Full Press Release Details
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
| Three Months Ended | Three Months Ended | |||||||||||||||||||||||
| As Reported (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 | $ | (11,935 | ) | $ | 66,744 | $ | 81,537 | $ | (19,828 | ) | $ | 61,709 | ||||||||||
| Cost of sales (exclusive of intangible amortization) | 38,619 | (8,482 | ) | 30,137 | 39,232 | (11,585 | ) | 27,647 | ||||||||||||||||
| Gross profit | 40,060 | (3,453 | ) | 36,607 | 42,305 | (8,243 | ) | 34,062 | ||||||||||||||||
| % of net sales | 50.9 | % | 54.8 | % | 51.9 | % | 55.2 | % | ||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||
| Research and development | 7,941 | (207 | ) | 7,734 | 8,333 | (125 | ) | 8,208 | ||||||||||||||||
| Sales and marketing | 27,368 | (1,487 | ) | 25,881 | 26,543 | (1,416 | ) | 25,127 | ||||||||||||||||
| General and administrative | 10,856 | (1 | ) | 10,855 | 10,101 | (101 | ) | 10,000 | ||||||||||||||||
| Amortization of intangibles | 3,625 | (964 | ) | 2,661 | 4,837 | (1,448 | ) | 3,389 | ||||||||||||||||
| Change in fair value of contingent consideration | (130 | ) | - | (130 | ) | 211 | - | 211 | ||||||||||||||||
| Acquisition, restructuring and other items, net | 3,212 | (22 | ) | 3,190 | 5,581 | (17 | ) | 5,564 | ||||||||||||||||
| Total operating expenses | 52,872 | (2,681 | ) | 50,191 | 55,606 | (3,107 | ) | 52,499 | ||||||||||||||||
| Gain on sale of assets | 47,842 | (47,842 | ) | - | - | - | - | |||||||||||||||||
| Operating income (loss) | 35,030 | (48,614 | ) | (13,584 | ) | (13,301 | ) | (5,136 | ) | (18,437 | ) | |||||||||||||
| Interest 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 | (48,614 | ) | (13,753 | ) | (13,857 | ) | (5,136 | ) | (18,993 | ) | |||||||||||||
| Income tax benefit | (11,023 | ) | - | (11,023 | ) | (853 | ) | (853 | ) | |||||||||||||||
| Net income (loss) | $ | 45,884 | $ | (48,614 | ) | $ | (2,730 | ) | $ | (13,004 | ) | $ | (5,136 | ) | $ | (18,140 | ) | |||||||
| Income (loss) per share | ||||||||||||||||||||||||
| Basic | $ | 1.15 | $ | (0.07 | ) | $ | (0.33 | ) | $ | (0.46 | ) | |||||||||||||
| Diluted | $ | 1.15 | $ | (0.07 | ) | $ | (0.33 | ) | $ | (0.46 | ) | |||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||||||
| Basic | 39,842 | 39,842 | 39,302 | 39,302 | ||||||||||||||||||||
| Diluted | 39,968 | 39,842 | 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 on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the
three months ended August 31, 2023 and August 31, 2022.
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)
| Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss: | ||||||||
| Pro Forma | ||||||||
| Three Months Ended | ||||||||
| Aug 31, 2023 | Aug 31, 2022 | |||||||
| (unaudited) | (unaudited) | |||||||
| Pro forma net loss | $ | (2,730 | ) | $ | (18,140 | ) | ||
| Amortization of intangibles | 2,661 | 3,389 | ||||||
| Change in fair value of contingent consideration | (130 | ) | 211 | |||||
| Acquisition, restructuring and other items, net (1) | 3,190 | 5,564 | ||||||
| Tax effect of non-GAAP items (2) | (9,176 | ) | 1,408 | |||||
| Adjusted pro forma net loss | $ | (6,185 | ) | $ | (7,568 | ) |
| Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share: | ||||||||
| Pro Forma | ||||||||
| Three Months Ended | ||||||||
| Aug 31, 2023 | Aug 31, 2022 | |||||||
| (unaudited) | (unaudited) | |||||||
| Pro forma diluted loss per share | $ | (0.07 | ) | $ | (0.46 | ) | ||
| Amortization of intangibles | 0.07 | 0.09 | ||||||
| Change in fair value of contingent consideration | - | 0.01 | ||||||
| Acquisition, restructuring and other items, net (1) | 0.08 | 0.14 | ||||||
| Tax effect of non-GAAP items (2) | (0.24 | ) | 0.03 | |||||
| Adjusted pro forma diluted loss per share | $ | (0.16 | ) | $ | (0.19 | ) | ||
| 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 August 31, 2022.
