Biopsy businesses that were divested on June 8, 2023.
Fiscal Year 2024 Financial Guidance
The Company expects 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 fourth quarter and fiscal year 2023
results.
To participate in the conference call, dial 1-877-407-0784
(domestic) or +1- 201-689-8560 (international) and refer to the
passcode 13739492.
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, July 12, 2023, until 11:59 p.m. ET on Wednesday,
July 19, 2023. To hear this recording, dial 1-844-512-2921
(domestic) or +1-412-317-6671 (international) and enter the
passcode 13739492.
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, 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
Twelve Months Ended
May 31, 2023
May 31, 2022
May 31, 2023
May 31, 2022
(unaudited)
(unaudited)
(audited)
Net sales
$
91,074
$
86,998
$
338,752
$
316,219
Cost of sales (exclusive of intangible
amortization)
44,715
40,543
164,506
150,487
Gross profit
46,359
46,455
174,246
165,732
% of net sales
50.9
%
53.4
%
51.4
%
52.4
%
Operating expenses
Research and development
7,860
7,866
29,883
30,739
Sales and marketing
26,293
26,833
104,249
95,301
General and administrative
10,228
11,103
40,003
38,451
Amortization of intangibles
4,406
4,853
18,790
19,458
Goodwill impairment
14,549
—
14,549
—
Change in fair value of contingent
consideration
236
207
2,320
1,212
Acquisition, restructuring and other
items, net
3,624
1,990
15,633
9,042
Total operating expenses
67,196
52,852
225,427
194,203
Operating loss
(20,837
)
(6,397
)
(51,181
)
(28,471
)
Interest expense, net
(901
)
(185
)
(2,702
)
(688
)
Other expense, net
(127
)
(139
)
(554
)
(790
)
Total other expense, net
(1,028
)
(324
)
(3,256
)
(1,478
)
Loss before income tax benefit
(21,865
)
(6,721
)
(54,437
)
(29,949
)
Income tax benefit
(398
)
(455
)
(1,995
)
(3,402
)
Net loss
$
(21,467
)
$
(6,266
)
$
(52,442
)
$
(26,547
)
Loss per share
Basic
$
(0.54
)
$
(0.16
)
$
(1.33
)
$
(0.68
)
Diluted
$
(0.54
)
$
(0.16
)
$
(1.33
)
$
(0.68
)
Weighted average shares outstanding
Basic
39,608
39,160
39,480
39,009
Diluted
39,608
39,160
39,480
39,009
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
GAAP TO NON-GAAP
RECONCILIATION
(in thousands, except per share
data)
Reconciliation of Net Loss to non-GAAP Adjusted Net Loss
Before Goodwill Impairment:
Three Months Ended
Twelve Months Ended
May 31, 2023
May 31, 2022
May 31, 2023
May 31, 2022
(unaudited)
(unaudited)
Net loss
$
(21,467
)
$
(6,266
)
$
(52,442
)
$
(26,547
)
Goodwill impairment
14,549
—
14,549
—
Net loss adjusted for goodwill
impairment*
$
(6,918
)
$
(6,266
)
$
(37,893
)
$
(26,547
)
Reconciliation of Diluted Loss Per
Share to non-GAAP Adjusted Diluted Loss Per Share Before Goodwill
Impairment:
Three Months Ended
Twelve Months Ended
May 31, 2023
May 31, 2022
May 31, 2023
May 31, 2022
(unaudited)
(unaudited)
Diluted loss per share
$
(0.54
)
$
(0.16
)
$
(1.33
)
$
(0.68
)
Goodwill impairment
0.37
—
0.37
—
Adjusted diluted loss per share adjusted
for goodwill impairment*
$
(0.17
)
$
(0.16
)
$
(0.96
)
$
(0.68
)
Adjusted diluted sharecount
39,608
39,160
39,480
39,009
*This does not include the
Company's customary adjustments included on the next page.
