AngioDynamics Reports 2015 Second Quarter Financial Results
Wednesday, January 14, 2015
AngioDynamics (Nasdaq:ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today reported financial results for the second quarter ended November 30, 2014.
"The strong sales momentum we established last fiscal year continued in the second quarter of FY15 as net sales growth, excluding the supply agreement, reached the high end of our expectation at 5%. Cost savings initiatives and restructuring actions enabled us to realize operating margin expansion leading to earnings per share (non-GAAP) growth of 21% to $0.17 cents per share compared to last year's fiscal second quarter," commented Joseph M. DeVivo, President and Chief Executive Officer. "Our three core businesses each made a positive contribution to our strong performance, marking the seventh consecutive quarter for year-over-year sales growth. Oncology/Surgery produced strong 9% net sales growth and was a key driver for our International business. Our Vascular Access business also posted an impressive 9% increase, fueled by the continued strong performance of our BioFlo platform. Today, BioFlo PICCs represent nearly 60% of our total PICC volume, while our BioFlo offerings in ports and dialysis reached double-digit shares of those product categories in the quarter. Peripheral Vascular grew 1% as it anniversaried an impressive quarter last year, and our fast growing AngioVac technology grew 46% in the quarter as we continue to penetrate the thromboembolism market opportunity. Based on the Company's execution and the performance of our growth drivers in the first half fiscal year 2015, we believe we are extremely well positioned to continue this strong momentum in the second half of Fiscal 2015 to deliver increased net sales, margin expansion and profitability to our shareholders."
Q2 FY15 Financial Results
Net sales of $92.1 million increased 4% compared with last year's second quarter net sales of $88.6 million. Excluding the planned wind-down of the supply agreement with Boston Scientific (BSC), second quarter sales were up 5% to $91 million compared to $86.9 million in last year's second quarter. The following sales comparisons exclude the BSC supply agreement.
Peripheral Vascular net sales in the second quarter increased 1% to $49.4 million compared to $48.8 million in the prior year period. Vascular Access net sales grew 9% to $28 million compared to $25.6 million in the year ago quarter. Oncology/Surgery net sales of $13.6 million increased 9% compared to $12.6 million in the year ago quarter. Net sales in the U.S. rose 4% to $72.1 million from $69.5 million in the prior year period. International net sales grew 9% to $19 million from $17.5 million in last year's second quarter.
The Company's net income was $1.3 million, or $0.04 on a per share basis, compared to a net loss of $0.3 million, or $0.01 on a per share basis, a year ago. Excluding the items shown in the attached quarterly non-GAAP reconciliation table, adjusted net income was $6.2 million, or $0.17 per share, for the second quarter compared to net income of $4.9 million, or $0.14 per share, for the year ago quarter, representing a 21% increase.
Second quarter EBITDA grew to $11.9 million, or $0.33 per share, compared to $8.6 million, or $0.24 per share, in the year ago period. Adjusted EBITDA, excluding the items shown in the attached reconciliation table, was $15.9 million, or $0.44 per share, compared to $13.5 million, or $0.38 per share, in the year ago comparable period, representing a 18% increase.
At November 30, 2014, cash and investments were $16.6 million and debt was $155.2 million.