AngioDynamics, Inc. (ANGO), a most important supplier of innovative, minimally invasive medical devices for vascular access, peripheral vascular disease, surgery and oncology, recently declared financial results for the 2nd-quarter of fiscal year 2018, which finished November 30, 2017.
2nd-Quarter 2018 Financial Results:
Net sales for the 2nd-quarter of fiscal 2018 were $86.70M, a diminish of 2.60%, contrast to $89.0M a year ago, mainly related to declines in the Venous Insufficiency and Core businesses, in addition to declines across the majority of the Company’s Vascular Access non-BioFlo products.
During the same period of fiscal year 2017, the Company stated a $1.0M increase in sales attributable to inventory build by its customers for these Angiographic Catheter products as a result of a formerly revealed recall by a competitor. Currency did not have a noteworthy impact on the Company’s sales in the quarter.
Peripheral Vascular net sales in the 2nd-quarter of fiscal 2018 were $51.4M, a diminish of 4.30% from $53.70M a year ago, as growth in the Fluid and Thrombus Administration product lines was offset by declines in the Venous Insufficiency and Angiographic Catheter businesses, in addition to the continued winding down of the Company’s supply agreement with Boston Scientific Corporation.
Vascular Access net sales were $22.60M, a diminish of 4.20% from $23.6M a year ago, as growth in BioFlo related products was more than offset by declines in the remainder of the product lines. Oncology/Surgery net sales were $12.80M, a boost of 8.40% from $11.80M a year ago, driven mainly by incremental sales of the recently launched Solero Microwave Tissue Ablation System.
U.S. net sales in the 2nd-quarter of fiscal 2018 were $68.30M, a diminish of 4.40% from $71.40M a year ago, mainly because of declines in the Venous, Core, and PICCs businesses, partially offset by growth in the Oncology/Surgery portfolio. International net sales in the 2nd-quarter of fiscal 2018 were $18.40M, a boost of 4.60% from $17.60M a year ago, because of robust sales within the Oncology/Surgery business across several key markets.
The Company recorded net income of about $0.3M, or $0.010 per share, in the 2nd-quarter of fiscal 2018. This compares to net income of $13.7M, or $0.370 per share, a year ago, which included adjustments to contingent liabilities from revised sales projections, resulting in a gain of $16.50M in addition to operational improvements, partially offset by a decision to discontinue investments in both EmboMedics and the Company’s TiLo product equaling $5.60M.
Apart From the items shown in the non-GAAP reconciliation table below, adjusted net income for the 2nd-quarter of fiscal 2018 was $5.80M, or $0.160 per share, contrast to adjusted net income of $6.90M, or $0.190 per share, in the 2nd-quarter of fiscal 2017.
Adjusted EBITDAS in the 2nd-quarter of fiscal 2018, apart from the items shown in the reconciliation table below, was $13.30M, contrast to $15.20M in the 2nd-quarter of fiscal 2017.