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
Twelve Months Ended
May 31, 2023
May 31, 2022
May 31, 2023
May 31, 2022
(unaudited)
(unaudited)
Net loss
$
(21,467
)
$
(6,266
)
$
(52,442
)
$
(26,547
)
Amortization of intangibles
4,406
4,853
18,790
19,458
Goodwill impairment
14,549
—
14,549
—
Change in fair value of contingent
consideration
236
207
2,320
1,212
Acquisition, restructuring and other
items, net (1)
3,624
1,990
15,633
9,042
Tax effect of non-GAAP items (2)
(617
)
(531
)
(1,272
)
(3,347
)
Adjusted net income (loss)
$
731
$
253
$
(2,422
)
$
(182
)
Reconciliation of Diluted Loss Per
Share to non-GAAP Adjusted Diluted Earnings (Loss) Per
Share:
Three Months Ended
Twelve Months Ended
May 31, 2023
May 31, 2022
May 31, 2023
May 31, 2022
(unaudited)
(unaudited)
Diluted loss per share
$
(0.54
)
$
(0.16
)
$
(1.33
)
$
(0.68
)
Amortization of intangibles
0.11
0.12
0.48
0.50
Goodwill impairment
0.37
—
0.37
—
Change in fair value of contingent
consideration
0.01
0.01
0.06
0.03
Acquisition, restructuring and other
items, net (1)
0.09
0.05
0.39
0.24
Tax effect of non-GAAP items (2)
(0.02
)
(0.01
)
(0.03
)
(0.09
)
Adjusted diluted earnings (loss) per
share
$
0.02
$
0.01
$
(0.06
)
$
0.00
Adjusted diluted sharecount (3)
39,916
40,250
39,480
39,009
(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 May 31, 2023 and
May 31, 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
Twelve Months Ended
May 31, 2023
May 31, 2022
May 31, 2023
May 31, 2022
(unaudited)
(unaudited)
Net loss
$
(21,467
)
$
(6,266
)
$
(52,442
)
$
(26,547
)
Income tax benefit
(398
)
(455
)
(1,995
)
(3,402
)
Interest expense, net
901
185
2,702
688
Depreciation and amortization
7,506
7,628
30,681
29,194
Goodwill impairment
14,549
—
14,549
—
Change in fair value of contingent
consideration
236
207
2,320
1,212
Stock based compensation
2,981
2,903
11,158
10,692
Acquisition, restructuring and other
items, net (1)
3,624
1,990
15,633
9,042
Adjusted EBITDA
$
7,932
$
6,192
$
22,606
$
20,879
Per diluted share:
Adjusted EBITDA
$
0.20
$
0.15
$
0.57
$
0.54
(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
Twelve Months Ended
May 31, 2023
May 31, 2022
% Growth
Currency Impact
Constant Currency Growth
May 31, 2023
May 31, 2022
% Growth
Currency Impact
Constant Currency Growth
(unaudited)
(unaudited)
Net Sales
Med Tech
$
26,494
$
22,611
17.2
%
$
96,687
$
78,717
22.8
%
Med Device
64,580
64,387
0.3
%
242,065
237,502
1.9
%
$
91,074
$
86,998
4.7
%
0.2
%
4.9
%
$
338,752
$
316,219
7.1
%
0.4
%
7.5
%
Net Sales by Geography
United States
$
74,439
$
73,704
1.0
%
$
282,713
$
265,963
6.3
%
International
16,635
13,294
25.1
%
1.1
%
26.2
%
56,039
50,256
11.5
%
2.5
%
14.0
%
$
91,074
$
86,998
4.7
%
0.2
%
4.9
%
$
338,752
$
316,219
7.1
%
0.4
%
7.5
%
GROSS PROFIT BY PRODUCT
CATEGORY
(in thousands)
Three Months Ended
Twelve Months Ended
May 31, 2023
May 31, 2022
% Change
May 31, 2023
May 31, 2022
% Change
(unaudited)
(unaudited)
Med Tech
$
17,150
$
15,524
10.5
%
$
61,966
$
52,584
17.8
%
Gross profit % of sales
64.7
%
68.7
%
64.1
%
66.8
%
Med Device
$
29,209
$
30,931
(5.6
)%
$
112,280
$
113,148
(0.8
)%
Gross profit % of sales
45.2
%
48.0
%
46.4
%
47.6
%
Total
$
46,359
$
46,455
(0.2
)%
$
174,246
$
165,732
5.1
%
Gross profit % of sales
50.9
%
53.4
%
51.4
%
52.4
%
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(in thousands)
May 31, 2023
May 31, 2022
(unaudited)
(audited)
Assets
Current assets:
Cash and cash equivalents
$
44,620
$
28,825
Accounts receivable, net
52,826
52,304
Inventories
55,325
51,392
Prepaid expenses and other
4,617
10,824
Current assets held for sale
6,154
—
Total current assets
163,542
143,345
Property, plant and equipment, net
44,384
45,005
Other assets
10,676
10,963
Intangible assets, net
111,144
152,380
Goodwill
159,238
201,058
Non-current assets held for sale
43,653
—
Total assets
$
532,637
$
552,751
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
40,445
$
28,047
Accrued liabilities
26,617
34,842
Current portion of contingent
consideration
