Business
AngioDynamics Reports Fiscal 2020 Fourth Quarter and Full-Year Financial Results
Fiscal 2020 Fourth Quarter Highlights Net sales of $58.3 million decreased 18.1% compared to the prior-year quarter Gross margin declined 630 basis points
About this update from Angiodynamics, Inc.
[{"type":"text","content":"\nFiscal 2020 Fourth Quarter Highlights\n\n\n\nNet sales of $58.3 million decreased 18.1% compared to the prior-year quarter\n\n\nGross margin declined 630 basis points year over year to 51.8%\n\n\nGAAP loss per share of $4.10, inclusive of approximately $4.14 of goodwill impairment; adjusted loss per share of $0.06\n\n\nCash and cash equivalents on May 31, 2020 were $54.4 million, compared to $52.2 million at the end of the third quarter when accounting for $27.2 million in cash and equivalents on hand at February 29, 2020, plus the subsequent $25.0 million draw on the Company’s revolver \n\n\n\nFull-Year 2020 Highlights\n\n\n\nNet sales of $264.2 million decreased 2.4% year over year\n\n\nGross margin declined 70 basis points year over year to 56.9% \n\n\nGAAP loss per share of $4.37, inclusive of approximately $4.15 of goodwill impairment; adjusted earnings per share of $0.09 \n\n\nCash used in operations of $14.5 million which includes investment in key technology platforms and ramp up of Auryon supply chain and commercial efforts\n\n\n LATHAM, N.Y.--(BUSINESS WIRE)--\nAngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, peripheral vascular disease, and oncology, today announced financial results for the fourth quarter of fiscal year 2020, which ended May 31, 2020.\n\n\n“Our fourth quarter sales were impacted by the deferral of elective procedures associated with COVID-19, and we adjusted accordingly throughout the quarter to minimize the impact of the global pandemic on our business,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. “Despite these temporary challenges, the underlying long-term fundamentals of our business remain intact, and we intend to continue investing strategically in our key growth platforms like Auryon, NanoKnife, and AngioVac. The steps that we took to manage the business through the end of the year will enable us to resume growth and improve our profitability as the environment eventually normalizes. While much of our near-term attention has been on managing through the impacts of COVID-19, we remain focused on our long-term strategy and the transformation of AngioDynamics into a Company with differentiated technology platforms that compete in larger, higher-growth addressable markets.”\n\n\nF...