Attached files
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| 8-K - FORM 8-K DATED DECEMBER 15, 2010 - MGC DIAGNOSTICS Corp | angeion106309_8k.htm |
Exhibit 99.1
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Angeion Corporation |
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FOR IMMEDIATE RELEASE
Angeion
Corporation Reports Fiscal 2010 Fourth-Quarter and
Year-End Results
(Year Ended October 31, 2010)
Highlights
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Fourth-quarter revenue of $8.5 million increased 27.9% over fourth quarter of fiscal 2009 |
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Fourth-quarter gross profit margin of 56.1% up from 49.4% in the prior-year period |
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Profit of $410,000 in the 2010 fourth quarter versus a ($573,000) loss in the prior-year fourth quarter |
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Balance sheet remains strong with $10.4 million in cash and investments with no debt |
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Repurchased 400,800 outstanding shares in open market and privately negotiated transactions at an average price of $4.31 per share in the fourth quarter, completing the program |
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Philip I. Smith named as new CEO to succeed Rodney A. Young, effective January 1, 2011 |
ST. PAUL, Minn. — (December 15, 2010) — Angeion Corporation (NASDAQ: ANGN) today reported results for its fiscal fourth quarter ended October 31, 2010.
For the 2010 fourth quarter, Angeion posted a net profit of $410,000, or $0.10 per diluted share, on revenues of $8.5 million. Compared to the prior-year fourth quarter, which generated a net loss of ($573,000), or ($0.14) per diluted share, current year earnings increased $983,000, or $0.24 per diluted share, due to $1,479,000 in improved gross margin partially offset by a $485,000 increase in operating expenses.
Gross margins increased from improved manufacturing efficiencies as a result of higher sales volume and right-sizing activities undertaken earlier in the year and a higher percentage of domestic medical products and service revenues. Operating expenses rose $485,000, with a $394,000 increase in selling and marketing, and a $354,000 increase in general and administrative expenses, partially offset by a $186,000 reduction in research and development expense and a $77,000 reduction in amortization expense. The higher selling and marketing expense included investments in key staffing additions early in the year and promotional activities surrounding new product launch initiatives, as well as sales commissions on $1.8 million in incremental year-over-year fourth-quarter revenue. General and administrative expenses increased as a result of non-recurring expenses related to the August 2010 filing of a Schedule 13D proposing a special shareholders’meeting to elect its slate of directors. Subsequent negotiations and resolution of the issues raised in the Schedule 13D resulted in the September 1, 2010, reconstitution of the Angeion Board of Directors.
3
Revenue from international operations in the 2010 fourth fiscal quarter was 16.7% of total sales, down from 23.6% for the fourth quarter of fiscal 2009. International revenue had strong performance gains in Europe offset by reductions in the Far East and Latin America when compared to the 2009 fourth fiscal quarter.
“Success in our traditionally strong fourth quarter was driven by expanded sales and marketing efforts that began in the second fiscal quarter, in both our domestic and international markets. As a result, top-line performance carried through to the bottom line,” said Rodney A. Young, Angeion’s President and Chief Executive Officer. “In addition to the effectiveness of our sales and marketing efforts, we believe a modest improvement in general market conditions contributed to our stronger fourth-quarter and fiscal year-end results.
“During the quarter we continued our commitment to developing new products and enhancing our existing products and software. In the fourth quarter we capitalized $118,000 in our ongoing research and development project to migrate our MEDGRAPHICS and New Leaf products’ operating software to a next-generation platform. We expect that these investments will provide the foundation for a future product pipeline of new integrated patient care and consumer health programs that will contribute to sustained growth.”
For the year ended October 31, 2010, Angeion reported a net loss of ($0.8 million), or ($0.21) per diluted share, on revenues of $29.0 million. This compares to a net loss of ($1.6 million), or ($0.39) per diluted share, on revenues of $25.5 million for fiscal 2009. On a year-over-year basis, the $3.6 million, or 14.0%, revenue increase came largely from improved domestic and international medical product shipments which were up $1.9 million, or 13.0%, and $0.6 million, or 10.5%, respectively. Particularly strong in this period were domestic and international shipments of high-value plethysmographs, coupled with successful promotions related to the Company’s UltimaTM product line and certified systems. Gross margin for the 2010 year was 54.4% versus the prior-year rate of 52.1%.
