AngioDynamics Reports Strong Fiscal Year 2025 Fourth Quarter and Full Year Financial Results; Continued Execution Driving Accelerated, Profitable Growth
Med Tech franchise delivers third consecutive quarter of over 20% revenue growth
Reported strong adjusted EBITDA in the fourth quarter resulting in positive adjusted EBITDA for full fiscal year 2025
Drove
Fiscal Year 2025 Fourth Quarter Highlights
|
Quarter Ended
|
Pro Forma* YoY Growth |
Pro Forma* |
|
12.7% |
Med Tech |
|
22.0% |
Med Device |
|
6.2% |
-
GAAP gross margin of 52.7% which was inclusive of a
$1.6 million , or 204 basis point, tariff-driven Cost of Goods Sold impact -
GAAP loss per share of
$(0.15) -
Pro Forma Adjusted loss per share of
$(0.03) -
Pro Forma Adjusted EBITDA of
$3.4 million -
Cash balance as of
May 31, 2025 of$55.9M , inclusive of the final$5.0 million revenue achievement milestone payment made associated with the Company’s 2019 acquisition of Auryon,$1.6 million in tariff-driven COGS impacts, and fees associated with the revolving credit facility -
Received CPT Category I Code for Irreversible Electroporation (IRE), the primary method of action for the NanoKnife System, for the treatment of lesions in the pancreas, effective
January 1, 2027 , expanding reimbursement pathway for NanoKnife in additional disease states, following the previously disclosed CPT Category I Code for IRE for the treatment of prostate -
Entered into revolving credit facility for up to
$25.0 million , providing enhanced financial flexibility and working capital support at low cost with zero dilution
Fiscal Year 2025 Highlights
|
Year Ended
|
Pro Forma* YoY Growth |
Pro Forma* |
|
8.1% |
Med Tech |
|
19.5% |
Med Device |
|
0.8% |
- GAAP Gross margin of 53.9%, inclusive of tariff headwinds of 56 basis points
-
GAAP loss per share of
$(0.83) -
Proforma Adjusted loss per share of
$(0.25) -
Proforma Adjusted EBITDA of
$7.6 million -
Adjusted EBITDA of
$13.1 million , which includes a$5.5 million milestone earnout payment received from Spectrum Vascular recorded in Q3 FY25 -
Ended fiscal 2025 with
$55.9 million in cash and cash equivalents, ahead of expectations
*Pro forma results exclude the Dialysis and BioSentry businesses divested in
"Our strong fourth quarter performance capped off a landmark year at
“During fiscal 2025, we made significant strides across the organization as we continue to seek to further simplify our business and focus on penetrating large, fast-growing global
“We've fundamentally repositioned
Fiscal Fourth Quarter 2025 Financial Results
Unless otherwise noted, all financial results below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses divested in
Net sales for the fourth quarter of fiscal year 2025 were
Med Tech net sales were
Growth was driven by Auryon sales during the quarter of
Med Device net sales were
Gross margin for the fourth quarter of fiscal 2025 was 52.7%, which was down 161 basis points compared to the fourth quarter of fiscal 2024. Absent the
The Company recorded a GAAP net loss of
Adjusted EBITDA in the fourth quarter of fiscal 2025, excluding the items shown in the reconciliation table below, was
At
Fourth Quarter 2025 Tariff Impacts
In the fiscal fourth quarter of 2025, the Company incurred limited revenue impacts because of tariff impacts. There was an approximate
Full-Year 2025 Financial Results
Unless otherwise noted, all financial results below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses divested in
Net sales were
Med Tech net sales were
Gross margin increased 12 basis points to 53.9% from 53.8% in the prior year, with tariffs creating a 56-basis point headwind. Absent tariff impacts, gross margin would have been 54.5%.
