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AngioDynamics(ANGO) - 2025 Q2 - Quarterly Results
ANGOAngioDynamics(ANGO)2025-01-08 12:00

Financial Performance - Q2 FY25 net sales were 73.0million,a9.273.0 million, a 9.2% YoY increase[3][8] - Net sales for the three months ended November 30, 2024, were 73.015 million, a decrease from 79.073millioninthesameperiodlastyear[32]−NetsalesforthesixmonthsendedNovember30,2024,were79.073 million in the same period last year[32] - Net sales for the six months ended November 30, 2024, were 140.515 million, down from 157.752millioninthesameperiodlastyear[36]−NetsalesforthethreemonthsendedNov30,2024were157.752 million in the same period last year[36] - Net sales for the three months ended Nov 30, 2024 were 72,845 thousand, down 7.9% from 79,073thousandintheprioryearperiod[56]−Totalnetsalesdecreasedby11.079,073 thousand in the prior year period[56] - Total net sales decreased by 11.0% to 140.336 million for the six months ended November 30, 2024, compared to 133.627millioninthesameperiodlastyear[61]MedTechSegmentPerformance−MedTechnetsalesgrew25.0133.627 million in the same period last year[61] Med Tech Segment Performance - Med Tech net sales grew 25.0% YoY to 31.5 million, driven by strong performance in Auryon, AngioVac, AlphaVac, and NanoKnife disposables[3][8][9] - Med Tech net sales for the three months ended Nov 30, 2024 were 31,554thousand,up24.431,554 thousand, up 24.4% from 25,363 thousand in the prior year period[56] - Med Tech segment revenue increased by 27.2% to 20.113millionforthethreemonthsendedNovember30,2024,comparedto20.113 million for the three months ended November 30, 2024, compared to 15.783 million in the same period last year[58] - Net sales for the Med Tech segment grew by 16.2% to 59.523millionforthesixmonthsendedNovember30,2024,comparedto59.523 million for the six months ended November 30, 2024, compared to 50.971 million in the same period last year[61] - Gross profit for the Med Tech segment increased by 16.2% to 37.810millionforthesixmonthsendedNovember30,2024,comparedto37.810 million for the six months ended November 30, 2024, compared to 32.471 million in the same period last year[63] Med Device Segment Performance - Med Device net sales decreased 0.4% YoY to 41.5million,withU.S.salesgrowing1.641.5 million, with U.S. sales growing 1.6%[3][10] - Med Device net sales for the three months ended Nov 30, 2024 were 41,291 thousand, down 23.1% from 53,710thousandintheprioryearperiod[56]−MedDevicesegmentrevenuedecreasedby19.053,710 thousand in the prior year period[56] - Med Device segment revenue decreased by 19.0% to 19.793 million for the three months ended November 30, 2024, compared to 20.889millioninthesameperiodlastyear[58]−NetsalesfortheMedDevicesegmentdeclinedby24.120.889 million in the same period last year[58] - Net sales for the Med Device segment declined by 24.1% to 80.813 million for the six months ended November 30, 2024, compared to 82.656millioninthesameperiodlastyear[61]−GrossprofitfortheMedDevicesegmentdecreasedby18.882.656 million in the same period last year[61] - Gross profit for the Med Device segment decreased by 18.8% to 38.820 million for the six months ended November 30, 2024, compared to 40.808millioninthesameperiodlastyear[63]ProfitabilityandMargins−AdjustedEBITDAforQ2FY25was40.808 million in the same period last year[63] Profitability and Margins - Adjusted EBITDA for Q2 FY25 was 3.1 million, compared to (0.0)millioninQ2FY24[6][14]−GrossmarginforQ2FY25was54.7(0.0) million in Q2 FY24[6][14] - Gross margin for Q2 FY25 was 54.7%, with Med Tech gross margin at 63.7% and Med Device gross margin at 47.8%[11][12] - Gross profit margin for the three months ended November 30, 2024, was 54.7%, up from 50.9% in the same period last year[32] - Gross profit margin for the six months ended November 30, 2024, was 54.6%, up from 50.9% in the same period last year[36] - Total gross profit percentage increased to 54.8% for the three months ended November 30, 2024, up from 50.9% in the same period last year[58] - Total gross profit percentage increased to 54.6% for the six months ended November 30, 2024, up from 50.9% in the same period last year[63] Net Loss and Adjusted Metrics - Net loss for the three months ended November 30, 2024, was 10.728 million, compared to a net loss of 29.702millioninthesameperiodlastyear[32]−NetlossforthesixmonthsendedNovember30,2024,was29.702 million in the same period last year[32] - Net loss for the six months ended November 30, 2024, was 23.671 million, compared to a net loss of 32.432millioninthesameperiodlastyear[36]−AdjustednetlossforthethreemonthsendedNovember30,2024,was32.432 million in the same period last year[36] - Adjusted net loss for the three months ended November 30, 2024, was 1.742 million, compared to an adjusted net loss of 2.038millioninthesameperiodlastyear[39]−AdjustednetlossforthesixmonthsendedNovember30,2024,was2.038 million in the same period last year[39] - Adjusted net loss for the six months ended November 30, 2024, was 6.137 million, compared to an adjusted net loss of 6.869millioninthesameperiodlastyear[39]−AdjusteddilutedlosspershareforthethreemonthsendedNovember30,2024,was6.869 million in the same period last year[39] - Adjusted diluted loss per share for the three months ended November 30, 2024, was 0.04, compared to 0.05inthesameperiodlastyear[40]−AdjusteddilutedlosspershareforthesixmonthsendedNovember30,2024,was0.05 in the same period last