AngioDynamics(ANGO) - 2025 Q1 - Quarterly Results

Financial & Operational Highlights AngioDynamics reported 1.1% pro forma net sales growth in Q1 FY2025, driven by Med Tech, while achieving key regulatory and clinical milestones Q1 FY2025 Pro Forma Net Sales Overview | Metric | August 31, 2024 | Pro Forma YoY Growth | | :--- | :--- | :--- | | Net Sales | $67.5 million | 1.1% | | Med Tech Net Sales | $28.0 million | 8.7% | | Med Device Net Sales | $39.5 million | (3.6)% | Q1 FY2025 Key Profitability Metrics | Metric | Value | | :--- | :--- | | GAAP Gross Margin | 54.4% | | GAAP Loss Per Share | $0.31 | | Adjusted Loss Per Share | $0.11 | - Key operational milestones include submitting the NanoKnife System for FDA 510(k) clearance for prostate tissue, receiving CE Mark approval for the Auryon System in Europe, and initiating the RECOVER-AV clinical trial[2] - The CEO highlighted a strong start to FY2025, driven by over 20% growth in both Auryon and AlphaVac, viewing the fiscal year as an inflection point for the business[3] Detailed Financial Performance (Q1 FY2025) AngioDynamics reported Q1 FY2025 pro forma net sales of $67.5 million, driven by Med Tech growth, alongside a GAAP net loss of $12.8 million and an adjusted net loss of $4.4 million Revenue Analysis Med Tech sales grew 8.7% to $28.0 million, driven by Auryon and AlphaVac, while Med Device sales declined 3.6% and international sales decreased significantly Q1 FY2025 Net Sales by Segment and Product | Segment / Product | Q1 FY2025 Sales | YoY Growth | | :--- | :--- | :--- | | Med Tech | $28.0 million | 8.7% | | - Auryon | $13.7 million | 24.9% | | - AlphaVac | $2.2 million | 21.1% | | - NanoKnife | $5.1 million | (6.9)% | | Med Device | $39.5 million | (3.6)% | Q1 FY2025 Net Sales by Geography | Geography | Q1 FY2025 Sales | YoY Growth | | :--- | :--- | :--- | | U.S. Net Sales | $59.5 million | 6.2% | | International Net Sales | $8.0 million | (25.4)% | Profitability Analysis Overall gross margin for Q1 FY2025 was 54.4%, a 40 basis point decrease, leading to a GAAP net loss of $12.8 million and an adjusted net loss of $4.4 million, despite an improved adjusted EBITDA Q1 FY2025 Gross Margin by Segment | Margin Metric | Q1 FY2025 | YoY Change | | :--- | :--- | :--- | | Overall Gross Margin | 54.4% | -40 bps | | Med Tech Gross Margin | 63.3% | -160 bps | | Med Device Gross Margin | 48.2% | -40 bps | Q1 FY2025 Profitability Summary | Profitability Metric | Q1 FY2025 | Q1 FY2024 | | :--- | :--- | :--- | | GAAP Net Loss | $(12.8) million | - | | GAAP Loss Per Share | $(0.31) | - | | Adjusted Net Loss | $(4.4) million | $(6.2) million | | Adjusted Loss Per Share | $(0.11) | $(0.16) | | Adjusted EBITDA | $(0.2) million | $(1.1) million | Cash Flow and Balance Sheet AngioDynamics used $18.3 million in operating cash during Q1 FY2025, consistent with historical trends, resulting in $55.0 million in cash and cash equivalents as of August 31, 2024 - Used $18.3 million in operating cash during Q1 FY2025, consistent with historical trends for the first fiscal quarter[8] Cash and Cash Equivalents | Date | Cash and Cash Equivalents | | :--- | :--- | | August 31, 2024 | $55.0 million | | May 31, 2024 | $76.1 million | Business & Clinical Updates AngioDynamics achieved significant regulatory and clinical progress, including FDA submission for NanoKnife, European CE Mark for Auryon, and initiation of the RECOVER-AV clinical trial for AlphaVac - NanoKnife System: Submitted results from the PRESERVE pivotal study to the FDA for 510(k) clearance for the ablation of prostate