AngioDynamics(US:ANGO)2024-07-16 14:35Financial Data and Key Metrics Changes - Total pro forma worldwide revenue for Q4 FY 2024 was $71.1 million, representing a growth of approximately 2% year-over-year [7] - For the full fiscal year, revenue was $270.7 million, reflecting a growth of 5.3% [9] - Adjusted EBITDA for Q4 FY 2024 was $1.5 million, compared to $1.3 million in Q4 FY 2023 [35] - The company narrowed its adjusted loss per share to $0.05 in Q4 FY 2024 from $0.11 in the prior year [34] Business Line Data and Key Metrics Changes - Med Tech segment revenue grew 11% year-over-year in Q4 FY 2024, driven by Auryon and NanoKnife [7][27] - Med Device segment revenue declined approximately 4% in Q4 FY 2024, primarily due to reorganization impacts [8][31] - Auryon platform contributed $13 million in revenue during Q4, growing 12% compared to last year [28] - NanoKnife disposable revenue increased 18% year-over-year in Q4, with total NanoKnife sales up 30.5% for the full year [30] Market Data and Key Metrics Changes - Med Tech platforms comprised 41% of total revenue in Q4 FY 2024, up from 38% a year ago [27] - The total addressable market (TAM) for Med Tech has expanded from approximately $3 billion to roughly $10 billion since 2021 [10] Company Strategy and Development Direction - The company is focused on pursuing larger and faster-growing Med Tech markets, driving portfolio optimization, and deploying focused resource development [10][16] - The strategic transformation initiated in July 2021 has led to nearly doubling the revenue contribution from the Med Tech portfolio [18] - The transition to a fully outsourced manufacturing model is expected to generate approximately $15 million in annualized savings by fiscal 2027 [21] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the Med Tech business, particularly with upcoming product launches and FDA approvals [41] - The company anticipates revenue for FY 2025 to be in the range of $282 million to $288 million, representing growth of 4.2% to 6.4% [38] - Management highlighted the importance of maintaining a strong balance sheet to support growth initiatives [36] Other Important Information - The company achieved a settlement in a long-standing IP litigation dispute, providing clarity and enabling a focus on innovation [22] - Nearly all products have received updated EU MDR approval, positioning the company well for international expansion [23] Q&A Session Summary Question: Guidance for next year, especially regarding Med Tech growth - Management indicated that some growth from the prostate indication is included in the guidance, but does not expect a significant spike post-indication [45][46] Question: Stability of AngioVac and efforts to maintain it - Management noted that AngioVac's stability is due to its unique design and targeted sales force training [53] Question: Reimbursement efforts for NanoKnife - Management is actively working on reimbursement pathways and expects to achieve significant value from NanoKnife through these efforts [58][60] Question: Differences in commercial strategies between the U.S. and Europe for AlphaVac - Management stated that while the fundamentals are the same, the U.S. market has progressed faster, and extensive training is being provided to the European team [64]