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued)
(in thousands, except per share data)
| Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA: | ||||||||
| Pro Forma | ||||||||
| Three Months Ended | ||||||||
| Aug 31, 2023 | Aug 31, 2022 | |||||||
| (unaudited) | (unaudited) | |||||||
| Pro forma net loss | $ | (2,730 | ) | $ | (18,140 | ) | ||
| Income tax benefit | (11,023 | ) | (853 | ) | ||||
| Interest expense, net | (119 | ) | 381 | |||||
| Depreciation and amortization | 5,682 | 6,124 | ||||||
| Change in fair value of contingent consideration | (130 | ) | 211 | |||||
| Stock based compensation | 4,058 | 2,937 | ||||||
| Acquisition, restructuring and other items, net (1) | 3,190 | 5,564 | ||||||
| Pro forma adjusted EBITDA | $ | (1,072 | ) | $ | (3,776 | ) | ||
| Per diluted share: | ||||||||
| Adjusted EBITDA | $ | (0.03 | ) | $ | (0.10 | ) |
(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
| 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 | $ | (131 | ) | $ | 25,729 | $ | 22,817 | $ | (76 | ) | $ | 22,741 | 13.3 | % | 13.1 | % | ||||||||||||||||||||||||||||||
| Med Device | 52,819 | (11,804 | ) | 41,015 | 58,720 | (19,752 | ) | 38,968 | (10.0 | )% | 5.3 | % | ||||||||||||||||||||||||||||||||||||
| $ | 78,679 | $ | (11,935 | ) | $ | 66,744 | $ | 81,537 | $ | (19,828 | ) | $ | 61,709 | (3.5 | )% | 0.0 | % | (3.5 | )% | 8.2 | % | 0.0 | % | 8.2 | % | |||||||||||||||||||||||
| Net Sales | ||||||||||||||||||||||||||||||||||||||||||||||||
| United States | $ | 64,399 | $ | (8,395 | ) | $ | 56,004 | $ | 69,023 | $ | (15,150 | ) | $ | 53,873 | (6.7 | )% | 4.0 | % | ||||||||||||||||||||||||||||||
| International | 14,280 | (3,540 | ) | 10,740 | 12,514 | (4,678 | ) | 7,836 | 14.1 | % | 0.0 | % | 14.1 | % | 37.1 | % | ||||||||||||||||||||||||||||||||
| $ | 78,679 | $ | (11,935 | ) | $ | 66,744 | $ | 81,537 | $ | (19,828 | ) | $ | 61,709 | (3.5 | )% | 0.0 | % | (3.5 | )% | 8.2 | % | 0.0 | % | 8.2 | % |
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the
Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the
three months ended August 31, 2023 and August 31, 2022.
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the
GROSS PROFIT BY PRODUCT CATEGORY
| 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 | $ | (39 | ) | $ | 16,688 | $ | 14,429 | $ | (20 | ) | $ | 14,409 | 15.9 | % | 15.8 | % | ||||||||||||||
| Gross profit % of sales | 64.7 | % | 64.9 | % | 63.2 | % | 63.4 | % | ||||||||||||||||||||||||
| Med Device | $ | 23,333 | $ | (3,414 | ) | $ | 19,919 | $ | 27,876 | $ | (8,223 | ) | $ | 19,653 | (16.3 | )% | 1.4 | % | ||||||||||||||
| Gross profit % of sales | 44.2 | % | 48.6 | % | 47.5 | % | 50.4 | % | ||||||||||||||||||||||||
| Total | $ | 40,060 | $ | (3,453 | ) | $ | 36,607 | $ | 42,305 | $ | (8,243 | ) | $ | 34,062 | (5.3 | )% | 7.5 | % | ||||||||||||||
| Gross profit % of sales | 50.9 | % | 54.8 | % | 51.9 | % | 55.2 | % |
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the
Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the
three months ended August 31 2023 and August 31, 2022.