14,761
8,783
Other current liabilities
2,002
2,652
Total current liabilities
83,825
74,324
Long-term debt, net of current portion
49,818
25,000
Deferred income taxes
12,813
16,037
Contingent consideration, net of current
portion
4,535
8,165
Other long-term liabilities
3,350
4,736
Total liabilities
154,341
128,262
Stockholders' equity
378,296
424,489
Total Liabilities and Stockholders'
Equity
$
532,637
$
552,751
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
Three Months Ended
Twelve Months Ended
May 31, 2023
May 31, 2022
May 31, 2023
May 31, 2022
(unaudited)
(unaudited)
(audited)
Cash flows from operating
activities:
Net loss
$
(21,467
)
$
(6,266
)
$
(52,442
)
$
(26,547
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
7,557
7,667
30,873
29,349
Non-cash lease expense
601
617
2,484
2,439
Goodwill impairment
14,549
—
14,549
—
Stock based compensation
2,981
2,903
11,158
10,692
Change in fair value of contingent
consideration
236
207
2,320
1,212
Deferred income tax provision
(558
)
(587
)
(2,310
)
(3,708
)
Change in accounts receivable
allowances
135
184
695
118
Asset impairments and disposals
147
146
291
391
Other
(197
)
(66
)
(514
)
(93
)
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(2,058
)
(10,710
)
(1,299
)
(17,151
)
Inventories
4,056
(3,384
)
(8,198
)
(2,796
)
Prepaid expenses and other
724
2,135
332
(5,012
)
Accounts payable, accrued and other
liabilities
9,248
15,714
2,139
3,912
Net cash provided by (used in)
operating activities
15,954
8,560
78
(7,194
)
Cash flows from investing
activities:
Additions to property, plant and
equipment
(1,056
)
(1,039
)
(3,812
)
(4,297
)
Additions to placement and evaluation
units
(472
)
(2,734
)
(5,394
)
(11,410
)
Acquisition of intangibles
—
—
(540
)
—
Cash paid in acquisition
—
—
—
(3,600
)
Net cash used in investing
activities
(1,528
)
(3,773
)
(9,746
)
(19,307
)
Cash flows from financing
activities:
Proceeds from issuance of long-term
debt
—
—
70,000
—
Repayment of long-term debt
—
—
(45,000
)
—
Proceeds from borrowings on long-term
debt
—
—
—
5,000
Deferred financing costs on long-term
debt
—
—
(751
)
—
Proceeds from exercise of stock options
and employee stock purchase plan
—
329
1,171
2,683
Net cash provided by financing
activities
—
329
25,420
7,683
Effect of exchange rate changes on cash
and cash equivalents
83
(181
)
43
(518
)
Increase (decrease) in cash and cash
equivalents
14,509
4,935
15,795
(19,336
)
Cash and cash equivalents at beginning of
period
30,111
23,890
28,825
48,161
Cash and cash equivalents at end of
period
$
44,620
$
28,825
$
44,620
$
28,825
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA CONSOLIDATED INCOME
STATEMENTS
Three Months Ended August 31,
2022
(in thousands, except per share
data)
As Reported (1)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net sales
$
81,537
$
(7,746
)
(2)
$
73,791
Cost of sales (exclusive of intangible
amortization)
39,232
(3,108
)
(2)
36,124
Gross profit
42,305
(4,638
)
37,667
% of net sales
51.9
%
51.0
%
Operating expenses
Research and development
8,333
(62
)
(2)
8,271
Sales and marketing
26,543
(19
)
(2)
26,524
General and administrative
10,101
(1
)
(2)
10,100
Amortization of intangibles
4,837
(483
)
(2)
4,354
Change in fair value of contingent
consideration
211
—
211
Acquisition, restructuring and other
items, net
5,581
(17
)
(2)
5,564
Total operating expenses
55,606
(582
)
55,024
Operating loss
(13,301
)
(4,056
)
(17,357
)
Interest expense, net
(381
)
—
(381
)
Other expense, net
(175
)
—
(175
)
Total other expense, net
(556
)
—
(556
)
Loss before income tax benefit
(13,857
)
(4,056
)
(17,913
)
Income tax benefit
(853
)
—
(3)
(853
)
Net loss
$
(13,004
)
$
(4,056
)
$
(17,060
)
Loss per share
Basic
$
(0.33
)
$
(0.43
)
Diluted
$
(0.33
)
$
(0.43
)
Weighted average shares outstanding
Basic
39,302
39,302
Diluted
39,302
39,302
(1) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Dialysis and BioSentry
Biopsy Businesses ("the Business") for the three months ended
August 31, 2022.
