AngioDynamics Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2014; Revised Earnings Guidance for the Third Quarter of 2015; Provides Revenue Earnings Guidance for the Fiscal Year 2015
January 09, 2015 at 02:31 am IST
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AngioDynamics Inc. announced unaudited consolidated earnings results for the second quarter and six months ended November 30, 2014. Net sales of $92.1 million increased 4% compared with last year's second quarter net sales of $88.6 million. Excluding the planned wind-down of the supply agreement with Boston Scientific (BSC), second quarter sales were up 5% to $91 million compared to $86.9 million in last year's second quarter. The following sales comparisons exclude the BSC supply agreement. The company's net income was $1.3 million, or $0.04 on a per share basis, compared to a net loss of $0.3 million, or $0.01 on a per share basis, a year ago. Excluding the items, adjusted net income was $6.2 million, or $0.17 per share, for the second quarter compared to net income of $4.9 million, or $0.14 per share, for the year ago quarter, representing a 21% increase. Second quarter EBITDA grew to $11.9 million, or $0.33 per share, compared to $8.6 million, or $0.24 per share, in the year ago period. Adjusted EBITDA, excluding the items, was $15.9 million, or $0.44 per share, compared to $13.5 million, or $0.38 per share, in the year ago comparable period, representing a 18% increase. Operating income was $4,575,000 against $1,441,000 a year ago. Profit before income taxes was $2,830,000 against loss before income taxes of $350,000 a year ago. Net cash used in operating activates was $2,147,000 against net cash provided by operating activities of $8,458,000 a year ago. Additions to property, plant and equipment was $2,419,000 against $4,288,000 a year ago. Acquisition of intangible assets was $96,000 against $150,000 a year ago.
For the six months ended November 30, 2014, net sales were $179.5 million, a 4% increase compared to the $172.2 million reported a year ago. The Company's net income was $1.8 million, or $0.05 per share, compared to net loss of $0.6 million, or $0.02 per share, reported a year ago. Excluding the items, adjusted net income was $11.9 million, or $0.33 per share, compared to net income of $8.9 million, or $0.25 per share, a year ago, representing a 32% increase. EBITDA was $21.8 million, or $0.61 per share, compared to EBITDA of $16.7 million, or $0.47 per share, a year ago. Adjusted EBITDA, excluding the items was $30.4 million, or $0.84 per share, compared to $25.6 million, or $0.73 per share, in the year ago period, representing a 19% increase. Operating income was $7,817,000 against $2,843,000 a year ago. Profit before income taxes was $4,248,000 against loss before income taxes of $913,000 a year ago. Net cash provided by operating activities was $3,205,000 against $15,758,000 a year ago. Additions to property, plant and equipment was $7,523,000 against $7,191,000 a year ago. Acquisition of intangible assets was $250,000 against $150,000 a year ago.
For the fiscal year of 2015, as a result of continued strong operational performance, the company is raising both the lower and upper end of adjusted earnings per share (EPS) guidance to a range of $0.66 to $0.72. Net sales guidance range at $362 million to $368 million.
For the third quarter, the company is anticipating net sales to range from $88 million to $91 million in the third quarter, 5% at the top end excluding supply agreement. Adjusted EPS excluding amortization is expected to be $0.14 to $0.17, representing a 21% improvement over third quarter fiscal 2014 at the high end.
AngioDynamics, Inc. is a transformative medical technology company. The Company is focused on restoring healthy blood flow in the body's vascular system, expanding cancer treatment options and improving quality of life for patients. It designs, manufactures, and sells a range of medical, surgical and diagnostic devices used by professional healthcare providers for vascular access, for the treatment of peripheral vascular disease and for use in oncology and surgical settings. Its devices are generally used in minimally invasive, image-guided procedures. Its segments include Med Tech and Med Device. Its product categories include oncology, venous therapies, vascular interventions, and ports. Its oncology products include Model 1500X RF Generator, IsoLoc Endorectal Balloon, Habib 4X Laparoscopic Bipolar Resection Device, Habib 4X Bipolar Resection Device, and Alatus. Its venous therapies include VenaCure EVLT 1470 Pro Laser, VenaCure EVLT System, VenaCure EVLT Procedure Packs, and others.
AngioDynamics Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2014; Revised Earnings Guidance for the Third Quarter of 2015; Provides Revenue Earnings Guidance for the Fiscal Year 2015