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
| Three Months Ended | Three Months Ended | |||||||||||||||||||||||
| As Reported (1) | Pro Forma Adjustments (2) | Pro Forma | As Reported (1) | Pro Forma Adjustments (2) | Pro Forma | |||||||||||||||||||
| Nov 30, 2023 | Nov 30, 2023 | Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2022 | Nov 30, 2022 | |||||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||||||
| Net sales | $ | 79,073 | $ | (12,190 | ) | $ | 66,883 | $ | 85,429 | $ | (20,810 | ) | $ | 64,619 | ||||||||||
| Cost of sales (exclusive of intangible amortization) | 38,811 | (8,600 | ) | 30,211 | 40,351 | (12,023 | ) | 28,328 | ||||||||||||||||
| Gross profit | 40,262 | (3,590 | ) | 36,672 | 45,078 | (8,787 | ) | 36,291 | ||||||||||||||||
| % of net sales | 50.9 | % | 54.8 | % | 52.8 | % | 56.2 | % | ||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||
| Research and development | 8,658 | (323 | ) | 8,335 | 6,838 | (127 | ) | 6,711 | ||||||||||||||||
| Sales and marketing | 25,464 | (1,469 | ) | 23,995 | 26,007 | (1,485 | ) | 24,522 | ||||||||||||||||
| General and administrative | 9,289 | (74 | ) | 9,215 | 10,835 | (831 | ) | 10,004 | ||||||||||||||||
| Amortization of intangibles | 3,562 | (964 | ) | 2,598 | 4,808 | (1,448 | ) | 3,360 | ||||||||||||||||
| Change in fair value of contingent consideration | 221 | - | 221 | 1,646 | - | 1,646 | ||||||||||||||||||
| Acquisition, restructuring and other items, net | 6,188 | (106 | ) | 6,082 | 3,059 | - | 3,059 | |||||||||||||||||
| Total operating expenses | 53,382 | (2,936 | ) | 50,446 | 53,193 | (3,891 | ) | 49,302 | ||||||||||||||||
| Operating loss | (13,120 | ) | (654 | ) | (13,774 | ) | (8,115 | ) | (4,896 | ) | (13,011 | ) | ||||||||||||
| Interest expense, net | 534 | - | 534 | (684 | ) | - | (684 | ) | ||||||||||||||||
| Other expense, net | (32 | ) | - | (32 | ) | (252 | ) | - | (252 | ) | ||||||||||||||
| Total other expense, net | 502 | - | 502 | (936 | ) | - | (936 | ) | ||||||||||||||||
| Loss before income tax benefit | (12,618 | ) | (654 | ) | (13,272 | ) | (9,051 | ) | (4,896 | ) | (13,947 | ) | ||||||||||||
| Income tax (benefit) expense | 16,430 | - | 16,430 | (565 | ) | (565 | ) | |||||||||||||||||
| Net loss | $ | (29,048 | ) | $ | (654 | ) | $ | (29,702 | ) | $ | (8,486 | ) | $ | (4,896 | ) | $ | (13,382 | ) | ||||||
| Loss per share | ||||||||||||||||||||||||
| Basic | $ | (0.72 | ) | $ | (0.74 | ) | $ | (0.21 | ) | $ | (0.34 | ) | ||||||||||||
| Diluted | $ | (0.72 | ) | $ | (0.74 | ) | $ | (0.21 | ) | $ | (0.34 | ) | ||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||||||
| Basic | 40,219 | 40,219 | 39,490 | 39,490 | ||||||||||||||||||||
| Diluted | 40,219 | 40,219 | 39,490 | 39,490 |
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the
Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the
three months ended November 30, 2023 and November 30, 2022.