The Company's GAAP net loss was
Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss was
Adjusted EBITDA, excluding the items shown in the reconciliation table below, was
At
Full Year 2025 Tariff Impacts
In the fiscal full year 2025, the Company incurred limited revenue impacts because of tariff impacts. There was an approximate
Fiscal Year 2026 Financial Guidance
Guidance Metric |
Current Guidance
(As of |
Tariff Guidance Impact |
|
|
Limited Impact |
Med Tech Net Sales Growth |
12% - 15% |
Limited Impact |
Med Device Net Sales Growth |
Flat |
Limited Impact |
Gross Margin |
53.5% - 55.5% |
Absent Tariffs: 55.0% - 56.0% |
Pro Forma Adjusted EBITDA |
|
Absent Tariffs: |
Adjusted EPS |
( |
Absent Tariffs: ( |
Free Cash Flow |
Positive for Full Year FY2026 |
Absent Tariffs: Up to |
Tariff Related Guidance Assumptions
For the full fiscal year 2026, the company expects a
All assumptions made related to expected tariff impacts are based on the Company’s point of view on the current tariff situation, as of
Conference Call
The Company’s management will host a conference call at
To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international). This conference call will also be webcast and can be accessed from the “Investors” section of the
Use of Non-GAAP Measures
Management uses non-GAAP measures to establish operational goals and believes that non-GAAP measures may assist investors in analyzing the underlying trends in
About
The Company’s innovative technologies and devices are chosen by talented physicians in fast-growing healthcare markets to treat unmet patient needs. For more information, visit www.angiodynamics.com.
Safe Harbor
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding
CONSOLIDATED INCOME STATEMENTS (in thousands, except per share data) |
|||||||||||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||||||
|
Actual (1) |
|
Pro Forma Adjustments (2) |
|
Pro Forma |
|
As Reported (1) |
|
Pro Forma Adjustments (2) |
|
Pro Forma |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales |
$ |
80,158 |
|
|
|
(1 |
) |
|
$ |
80,157 |
|
|
$ |
70,980 |
|
|
|
142 |
|
|
$ |
71,122 |
|
Cost of sales (exclusive of intangible amortization) |
|
37,940 |
|
|
|
2 |
|
|
|
37,942 |
|
|
|
32,465 |
|
|
|
56 |
|
|
|
32,521 |
|
Gross margin |
|
42,218 |
|
|
|
(3 |
) |
|
|
42,215 |
|
|
|
38,515 |
|
|
|
86 |
|
|
|
38,601 |
|
% of net sales |
|
52.7 |
% |
|
|
|
|
52.7 |
% |
|
|
54.3 |
% |
|
|
|
|
54.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development |
|
6,590 |
|
|
|
— |
|
|
|
6,590 |
|
|
|
6,724 |
|
|
|
(1 |
) |
|
|
6,723 |
|
Sales and marketing |
|
26,437 |
|
|
|
— |
|
|
|
26,437 |
|
|
|
24,581 |
|
|
|
(17 |
) |
|
|
24,564 |
|
General and administrative |
|
10,236 |
|
|
|
— |
|
|
|
10,236 |
|
|
|
10,441 |
|
|
|
(7 |
) |
|
|
10,434 |
|
Amortization of intangibles |
|
2,588 |
|
|
|
— |
|
|
|
2,588 |
|
|
|
2,574 |
|
|
|
— |
|
|
|
2,574 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
229 |
|
|
|
— |
|
|
|
229 |
|
Acquisition, restructuring and other items, net |
|
2,155 |
|
|
|
— |
|
|
|
2,155 |
|
|
|
8,415 |
|
|
|
(3 |
) |
|
|
8,412 |
|
Total operating expenses |
|
48,006 |
|
|
|
— |
|
|
|
48,006 |
|
|
|
52,964 |
|
|
|
(28 |
) |
|
|
52,936 |
|
Operating loss |
|
(5,788 |
) |
|
|
(3 |
) |
|
|
(5,791 |
) |
|
|
(14,449 |
) |
|
|
114 |
|
|
|
(14,335 |
) |
Interest income, net |
|
3 |
|
|
|
— |
|
|
|
3 |
|
|
|
567 |
|
|
|
— |
|
|
|
567 |
|
Other expense, net |
|
(325 |
) |
|
|
— |
|
|
|
(325 |
) |
|
|
(259 |
) |
|
|
— |
|
|
|
(259 |
) |
Total other income (expense), net |
|
(322 |
) |
|
|
— |
|
|
|
(322 |
) |
|
|
308 |
|
|
|
— |
|
|
|
308 |
|
Loss before income tax benefit |
|
(6,110 |
) |
|
|
(3 |
) |
|
|
(6,113 |
) |
|
|
(14,141 |
) |
|
|
114 |
|
|
|
(14,027 |
) |
Income tax benefit |
|
(60 |
) |
|
|
— |
|
|
|
(60 |
) |
|
|
(692 |
) |
|
|
— |
|
|
|
