AngioDynamics Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2013; Provides Earnings Guidance for the Third Quarter of 2014; Revises Revenue Guidance and Reiterates Earnings Guidance for the Fiscal Year 2014
January 10, 2014 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, 2013. Net sales of $88.6 million were up 2% compared with last year's second quarter net sales of $87 million. Excluding the planned wind-down of the supply agreement with Boston Scientific (BSC), second quarter sales were up 3% to $87 million compared to $84.5 million in last year's second quarter. The company's net loss in the second quarter was $0.1 million, or break-even on a per share basis, compared to net income of $2.0 million, or $0.06 per share, a year ago. Excluding the items shown in the attached quarterly non-GAAP reconciliation table, adjusted net income excluding amortization for intangible assets was $5.0 million, or $0.14 per share, for the second quarter of fiscal year 2014 compared to net income of $6.1 million, or $0.17 per share, for the year ago quarter. Second quarter EBITDA was $7.8 million, or $0.22 per share, compared to EBITDA of $11.4 million, or $0.32 per share, a year ago. Adjusted EBITDA, excluding the items shown in the attached reconciliation table, was $12.7 million, or $0.36 per share, compared to $15 million, or $0.43 per share, in the year ago period. Second quarter operating cash flow was $8.2 million against $11.130 million a year ago. Operating income was $1,574,000 against $5,122,000 a year ago. Loss before income taxes was $86,000 against income of $3,132,000 a year ago. Adjusted operating income was $5,268,000 against $7,499,000 a year ago. Additions to property, plant and equipment was $4,017,000 against $3,819,000 a year ago.
For the six months ended November 30, 2013, net sales were $172.2 million, a 1% increase compared to the $170.4 million reported a year ago. The Company's net loss was $0.5 million, or $0.01 per share, compared to net income of $1.2 million, or $0.04 per share, reported a year ago. Excluding the items shown in the attached quarterly non-GAAP reconciliation table, adjusted net income excluding amortization for intangible assets was $9.1 million, or $0.26 per share, compared to net income of $12 million, or $0.34 per share, a year ago. EBITDA was $15.1 million, or $0.43 per share, compared to EBITDA of $18 million, or $0.51 per share, a year ago. Adjusted EBITDA, excluding the items shown in the attached reconciliation table, was $24 million, or $0.68 per share, compared to $29.4 million, or $0.83 per share, in the year ago period. Year-to-date operating cash flow was $15.8 million versus $5.5 million in the prior year. Operating income was $2,861,000 against $5,806,000 a year ago. Loss before income taxes was $733,000 against income of $1,978,000 a year ago. Adjusted operating income was $9,290,000 against $14,849,000 a year ago. Additions to property, plant and equipment was $7,191,000 against $4,787,000 a year ago. At November 30, 2013, debt was $140.2 million.
As a result of stronger than anticipated first half of fiscal year, the company is raising the low end of revenue guidance to $349 million to $353 million for the fiscal year 2014. It also expects to report adjusted EPS, excluding amortization, of $0.63 to $0.67 per share, which is consistent with prior guidance. The company expects the pro forma gross margin to improve by 50 to 75 basis points versus 75 to 100 basis points indicated at the beginning of the year. The company expects operating cash to improve by 40% to 45% from $27 million in the prior year. The free cash flow range is accordingly being reduced to $25 million to $28 million from the previous $28 million to $30 million, based on the inventory build, and CapEx at the higher end of range of $8 million to $10 million. On the adjusted EBITDA front, the company continues to expect it will be in the $56 million to $59 million range.
For the third quarter, the company is guiding to a revenue range of $85 million to $88 million, 48% at the top end of the range and 5% to 9%, excluding the wind down of the supply grid; Adjusted EPS, excluding amortization, is expected to be $0.15 to $0.18 per share.
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, 2013; Provides Earnings Guidance for the Third Quarter of 2014; Revises Revenue Guidance and Reiterates Earnings Guidance for the Fiscal Year 2014