ANGIODYNAMICS INC Files 10-Q for Period Ending 2023-11-30

TL;DR

<b>ANGIODYNAMICS INC has filed its quarterly report (10-Q) for the period ending November 30, 2023.</b>

AI Summary

ANGIODYNAMICS INC (ANGO) filed a Quarterly Report (10-Q) with the SEC on January 8, 2024. ANGIODYNAMICS INC filed a 10-Q report for the period ending November 30, 2023. The filing covers the period from June 1, 2023, to November 30, 2023. The company's fiscal year ends on May 31. ANGIODYNAMICS INC is incorporated in Delaware. The company's principal business address is 14 Plaza Drive, Latham, NY 12110.

Why It Matters

For investors and stakeholders tracking ANGIODYNAMICS INC, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position for the second quarter of its fiscal year. Understanding the details within this report is crucial for assessing ANGIODYNAMICS INC's operational health and future prospects in the surgical and medical instruments sector.

Risk Assessment

Risk Level: low — ANGIODYNAMICS INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate indicators of significant risk or opportunity.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and any disclosed risks.

Key Numbers

• 2023-11-30 — Period End Date (Period of report)
• 2024-01-08 — Filing Date (Filed as of date)
• 0531 — Fiscal Year End (Fiscal year end)
• 113146460 — IRS Number (IRS Number)

Key Players & Entities

• ANGIODYNAMICS INC (company) — Filer name
• 2023-11-30 (date) — Period of report
• 2024-01-08 (date) — Filed as of date
• 0001275187 (company) — Central Index Key
• 3841 (industry) — Standard Industrial Classification
• DE (state) — State of incorporation
• 14 Plaza Drive, Latham, NY 12110 (address) — Business address
• 5187981215 (phone) — Business phone

Forward-Looking Statements

• AngioDynamics will continue to report net losses in the near term. (AngioDynamics Inc.) — medium confidence, target: 2024-05-31

FAQ

Industry Context

ANGIODYNAMICS INC operates in the Surgical & Medical Instruments & Apparatus industry, which involves the development and sale of medical devices.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review management's discussion and analysis for insights into operational performance and strategic initiatives.
3. Identify any new risk factors or changes in existing risks disclosed in the filing.

Key Dates

• 2023-11-30: Period End — End date for the reporting period covered by the 10-Q.
• 2024-01-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, which is a quarterly report. Specific comparisons to the previous filing (e.g., 10-K or prior 10-Q) would require access to those documents.

Filing Documents

• ango-20231130.htm (10-Q) — 1136KB
• a11302023-exx311.htm (EX-31.1) — 10KB
• a11302023-exx312.htm (EX-31.2) — 10KB
• a11302023-exx321.htm (EX-32.1) — 5KB
• a11302023-exx322.htm (EX-32.2) — 5KB
• ango-20231130_g1.gif (GRAPHIC) — 12KB
• 0001628280-24-000857.txt (&nbsp;) — 6284KB
• ango-20231130.xsd (EX-101.SCH) — 42KB
• ango-20231130_cal.xml (EX-101.CAL) — 77KB
• ango-20231130_def.xml (EX-101.DEF) — 155KB
• ango-20231130_lab.xml (EX-101.LAB) — 575KB
• ango-20231130_pre.xml (EX-101.PRE) — 367KB
• ango-20231130_htm.xml (XML) — 924KB

: Financial Information

Part I: Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Statements of Operations (unaudited) 3 Consolidated Statements of Comprehensive Income (Loss) (unaudited) 4 Consolidated Balance Sheets (unaudited) 5 Consolidated Statements of Cash Flows (unaudited) 6 Consolidated Statements of Stockholders' Equity (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 32

: Other Information

Part II: Other Information

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults on Senior Securities

Item 3. Defaults on Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34 2 Table of Content PART 1. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. AngioDynamics, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands of dollars, except per share data) Three Months Ended Six Months Ended Nov 30, 2023 Nov 30, 2022 Nov 30, 2023 Nov 30, 2022 Net sales $ 79,073 $ 85,429 $ 157,752 $ 166,966 Cost of sales (exclusive of intangible amortization) 38,811 40,351 77,430 79,583 Gross profit 40,262 45,078 80,322 87,383 Operating expenses: Research and development 8,658 6,838 16,599 15,171 Sales and marketing 25,464 26,007 52,832 52,550 General and administrative 9,289 10,835 20,145 20,936 Amortization of intangibles 3,562 4,808 7,187 9,645 Change in fair value of contingent consideration 221 1,646 91 1,857 Acquisition, restructuring and other items, net 6,188 3,059 9,400 8,640 Total operating expenses 53,382 53,193 106,254 108,799 Gain on sale of assets — — 47,842 — Operating income (loss) ( 13,120 ) ( 8,115 ) 21,910 ( 21,416 ) Other expense: Interest income (expense), net 534 ( 684 ) 653 ( 1,065 ) Other expense, net ( 32 ) ( 252 ) ( 320 ) ( 427 ) Total other income (expense), net 502 ( 936 ) 333 ( 1,492 ) Income (loss) before income tax benefit ( 12,618 ) ( 9,051 ) 22,243 ( 22,908 ) Income tax expense (benefit) 16,430 ( 565 ) 5,407 ( 1,418 ) Net income (loss) $ ( 29,048 ) $ ( 8,486 ) $ 16,836 $ ( 21,490 ) Earnings (loss) per share Basic $ ( 0.72 ) $ ( 0.21 ) $ 0.42 $ ( 0.55 ) Diluted $ ( 0.72 ) $ ( 0.21 ) $ 0.42 $ ( 0.55 ) Weighted average shares outstanding Basic 40,219 39,490 40,030 39,394 Diluted 40,219 39,490 40,103 39,394 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Content AngioDynamics, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) (in thousands of dollars) Three Months Ended Six Months Ended Nov 30, 2023 Nov 30, 2022 Nov 30, 2023 Nov 30, 2022 Net income (loss) $ ( 29,048 ) $ ( 8,486 ) $ 16,836 $ ( 21,490 ) Ot

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. CONSOLIDATED FINANCIAL STATEMENTS The Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended November 30, 2023 and 2022, the Consolidated Balance Sheet as of November 30, 2023, the Consolidated Statements of Cash Flows for the six months ended November 30, 2023 and 2022, and the Consolidated Statements of Stockholders' Equity for the six months ended November 30, 2023 and 2022 have been prepared by the Company and are unaudited. The Consolidated Balance Sheet as of May 31, 2023 was derived from audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to state fairly the financial position, changes in stockholders' equity and comprehensive income, results of operations and cash flows as of and for the period ended November 30, 2023 (and for all periods presented) have been made. The unaudited interim consolidated financial statements for the three and six months ended November 30, 2023 and 2022 include the accounts of AngioDynamics, Inc. and its wholly owned subsidiaries (collectively, the "Company", "we", "our" or "us"). All intercompany balances and transactions have been eliminated. 2. DIVESTITURES Pursuant to an asset purchase agreement dated June 8, 2023 (the "Asset Purchase Agreement"), the Company completed the sale of the dialysis and BioSentry tract sealant system biopsy businesses (the "Divestiture") to Merit Medical Systems, Inc. ("Merit"). Total consideration received by the Company for the Divestiture in the first quarter of fiscal year 2024 was $ 100.0 million in cash and resulted in a pre-tax book gain of $ 47.8 million. The Company and Merit entered into various agreements to facilitate the transition

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