(2) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
(3) There are no adjustments for income
tax expense or deferred taxes when considering valuation allowances
on the Company's deferred taxes.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP
RECONCILIATION
Three Months Ended August 31,
2022
(in thousands, except per share
data)
Reconciliation of Net Loss to non-GAAP
Adjusted Net Loss:
As Reported (4)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net loss
$
(13,004
)
$
(4,056
)
(5)
$
(17,060
)
Amortization of intangibles
4,837
(483
)
(5)
4,354
Change in fair value of contingent
consideration
211
—
211
Acquisition, restructuring and other
items, net (1)
5,581
(17
)
(5)
5,564
Tax effect of non-GAAP items (2)
(111
)
1,048
937
Adjusted net loss
$
(2,486
)
$
(3,508
)
$
(5,994
)
Reconciliation of Diluted Loss Per
Share to non-GAAP Adjusted Diluted Loss Per Share:
As Reported (4)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Diluted loss per share
$
(0.33
)
$
(0.11
)
(5)
$
(0.44
)
Amortization of intangibles
0.12
(0.01
)
(5)
0.11
Change in fair value of contingent
consideration
0.01
—
0.01
Acquisition, restructuring and other
items, net (1)
0.14
—
0.14
Tax effect of non-GAAP items (2)
—
0.03
0.03
Adjusted diluted loss per share
$
(0.06
)
$
(0.09
)
$
(0.15
)
Adjusted diluted sharecount (3)
39,302
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,
2022.
(3) Diluted shares may differ for non-GAAP
measures as compared to GAAP due to a GAAP loss.
(4) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended August 31, 2022.
(5) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP
RECONCILIATION (Continued)
Three Months Ended August 31,
2022
(in thousands, except per share
data)
Reconciliation of Net Loss to Adjusted
EBITDA:
As Reported (2)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net loss
$
(13,004
)
$
(4,056
)
(3)
$
(17,060
)
Income tax benefit
(853
)
—
(853
)
Interest expense, net
381
—
381
Depreciation and amortization
7,621
(490
)
(3)
7,131
Change in fair value of contingent
consideration
211
—
211
Stock based compensation
3,024
—
3,024
Acquisition, restructuring and other
items, net (1)
5,581
(17
)
(3)
5,564
Adjusted EBITDA
$
2,961
$
(4,563
)
$
(1,602
)
Per diluted share:
Adjusted EBITDA
$
0.08
$
(0.12
)
$
(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.
(2) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended August 31, 2022.