(692 |
) |
Net loss |
$ |
(6,050 |
) |
|
$ |
(3 |
) |
|
$ |
(6,053 |
) |
|
$ |
(13,449 |
) |
|
$ |
114 |
|
|
$ |
(13,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
(0.15 |
) |
|
|
|
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
|
|
$ |
(0.33 |
) |
||||
Diluted |
$ |
(0.15 |
) |
|
|
|
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
|
|
$ |
(0.33 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
40,984 |
|
|
|
|
|
40,984 |
|
|
|
40,427 |
|
|
|
|
|
40,427 |
|
||||
Diluted |
|
40,984 |
|
|
|
|
|
40,984 |
|
|
|
40,427 |
|
|
|
|
|
40,427 |
|
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended |
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the Businesses. |
|
CONSOLIDATED INCOME STATEMENTS (in thousands, except per share data) |
|||||||||||||||||||||||
|
Twelve months ended |
|
Twelve months ended |
||||||||||||||||||||
|
Actual (1) |
|
Pro Forma Adjustments (2) |
|
Pro Forma |
|
As Reported (1) |
|
Pro Forma Adjustments (2) |
|
Pro Forma |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales |
$ |
292,498 |
|
|
|
187 |
|
|
$ |
292,685 |
|
|
$ |
303,914 |
|
|
|
(33,193 |
) |
|
$ |
270,721 |
|
Cost of sales (exclusive of intangible amortization) |
|
134,793 |
|
|
|
157 |
|
|
|
134,950 |
|
|
|
149,216 |
|
|
|
(24,064 |
) |
|
|
125,152 |
|
Gross margin |
|
157,705 |
|
|
|
30 |
|
|
|
157,735 |
|
|
|
154,698 |
|
|
|
(9,129 |
) |
|
|
145,569 |
|
% of net sales |
|
53.9 |
% |
|
|
|
|
53.9 |
% |
|
|
50.9 |
% |
|
|
|
|
53.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development |
|
26,222 |
|
|
|
— |
|
|
|
26,222 |
|
|
|
31,512 |
|
|
|
(648 |
) |
|
|
30,864 |
|
Sales and marketing |
|
103,135 |
|
|
|
— |
|
|
|
103,135 |
|
|
|
102,818 |
|
|
|
(4,730 |
) |
|
|
98,088 |
|
General and administrative |
|
42,092 |
|
|
|
— |
|
|
|
42,092 |
|
|
|
41,164 |
|
|
|
(60 |
) |
|
|
41,104 |
|
Amortization of intangibles |
|
10,318 |
|
|
|
— |
|
|
|
10,318 |
|
|
|
13,048 |
|
|
|
(2,571 |
) |
|
|
10,477 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
|
|
— |
|
|
|
159,476 |
|
Change in fair value of contingent consideration |
|
272 |
|
|
|
— |
|
|
|
272 |
|
|
|
432 |
|
|
|
— |
|
|
|
432 |
|
Acquisition, restructuring and other items, net |
|
15,620 |
|
|
|
161 |
|
|
|
15,781 |
|
|
|
53,182 |
|
|
|
(6,397 |
) |
|
|
46,785 |
|
Total operating expenses |
|
197,659 |
|
|
|
161 |
|
|
|
197,820 |
|
|
|
401,632 |
|
|
|
(14,406 |
) |
|
|
387,226 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
54,499 |
|
|
|
(54,499 |
) |
|
|
— |
|
Operating loss |
|
(39,954 |
) |
|
|
(131 |
) |
|
|
(40,085 |
) |
|
|
(192,435 |
) |
|
|
(49,222 |
) |
|
|
(241,657 |
) |
Interest income, net |
|
978 |
|
|
|
— |
|
|
|
978 |
|
|
|
1,614 |
|
|
|
— |
|
|
|
1,614 |
|
Other income (expense), net |
|
4,944 |
|
|
|
(5,500 |
) |
|
|
(556 |
) |
|
|
(817 |
) |
|
|
— |
|
|
|
(817 |
) |
Total other income, net |
|
5,922 |
|
|
|
(5,500 |
) |
|
|
422 |
|
|
|
797 |
|
|
|
— |
|
|
|
797 |
|
Loss before income tax benefit |
|
(34,032 |
) |
|
|
(5,631 |
) |
|
|
(39,663 |
) |
|
|
(191,638 |
) |
|
|
(49,222 |
) |
|
|
(240,860 |
) |
Income tax benefit |
|
(39 |
) |
|
|
— |
|
|
|
(39 |
) |
|
|
(7,289 |
) |
|
|
— |
|
|
|
(7,289 |
) |
Net loss |
$ |
(33,993 |
) |
|
$ |
(5,631 |
) |
|
$ |
(39,624 |
) |
|
$ |
(184,349 |
) |
|
$ |
(49,222 |
) |
|
$ |
(233,571 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
(0.83 |
) |
|
|
|
$ |
(0.97 |
) |
|
$ |
(4.59 |
) |
|
|
|
$ |
(5.81 |
) |
||||
Diluted |
$ |
(0.83 |
) |
|
|
|
$ |
(0.97 |
) |
|
$ |
(4.59 |
) |
|
|
|
$ |
(5.81 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
40,853 |
|
|
|
|
|
40,853 |
|
|
|
40,181 |
|
|
|
|
|
40,181 |
|
||||
Diluted |
|
40,853 |
|
|
|
|
|
40,853 |
|
|
|
40,181 |
|
|
|
|
|
40,181 |
|
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended |
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the Businesses.