Operating expenses for the year were $16.6 million, up $1.8 million over the prior-year expenses of $14.8 million. The increase was due to: a $1.1 million rise in selling and marketing; a $518,000 increase in general and administrative expense; and $455,000 in additional R&D spending, the majority of which related to the software development initiatives. As noted above, Angeion began to capitalize a portion of these software expenditures in the third quarter. Expense increases were partially offset by reduced amortization expense of $308,000. General and administrative expenses were essentially flat on a year-over-year basis after excluding the non-recurring expenses of $450,000, related to the 13D filing as described above.
On a pro-forma basis, after adding back non-cash charges for depreciation, amortization and stock-based compensation expense, the Company reported a pro-forma profit of $732,000 for the quarter and $633,000 for the year ended October 31, 2010. Angeion continues to believe that this pro forma information is helpful in an analysis of its operating results by eliminating the non-cash items noted in the table below. As the following reconciliation of GAAP basis net income (loss) to pro-forma net income (loss) illustrates, the Company has shown meaningful improvement on a sequential quarterly basis in fiscal 2010.
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| (in $000s) | Q1 FY10 | Q2 FY10 | Q3 FY10 | Q4 FY10 | Fiscal 2010 |
| GAAP basis net income (loss) | $ (826) | $ (559) | $ 126 | $ 410 | $ (849) |
| Depreciation and amortization | 195 | 197 | 192 | 186 | 770 |
| Stock-based compensation | 222 | 202 | 152 | 136 | 712 |
| Pro-forma net income (loss) | $ (409) | $ (160) | $ 470 | $ 732 | $ 633 |
Angeion reported $1.7 million in positive operating cash flow in fiscal 2010. This was partly due to the net loss for the period offset by add-backs for depreciation, amortization and stock-based compensation. Additionally, Angeion’s focus on working capital contributed to a $188,000 favorable impact on year-to-date results. Cash generated was used to complete the authorized share repurchase program (in total the Company acquired 466,049 shares for $2,025,000 at an average per share cost of $4.34), purchase of property, equipment and intangible assets (including software capitalization) of $438,000 and $3,436,000 of investments in highly liquid securities.
At year end, Angeion had no debt and $10.4 million in cash and investments, down from $11.2 million a year ago primarily as a result of the $2.0 million in share repurchases discussed above.
Over the past three months, Angeion also broadened its MEDGRAPHICS® and New Leaf market presence, participating in numerous events and educational seminars worldwide. This helped to increase overall awareness and understanding of the breadth of applications in which the Company’s products can be used. Noteworthy among these were:
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Holding the 16th Annual MEDGRAPHICS Cardiorespiratory Diagnostics Seminar in Las Vegas involving 100 respiratory care professionals from throughout the United States; |
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Participating as a founding sponsor in the 14th Annual European Practicum on Clinical Exercise Testing held in Bucharest, Romania for cardiology and respiratory specialists; |
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Presenting physician education seminars on nutritional assessment in critical care at the Children’s Medical Center in Shanghai, China; |
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Co-sponsoring a pulmonary diagnostics training at the Argentinean Congress of Respiratory Medicine in Buenos Aires; |
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Presenting current indications for cardiopulmonary exercise testing recently at a MEDGRAPHICS® conference held in Moscow within a major surgery congress; |
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Featuring the TRUcal™ system for weight management, for New Leaf’s initial participation in the 11th Annual IHRSA (International Health, Racquet, and Sportsclub Association)/Fitness Brazil Latin American Conference & Trade Show in Sao Paolo—as a nation Brazil has the largest concentration of fitness clubs outside of the United States; and |
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Promoting New Leaf Active Metabolic Training programs at the October 2010 Chicago Marathon Expo, which attracted 45,000 runners and exhibiting at the Club Industry 2010 in Chicago’s McCormick Place convention center. |
Continued Young, “We are proud of what our team accomplished this year, particularly in light of considerable global economic challenges. As we build on the momentum we’ve created, we believe our clinical, health, fitness, and performance products and programs are well-positioned for long-term growth.
“As Phil Smith transitions into the role of CEO, I am confident in his ability to continue to build and grow Angeion, and I look forward to continuing to work as a director with the Board to ensure that the Company’s strategic plan is aligned with marketplace opportunities,” concluded Young.
Investor Conference Call
Angeion will hold an investment community conference
call today, Wednesday, December 15, 2010, beginning at 4:00 p.m. CDT. Rodney A.
Young, President and CEO, Philip I. Smith, President and CEO Elect and Larry R.