(3) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA CONSOLIDATED INCOME
STATEMENTS
Three Months Ended November
30, 2022
(in thousands, except per share
data)
As Reported (1)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net sales
$
85,429
$
(8,442
)
(2)
$
76,987
Cost of sales (exclusive of intangible
amortization)
40,351
(3,184
)
(2)
37,167
Gross profit
45,078
(5,258
)
39,820
% of net sales
52.8
%
51.7
%
Operating expenses
Research and development
6,838
(66
)
(2)
6,772
Sales and marketing
26,007
(15
)
(2)
25,992
General and administrative
10,835
2
(2)
10,837
Amortization of intangibles
4,808
(483
)
(2)
4,325
Change in fair value of contingent
consideration
1,646
—
1,646
Acquisition, restructuring and other
items, net
3,059
—
3,059
Total operating expenses
53,193
(562
)
52,631
Operating loss
(8,115
)
(4,696
)
(12,811
)
Interest expense, net
(684
)
—
(684
)
Other expense, net
(252
)
—
(252
)
Total other expense, net
(936
)
—
(936
)
Loss before income tax benefit
(9,051
)
(4,696
)
(13,747
)
Income tax benefit
(565
)
—
(3)
(565
)
Net loss
$
(8,486
)
$
(4,696
)
$
(13,182
)
Loss per share
Basic
$
(0.21
)
$
(0.33
)
Diluted
$
(0.21
)
$
(0.33
)
Weighted average shares outstanding
Basic
39,490
39,490
Diluted
39,490
39,490
(1) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended November 30, 2022.
(2) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
(3) There are no adjustments for income
tax expense or deferred taxes when considering valuation allowances
on the Company's deferred taxes.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP
RECONCILIATION
Three Months Ended November
30, 2022
(in thousands, except per share
data)
Reconciliation of Net Loss to non-GAAP
Adjusted Net Income (Loss):
As Reported (4)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net loss
$
(8,486
)
$
(4,696
)
(5)
$
(13,182
)
Amortization of intangibles
4,808
(483
)
(5)
4,325
Change in fair value of contingent
consideration
1,646
—
1,646
Acquisition, restructuring and other
items, net (1)
3,059
—
3,059
Tax effect of non-GAAP items (2)
(671
)
1,191
520
Adjusted net income (loss)
$
356
$
(3,988
)
$
(3,632
)
Reconciliation of Diluted Loss Per
Share to non-GAAP Adjusted Diluted Earnings (Loss) Per
Share:
As Reported (4)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Diluted loss per share
$
(0.21
)
$
(0.12
)
(5)
$
(0.33
)
Amortization of intangibles
0.12
(0.01
)
(5)
0.11
Change in fair value of contingent
consideration
0.04
—
0.04
Acquisition, restructuring and other
items, net (1)
0.08
—
0.08
Tax effect of non-GAAP items (2)
(0.02
)
0.03
0.01
Adjusted diluted earnings (loss) per
share
$
0.01
$
(0.10
)
$
(0.09
)
Adjusted diluted sharecount (3)
40,059
39,490
(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 November 30,
2022.
(3) Diluted shares may differ for non-GAAP
measures as compared to GAAP due to a GAAP loss.
(4) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended November 30, 2022.
(5) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP
RECONCILIATION (Continued)
Three Months Ended November
30, 2022
(in thousands, except per share
data)
Reconciliation of Net Loss to Adjusted
EBITDA:
As Reported (2)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net loss
$
(8,486
)
$
(4,696
)
(3)
$
(13,182
)
Income tax benefit
(565
)
—
(565
)
Interest expense, net
684
—
684
Depreciation and amortization
7,767
(491
)
(3)
7,276
Change in fair value of contingent
consideration
1,646
—
1,646
Stock based compensation
3,350
—
3,350
Acquisition, restructuring and other
items, net (1)
3,059
—
3,059
Adjusted EBITDA
$
7,455
$
(5,187
)
$
2,268
Per diluted share:
Adjusted EBITDA
$
0.19
$
(0.13
)
$
0.06
(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) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended November 30, 2022.
