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AngioDynamics Reports Fiscal 2013 Fourth Quarter Financial Results

Stocks in this article: ANGO

  • Net sales of $90 million
  • GAAP net loss of $0.02 per share; Adjusted (Non-GAAP) net income of $0.07 per share
  • Adjusted EBITDA Grows 56% to $12.3 million
  • Operating cash flow of $10.8 million versus $1 million of cash used in prior year
  • Company Introduces Financial Guidance for FY 2014

ALBANY, N.Y., July 11, 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 fourth quarter and full year ended May 31, 2013.

"The fourth quarter was highlighted by encouraging signs of progress, and while the Vascular Access franchise continues to face challenges despite the strong performance of our BioFlo technology, the Peripheral Vascular, Oncology/Surgery and International franchises all experienced healthy improvements over the fiscal 2013 third quarter," said Joseph M. DeVivo, President and Chief Executive Officer. "We saw excellent early data on our BioFlo PICCs, which now represent 20% of AngioDynamics' worldwide PICC revenue; exceeded our AngioVac system forecast with $1 million in sales in the fourth quarter alone; and received FDA approval for our NanoKnife system Prostate IDE. Our Oncology/Surgery franchise was further bolstered by a 25% increase in worldwide thermal ablation revenue compared to the fiscal 2013 third quarter. Coupled with returned stability in our sales forces, we believe these key drivers will return AngioDynamics to growth in FY 2014."

Q4 FY13 Financial Results

Net sales for the fourth quarter were $90 million, compared to the $57.7 million reported a year ago. On a pro forma basis, which includes sales from Navilyst Medical and excludes sales from LC Beads, net sales for the fourth quarter decreased 2% compared to prior year pro forma net sales of $92.2 million. On a pro forma basis, Vascular net sales in the fourth quarter decreased 4% to $75 million compared to $78.5 million in the prior year period, and Oncology/Surgery net sales increased 18% to $13.5 million from $11.4 million a year ago. Pro forma net sales in the U.S. decreased 6% to $71.3 million from $75.7 million in the prior year period, and International pro forma net sales increased 14% to $18.8 million from $16.5 million a year ago.

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