Degen, Interim CFO, will review fourth-quarter performance and discuss the
Company’s strategies. To join the conference call, dial 1-877-941-2333
(international 1-480-629-9724) and provide the conference identification number
4390983 to the operator.
A replay of the conference call will be available one hour after the call ends through 11:59 p.m. CDT on Tuesday, December 21, 2010. To access the replay, dial 1-800-406-7325 (International 1-303-590-3030) and enter passcode: 4390983.
About Angeion Corporation
Founded in 1986, Angeion Corporation acquired Medical Graphics Corporation in
December 1999. Medical Graphics develops, manufactures and markets non-invasive
cardiorespiratory diagnostic systems that are sold under the MedGraphics (www.medgraphics.com) and New Leaf (www.newleaffitness.com) brand and trade names. These
cardiorespiratory diagnostic systems have a wide range of applications in
healthcare as well as health and fitness The Company’s products are sold
internationally through distributors and in the United States through a direct
sales force that targets heart and lung specialists located in hospitals,
university-based medical centers, medical clinics and physicians’ offices,
pharmaceutical companies, medical device manufacturers, clinical research
organizations, health and fitness clubs, personal training studios, and other
exercise facilities. For more information about Angeion, visit www.angeion.com.
6
Non-GAAP Financial Measures
In addition to
disclosing financial measures prepared in accordance with Generally Accepted
Accounting Principles (GAAP), this press release contains the following non-GAAP
financial measures: non-GAAP pro-forma net income(loss). The presentation of
this financial information is not intended to be considered in isolation or as
a substitute for, or superior to, the financial information prepared and
presented in accordance with GAAP.
Non-GAAP pro-forma net income(loss)
We define non-GAAP pro-forma net income(loss) as net income(loss) plus stock-based
compensation expense and depreciation and amortization. Our management utilizes
a number of different financial measures, both GAAP and non-GAAP, in making
operating decisions, in forecasting and planning, and in analyzing and assessing
our Company’s overall performance. Our annual financial plan is prepared and
reviewed both on a GAAP and non-GAAP basis. We budget and forecast for revenue
and expenses, and assess actual results against our annual financial plan,
using GAAP and non-GAAP measurements. Our board of directors and management
utilize these financial measures (both GAAP and non-GAAP) to determine our
allocation of resources. In addition, and as a consequence of the importance of
these non-GAAP financial measures in managing our business, we use non-GAAP
financial measures in the evaluation process to establish management
compensation. For example, management’s annual bonus program in fiscal 2009 and
2010 is based upon the achievement of net income(loss) plus adding back stock-based
compensation. Our management believes that these non-GAAP financial measures
provide meaningful supplemental information regarding our performance by
excluding the items mentioned above. In particular, we consider the use of non-GAAP
pro-forma net income(loss) helpful in understanding the performance of our
business, as it excludes recurring non-cash items. Our rationale for the items
we omit from our non-GAAP measures is as follows:
Stock-based compensation.
We exclude non-cash stock-based compensation expense because of varying
available valuation methodologies, subjective assumptions and the variety of
award types that companies can use under FASB ASC Topic 718 (formerly referred
to as FAS 123R). Stock-based compensation expense is a recurring expense for
our company and we expect it to continue in the future as we have a history of
granting stock options and other equity instruments as a means of compensating,
incentivizing and rewarding our employees and directors.
Depreciation and amortization expense.
Depreciation and amortization are non-cash charges that result from our
accounting methods and the book value of assets. By excluding these non-cash
charges, our management, together with our investors, are provided with
supplemental metrics to evaluate cash earnings, distinguishing performance’s
impact on earnings from performance’s impact on cash.
Management believes that the review of these supplemental metrics in conjunction with other GAAP metrics, such as capital expenditures, is useful for management and investors in understanding our business. Depreciation is a recurring expense for our company and expect to affect future periods as we continue to make further investments in our infrastructure through the acquisition of property, plant and equipment.
Due to the exclusion of these non-cash items, investors should not use this metric as a measure of evaluating our liquidity. Instead, to evaluate our liquidity, investors should refer to the Consolidated Statements of Cash Flow and the Liquidity and Capital Resources section contained within Management’s Discussion and Analysis in our most recently filed periodic reports.