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)
| Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss: | ||||||||
| Pro Forma | ||||||||
| Three Months Ended | ||||||||
| Nov 30, 2023 | Nov 30, 2022 | |||||||
| (unaudited) | (unaudited) | |||||||
| Pro forma net loss | $ | (29,702 | ) | $ | (13,382 | ) | ||
| Amortization of intangibles | 2,598 | 3,360 | ||||||
| Change in fair value of contingent consideration | 221 | 1,646 | ||||||
| Acquisition, restructuring and other items, net (1) | 6,082 | 3,059 | ||||||
| Tax effect of non-GAAP items (2) | 17,435 | 788 | ||||||
| Adjusted pro forma net loss | $ | (3,366 | ) | $ | (4,529 | ) |
| Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share: | ||||||||
| Pro Forma | ||||||||
| Three Months Ended | ||||||||
| Nov 30, 2023 | Nov 30, 2022 | |||||||
| (unaudited) | (unaudited) | |||||||
| Pro forma diluted loss per share | $ | (0.74 | ) | $ | (0.34 | ) | ||
| Amortization of intangibles | 0.06 | 0.09 | ||||||
| Change in fair value of contingent consideration | 0.01 | 0.04 | ||||||
| Acquisition, restructuring and other items, net (1) | 0.15 | 0.08 | ||||||
| Tax effect of non-GAAP items (2) | 0.44 | 0.02 | ||||||
| Adjusted pro forma diluted loss per share | $ | (0.08 | ) | $ | (0.11 | ) | ||
| Adjusted diluted sharecount (3) | 40,219 | 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, 2023 and November 30, 2022.
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued)
(in thousands, except per share data)
| Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA: | ||||||||
| Pro Forma | ||||||||
| Three Months Ended | ||||||||
| Nov 30, 2023 | Nov 30, 2022 | |||||||
| (unaudited) | (unaudited) | |||||||
| Pro forma net loss | $ | (29,702 | ) | $ | (13,382 | ) | ||
| Income tax benefit | 16,430 | (565 | ) | |||||
| Interest expense, net | (534 | ) | 684 | |||||
| Depreciation and amortization | 5,691 | 6,268 | ||||||
| Change in fair value of contingent consideration | 221 | 1,646 | ||||||
| Stock based compensation | 1,802 | 3,287 | ||||||
| Acquisition, restructuring and other items, net (1) | 6,082 | 3,059 | ||||||
| Pro forma adjusted EBITDA | $ | (10 | ) | $ | 997 | |||
| Per diluted share: | ||||||||
| Adjusted EBITDA | $ | - | $ | 0.02 |
(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
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Nov 30, 2023 | Nov 30, 2023 | Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2022 | Nov 30, 2022 | % Growth | Currency Impact | Constant Currency Growth | % Growth | Currency Impact | Constant Currency Growth | |||||||||||||||||||||||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | ||||||||||||||||||||||||||||||||||||||||||||||||
| Med Tech | $ | 25,363 | $ | (122 | ) | $ | 25,241 | $ | 24,502 | $ | (135 | ) | $ | 24,367 | 3.5 | % | 3.6 | % | ||||||||||||||||||||||||||||||
| Med Device | 53,710 | (12,068 | ) | 41,642 | 60,927 | (20,675 | ) | 40,252 | (11.8 | )% | 3.5 | % | ||||||||||||||||||||||||||||||||||||
| $ | 79,073 | $ | (12,190 | ) | $ | 66,883 | $ | 85,429 | $ | (20,810 | ) | $ | 64,619 | (7.4 | )% | 0.0 | % | (7.4 | )% | 3.5 | % | 0.0 | % | 3.5 | % | |||||||||||||||||||||||
| Net Sales | ||||||||||||||||||||||||||||||||||||||||||||||||
| United States | $ | 64,002 | $ | (8,182 | ) | $ | 55,820 | $ | 71,631 | $ | (16,413 | ) | $ | 55,218 | (10.7 | )% | 1.1 | % | ||||||||||||||||||||||||||||||
| International | 15,071 | (4,008 | ) | 11,063 | 13,798 | (4,397 | ) | 9,401 | 9.2 | % | 0.0 | % | 9.2 | % | 17.7 | % | ||||||||||||||||||||||||||||||||
| $ | 79,073 | $ | (12,190 | ) | $ | 66,883 | $ | 85,429 | $ | (20,810 | ) | $ | 64,619 | (7.4 | )% | 0.0 | % | (7.4 | )% | 3.5 | % | 0.0 | % | 3.5 | % |
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the
Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the
three months ended November 30, 2023 and November 30, 2022.