|
GAAP TO NON-GAAP RECONCILIATION (in thousands, except per share data) |
|||||||||||||||
Reconciliation of Net Loss to non-GAAP Adjusted Net Loss: |
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(6,050 |
) |
|
$ |
(13,449 |
) |
|
$ |
(33,993 |
) |
|
$ |
(184,349 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
2,588 |
|
|
|
2,574 |
|
|
|
10,318 |
|
|
|
13,048 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
229 |
|
|
|
272 |
|
|
|
432 |
|
Acquisition, restructuring and other items, net (1) |
|
2,155 |
|
|
|
8,415 |
|
|
|
15,620 |
|
|
|
53,182 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54,499 |
) |
Tax effect of non-GAAP items (2) |
|
254 |
|
|
|
(20 |
) |
|
|
1,760 |
|
|
|
(2,689 |
) |
Adjusted net loss |
$ |
(1,053 |
) |
|
$ |
(2,251 |
) |
|
$ |
(6,023 |
) |
|
$ |
(15,399 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Loss Per Share: |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Diluted loss per share |
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.83 |
) |
|
$ |
(4.59 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
0.06 |
|
|
|
0.06 |
|
|
|
0.25 |
|
|
|
0.32 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.98 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Acquisition, restructuring and other items, net (1) |
|
0.05 |
|
|
|
0.20 |
|
|
|
0.38 |
|
|
|
1.33 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.36 |
) |
Tax effect of non-GAAP items (2) |
|
0.01 |
|
|
|
— |
|
|
|
0.04 |
|
|
|
(0.07 |
) |
Adjusted diluted loss per share |
$ |
(0.03 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.38 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted sharecount (3) |
|
40,984 |
|
|
|
40,427 |
|
|
|
40,853 |
|
|
|
40,181 |
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
(2) Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's |
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.
|
GAAP TO NON-GAAP RECONCILIATION (Continued) (in thousands, except per share data) |
|||||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(6,050 |
) |
|
$ |
(13,449 |
) |
|
$ |
(33,993 |
) |
|
$ |
(184,349 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax benefit |
|
(60 |
) |
|
|
(692 |
) |
|
|
(39 |
) |
|
|
(7,289 |
) |
Interest income, net |
|
(3 |
) |
|
|
(567 |
) |
|
|
(978 |
) |
|
|
(1,614 |
) |
Depreciation and amortization |
|
5,833 |
|
|
|
6,817 |
|
|
|
25,800 |
|
|
|
27,712 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
229 |
|
|
|
272 |
|
|
|
432 |
|
Stock based compensation |
|
1,641 |
|
|
|
1,896 |
|
|
|
9,772 |
|
|
|
10,529 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54,499 |
) |
Acquisition, restructuring and other items, net (1) |
|
2,000 |
|
|
|
7,148 |
|
|
|
12,239 |
|
|
|
50,780 |
|
Adjusted EBITDA |
$ |
3,361 |
|
|
$ |
1,382 |
|
|
$ |
13,073 |
|
|
$ |
1,178 |
|
|
|
|
|
|
|
|
|
||||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.31 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
GAAP TO NON-GAAP RECONCILIATION (in thousands, except per share data) |
|||||||||||||||
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss: |
|
|
|
|
|||||||||||
|
Pro Forma |
|
Pro Forma |
||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Pro forma net loss |
$ |
(6,053 |
) |
|
$ |
(13,335 |
) |
|
$ |
(39,624 |
) |
|
$ |
(233,571 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
2,588 |
|
|
|
2,574 |
|
|
|
10,318 |
|
|
|
10,477 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
229 |
|
|
|
272 |
|
|
|
432 |
|
Acquisition, restructuring and other items, net (1) |
|
2,155 |
|
|
|
8,412 |
|
|
|
15,781 |
|
|
|
46,785 |
|
Tax effect of non-GAAP items (2) |
|
255 |
|
|
|
(45 |
) |
|
|
3,018 |
|
|
|
(1,840 |