tissue in intermediate-risk patients[10] - Auryon System: Received European CE Mark approval, allowing marketing in Europe for treating Peripheral Artery Disease (PAD) and expanding reach into a $1.1 billion global PAD market[11] - AlphaVac System: Initiated the RECOVER-AV clinical trial in Europe to evaluate the AlphaVac F18⁸⁵ System for treating acute, intermediate-risk pulmonary embolism (PE), enrolling patients across up to 20 hospital sites[12] Fiscal Year 2025 Financial Guidance AngioDynamics reaffirmed its FY2025 financial guidance, projecting net sales between $282 to $288 million, driven by Med Tech growth, and an adjusted EBITDA loss between $0 and $2.5 million FY2025 Financial Guidance | Metric | FY2025 Guidance | | :--- | :--- | | Net Sales | $282 - $288 million | | Pro Forma Net Sales Growth | 4.2% - 6.4% | | Med Tech Net Sales Growth | 10% - 12% | | Med Device Net Sales Growth | 1% - 3% | | Gross Margin | 52% - 53% | | Adjusted EBITDA | $(2.5) million - $0 | | Adjusted Loss Per Share | $(0.38) - $(0.42) | Financial Statements & Reconciliations Unaudited Q1 FY2025 financial statements, including Consolidated Income Statements, Balance Sheets, and Cash Flows, are presented with comprehensive GAAP to non-GAAP reconciliations Consolidated Income Statements For Q1 FY2025, AngioDynamics reported net sales of $67.5 million, a gross profit of $36.7 million, an operating loss of $13.1 million, and a GAAP net loss of $12.8 million Q1 FY2025 Consolidated Income Statement Highlights | Income Statement (Q1 FY2025) | Amount (in thousands) | | :--- | :--- | | Net Sales | $67,491 | | Gross Profit | $36,724 | | Total Operating Expenses | $49,822 | | Operating Loss | $(13,098) | | Net Loss | $(12,798) | | Loss Per Share (Basic & Diluted) | $(0.31) | Consolidated Balance Sheets As of August 31, 2024, total assets were $293.6 million, primarily due to a reduction in cash to $55.0 million, with total liabilities at $97.0 million and stockholders' equity at $196.6 million Consolidated Balance Sheet Highlights | Balance Sheet Item | Aug 31, 2024 (in thousands) | May 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $55,005 | $76,056 | | Total Current Assets | $172,594 | $193,253 | | Total Assets | $293,628 | $317,671 | | Total Liabilities | $97,046 | $112,085 | | Total Stockholders' Equity | $196,582 | $205,586 | Consolidated Statements of Cash Flows For Q1 FY2025, net cash used in operating activities was $18.3 million, investing activities $2.4 million, and financing activities $0.5 million, resulting in a total cash decrease of $21.1 million Q1 FY2025 Consolidated Cash Flow Summary | Cash Flow Item (Q1 FY2025) | Amount (in thousands) | | :--- | :--- | | Net cash used in operating activities | $(18,253) | | Net cash used in investing activities | $(2,405) | | Net cash used in financing activities | $(509) | | Increase (decrease) in cash | $(21,051) | Non-GAAP Reconciliations Detailed reconciliations from GAAP to non-GAAP and pro forma figures are provided, showing an adjusted net loss of $4.4 million and an adjusted EBITDA loss of $163 thousand for Q1 FY2025 - Adjusted net loss for Q1 FY2025 was $(4.4) million, reconciled from a GAAP net loss of $(12.8) million by excluding items such as amortization of intangibles ($2.6 million) and acquisition/restructuring costs ($4.3 million)[22] - Pro forma adjusted diluted loss per share for Q1 FY2025 was $(0.11), an improvement from $(0.16) in the prior-year period[28] - Pro forma adjusted EBITDA for Q1 FY2025 was $(152) thousand, compared to $(1,072) thousand in Q1 FY2024[30]