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the
GROSS PROFIT BY PRODUCT CATEGORY
| 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 | |||||||||||||||||||||||||
| Nov 30, 2023 | Nov 30, 2023 | Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2022 | Nov 30, 2022 | % Change | % Change | |||||||||||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||
| Med Tech | $ | 15,816 | $ | (33 | ) | $ | 15,783 | $ | 15,614 | $ | (50 | ) | $ | 15,564 | 1.3 | % | 1.4 | % | ||||||||||||||
| Gross profit % of sales | 62.4 | % | 62.5 | % | 63.7 | % | 63.9 | % | ||||||||||||||||||||||||
| Med Device | $ | 24,446 | $ | (3,557 | ) | $ | 20,889 | $ | 29,464 | $ | (8,737 | ) | $ | 20,727 | (17.0 | )% | 0.8 | % | ||||||||||||||
| Gross profit % of sales | 45.5 | % | 50.2 | % | 48.4 | % | 51.5 | % | ||||||||||||||||||||||||
| Total | $ | 40,262 | $ | (3,590 | ) | $ | 36,672 | $ | 45,078 | $ | (8,787 | ) | $ | 36,291 | (10.7 | )% | 1.0 | % | ||||||||||||||
| Gross profit % of sales | 50.9 | % | 54.8 | % | 52.8 | % | 56.2 | % |
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the
Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the
three months ended November 30, 2023 and November 30, 2022.
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
| Three Months Ended | Three Months Ended | |||||||||||||||||||||||
| As Reported (1) | Pro Forma Adjustments (2) | Pro Forma | As Reported (1) | Pro Forma Adjustments (2) | Pro Forma | |||||||||||||||||||
| Feb 29, 2024 | Feb 29, 2024 | Feb 29, 2024 | Feb 28, 2023 | Feb 28, 2023 | Feb 28, 2023 | |||||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||||||
| Net sales | $ | 75,182 | $ | (9,211 | ) | $ | 65,971 | $ | 80,712 | $ | (19,622 | ) | $ | 61,090 | ||||||||||
| Cost of sales (exclusive of intangible amortization) | 39,321 | (7,038 | ) | 32,283 | 40,208 | (12,096 | ) | 28,112 | ||||||||||||||||
| Gross profit | 35,861 | (2,173 | ) | 33,688 | 40,504 | (7,526 | ) | 32,978 | ||||||||||||||||
| % of net sales | 47.7 | % | 51.1 | % | 50.2 | % | 54.0 | % | ||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||
| Research and development | 8,189 | (117 | ) | 8,072 | 6,852 | (139 | ) | 6,713 | ||||||||||||||||
| Sales and marketing | 25,405 | (1,758 | ) | 23,647 | 25,406 | (1,404 | ) | 24,002 | ||||||||||||||||
| General and administrative | 10,578 | 22 | 10,600 | 8,839 | (306 | ) | 8,533 | |||||||||||||||||
| Amortization of intangibles | 3,287 | (643 | ) | 2,644 | 4,739 | (1,448 | ) | 3,291 | ||||||||||||||||
| Goodwill impairment | 159,476 | - | 159,476 | - | - | - | ||||||||||||||||||
| Change in fair value of contingent consideration | 112 | - | 112 | 227 | - | 227 | ||||||||||||||||||
| Acquisition, restructuring and other items, net | 35,367 | (6,266 | ) | 29,101 | 3,369 | - | 3,369 | |||||||||||||||||
| Total operating expenses | 242,414 | (8,762 | ) | 233,652 | 49,432 | (3,297 | ) | 46,135 | ||||||||||||||||
| Gain on sale of assets | 6,657 | (6,657 | ) | - | - | - | - | |||||||||||||||||
| Operating loss | (199,896 | ) | (68 | ) | (199,964 | ) | (8,928 | ) | (4,229 | ) | (13,157 | ) | ||||||||||||
| Interest expense, net | 394 | - | 394 | (736 | ) | - | (736 | ) | ||||||||||||||||
| Other expense, net | (238 | ) | - | (238 | ) | - | - | - | ||||||||||||||||
| Total other expense, net | 156 | - | 156 | (736 | ) | - | (736 | ) | ||||||||||||||||
