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Fourth quarter fiscal 2015 net sales of $90.9 million; Full year net sales of $357 million – Fourth quarter fiscal 2015 GAAP loss of $0.02 per share; Non-GAAP adjusted net income of $0.14 per share; full year non-GAAP adjusted income of $0.58 per share – Fourth quarter fiscal 2015 operating cash generation of $10.8 million; Full year operating cash generation of $26.2 million – Preliminary FY2016 guidance of 2% – 4% sales growth and 7% – 14% adjusted EPS growth
AngioDynamics (NASDAQ:ANGO), a provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today reported financial results for the fourth quarter ended May 31, 2015.
“During the fourth quarter we built solid year-over-year sales momentum in our key product lines including BioFlo, AngioVac, and NanoKnife,” said Joseph M. DeVivo, president and chief executive officer. “Increasing market demand for BioFlo’s reduction in the overall cost of care in PICC cases is now translating effectively into increased adoption across Ports and Dialysis catheters. Strong peer-reviewed published data supporting NanoKnife’s clinical efficacy in treating pancreatic and prostate cancers continues to drive increases in case volumes globally. And, AngioVac continues to impress clinically as the new generation device, while only recently released in the market, is driving broader interest among clinicians.
“Our overall financial performance during the fourth quarter was impacted by our third quarter voluntary withdrawal of our Morpheus line of PICCs and continued foreign currency headwinds,” continued Mr. DeVivo. “As we enter fiscal 2016, we are addressing these challenges as well as executing our plan to realize increased operational consistency and efficiencies. Executing our plan will enable us to capitalize on the market’s growing interest in our product portfolio designed to reduce healthcare delivery costs and improve patient outcomes while at the same time build cash flow from our operations.”
Q4 FY15 Financial Results
Net sales of $90.9 million compared with $94.1 million in last fiscal year’s fourth quarter. On a constant currency basis and excluding the planned wind down of the Boston Scientific (BSC) supply agreement, sales for the fiscal fourth quarter decreased 2% year-over-year. Prior year results include $2.7 million of Morpheus product line sales. The following sales comparisons exclude the BSC supply agreement.
Peripheral Vascular net sales in the fourth quarter were $49.8 million compared to $50.9 million in fiscal year 2014 fourth quarter. Vascular Access net sales were $27.1 million compared to $28.3 million in the year ago quarter. Oncology/Surgery net sales of $13 million compared with $13.7 million in the prior year’s quarter. Overall, net sales in the U.S. were $72 million compared with $73.7 million the 2014 fourth quarter. International net sales were $17.9 million compared with $19.2 million in last year’s fourth quarter. On a constant currency basis, international sales were flat compared to the fiscal 2014 fourth quarter.
The Company’s GAAP net loss was $0.8 million, or $0.02 loss per share, compared to net loss of $1.2 million, or $0.03 per share, in the fiscal 2014 fourth quarter. Excluding the items shown in the below quarterly non-GAAP reconciliation table, adjusted net income was $5 million, or $0.14 per share, compared to net income of $6.2 million, or $0.17 per share, for the year ago quarter. This includes $0.01 negative impact from movements in currencies, particularly the euro and Canadian dollar, which declined against the U.S. dollar.
Fourth quarter EBITDA was $9.1 million, or $0.25 per share, compared to $10.6 million, or $0.30 per share, in the year ago period. Adjusted EBITDA, excluding the items shown in the attached reconciliation table, was $13.4 million, or $0.37 per share, compared to $15.5 million, or $0.43 per share, in the year ago comparable period.
In the fourth quarter the Company generated $10.8 million in operating cash flow. At May 31, 2015, cash and investments were $20.1 million and debt was $137.7 million. During the fourth quarter the Company reduced its debt position by $11.3 million.