(3) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA CONSOLIDATED INCOME
STATEMENTS
Three Months Ended February
28, 2023
(in thousands, except per share
data)
As Reported (1)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net sales
$
80,712
$
(7,502
)
(2)
$
73,210
Cost of sales (exclusive of intangible
amortization)
40,208
(3,027
)
(2)
37,181
Gross profit
40,504
(4,475
)
36,029
% of net sales
50.2
%
49.2
%
Operating expenses
Research and development
6,852
(39
)
(2)
6,813
Sales and marketing
25,406
(11
)
(2)
25,395
General and administrative
8,839
6
(2)
8,845
Amortization of intangibles
4,739
(484
)
(2)
4,255
Change in fair value of contingent
consideration
227
—
227
Acquisition, restructuring and other
items, net
3,369
—
3,369
Total operating expenses
49,432
(528
)
48,904
Operating loss
(8,928
)
(3,947
)
(12,875
)
Interest expense, net
(736
)
—
(736
)
Other income (expense), net
—
—
—
Total other expense, net
(736
)
—
(736
)
Loss before income tax benefit
(9,664
)
(3,947
)
(13,611
)
Income tax benefit
(179
)
—
(3)
(179
)
Net loss
$
(9,485
)
$
(3,947
)
$
(13,432
)
Loss per share
Basic
$
(0.24
)
$
(0.34
)
Diluted
$
(0.24
)
$
(0.34
)
Weighted average shares outstanding
Basic
39,509
39,509
Diluted
39,509
39,509
(1) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended February 28, 2023.
(2) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
(3) There are no adjustments for income
tax expense or deferred taxes when considering valuation allowances
on the Company's deferred taxes.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP
RECONCILIATION
Three Months Ended February
28, 2023
(in thousands, except per share
data)
Reconciliation of Net Loss to non-GAAP
Adjusted Net Loss:
As Reported (4)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net loss
$
(9,485
)
$
(3,947
)
(5)
$
(13,432
)
Amortization of intangibles
4,739
(484
)
(5)
4,255
Change in fair value of contingent
consideration
227
—
227
Acquisition, restructuring and other
items, net (1)
3,369
—
3,369
Tax effect of non-GAAP items (2)
127
1,019
1,146
Adjusted net loss
$
(1,023
)
$
(3,412
)
$
(4,435
)
Reconciliation of Diluted Loss Per
Share to non-GAAP Adjusted Diluted Loss Per Share:
As Reported (4)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Diluted loss per share
$
(0.24
)
$
(0.10
)
(5)
$
(0.34
)
Amortization of intangibles
0.12
(0.01
)
(5)
0.11
Change in fair value of contingent
consideration
0.01
—
0.01
Acquisition, restructuring and other
items, net (1)
0.08
—
0.08
Tax effect of non-GAAP items (2)
—
0.03
0.03
Adjusted diluted loss per share
$
(0.03
)
$
(0.08
)
$
(0.11
)
Adjusted diluted sharecount (3)
39,509
39,509
(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.
(3) Diluted shares may differ for non-GAAP
measures as compared to GAAP due to a GAAP loss.
(4) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended February 28, 2023.
(5) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP
RECONCILIATION (Continued)
Three Months Ended February
28, 2023
(in thousands, except per share
data)
Reconciliation of Net Loss to Adjusted
EBITDA:
As Reported (2)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net loss
$
(9,485
)
$
(3,947
)
(3)
$
(13,432
)
Income tax benefit
(179
)
—
(179
)
Interest expense, net
736
—
736
Depreciation and amortization
7,787
(491
)
(3)
7,296
Change in fair value of contingent
consideration
227
—
227
Stock based compensation
1,803
—
1,803
Acquisition, restructuring and other
items, net (1)
3,369
—
3,369
Adjusted EBITDA
$
4,258
$
(4,438
)
$
(180
)
Per diluted share:
Adjusted EBITDA
$
0.11
$
(0.11
)
$
—
(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) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended February 28, 2023.
(3) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA CONSOLIDATED INCOME
STATEMENTS
Three Months Ended May 31,
2023
(in thousands, except per share
data)
As Reported (1)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net sales
$
91,074
$
(8,755
)
(2)
$
82,319
Cost of sales (exclusive of intangible
amortization)
44,715
(3,595
)
(2)
41,120
Gross profit
46,359
(5,160
)
41,199
% of net sales
50.9
%
50.0
%
Operating expenses
Research and development
7,860
(159
)
(2)
7,701
Sales and marketing
26,293
(21
)
(2)
26,272
General and administrative
10,228
—
(2)
10,228
Amortization of intangibles
4,406
(483
)
(2)
3,923
Goodwill impairment
14,549
—
14,549
Change in fair value of contingent
consideration
236
—
236
Acquisition, restructuring and other
items, net
3,624
(368
)
(2)
3,256
Total operating expenses
67,196
(1,031
)
66,165
Operating loss
(20,837
)
(4,129
)
(24,966
)
Interest expense, net
(901
)
—
(901
)
Other expense, net
(127
)
—
(127
)
Total other expense, net
(1,028
)
—
(1,028
)
Loss before income tax benefit
(21,865
)
(4,129
)
(25,994
)
Income tax benefit
(398
)
—
(3)
(398
)
Net loss
$
(21,467
)
$
(4,129
)
$
(25,596
)
Loss per share
Basic
$
(0.54
)
$
(0.65
)
Diluted
$
(0.54
)
$
(0.65
)
Weighted average shares outstanding
Basic
39,608
39,608
Diluted
39,608
39,608
(1) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended May 31, 2023.