) |
Adjusted pro forma net loss |
$ |
(1,055 |
) |
|
$ |
(2,165 |
) |
|
$ |
(10,235 |
) |
|
$ |
(18,241 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share: |
|||||||||||||||
|
Pro Forma |
|
Pro Forma |
||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Pro forma diluted loss per share |
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.97 |
) |
|
$ |
(5.81 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
0.06 |
|
|
|
0.06 |
|
|
|
0.25 |
|
|
|
0.26 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.97 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Acquisition, restructuring and other items, net (1) |
|
0.05 |
|
|
|
0.21 |
|
|
|
0.39 |
|
|
|
1.17 |
|
Tax effect of non-GAAP items (2) |
|
0.01 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
(0.05 |
) |
Adjusted pro forma diluted loss per share |
$ |
(0.03 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted sharecount (3) |
|
40,984 |
|
|
|
40,427 |
|
|
|
40,853 |
|
|
|
40,181 |
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items |
|
(2) Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's |
|
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss. |
|
GAAP TO NON-GAAP RECONCILIATION (Continued) (in thousands, except per share data) |
|||||||||||||||
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA: |
|
|
|
|
|
|
|||||||||
|
Pro Forma |
|
Pro Forma |
||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Pro forma net loss |
$ |
(6,053 |
) |
|
$ |
(13,335 |
) |
|
$ |
(39,624 |
) |
|
$ |
(233,571 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax benefit |
|
(60 |
) |
|
|
(692 |
) |
|
|
(39 |
) |
|
|
(7,289 |
) |
Interest income, net |
|
(3 |
) |
|
|
(567 |
) |
|
|
(978 |
) |
|
|
(1,614 |
) |
Depreciation and amortization |
|
5,833 |
|
|
|
6,817 |
|
|
|
25,800 |
|
|
|
25,051 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
229 |
|
|
|
272 |
|
|
|
432 |
|
Stock based compensation |
|
1,641 |
|
|
|
1,895 |
|
|
|
9,772 |
|
|
|
9,898 |
|
Acquisition, restructuring and other items, net (1) |
|
2,000 |
|
|
|
7,145 |
|
|
|
12,400 |
|
|
|
44,382 |
|
Pro forma adjusted EBITDA |
$ |
3,358 |
|
|
$ |
1,492 |
|
|
$ |
7,603 |
|
|
$ |
(3,235 |
) |
|
|
|
|
|
|
|
|
||||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
0.08 |
|
|
$ |
0.04 |
|
|
$ |
0.18 |
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET DETAIL (in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(in thousands) |
|
|
|
|
|
|
|
||||||||
Legal (1) |
$ |
309 |
|
|
$ |
4,489 |
|
|
$ |
715 |
|
|
$ |
34,942 |
|
Mergers and acquisitions (2) |
|
— |
|
|
|
— |
|
|
|
737 |
|
|
|
399 |
|
Transition service agreement (3) |
|
(414 |
) |
|
|
(437 |
) |
|
|
(1,838 |
) |
|
|
(1,092 |
) |
Plant Closure (4) |
|
1,941 |
|
|
|
3,366 |
|
|
|
13,761 |
|
|
|
9,481 |
|
Manufacturing Relocation (5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
587 |
|
Intangible and other asset impairment (6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,260 |
|
Other (7) |
|
319 |
|
|
|
997 |
|
|
|
2,245 |
|
|
|
2,605 |
|
Total |
$ |
2,155 |
|
|
$ |
8,415 |
|
|
$ |
15,620 |
|
|
$ |
53,182 |
|
(1) Legal expenses related to litigation that is outside the normal course of business. In the third quarter of fiscal year 2024 a |
(2) Mergers and acquisitions expenses related to investment banking, legal and due diligence. |
(3) Transition services agreement that were entered into with Merit and Spectrum. |
(4) Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on |
(5) Expenses to relocate manufacturing lines out of |
(6) An impairment of |
(7) Included in the
|
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY (in thousands) |
