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AngioDynamics Reports Fiscal 2013 First Quarter Financial Results

Stocks in this article: ANGO

Fiscal 2013 Guidance

The Company expects to close the acquisition of Vortex Medical by the end of October. In fiscal year 2013, the acquisition is expected to add approximately $1 million in sales, reduce operating income by approximately $5 million, have negligible impact on EBITDA, and reduce EPS by approximately $0.09 on a GAAP and Non-GAAP basis.

  GAAP Adjusted Non-GAAP
Sales ($ in mils.) (a) 361 – 364 361 – 364
Pro Forma Sales Growth (b) 5% 5%
Gross Margin (c) 50-51% 51-52%
Operating Income ($ in mils.) (d) 13 – 15 29 – 31
EBITDA ($ in mils.) (d) (e), a Non- GAAP measure 44 – 45 60 – 61
EPS ($) (f) 0.12 - 0.14 0.40 - 0.42
a)  Quarterly calendarization is expected to approximate 23%/24%/25%/28% of the annual amount.  
b)  Fiscal year 2012 pro forma combined sales excluding LC Beads is $344.3 million.  
c)  Includes $3.4 million for amortization of inventory basis step-up and $1.2 million for the QCTA/FDA remediation programs, which are excluded in Adjusted Non-GAAP, and $2.9 million for the medical device tax with effect from January 1, 2013, which is included in GAAP and Adjusted Non-GAAP.  
d)  Adjusted result reflects an estimated $16 million in acquisition-related and restructuring costs, which include amortization of inventory basis step-up, accelerated asset depreciation, transaction-related professional fees, employment severance costs, QCTA/FDA remediation programs, and the closure of the U.K. manufacturing facility. Quarterly calendarization of the $16 million will approximate $7 million/$5 million/$2 million/$2 million.  
e)  $17 million in amortization, $8 million in depreciation, and $4 million in purchase accounting related to Vortex Medical are excluded from both measures.  
f)  Approximately 36 million diluted shares outstanding and a 37% tax rate.  

"Our goal remains to exit the fiscal year positioned to generate double-digit top- and bottom-line growth over the long term," added Mr. DeVivo.

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