AngioDynamics(US:ANGO)2022-01-06 16:00Revenue and Sales Performance - Revenue increased by 7.6% to $78.3 million for the three months ended November 30, 2021, compared to $72.8 million in the same period of the prior year[113]. - For the six months ended November 30, 2021, revenue increased by 8.6% to $155.3 million, compared to $142.986 million in the same period of the prior year[114]. - Med Tech segment experienced growth of 36.4% to $18.9 million for the three months ended November 30, 2021, while Med Device segment grew by 0.8% to $59.4 million[118]. - Auryon sales increased by $4.2 million for the three months ended November 30, 2021, compared to the same period in the prior year[120]. - The Oncology segment faced a decline of 9.3% in net sales for the three months ended November 30, 2021, totaling $13.6 million[119]. - The Med Device business net sales increased by $0.5 million for the three months ended November 30, 2021, compared to the same period in the prior year[121]. - International sales decreased by 9.8% for the six months ended November 30, 2021, totaling $25.4 million compared to $28.2 million in the prior year[119]. Financial Loss and Profitability - Net loss for the three months ended November 30, 2021, increased by $4.1 million to $8.4 million, resulting in a loss per share of $0.21[115]. - The company reported a net loss of $15.3 million for the six months ended November 30, 2021, compared to a net loss of $8.5 million for the same period in 2020[140]. - Gross profit for the three months ended November 30, 2021, increased by $0.4 million to $40.555 million, a 0.9% increase year-over-year[125]. - For the six months ended November 30, 2021, gross profit increased by $4.8 million to $80.694 million, representing a 6.3% increase year-over-year[126]. Expenses - Research and development (R&D) expenses decreased by $1.5 million for the three months ended November 30, 2021, totaling $8.199 million, a 15.6% decrease year-over-year[127]. - Sales and marketing expenses increased by $3.4 million for the three months ended November 30, 2021, totaling $23.606 million, a 17.0% increase year-over-year[129]. - General and administrative expenses increased by $0.5 million for the three months ended November 30, 2021, totaling $9.678 million, a 5.0% increase year-over-year[130]. Cash Flow and Liquidity - Cash used in operations increased by $13.0 million to $7.0 million for the six months ended November 30, 2021[114]. - Cash and cash equivalents totaled $34.3 million as of November 30, 2021, down from $48.2 million as of May 31, 2021[137]. - Cash used in investing activities for the six months ended November 30, 2021, was $12.941 million, compared to $3.185 million for the same period in 2020[138]. - The Company believes its current cash balance, along with cash generated from operations and access to the Revolving Facility, will provide sufficient liquidity for at least the next 12 months[143]. Debt and Credit Facilities - Total debt outstanding related to the Revolving Facility increased to $25.0 million as of November 30, 2021, from $20.0 million as of May 31, 2021[137]. - The Credit Agreement provides for a $125.0 million secured Revolving Facility, with an uncommitted expansion feature allowing an increase of up to $75.0 million in total revolving commitments[142]. - As of November 30, 2021, the interest rate on the Revolving Facility was 1.34%, with $25.0 million outstanding[149]. - In the first quarter of fiscal year 2022, the Company made a $5.0 million draw on the Revolving Facility for the QX Medical asset acquisition[143]. Risk Factors - Approximately 7% of the Company's sales for the six months ended November 30, 2021, were denominated in foreign currencies, exposing profitability to currency fluctuations[148]. - The Company is required to maintain a fixed charge coverage ratio of not less than 1.25 to 1.00 and a total leverage ratio of not greater than 3.00 to 1.00[142]. - The Company is exposed to interest rate fluctuations on its credit facility, which could impact its financial position[147]. - No single customer represents more than 10% of total sales, limiting concentration of credit risk[151]. - The Company has structured its Credit Agreement across five above investment grade banks to limit concentration of credit risk[150]. Internal Controls - There were no changes in internal control over financial reporting that materially affected the Company for the fiscal quarter ended November 30, 2021[154].