Attached files
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| EX-99.1 - PRESS RELEASE, DATED JANUARY 7, 2020 - ANGIODYNAMICS INC | an54566078-99_1.htm |
| 8-K - CURRENT REPORT - ANGIODYNAMICS INC | an54566078-8k.htm |
Exhibit 99.2
AngioDynamics Second Quarter 2020 Earnings PresentationJanuary 7, 2020
Notice Regarding Forward-Looking StatementsThis presentation contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics’ expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital
expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as “expects,” “reaffirms,” “intends,” “anticipates,” “plans,”
“believes,” “seeks,” “estimates,” “optimistic,” or variations of such words and similar expressions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and
uncertainties. Investors are cautioned that actual events or results may differ from AngioDynamics’ expectations. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the ability of AngioDynamics to
develop its existing and new products, technological advances and patents attained by competitors, infringement of AngioDynamics’ technology or assertions that AngioDynamics’ technology infringes the technology of third parties, the ability of
AngioDynamics to effectively compete against competitors that have substantially greater resources, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and government regulations, results of pending
or future clinical trials, overall economic conditions, the results of on-going litigation, challenges with respect to third-party distributors or joint venture partners or collaborators, the results of sales efforts, the effects of product
recalls and product liability claims, changes in key personnel, the ability of AngioDynamics to execute on strategic initiatives, the effects of economic, credit and capital market conditions, general market conditions, market acceptance,
foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of AngioDynamics to integrate acquired businesses, as well as the risk factors listed from time to time in
AngioDynamics’ SEC filings, including but not limited to its Annual Report on Form 10-K for the year ended May 31, 2019. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.In
the United States, the NanoKnife System has received a 510(k) clearance by the Food and Drug Administration for use in the surgical ablation of soft tissue, and is similarly approved for commercialization in Canada, the European Union and
Australia. The NanoKnife System has not been cleared for the treatment or therapy of a specific disease or condition.Notice Regarding Non-GAAP Financial MeasuresManagement uses non-GAAP measures to establish operational goals and believes that
non-GAAP measures may assist investors in analyzing the underlying trends in AngioDynamics’ business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for or as superior to, financial reporting
measures prepared in accordance with GAAP. In this presentation, AngioDynamics has reported adjusted EBITDAS (income before interest, taxes, depreciation and amortization and stock-based compensation); adjusted net income; adjusted earnings per
shar, free cash flow and net sales on an organic basis, excluding acquired assets and Asclera. Management uses these measures in its internal analysis and review of operational performance. Management believes that these measures provide
investors with useful information in comparing AngioDynamics’ performance over different periods. By using these non-GAAP measures, management believes that investors get a better picture of the performance of AngioDynamics’ underlying
business. Management encourages investors to review AngioDynamics’ financial results prepared in accordance with GAAP to understand AngioDynamics’ performance taking into account all relevant factors, including those that may only occur from
time to time but have a material impact on AngioDynamics’ financial results. Please see the tables that follow for a reconciliation of non-GAAP measures to measures prepared in accordance with GAAP. Forward-Looking Statements
Second Quarter FY2020 Highlights Corporate Developments NanoKnife DIRECT study: 13 sites have IRB
approval to begin patient enrollment; anticipate approximately 5 more site approvals by end of fiscal year 2020.Received Category III CPT physician billing codes for irreversible electroporation.Announced the acquisition of the C3 Wave PICC tip
location system subsequent to quarter end. * Excluding Asclera, Venous Insufficiency growth was (1)%. Financial Performance Product Family Year-over-Year Sales Growth (in millions) Q2 FY20 Q2
FY19 Change Revenue $70.0 $70.0 0.0% Revenue Excluding Asclera $70.0 $68.3 2.5% Gross Margin 59.3% 57.9% 140 bps Adjusted EPS $0.06 $0.07 ($0.01) Adjusted EBITDA $6.4 $9.0 ($2.6) Cash Used in
Operations ($5.9) ($13.0) Free Cash Flow $3.3 $12.2 Vascular Interventions and Therapies AngioVac® 53% Thrombolytic (10%) Core Peripheral 3% Venous Insufficiency (17%)* Vascular
Access Midlines 0% PICCs (7%) Ports (9%) Dialysis 3% Oncology NanoKnife® 27% Solero® Microwave 2% BioSentry (4%) Alatus and IsoLoc Balloons 26% RadioFrequency Ablation (23%)
Second Quarter FY2020 Results (unaudited) $ in thousands (except per share data) FY2020Q2
Results FY2019Q2 Results Change FY2020YTD Results FY2019YTD Results Change Revenue Vascular Interventions and Therapies Vascular Access Oncology United States
International $70,00331,15022,78416,06955,55514,448 $69,98530,97623,72315,28656,30013,685 0.0%*0.6%*(4.0%)5.1%(1.3%)*5.6% $136,04560,06345,94330,039108,49227,553 $133,92859,57347,51326,842107,79626,132 1.6%*0.8%*(3.3%)11.9%0.6%*5.4% Net
Loss from Continuing OperationsAdjusted Net Income ($2,736)$2,151 ($3,587)$2,850 ($4,011)$5,325 ($9,291)$3,570 GAAP Loss Per ShareNon-GAAP Adjusted EPS ($0.07)$0.06 ($0.10)$0.07 ($0.11)$0.14 ($0.25)$0.09 Gross
Margin 59.3% 57.9% 58.6% 57.1% Adjusted EBITDA $6,410 $8,998 $13,690 $14,368 Free Cash
Flow $3,314 $12,225 ($4,611) $2,670 Cash $41,247 $227,641** $41,247 $227,641** Debt $0 $132,500** $0 $132,500** * When excluding Asclera: AngioDynamics growth was 2.5% FY20 Q2 and 4.0% YTD Vascular Interventions and
Therapies growth was 6.5% FY20 Q2 and 6.4% YTD U.S. growth was 1.8% FY20 Q2 and 3.7% YTD** Balances reflect amounts at May 31, 2019.
FY2020 Guidance RevenueAdjusted EPS Gross Margin Current Guidance (Unchanged)$280m - $286m$0.10 -
$0.1558% - 59%
GAAP to Non-GAAP Reconciliation
Reconciliation of GAAP to Non-GAAP Net Income and EPS Amounts in thousands Includes costs related to
merger and acquisition activities, restructurings, and unusual items, including asset impairments and write-offs, certain litigation, and other items.Deferred financing fees related to the old credit agreement were written off during the first
quarter of fiscal year 2020.Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's U.S. deferred tax assets and an effective tax rate of 23% for November 30, 2019
and 2018.
Reconciliation of Net Income Adjusted EBITDA Amounts in thousands
Growth through Focus Execution Accountability