ANGIODYNAMICS INC. Files Q2 2024 10-Q Report

TL;DR

AngioDynamics filed its 10-Q for Aug 31, 2024. Check financials.

AI Summary

ANGIODYNAMICS INC. filed its 10-Q report for the period ending August 31, 2024. The company, based in Latham, NY, operates in the surgical and medical instruments sector. This filing covers the fiscal quarter and year-to-date performance, detailing financial positions and operational activities.

Why It Matters

This report provides investors and analysts with a detailed look at AngioDynamics' financial health and operational performance during the specified period, crucial for investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific financial performance and disclosures within this report could indicate varying levels of risk.

Key Players & Entities

• ANGIODYAMICS INC. (company) — Filer of the 10-Q report
• LATHAM, NY (location) — Company's business and mailing address
• 20240831 (date) — End of the reporting period
• 20241003 (date) — Date the filing was made

FAQ

Filing Documents

• ango-20240831.htm (10-Q) — 946KB
• a08312024-exx311.htm (EX-31.1) — 10KB
• a08312024-exx312.htm (EX-31.2) — 10KB
• a08312024-exx321.htm (EX-32.1) — 5KB
• a08312024-exx322.htm (EX-32.2) — 5KB
• ango-20240831_g1.gif (GRAPHIC) — 12KB
• 0001628280-24-042176.txt ( ) — 6121KB
• ango-20240831.xsd (EX-101.SCH) — 45KB
• ango-20240831_cal.xml (EX-101.CAL) — 76KB
• ango-20240831_def.xml (EX-101.DEF) — 189KB
• ango-20240831_lab.xml (EX-101.LAB) — 578KB
• ango-20240831_pre.xml (EX-101.PRE) — 403KB
• ango-20240831_htm.xml (XML) — 814KB

: 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) 8

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 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 29

: Other Information

Part II: Other Information

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults on Senior Securities

Item 3. Defaults on Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 32 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 Aug 31, 2024 Aug 31, 2023 Net sales $ 67,491 $ 78,679 Cost of sales (exclusive of intangible amortization) 30,767 38,619 Gross profit 36,724 40,060 Operating expenses: Research and development 6,285 7,941 Sales and marketing 25,605 27,368 General and administrative 10,975 10,856 Amortization of intangibles 2,570 3,625 Change in fair value of contingent consideration 76 ( 130 ) Acquisition, restructuring and other items, net 4,311 3,212 Total operating expenses 49,822 52,872 Gain on sale of assets — 47,842 Operating income (loss) ( 13,098 ) 35,030 Other expense: Interest income, net 606 119 Other expense, net ( 173 ) ( 288 ) Total other income (expense), net 433 ( 169 ) Income (loss) before income tax benefit ( 12,665 ) 34,861 Income tax expense (benefit) 133 ( 11,023 ) Net income (loss) $ ( 12,798 ) $ 45,884 Earnings (loss) per share Basic $ ( 0.31 ) $ 1.15 Diluted $ ( 0.31 ) $ 1.15 Weighted average shares outstanding Basic 40,653 39,842 Diluted 40,653 39,968 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 Aug 31, 2024 Aug 31, 2023 Net income (loss) $ ( 12,798 ) $ 45,884 Other comprehensive income (loss), before tax: Foreign currency translation gain (loss) 1,098 ( 930 ) Other comprehensive income (loss), before tax 1,098 ( 930 ) Income tax expense related to items of other comprehensive income (loss) — — Other comprehensive income (loss), net of tax 1,098 ( 930 ) Total comprehensive income (loss), net of tax $ ( 11,700 ) $ 44,954 The accompanying notes are an integral part of these consolidated financial statements. 4

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 months ended August 31, 2024 and 2023, the Consolidated Balance Sheet as of August 31, 2024, the Consolidated Statements of Cash Flows for the three months ended August 31, 2024 and 2023, and the Consolidated Statements of Stockholders' Equity for the three months ended August 31, 2024 and 2023 have been prepared by the Company and are unaudited. The Consolidated Balance Sheet as of May 31, 2024 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 August 31, 2024 (and for all periods presented) have been made. The unaudited interim consolidated financial statements for the three months ended August 31, 2024 and 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 earn-out related to the sales of divested products over a two-year period and a

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