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There are a number of limitations related to the use of non-GAAP pro-forma net income(loss). First, these non-GAAP financial measures exclude stock-based compensation and depreciation and amortization expenses that are recurring. Both stock-based expenses and depreciation have been, and will continue to be for the foreseeable future, a significant recurring expense with an impact upon our company notwithstanding the lack of immediate impact upon cash. Second, stock-based awards have traditionally been an important part of our employees’ compensation and we believe have positively affected their performance. Third, there is no assurance the components of the costs that we exclude in our calculation of non-GAAP pro-forma net income(loss) do not differ from the components that our peer companies exclude when they report their results of operations. Our management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their most directly comparable financial measures calculated in accordance with GAAP.
Forward Looking Statements
The discussion above contains forward-looking statements about Angeion’s future
financial results and business prospects that by their nature involve
substantial risks and uncertainties. You can identify these statements by the
use of words such as “anticipate,” “believe,” “estimate,” “expect,” “project,”
“intend,” “plan,” “will,” “target,” and other words and terms of similar
meaning in connection with any discussion of future operating or financial performance
or business plans or prospects. Our actual results may differ materially
depending on a variety of factors including: (1) national and worldwide
economic and capital market conditions; (2) continuing cost-containment efforts
in our hospital, clinics, and office market; (3) any changes in the patterns of
medical reimbursement that may result from national healthcare reform; (4) our
ability to complete our software development initiative and migrate our
MedGraphics platform to a next generation technology; (5) our ability to
maintain our cost structure at a level that is appropriate to our near to mid-term
revenue expectations and that will enable us to increase revenues and
profitability as opportunities develop; (6) our ability to achieve constant
margins for our products and consistent and predictable operating expenses in
light of variable revenues from our clinical research customers; (7) our
ability to expand our worldwide international revenue through our distribution
partners; (8) our ability to successfully defend ourselves from product
liability claims related to our cardiorespiratory diagnostic products and
claims associated with our prior cardiac stimulation products; (9) our ability
to defend our existing intellectual property and obtain protection for
intellectual property we develop in the future; (10) our ability to develop and
maintain an effective system of internal controls and procedures and disclosure
controls and procedures; (11) our dependence on third-party vendors; and (12)
our ability to successfully transition to a new Chief Executive Officer.
Additional information with respect to the risks and uncertainties faced by the
Company may be found in, and the above discussion is qualified in its entirety
by, the other risk factors that are described from time to time in the
Company’s Securities and Exchange Commission reports, including the Annual
Report on Form 10-K for the year ended October 31, 2009.
Contact: Rodney A. Young, President and Chief Executive Officer, (651) 484-4874
— Financials Follow —
8
ANGEION CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands except per share data)
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Three Months Ended |
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Year Ended |
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2010 |
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2009 |
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2010 |
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2009 |
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Revenues |
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Equipment and supply sales |
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$ |
7,564 |
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$ |
5,792 |
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$ |
25,522 |
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$ |
22,173 |
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Service revenues |
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888 |
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817 |
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3,519 |
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3,306 |
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8,452 |
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6,609 |
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29,041 |
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25,479 |
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Cost of revenues |
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Cost of equipment and supplies |
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3,528 |
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3,222 |
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12,647 |
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11,832 |
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Cost of service revenue |
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179 |
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121 |
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603 |
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385 |
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3,707 |
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3,343 |
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13,250 |
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12,217 |
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Gross margin |
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4,745 |
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3,266 |
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15,791 |
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13,262 |
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Operating expenses: |
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Selling and marketing |
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2,257 |
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1,863 |
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8,067 |
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6,964 |
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General and administrative |
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1,219 |
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865 |
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4,514 |
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3,996 |
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Research and development |
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739 |
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925 |
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3,606 |
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3,151 |
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Amortization of intangibles |
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105 |
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182 |
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420 |
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728 |
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4,320 |
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3,835 |
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16,607 |
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14,839 |
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Operating income (loss) |
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425 |
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(569 |
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(816 |
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(1,577 |
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Interest income |
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2 |
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6 |
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8 |
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16 |
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Income (loss) before taxes |
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427 |
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(563 |
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(808 |
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(1,561 |
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Provision for taxes |
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17 |
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10 |
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41 |
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32 |
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Net income (loss) |
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$ |
410 |
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$ |
(573 |
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$ |
(849 |
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$ |
