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8-K - CURRENT REPORT - ANGIODYNAMICS INC | p56440653-8ki.htm |
EX-99.1 - PRESS RELEASE, DATED JULY 13, 2021. - ANGIODYNAMICS INC | an56440653-ex99_1.htm |
Exhibit 99.2
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ANGIODYNAMICS Fourth Quarter 2021 Earnings PresentationJuly 13, 2021 1
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2 Forward-Looking Statement 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,” “projects,” “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 materially from AngioDynamics’ expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics
include, without limitation, the scale and scope of the COVID-19 global pandemic, 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, 2020.
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 EBITDA (income before
interest, taxes, depreciation and amortization and stock-based compensation); adjusted net income and adjusted earnings per share. 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.
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Corporate Developments – Q4 Highlights 3 108% growth in AngioVac YOY$4.6 million in
Auryon sales NanoKnife disposable growth: US 69% YOY; worldwide growth of 42% YOY YOY comparisons are significantly impacted by the COVID-19 global pandemicProcedural volumes continued to rebound in Q4 AngioVac cases continued their sequential
quarterly growth Continued focused investment in our 3 key technology platforms: Auryon, AngioVac & NanoKnife NanoKnife DIRECT study: 26 active sitesEncouraged by the overall execution of the study in the current environment Revised
FY2021 Guidance Reduced debt outstanding under the revolver to $20.0 million as of May 31, 2021 Completed enrollment of PATHFINDER 1 pilot registry Shifting our focus to the pivotal study phase Received FDA clearance for the AlphaVac
Mechanical Thrombectomy System subsequent to quarter endReceived approval for NanoKnife prostate IDE (PRESERVE) subsequent to quarter end 3 FY22 Guidance Revenue Adjusted EPS $305 - $310 million $0.00 - $0.05 Gross Margin ~55% $14.0
million write-off of the OARtrac intangible assets
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Fourth Quarter and FY2021 Highlights $ in thousands (except per share data) Q4 FY2021 Q4 FY2020 YOY
Change Revenue $76,842 $58,332 31.7% Gross Margin 55.1% 51.8% 330 bps Net Loss ($19,468) ($157,067) $137,599 GAAP EPS ($0.51) ($4.13) $3.62 Adjusted EPS $0.00 ($0.06) $0.06 Adjusted EBITDA $4,512 $553 $3,959 Financial
Performance Endovascular Therapies (formerly VIT) Q4 FY2021 FY2021 AngioVac® 108% 47% Auryon NA* NA* Thrombolytic (36%) (11%) Core Peripheral 47% 9% Venous Insufficiency 85% 0% Product Family Sales Growth Over Prior Year
Periods Vascular Access Q4 FY2021 FY2021 Midlines (2%) 28% C3 110% NA** PICCs (10%) 8% Ports 26% 5% Dialysis (3%) 1% Oncology Q4 FY2021 FY2021 NanoKnife® Capital (77%) (48%) NanoKnife® Disposables 42% 13% Solero®
Microwave 38% 11% BioSentry 93% 38% Alatus and IsoLoc Balloons 6% (18%) RadioFrequency Ablation (10%) (21%) * The Auryon full market launch took place in the second quarter of fiscal year 2021.** The C3 Wave acquisition took place
in December 2019. 4
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Fourth Quarter and FY2021 Highlights Sales Growth Over Prior Year Periods – Additional Detail Med
Tech Q4 FY2021 FY2021 Auryon NA** NA** Mechanical Thrombectomy* 62% 32% NanoKnife® Disposables 42% 13% NanoKnife® Capital (77%) (48%) Med Device Q4 FY2021 FY2021 Solero® Microwave 38% 11% BioSentry 93% 38% Core
Peripheral 47% 9% Venous Insufficiency 85% 0% Alatus and IsoLoc Balloons 6% (18%) RadioFrequency Ablation (10%) (21%) Midlines (2%) 28% C3 110% NA*** PICCs (10%) 8% Ports 26% 5% Dialysis (3%) 1% * Mechanical
Thrombectomy comprises AngioVac and Thrombolytics.** The Auryon full market launch took place in the second quarter of fiscal year 2021.*** The C3 Wave acquisition took place in December 2019. 5
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Fourth Quarter and FY2021 Results (unaudited) $ in thousands (except per share data) Q4 FY2021 Q4
FY2020 Change FY2021 FY2020 Change Revenue Endovascular Therapies (formerly VIT) Vascular Access Oncology United States
International $76,842$38,071$24,462$14,309$63,597$13,245 $58,332$22,090$23,714$12,528$44,599$13,733 31.7%72.3%3.2%14.2%42.6%(3.6%) $291,010$135,079$101,310$54,621$237,043$53,967 $264,157$112,706$94,299$57,152$207,980$56,177 10.2%19.9%7.4%(4.4%)14.0%(3.9%) Net
Loss*Non-GAAP Adjusted Net Income (Loss) ($19,468)($67) ($157,067)($2,147) $137,599$2,080 ($31,548)$1,852 ($166,787)$3,540 $135,239($1,688) GAAP EPS*Non-GAAP Adjusted
EPS ($0.51)$0.00 ($4.13)($0.06) $3.62$0.06 ($0.82)$0.05 ($4.39)$0.09 $3.57($0.04) Gross Margin 55.1% 51.8% 330 bps 53.9% 56.9% (300 bps) Adjusted EBITDA $4,512 $553 $3,959 $19,516 $18,033 $1,483 $ in thousands Q4
FY2021 Q4 FY2020 Change Cash $48,161 $54,435 ($6,274) Debt $20,000 $40,000 ($20,000) Net Cash $28,161 $14,435 $13,726 6 * Current year Net Loss and GAAP EPS include a $14.0 million write-off of OARtrac intangible assets and
prior year Net Loss and GAAP EPS include a $158.6 million goodwill impairment charge.
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GAAP to Non-GAAP Reconciliation 7
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Reconciliation of GAAP to Non-GAAP Net Income and EPS Reconciliation of Net Loss to Adjusted
EBITDA Write-off of raw materials and existing dosimetry inventory associated with OARtrac that was purchased pursuant to the Company’s acquisition of RadiaDyne. These inventory items were deemed unmarketable absent subsequent design and
development activities.Includes costs related to merger and acquisition activities, restructurings, and unusual items, including asset impairments and write-offs, certain litigation, and other items. Fiscal year 2021 results include a $14.0
million write-off of OARtrac intangible assets.Deferred financing fees related to the old credit agreement were written off during the second 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 the periods ended May 31, 2021 and May 31, 2020.Diluted shares may differ for non-GAAP measures as compared to GAAP
due to a GAAP loss. 8 Write-off of raw materials and existing dosimetry inventory associated with OARtrac that was purchased pursuant to the Company’s acquisition of RadiaDyne. These inventory items were deemed unmarketable absent subsequent
design and development activities.Includes costs related to merger and acquisition activities, restructurings, and unusual items, including asset impairments and write-offs, certain litigation, and other items. Fiscal year 2021 results include
a $14.0 million write-off of OARtrac intangible assets. (in thousands, except per share data) (in thousands)
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