AngioDynamics(ANGO) - 2025 Q2 - Quarterly Report

Revenue Performance - Revenue decreased by 7.9% to $72.8 million for the three months ended November 30, 2024, and decreased by 11.0% to $140.3 million for the six months ended November 30, 2024[118]. - Med Tech segment revenue grew by 24.4% in the second quarter of fiscal year 2025, while Med Device revenue declined by 23.1%[119]. - Auryon sales increased by $2.5 million and $5.2 million for the three and six months ended November 30, 2024, respectively[123]. Profitability - Gross profit increased by 390 basis points to 54.8% for the three months ended November 30, 2024, and increased by 370 basis points to 54.6% for the six months ended November 30, 2024[118]. - Net loss decreased by $18.3 million to $10.7 million for the three months ended November 30, 2024, and net income decreased by $40.4 million to $23.5 million for the six months ended November 30, 2024[118]. - Total company gross profit decreased by $0.4 million and $3.7 million for the three and six months ended November 30, 2024, compared to the same period in the prior year[128]. - Med Tech segment gross profit increased by $4.3 million and $5.3 million for the three and six months ended November 30, 2024, compared to the same period in the prior year, respectively[128]. - Med Device segment gross profit decreased by $4.7 million and $9.0 million for the three and six months ended November 30, 2024, compared to the same period in the prior year, respectively[131]. Cost Management - The restructuring plan is expected to generate $15.0 million in annual cost savings in fiscal year 2027[116]. - Research and development expenses decreased by $2.2 million and $3.9 million for the three and six months ended November 30, 2024, compared to the same period in the prior year[134]. - Selling and marketing expenses increased by $0.1 million for the three months ended November 30, 2024, but decreased by $1.6 million for the six months ended November 30, 2024, compared to the same period in the prior year[135]. Cash Flow and Liquidity - Cash used in operations decreased by $4.9 million to $15.8 million for the six months ended November 30, 2024[118]. - Operating activities generated a cash outflow of $15.8 million for the six months ended November 30, 2024, compared to an outflow of $20.6 million for the same period in the prior year[143]. - Cash and cash equivalents totaled $54.1 million as of November 30, 2024, down from $76.1 million as of May 31, 2024[143]. - The company believes its current cash balance, along with cash generated from operations, will provide sufficient liquidity for at least the next 12 months[147]. Debt and Financing - The company did not have any outstanding debt as of November 30, 2024[143]. - The company repaid $50.0 million under its Credit Agreement in connection with the completion of the dialysis and BioSentry divestiture in the first quarter of fiscal year 2024[149]. - The company received $100.0 million in cash from the divestiture of the dialysis and BioSentry businesses in the first quarter of fiscal year 2024[144]. Sales and Customer Concentration - The backlog of sales orders was $0.7 million as of November 30, 2024[122]. - No single customer represents more than 10% of total sales, limiting concentration of credit risk with respect to trade accounts receivable[153]. - Approximately 3.4% of the company's sales for the six months ended November 30, 2024, were denominated in foreign currencies, exposing profitability to currency fluctuations[151]. Shareholder Actions - The Company repurchased 72,141 shares for $0.5 million and 171,706 shares for $1.1 million under the share repurchase program[117]. - The company used $1.7 million for the repurchase of common shares in the first quarter of fiscal year 2025[149]. Internal Controls - There were no changes in internal control over financial reporting that materially affected the company for the fiscal quarter ended November 30, 2024[155].