ANGIODYNAMICS INC Files 10-Q for Period Ending 2024-02-29

TL;DR

<b>ANGIODYNAMICS INC filed its Q3 2024 10-Q report on April 9, 2024.</b>

AI Summary

ANGIODYNAMICS INC (ANGO) filed a Quarterly Report (10-Q) with the SEC on April 9, 2024. ANGIODYNAMICS INC filed a 10-Q report on 2024-04-09 for the period ending 2024-02-29. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on May 31st. ANGIODYNAMICS INC is incorporated in Delaware. The company's principal business is in Surgical & Medical Instruments & Apparatus.

Why It Matters

For investors and stakeholders tracking ANGIODYNAMICS INC, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the third quarter of fiscal year 2024. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — ANGIODYNAMICS INC shows low risk based on this filing. The filing is a routine 10-Q, indicating no immediate significant events or material changes requiring a higher risk assessment.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any updates on product development or market penetration.

Key Numbers

• 2024-02-29 — Period End Date (The end date of the reporting period for the 10-Q filing.)
• 2024-04-09 — Filing Date (The date the 10-Q report was filed with the SEC.)
• 0531 — Fiscal Year End (The end month and day of the company's fiscal year.)
• 3841 — SIC Code (Standard Industrial Classification code for Surgical & Medical Instruments & Apparatus.)

Key Players & Entities

• ANGIODYNAMICS INC (company) — Filer of the 10-Q report
• 2024-02-29 (date) — Period ending date for the 10-Q filing
• 2024-04-09 (date) — Filing date of the 10-Q report
• 14 PLAZA DRIVE (address) — Business and mailing address of ANGIODYNAMICS INC
• LATHAM (location) — City of ANGIODYNAMICS INC's business and mailing address
• NY (location) — State of ANGIODYNAMICS INC's business and mailing address
• 12110 (postal_code) — ZIP code of ANGIODYNAMICS INC's business and mailing address
• DE (location) — State of incorporation for ANGIODYNAMICS INC

FAQ

Industry Context

ANGIODYNAMICS INC operates within the Surgical & Medical Instruments & Apparatus industry, a sector focused on the development and manufacturing of devices used in medical procedures.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze revenue trends and profitability metrics in subsequent filings.
3. Research industry trends and competitive landscape for ANGIODYNAMICS INC.

Key Dates

• 2024-02-29: Period End Date — Marks the end of the reporting quarter for the 10-Q filing.
• 2024-04-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 10-Q report ending 2024-02-29. Comparative data from a previous filing is not available in this extract.

Filing Documents

• ango-20240229.htm (10-Q) — 1321KB
• a02292024-exx311.htm (EX-31.1) — 10KB
• a02292024-exx312.htm (EX-31.2) — 10KB
• a02292024-exx321.htm (EX-32.1) — 5KB
• a02292024-exx322.htm (EX-32.2) — 5KB
• ango-20240229_g1.gif (GRAPHIC) — 12KB
• 0001628280-24-015487.txt (&nbsp;) — 7341KB
• ango-20240229.xsd (EX-101.SCH) — 47KB
• ango-20240229_cal.xml (EX-101.CAL) — 81KB
• ango-20240229_def.xml (EX-101.DEF) — 223KB
• ango-20240229_lab.xml (EX-101.LAB) — 591KB
• ango-20240229_pre.xml (EX-101.PRE) — 435KB
• ango-20240229_htm.xml (XML) — 1181KB

: Financial Information

Part I: Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Statements of Operations (unaudited) 3 Consolidated Statements of Comprehensive 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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 34

: Other Information

Part II: Other Information

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults on Senior Securities

Item 3. Defaults on Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 37 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 Nine Months Ended Feb 29, 2024 Feb 28, 2023 Feb 29, 2024 Feb 28, 2023 Net sales $ 75,182 $ 80,712 $ 232,934 $ 247,678 Cost of sales (exclusive of intangible amortization) 39,321 40,208 116,751 119,791 Gross profit 35,861 40,504 116,183 127,887 Operating expenses: Research and development 8,189 6,852 24,788 22,023 Sales and marketing 25,405 25,406 78,237 77,956 General and administrative 10,578 8,839 30,723 29,775 Amortization of intangibles 3,287 4,739 10,474 14,384 Goodwill impairment 159,476 — 159,476 — Change in fair value of contingent consideration 112 227 203 2,084 Acquisition, restructuring and other items, net 35,367 3,369 44,767 12,009 Total operating expenses 242,414 49,432 348,668 158,231 Gain on sale of assets 6,657 — 54,499 — Operating loss ( 199,896 ) ( 8,928 ) ( 177,986 ) ( 30,344 ) Other expense: Interest income (expense), net 394 ( 736 ) 1,047 ( 1,801 ) Other expense, net ( 238 ) — ( 558 ) ( 427 ) Total other income (expense), net 156 ( 736 ) 489 ( 2,228 ) Loss before income tax benefit ( 199,740 ) ( 9,664 ) ( 177,497 ) ( 32,572 ) Income tax benefit ( 12,004 ) ( 179 ) ( 6,597 ) ( 1,597 ) Net loss $ ( 187,736 ) $ ( 9,485 ) $ ( 170,900 ) $ ( 30,975 ) Loss per share Basic $ ( 4.67 ) $ ( 0.24 ) $ ( 4.26 ) $ ( 0.79 ) Diluted $ ( 4.67 ) $ ( 0.24 ) $ ( 4.26 ) $ ( 0.79 ) Weighted average shares outstanding Basic 40,234 39,509 40,098 39,436 Diluted 40,234 39,509 40,098 39,436 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Content AngioDynamics, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) (in thousands of dollars) Three Months Ended Nine Months Ended Feb 29, 2024 Feb 28, 2023 Feb 29, 2024 Feb 28, 2023 Net loss $ ( 187,736 ) $ ( 9,485 ) $ (

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 nine months ended February 29, 2024 and February 28, 2023, the Consolidated Balance Sheet as of February 29, 2024, the Consolidated Statements of Cash Flows for the nine months ended February 29, 2024 and February 28, 2023, and the Consolidated Statements of Stockholders' Equity for the nine months ended February 29, 2024 and February 28, 2023 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 February 29, 2024 (and for all periods presented) have been made. The unaudited interim consolidated financial statements for the three and nine months ended February 29, 2024 and February 28, 2023 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 PICCs and Midlines Pursuant to an asset purchase agreement dated February 15, 2024 (the "Asset Purchase Agreement"), the Company completed the sale of the PICC and Midline businesses (the "Divestiture") to Spectrum Vascular ("Spectrum"). Total consideration received by the Company for the Divestiture in the third quarter of fiscal year 2024 was $ 34.5 million in cash and resulted in a pre-tax book gain of $ 6.7 million. Included in the agreement is a $ 5.5 million

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