(1,593 |
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Net income (loss) per share: |
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Basic |
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$ |
0.10 |
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$ |
(0.14 |
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$ |
(0.21 |
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$ |
(0.39 |
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Diluted |
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$ |
0.10 |
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$ |
(0.14 |
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$ |
(0.21 |
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$ |
(0.39 |
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Weighted average common shares outstanding: |
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Basic |
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4,053 |
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4,140 |
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4,122 |
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4,121 |
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Diluted |
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4,182 |
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4,140 |
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4,122 |
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4,121 |
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9
ANGEION CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
October 31, 2010 and October 31, 2009
(In thousands except share and per share data)
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October 31, |
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October 31, |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
6,943 |
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$ |
11,219 |
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Short-term investments |
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2,721 |
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— |
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Accounts receivable, net of allowance for doubtful accounts of $100 and $110, respectively |
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5,221 |
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4,510 |
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Inventories, net of obsolescence reserve of $599 and $645, respectively |
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3,697 |
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4,371 |
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Prepaid expenses and other current assets |
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270 |
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243 |
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Total Current Assets |
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18,852 |
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20,343 |
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Noncurrent investments |
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722 |
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— |
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Property and equipment, net of accumulated depreciation of $3,650 and $3,305, respectively |
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528 |
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698 |
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Intangible assets, net |
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1,279 |
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1,422 |
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Total Assets |
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$ |
21,381 |
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$ |
22,463 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable |
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$ |
1,951 |
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$ |
1,771 |
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Employee compensation |
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2,115 |
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1,375 |
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Deferred income |
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1,522 |
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1,579 |
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Warranty reserve |
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175 |
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143 |
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Other current liabilities and accrued expenses |
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408 |
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323 |
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Total Current Liabilities |
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6,171 |
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5,191 |
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Long-term Liabilities: |
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Long-term deferred income and other |
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873 |
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718 |
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Total Liabilities |
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7,044 |
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5,909 |
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Shareholders’ Equity: |
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Common Stock, $0.10 par value, authorized 25,000,000 shares, 3,862,113 and 4,380,817 shares issued and 3,747,454 and 4,150,371 shares outstanding in 2010 and 2009, respectively |
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375 |
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415 |
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Additional paid-in capital |
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20,486 |
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21,821 |
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Accumulated deficit |
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(6,531 |
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(5,682 |
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Accumulated other comprehensive income |
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7 |
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— |
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Total Shareholders’ Equity |
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14,337 |
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16,554 |
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Commitments and Contingencies |
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— |
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— |
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Total Liabilities and Shareholders’ Equity |
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$ |
21,381 |
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$ |
22,463 |
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10
ANGEION CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
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Year Ended |
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2010 |
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2009 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(849 |
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$ |
(1,593 |
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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|
|
|
Depreciation and amortization |
|
|
770 |
|
|
1,138 |
|
|
Stock-based compensation |
|
|
712 |
|
|
790 |
|
|
Decrease in allowance for doubtful accounts |
|
|
(10 |
) |
|
(173 |
) |
|
Increase in inventory obsolescence reserve |
|
|
2 |
|
|
48 |
|
|
Loss on disposal of equipment |
|
|
— |
|
|
13 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(701 |
) |
|
1,109 |
|
|
Inventories |
|
|
709 |
|
|
724 |
|
|
Prepaid expenses and other current assets |
|
|
(27 |
) |
|
49 |
|
|
Accounts payable |
|
|
180 |
|
|
227 |
|
|
Employee compensation |
|
|
740 |
|
|
87 |
|
|
Deferred income |
|
|
64 |
|
|
(23 |
) |
|
Warranty reserve |
|
|
32 |
|
|
(14 |
) |
|
Other current liabilities and accrued expenses |
|
|
63 |
|
|
(57 |
) |
|
Net cash provided by operating activities |
|
|
1,685 |
|
|
2,325 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase of investments |
|
|
(3,436 |
) |
|
— |
|
|
Purchase of property and equipment and intangible assets |
|
|
(438 |
) |
|
(234 |
) |
|
Net cash used in investing activities |
|
|
(3,874 |
) |
|
(159 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock under employee stock purchase plan |
|
|
18 |
|
|
20 |
|
|
Proceeds from the exercise of stock options |
|
|
6 |
|
|
88 |
|
|
Repurchase of common stock |
|
|
(2,025 |
) |
|
— |
|
|
Repurchase of common stock upon vesting of restricted stock grants |
|
|
(86 |
) |
|
(27 |
) |
|
Net cash (used in) provided by financing activities |
|
|
(2,087 |
) |
|
81 |
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(4,276 |
) |
|
2,172 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
11,219 |
|
|
9,047 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
6,943 |
|
$ |
11,219 |
|
###
11