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AngioDynamics Reports Fiscal 2013 First Quarter Financial Results

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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