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AngioDynamics Reports Fiscal 2013 Second Quarter Financial Results

Stocks in this article: ANGO

  • Pro forma net sales growth of 3% to $87 million
  • Adjusted (Non-GAAP) Net Income of $0.10 per share; GAAP Net Income of $0.06 per share
  • Adjusted EBITDA of $13.8 million; or $0.39 per share, a 26% YOY increase
  • Operating cash flow of $11.1 million

ALBANY, N.Y., Jan. 3, 2013 (GLOBE NEWSWIRE) -- AngioDynamics (Nasdaq:ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today reported financial results for the fiscal 2013 second quarter ended November 30, 2012. Financial results include Navilyst Medical operations acquired in May 2012.

Net sales for the second quarter were $87 million, a 50% increase over the $58.1 million reported a year ago. Compared to prior year second quarter pro forma net sales, which include Navilyst Medical and exclude LC Beads sales, total company pro forma net sales increased 3%; U.S. net sales decreased 1%; International net sales increased 21% (22% on a constant currency basis); Vascular net sales increased 1%; and Oncology/Surgery net sales increased 12%. Net sales by product line are presented on a pro forma basis in a table at the end of this news release.

The Company reported second quarter net income of $2 million, or $0.06 per share, compared to net income of $2.3 million, or $0.09 per share, a year ago. Second quarter results include costs related to the Navilyst Medical acquisition, the subsequent restructuring of the Company and the Quality Call to Action Program. Excluding the aforementioned costs, which are set forth in the attached reconciliation table, adjusted (Non-GAAP) net income was $3.6 million, or $0.10 per share, compared to $2.8 million, or $0.11 per share, a year ago. Diluted average shares outstanding increased to 35.3 million in the quarter from 25.3 million in the prior year period due to the additional shares issued in conjunction with the Navilyst Medical acquisition.

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