(2) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
(3) There are no adjustments for income
tax expense or deferred taxes when considering valuation allowances
on the Company's deferred taxes.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP
RECONCILIATION
Three Months Ended May 31,
2023
(in thousands, except per share
data)
Reconciliation of Net Loss to non-GAAP
Adjusted Net Income (Loss):
As Reported (4)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net loss
$
(21,467
)
$
(4,129
)
(5)
$
(25,596
)
Amortization of intangibles
4,406
(483
)
(5)
3,923
Goodwill impairment
14,549
—
14,549
Change in fair value of contingent
consideration
236
—
236
Acquisition, restructuring and other
items, net (1)
3,624
(368
)
(5)
3,256
Tax effect of non-GAAP items (2)
(617
)
1,146
529
Adjusted net income (loss)
$
731
$
(3,834
)
$
(3,103
)
Reconciliation of Diluted Loss Per
Share to non-GAAP Adjusted Diluted Earnings (Loss) Per
Share:
As Reported (4)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Diluted loss per share
$
(0.54
)
$
(0.11
)
(5)
$
(0.65
)
Amortization of intangibles
0.11
(0.01
)
(5)
0.10
Goodwill impairment
0.37
—
0.37
Change in fair value of contingent
consideration
0.01
—
0.01
Acquisition, restructuring and other
items, net (1)
0.09
(0.01
)
(5)
0.08
Tax effect of non-GAAP items (2)
(0.02
)
0.03
0.01
Adjusted diluted earnings (loss) per
share
$
0.02
$
(0.10
)
$
(0.08
)
Adjusted diluted sharecount (3)
39,916
39,608
(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 May 31,
2023.
(3) Diluted shares may differ for non-GAAP
measures as compared to GAAP due to a GAAP loss.
(4) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended May 31, 2023.
(5) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP
RECONCILIATION (Continued)
Three Months Ended May 31,
2023
(in thousands, except per share
data)
Reconciliation of Net Loss to Adjusted
EBITDA:
As Reported (2)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net loss
$
(21,467
)
$
(4,129
)
(3)
$
(25,596
)
Income tax benefit
(398
)
—
(398
)
Interest expense, net
901
—
901
Depreciation and amortization
7,506
(490
)
(3)
7,016
Goodwill impairment
14,549
—
14,549
Change in fair value of contingent
consideration
236
—
236
Stock based compensation
2,981
—
2,981
Acquisition, restructuring and other
items, net (1)
3,624
(368
)
(3)
3,256
Adjusted EBITDA
$
7,932
$
(4,987
)
$
2,945
Per diluted share:
Adjusted EBITDA
$
0.20
$
(0.13
)
$
0.07
(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) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the three
months ended May 31, 2023.