| Loss before income tax benefit | (199,740 | ) | (68 | ) | (199,808 | ) | (9,664 | ) | (4,229 | ) | (13,893 | ) | ||||||||||||
| Income tax benefit | (12,004 | ) | - | (12,004 | ) | (179 | ) | (179 | ) | |||||||||||||||
| Net loss | $ | (187,736 | ) | $ | (68 | ) | $ | (187,804 | ) | $ | (9,485 | ) | $ | (4,229 | ) | $ | (13,714 | ) | ||||||
| Loss per share | ||||||||||||||||||||||||
| Basic | $ | (4.67 | ) | $ | (4.67 | ) | $ | (0.24 | ) | $ | (0.35 | ) | ||||||||||||
| Diluted | $ | (4.67 | ) | $ | (4.67 | ) | $ | (0.24 | ) | $ | (0.35 | ) | ||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||||||
| Basic | 40,234 | 40,234 | 39,509 | 39,509 | ||||||||||||||||||||
| Diluted | 40,234 | 40,234 | 39,509 | 39,509 |
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the
Dialysis and BioSentry Businesses on June8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the three
months ended February 29, 2024 and February 28, 2023.
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)
| Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss: | ||||||||
| Pro Forma | ||||||||
| Three Months Ended | ||||||||
| Feb 29, 2024 | Feb 28, 2023 | |||||||
| (unaudited) | (unaudited) | |||||||
| Pro forma net loss | $ | (187,804 | ) | $ | (13,714 | ) | ||
| Amortization of intangibles | 2,644 | 3,291 | ||||||
| Change in fair value of contingent consideration | 112 | 227 | ||||||
| Acquisition, restructuring and other items, net (1) | 29,101 | 3,369 | ||||||
| Goodwill impairment | 159,476 | - | ||||||
| Tax effect of non-GAAP items (2) | (10,055 | ) | 1,432 | |||||
| Adjusted pro forma net loss | $ | (6,526 | ) | $ | (5,395 | ) |
| Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share: | ||||||||
| Pro Forma | ||||||||
| Three Months Ended | ||||||||
| Feb 29, 2024 | Feb 28, 2023 | |||||||
| (unaudited) | (unaudited) | |||||||
| Pro forma diluted loss per share | $ | (4.67 | ) | $ | (0.35 | ) | ||
| Amortization of intangibles | 0.07 | 0.08 | ||||||
| Change in fair value of contingent consideration | - | 0.01 | ||||||
| Acquisition, restructuring and other items, net (1) | 0.72 | 0.08 | ||||||
| Goodwill impairment | 3.97 | - | ||||||
| Tax effect of non-GAAP items (2) | (0.25 | ) | 0.04 | |||||
| Adjusted pro forma diluted loss per share | $ | (0.16 | ) | $ | (0.14 | ) | ||
| Adjusted diluted sharecount (3) | 40,234 | 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 29, 2024 and February 28, 2023.
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued)
(in thousands, except per share data)
| Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA: | ||||||||
| Pro Forma | ||||||||
| Three Months Ended | ||||||||
| Feb 29, 2024 | Feb 28, 2023 | |||||||
| (unaudited) | (unaudited) | |||||||
| Pro forma net loss | $ | (187,804 | ) | $ | (13,714 | ) | ||
| Income tax benefit | (12,004 | ) | (179 | ) | ||||
| Interest expense, net | (394 | ) | 736 | |||||
| Depreciation and amortization | 6,861 | 6,288 | ||||||
| Goodwill impairment | 159,476 | - | ||||||
| Change in fair value of contingent consideration | 112 | 227 | ||||||
| Stock based compensation | 2,141 | 1,728 | ||||||
| Acquisition, restructuring and other items, net (1) | 27,966 | 3,369 | ||||||
| Pro forma adjusted EBITDA | $ | (3,646 | ) | $ | (1,545 | ) | ||
| Per diluted share: | ||||||||
| Adjusted EBITDA | $ | (0.09 | ) | $ | (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