||||||||||||||||||||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Actual (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
As Reported (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
Actual |
|
Pro Forma |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
% Growth |
Currency Impact |
Constant Currency Growth |
|
% Growth |
Currency Impact |
Constant Currency Growth |
|||||||||||||||||
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Tech |
$ |
35,790 |
$ |
— |
|
$ |
35,790 |
|
$ |
29,335 |
$ |
— |
$ |
29,335 |
|
22.0 |
% |
|
|
|
22.0 |
% |
|
|
||||||||
Med Device |
|
44,368 |
|
(1 |
) |
|
44,367 |
|
|
41,645 |
|
142 |
|
41,787 |
|
6.5 |
% |
|
|
|
6.2 |
% |
|
|
||||||||
|
$ |
80,158 |
$ |
(1 |
) |
$ |
80,157 |
|
$ |
70,980 |
$ |
142 |
$ |
71,122 |
|
12.9 |
% |
0.0 |
% |
12.9 |
% |
|
12.7 |
% |
0.0 |
% |
12.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
$ |
67,484 |
$ |
(1 |
) |
$ |
67,483 |
|
$ |
60,743 |
$ |
61 |
$ |
60,804 |
|
11.1 |
% |
|
|
|
11.0 |
% |
|
|
||||||||
International |
|
12,674 |
|
— |
|
|
12,674 |
|
|
10,237 |
|
81 |
|
10,318 |
|
23.8 |
% |
0.0 |
% |
23.8 |
% |
|
22.8 |
% |
|
|
||||||
|
$ |
80,158 |
$ |
(1 |
) |
$ |
80,157 |
|
$ |
70,980 |
$ |
142 |
$ |
71,122 |
|
12.9 |
% |
0.0 |
% |
12.9 |
% |
|
12.7 |
% |
0.0 |
% |
12.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended |
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the Businesses. |
GROSS MARGIN BY PRODUCT CATEGORY
(in thousands) |
||||||||||||||||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
|||||||||||||||||||||
|
Actual (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
As Reported (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
Actual |
|
Pro Forma |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
% Change |
|
% Change |
|||||||||||||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|||||||||||||||||||||
Med Tech |
$ |
21,117 |
|
$ |
— |
|
$ |
21,117 |
|
|
$ |
18,798 |
|
$ |
6 |
$ |
18,804 |
|
|
12.3 |
% |
|
12.3 |
% |
||||
Gross margin % of sales |
|
59.0 |
% |
|
|
59.0 |
% |
|
|
64.1 |
% |
|
|
64.1 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Device |
$ |
21,101 |
|
$ |
(3 |
) |
$ |
21,098 |
|
|
$ |
19,717 |
|
$ |
80 |
$ |
19,797 |
|
|
7.0 |
% |
|
6.6 |
% |
||||
Gross margin % of sales |
|
47.6 |
% |
|
|
47.6 |
% |
|
|
47.3 |
% |
|
|
47.4 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ |
42,218 |
|
$ |
(3 |
) |
$ |
42,215 |
|
|
$ |
38,515 |
|
$ |
86 |
$ |
38,601 |
|
|
9.6 |
% |
|
9.4 |
% |
||||
Gross margin % of sales |
|
52.7 |
% |
|
|
52.7 |
% |
|
|
54.3 |
% |
|
|
54.3 |
% |
|
|
|
|
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended |
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the Businesses. |
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY (in thousands) |
||||||||||||||||||||||||||||||||
|
Twelve Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Actual (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
As Reported (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
Actual |
|
Pro Forma |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
% Growth |
Currency Impact |
Constant Currency Growth |
|
% Growth |
Currency Impact |
Constant Currency Growth |
|||||||||||||||||
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Tech |
$ |
126,653 |
$ |
— |
$ |
126,653 |
|
$ |
106,403 |
$ |
(443 |
) |
$ |
105,960 |
|
19.0 |
% |
|
|
|
19.5 |
% |
|
|
||||||||
Med Device |
|
165,845 |
|
187 |
|
166,032 |
|
|
197,511 |
|
(32,750 |
) |
|
164,761 |
|
(16.0 |
)% |
|
|
|
0.8 |
% |
|
|
||||||||
|
$ |
292,498 |
$ |
187 |
$ |
292,685 |
|
$ |
303,914 |
$ |
(33,193 |
) |
$ |
270,721 |
|
(3.8 |
)% |
0.0 |
% |
(3.8 |
)% |
|
8.1 |
% |
0.1 |
% |