year[40] - Adjusted diluted loss per share for the six months ended November 30, 2024, was 0.15, compared to 0.17inthesameperiodlastyear[40]−Netincome(loss)forthethreemonthsendedNov30,2024was0.17 in the same period last year[40] - Net income (loss) for the three months ended Nov 30, 2024 was (10,738) thousand, compared to (29,048)thousandinthesameperiodlastyear[43]−AdjustedEBITDAforthethreemonthsendedNov30,2024was(29,048) thousand in the same period last year[43] - Adjusted EBITDA for the three months ended Nov 30, 2024 was 3,040 thousand, up from 1,819thousandintheprioryearperiod[43]−ProformanetlossforthethreemonthsendedNov30,2024was1,819 thousand in the prior year period[43] - Pro forma net loss for the three months ended Nov 30, 2024 was (10,728) thousand, an improvement from (29,702)thousandintheprioryearperiod[45]−AdjustedproformanetlossforthethreemonthsendedNov30,2024was(29,702) thousand in the prior year period[45] - Adjusted pro forma net loss for the three months ended Nov 30, 2024 was (1,726) thousand, compared to (3,365)thousandintheprioryearperiod[45]−Netincome(loss)forthethreemonthsendedNov30,2024was(3,365) thousand in the prior year period[45] - Net income (loss) for the three months ended Nov 30, 2024 was (10.7 million), compared to (29.0million)inthesameperiodlastyear[68]−Netincome(loss)forthesixmonthsendedNov30,2024was(29.0 million) in the same period last year[68] - Net income (loss) for the six months ended Nov 30, 2024 was (23.5 million), compared to 16.8millioninthesameperiodlastyear[68]CashFlowandLiquidity−Thecompanygenerated16.8 million in the same period last year[68] Cash Flow and Liquidity - The company generated 2.5 million in operating cash flow and had 54.1millionincashandcashequivalentsattheendofQ2FY25[15]−Cashandcashequivalentsdecreasedto54.1 million in cash and cash equivalents at the end of Q2 FY25[15] - Cash and cash equivalents decreased to 54.089 million as of November 30, 2024, compared to 76.056millionasofMay31,2024[66]−NetcashprovidedbyoperatingactivitiesforthethreemonthsendedNov30,2024was76.056 million as of May 31, 2024[66] - Net cash provided by operating activities for the three months ended Nov 30, 2024 was 2.5 million, down from 5.3millionintheprioryearperiod[68]−NetcashusedinoperatingactivitiesforthesixmonthsendedNov30,2024was5.3 million in the prior year period[68] - Net cash used in operating activities for the six months ended Nov 30, 2024 was (15.8 million), compared to (20.6million)intheprioryearperiod[68]−Cashandcashequivalentsdecreasedby(20.6 million) in the prior year period[68] - Cash and cash equivalents decreased by 916 thousand for the three months ended Nov 30, 2024, compared to an increase of 3.3millionintheprioryearperiod[68]−Cashandcashequivalentsdecreasedby3.3 million in the prior year period[68] - Cash and cash equivalents decreased by 22.0 million for the six months ended Nov 30, 2024, compared to an increase of 16.3millionintheprioryearperiod[68]CapitalExpendituresandStockRepurchases−Additionstoproperty,plantandequipmenttotaled16.3 million in the prior year period[68] Capital Expenditures and Stock Repurchases - Additions to property, plant and equipment totaled 797 thousand for the three months ended Nov 30, 2024, up from 554thousandintheprioryearperiod[68]−Repurchaseofcommonstocktotaled554 thousand in the prior year period[68] - Repurchase of common stock totaled 1.1 million for the three months ended Nov 30, 2024, compared to 0intheprioryearperiod[68]−Additionstoproperty,plantandequipmenttotaled0 in the prior year period[68] - Additions to property, plant and equipment totaled 1.9 million for the six months ended Nov 30, 2024, up from 1.3millionintheprioryearperiod[68]−Repurchaseofcommonstocktotaled1.3 million in the prior year period[68] - Repurchase of common stock totaled 1.7 million for the six months ended Nov 30, 2024, compared to 0intheprioryearperiod[68]RegulatoryandClinicalDevelopments−NanoKnifeSystemreceivedFDA510(k)clearanceforprostatetissueablationinDecember2024[6][19]−NanoKnifeSystemachievedallprimaryendpointsinthePRESERVEclinicaltrial,with84.00 in the prior year period[68] Regulatory and Clinical Developments - NanoKnife System received FDA 510(k) clearance for prostate tissue ablation in December 2024[6][19] - NanoKnife System achieved all primary endpoints in the PRESERVE clinical trial, with 84.0% of patients free from in-field, clinically significant disease at 12 months[23] - CPT Category I codes for NanoKnife System's IRE technology for prostate and liver lesions will be effective January 1, 2026, facilitating reimbursement and market access[17][18] Guidance and Outlook - FY25 guidance updated: net sales expected to be 282-288million(4.2288 million (4.2%-6.4% growth), Med Tech sales growth raised to 12%-15%, and Adjusted EBITDA now expected to be 1.0-3.0million[24]RestructuringandPlantClosure−PlantclosureexpensesforthethreemonthsendedNov30,2024were3.0 million[24] Restructuring and Plant Closure - Plant closure expenses for the three months ended Nov 30, 2024 were 5,102 thousand, related to the restructuring of the manufacturing footprint[51] Geographic Sales Performance - U.S. net sales for the three months ended Nov 30, 2024 were 62,678thousand,down2.162,678 thousand, down 2.1% from 64,002 thousand in the prior year period[56] - International net sales for the three months ended Nov 30, 2024 were 10,167thousand,down32.510,167 thousand, down 32.5% from 15,071 thousand in the prior year period[56]