(3) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA CONSOLIDATED INCOME
STATEMENTS
As of May 31, 2023
(in thousands, except per share
data)
As Reported (1)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net sales
$
338,752
$
(32,445
)
(2)
$
306,307
Cost of sales (exclusive of intangible
amortization)
164,506
(12,914
)
(2)
151,592
Gross profit
174,246
(19,531
)
154,715
% of net sales
51.4
%
50.5
%
Operating expenses
Research and development
29,883
(326
)
(2)
29,557
Sales and marketing
104,249
(66
)
(2)
104,183
General and administrative
40,003
7
(2)
40,010
Amortization of intangibles
18,790
(1,933
)
(2)
16,857
Goodwill impairment
14,549
—
14,549
Change in fair value of contingent
consideration
2,320
—
2,320
Acquisition, restructuring and other
items, net
15,633
(386
)
(2)
15,247
Total operating expenses
225,427
(2,704
)
222,723
Operating loss
(51,181
)
(16,827
)
(68,008
)
Interest expense, net
(2,702
)
—
(2,702
)
Other expense, net
(554
)
—
(554
)
Total other expense, net
(3,256
)
—
(3,256
)
Loss before income tax benefit
(54,437
)
(16,827
)
(3)
(71,264
)
Income tax benefit
(1,995
)
—
(1,995
)
Net loss
$
(52,442
)
$
(16,827
)
$
(69,269
)
Loss per share
Basic
$
(1.33
)
$
(1.75
)
Diluted
$
(1.33
)
$
(1.75
)
Weighted average shares outstanding
Basic
39,480
39,480
Diluted
39,480
39,480
(1) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the year
ended May 31, 2023.
(2) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
(3) There are no adjustments for income
tax expense or deferred taxes when considering valuation allowances
on the Company's deferred taxes.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP
RECONCILIATION
As of May 31, 2023
(in thousands, except per share
data)
Reconciliation of Net Loss to non-GAAP
Adjusted Net Loss:
As Reported (4)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net loss
$
(52,442
)
$
(16,827
)
(5)
$
(69,269
)
Amortization of intangibles
18,790
(1,933
)
(5)
16,857
Goodwill impairment
14,549
—
14,549
Change in fair value of contingent
consideration
2,320
—
2,320
Acquisition, restructuring and other
items, net (1)
15,633
(386
)
(5)
15,247
Tax effect of non-GAAP items (2)
(1,272
)
4,404
3,132
Adjusted net loss
$
(2,422
)
$
(14,742
)
$
(17,164
)
Reconciliation of Diluted Loss Per
Share to non-GAAP Adjusted Diluted Loss Per Share:
As Reported (4)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Diluted loss per share
$
(1.33
)
$
(0.42
)
(5)
$
(1.75
)
Amortization of intangibles
0.48
(0.05
)
(5)
0.43
Goodwill impairment
0.37
—
0.37
Change in fair value of contingent
consideration
0.06
—
0.06
Acquisition, restructuring and other
items, net (1)
0.39
(0.01
)
(5)
0.38
Tax effect of non-GAAP items (2)
(0.03
)
0.11
0.08
Adjusted diluted loss per share
$
(0.06
)
$
(0.37
)
$
(0.43
)
Adjusted diluted sharecount (3)
39,480
39,480
(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 May 31,
2023.
(3) Diluted shares may differ for non-GAAP
measures as compared to GAAP due to a GAAP loss.
(4) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the year
ended May 31, 2023.
(5) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP
RECONCILIATION (Continued)
As of May 31, 2023
(in thousands, except per share
data)
Reconciliation of Net Loss to Adjusted
EBITDA:
As Reported (2)
Pro Forma Adjustments
Notes
As Adjusted
(unaudited)
(unaudited)
(unaudited)
Net loss
$
(52,442
)
$
(16,827
)
(3)
$
(69,269
)
Income tax benefit
(1,995
)
—
(1,995
)
Interest expense, net
2,702
—
2,702
Depreciation and amortization
30,681
(1,962
)
(3)
28,719
Goodwill impairment
14,549
—
14,549
Change in fair value of contingent
consideration
2,320
—
2,320
Stock based compensation
11,158
—
11,158
Acquisition, restructuring and other
items, net (1)
15,633
(386
)
(3)
15,247
Adjusted EBITDA
$
22,606
$
(19,175
)
$
3,431
Per diluted share:
Adjusted EBITDA
$
0.57
$
(0.49
)
$
0.09
(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) Reflects the Company's historical US
GAAP consolidated financial statements, as reported, before pro
forma adjustments related to the sale of the Business for the year
ended May 31, 2023.
(3) Reflects the elimination of revenues
and expenses representing the historical operating results of the
Business.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230712983563/en/
Investor: AngioDynamics, Inc. Stephen Trowbridge, Executive Vice
President & CFO (518) 795-1408
AngioDynamics (NASDAQ:ANGO)
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