8.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
$ |
250,983 |
$ |
13 |
$ |
250,996 |
|
$ |
251,486 |
$ |
(23,037 |
) |
$ |
228,449 |
|
(0.2 |
)% |
|
|
|
9.9 |
% |
|
|
||||||||
International |
|
41,515 |
|
174 |
|
41,689 |
|
|
52,428 |
|
(10,156 |
) |
|
42,272 |
|
(20.8 |
)% |
0.0 |
% |
(20.8 |
)% |
|
(1.4 |
)% |
|
|
||||||
|
$ |
292,498 |
$ |
187 |
$ |
292,685 |
|
$ |
303,914 |
$ |
(33,193 |
) |
$ |
270,721 |
|
(3.8 |
)% |
0.0 |
% |
(3.8 |
)% |
|
8.1 |
% |
0.1 |
% |
8.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
GROSS MARGIN BY PRODUCT CATEGORY
(in thousands) |
||||||||||||||||||||||||||||
|
Twelve Months Ended |
|
Twelve Months Ended |
|
|
|
|
|||||||||||||||||||||
|
Actual (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
As Reported (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
Actual |
|
Pro Forma |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
% Change |
|
% Change |
|||||||||||||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|||||||||||||||||||||
Med Tech |
$ |
78,515 |
|
$ |
— |
$ |
78,515 |
|
|
$ |
67,198 |
|
$ |
(167 |
) |
$ |
67,031 |
|
|
16.8 |
% |
|
17.1 |
% |
||||
Gross margin % of sales |
|
62.0 |
% |
|
|
62.0 |
% |
|
|
63.2 |
% |
|
|
63.3 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Device |
$ |
79,190 |
|
$ |
30 |
$ |
79,220 |
|
|
$ |
87,500 |
|
$ |
(8,962 |
) |
$ |
78,538 |
|
|
(9.5 |
)% |
|
0.9 |
% |
||||
Gross margin % of sales |
|
47.7 |
% |
|
|
47.7 |
% |
|
|
44.3 |
% |
|
|
47.7 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ |
157,705 |
|
$ |
30 |
$ |
157,735 |
|
|
$ |
154,698 |
|
$ |
(9,129 |
) |
$ |
145,569 |
|
|
1.9 |
% |
|
8.4 |
% |
||||
Gross margin % of sales |
|
53.9 |
% |
|
|
53.9 |
% |
|
|
50.9 |
% |
|
|
53.8 |
% |
|
|
|
|
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.
|
CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||
|
|
|
|
||
|
(unaudited) |
|
(audited) |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
55,893 |
|
$ |
76,056 |
Accounts receivable, net |
|
42,890 |
|
|
43,610 |
Inventories |
|
62,006 |
|
|
60,616 |
Prepaid expenses and other |
|
7,535 |
|
|
12,971 |
Total current assets |
|
168,324 |
|
|
193,253 |
Property, plant and equipment, net |
|
32,300 |
|
|
35,666 |
Other assets |
|
10,404 |
|
|
11,369 |
Intangible assets, net |
|
69,116 |
|
|
77,383 |
Total assets |
$ |
280,144 |
|
$ |
317,671 |
Liabilities and stockholders' equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
33,291 |
|
$ |
37,751 |
Accrued liabilities |
|
35,518 |
|
|
41,098 |
Current portion of contingent consideration |
|
— |
|
|
4,728 |
Other current liabilities |
|
7,388 |
|
|
7,578 |
Total current liabilities |
|
76,197 |
|
|
91,155 |
Deferred income taxes |
|
4,073 |
|
|
4,852 |
Other long-term liabilities |
|
16,904 |
|
|
16,078 |
Total liabilities |
|
97,174 |
|
|
112,085 |
Stockholders' equity |
|
182,970 |
|
|
205,586 |
Total Liabilities and Stockholders' Equity |
$ |
280,144 |
|
$ |
317,671 |
|
|
|
|
|
|||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||
(in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited) |
|
(unaudited) |
|
(audited) |
||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(6,050 |
) |
|
$ |
(13,449 |
) |
|
$ |
(33,993 |
) |
|
$ |
(184,349 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
5,833 |
|
|
|
6,817 |
|
|
|
25,800 |
|
|
|
27,712 |
|
Non-cash lease expense |
|
462 |
|
|
|
490 |
|
|
|
1,958 |
|
|
|
1,931 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
Stock based compensation |
|
1,641 |
|
|
|
1,896 |
|
|
|
9,772 |
|
|
|
10,529 |
|
Gain on disposition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54,499 |
) |
Transaction costs for disposition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,084 |
) |
Change in fair value of contingent consideration |
|
— |
|
|
|
229 |
|
|
|
272 |
|
|
|
432 |
|
Deferred income tax provision |
|
(193 |
) |
|
|
(825 |
) |
|
|
(988 |
) |
|
|
(7,968 |
) |
Change in accounts receivable allowances |
|
169 |
|
|
|
319 |
|
|
|
699 |
|
|
|
1,326 |
|
Asset impairments and disposals |
|
76 |
|
|
|
24 |
|
|
|
173 |
|
|
|
7,108 |
|
Write-off of other assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
869 |
|
Other |
|
142 |
|
|
|
(223 |
) |
|
|
291 |
|
|
|
(62 |
) |
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
447 |
|
|
|
5,549 |
|
|
|
23 |
|
|
|
7,894 |
|
Inventories |
|
1,146 |
|
|
|
(2,585 |
) |
|
|
(1,347 |
) |
|
|
(9,410 |
) |
Prepaid expenses and other |
|
12,548 |
|
|
|
(4,028 |
) |
|
|
3,089 |
|
|
|
(11,594 |
) |
Accounts payable, accrued and other liabilities |
|
2,590 |
|
|
|
10,787 |
|
|
|
(15,877 |
) |
|
|
27,531 |
|
Net cash provided by (used in) operating activities |
|
18,811 |
|
|
|
5,001 |
|
|
|
(10,128 |
) |
|
|
(28,158 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Additions to property, plant and equipment |
|
(777 |
) |
|
|
(566 |
) |
|
|
(4,464 |
) |
|
|
(2,518 |
) |
Additions to placement and evaluation units |
|
(1,846 |
) |
|
|
(1,770 |
) |
|
|
(5,714 |
) |
|
|
(5,015 |
) |
Proceeds from sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
134,500 |
|
Acquisition of intangibles |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,250 |
) |
Net cash used in investing activities |
|
(2,623 |
) |
|
|
(2,336 |
) |
|
|
(10,178 |
) |
|
|
123,717 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Repayment of long-term debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,000 |
) |
Deferred financing costs on long-term debt |
|
(680 |
) |
|
|
— |
|
|
|
(680 |
) |
|
|
— |
|
Payment of acquisition related contingent consideration |
|
(5,000 |
) |
|
|
(5,000 |
) |
|
|
(5,000 |
) |
|
|
(15,000 |
) |
Repurchase of common stock |
|
— |
|
|
|
— |
|
|
|
(1,670 |
) |
|
|
— |
|
Principal payments on financing arrangement |
|
(90 |
) |
|
|
— |
|
|
|
(148 |
) |
|
|
— |
|
Proceeds from financing arrangement |
|
— |
|
|
|
— |
|
|
|
6,310 |
|
|
|
— |
|
Proceeds from exercise of stock options and employee stock purchase plan |
|
— |
|
|
|
— |
|
|
|
933 |
|
|
|
752 |
|
Net cash used in financing activities |
|
(5,770 |
) |
|
|
(5,000 |
) |
|
|
(255 |
) |
|
|
(64,248 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
715 |
|
|
|
(60 |
) |
|
|
398 |
|
|
|
125 |
|
Increase (decrease) in cash and cash equivalents |
|
11,133 |
|
|
|
(2,395 |
) |
|
|
(20,163 |
) |
|
|
31,436 |
|
Cash and cash equivalents at beginning of period |
|
44,760 |
|
|
|
78,451 |
|
|
|
76,056 |
|
|
|
44,620 |
|
Cash and cash equivalents at end of period |
$ |
55,893 |
|
|
$ |
76,056 |
|
|
$ |
55,893 |
|
|
$ |
76,056 |
|
GAAP TO NON-GAAP RECONCILIATION (in thousands) |
|||||||||||||||
Reconciliation of Free Cash Flows: |
|
|
|
|
|||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net cash provided by (used in) operating activities |
$ |
18,811 |
|
|
$ |
5,001 |
|
|
$ |
(10,128 |
) |
|
$ |
(28,158 |
) |
Additions to property, plant and equipment |
|
(777 |
) |
|
|
(566 |
) |
|
|
(4,464 |
) |
|
|
(2,518 |
) |
Additions to placement and evaluation units |
|
(1,846 |
) |
|
|
(1,770 |
) |
|
|
(5,714 |
) |
|
|
(5,015 |
) |
Free Cash Flow |
$ |
16,188 |
|
|
$ |
2,665 |
|
|
$ |
(20,306 |
) |
|
$ |
(35,691 |
) |
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250715066023/en/
Investors:
Executive Vice President & CFO
518-795-1408
strowbridge@angiodynamics.com
Media:
Vice President, Communications
518-795-1174
scheeks@angiodynamics.com
Source: