Angiodynamics Annual Report

8/7/2019 Angiodynamics Annual Report

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A N G I O D Y N A M I C S

A N N

U A

L R E P

O R T 2

0 0 9

ANGIODYNAMICS

ANNUAL REPORT 2009



BY 2050, 19 MILLION PEOPLE WILL HAVE PERIPHERAL VASCULAR DISEASE.



1,314,000 ANGIOPLASTIES WERE DONE IN THE UNITED STATES IN 2007.



APPROXIMATELY 12.2 MILLION PEOPLE IN THE USA WILL SUFFER FROM VARICOSE VEINS.



THERE IS A SOLUTION .















ANGIODYNAMICS ANNUAL REPORT 2009 23 / 27

Net sales

Cost of sales

Gross profit

OPERATION EXPENSES

Research and development

Sales and marketing

General and administrative

Amortization of intangibles

Litigation provisions, net (e)

Total operating expenses

Operating income (loss)

OTHER (EXPENSES) INCOME

Interest income

Interest expense

Other (expenses) income

Impairment loss on investment

Total other expenses income, net

Loss before income tax provision

Income tax provision

Net income (loss)

Earnings (loss) per share

Basic

Diluted

Avg. number of shares used in per share:

Basic

Diluted

195, 054

74,989

120,065

17,914

56,785

20,136

9,126

—

103,961

16,104

1,559

(731)

(1,780)

—

(952)

15,152

5,220

9,932

0.41

0.41

24,363,234

24,512,670

166,500

63,913

102,587

14,424

46,047

15,425

6,849

3,606

86,351

16,236

3,157

(1,328)

(737)

—

1,092

17,328

6,439

10,889

0.45

0.45

24,081,713

24,348,960

112,227

46,060

66,167

20,555

31,605

13,172

2,350

9,710

77,392

(11,225)

4,047

(308)

314

—

4,053

7,172

1,955

9,127

0.49

0.49

18,443,570

18,443,570

5/31/2009 5/31/2008 6/2/2007

$

$

$

$

$

$

$

$

$

$

$

$

CONSOLIDATED STATEMENTS

OF OPERATIONS DATA

SELECTED CONSOLIDATED

FINANCIAL DATA

The consolidated statements of operations data for the fiscal years ended May 31, 2009, May 31,

2008, and June 2, 2007, and the consolidated balance sheet data as of May 31, 2009 and May 31,

2008, are derived from the audited consolidated financial statements that are included elsewhere

in this annual report on Form 10-K. The consolidated balance sheet data as of June 2, 2007 are

derived from our audited consolidated financial statements not included in this annual report on

Form 10-K. Historical results are not necessarily indicative of the results of operations to be expect-

ed for future periods. See Note A of “Notes to Consolidated Financial Statements” for a description

of the method that we used to compute our historical basic and diluted net income per share

attributable to stockholders.

CONSOLIDATED BALANCE

SHEET DATA

Cash/cash equivalents/marketable securities

Working capital

Total assets

Non-current liabilities

Retained earnings (Accumulated deficit)

Total stockholders’ equity

68,187

118,899

408,703

6,810

14,840

372,194

78,290

100,548

408,747

11,700

4,908

355,713

73,290

106,881

383,281

26,905

(5,981)

335,958

5/31/2009 5/31/2008 6/2/2007

$ $ $



ANGIODYNAMICS ANNUAL REPORT 2009 25 / 27

NOTES: COMPREHENSIVE INCOME

The consolidated financial statements include the accounts of AngioDynamics, Inc. and

its wholly owned subsidiaries, Leocor, Inc. (“Leocor”), RITA Medial Systems, LLC, and

Oncobionic, Inc. since May 9, 2007, and AngioDynamics UK Limited since June 17, 2007

(collectively the “Company”). All intercompany balances and transactions have been

eliminated. The Company is primarily engaged in the design, development, and manu-

facture and marketing of medical products used in minimally invasive, image-guided

procedures to treat peripheral vascular disease, or PVD, and local oncology therapy

options for treating cancer, including radiofrequency ablation, or RFA, systems irrevers-

ible electroporation, or IRE, surgical resection systems and embolization products for

treating benign and malignant tumors.

he Company organized its business into three reportable segments: Peripheral Vascular,

Access and Oncology/Surgery. The Peripheral Vascular segment is comprised of the ve-

nous, angiographic, PTA, drainage and thrombolytic product lines. The Access segment

is comprised of the Company’s chief operation decision maker evaluates performance

based on the reportable segments and utilizes net sales, gross profit and operating

income as primary profitability measures. The expenses related to certain shared and

corporate activities are allocated to these segments on a % of total sales basis or oper-

ating expenses basis as deemed appropriate.

Beginning with fiscal 2008, the company reports on a fiscal year ending May 31.

Prior to fiscal 2008, the Company reported on a fiscal year that concluded on the

Saturday nearest to May 31. Fiscal year 2007 ended on June 2, 2007, for a

reporting period of fifty-two weeks.

Cumulative loss on interest rate swap

Unrealized holding gain on marketable securities

Foreign Currency Translation

Accumulated other comprehensive loss

(202)

175

(878)

(905)

(123)

87

—

(36)

5/31/2009 5/31 /2008

i n t h o u s

an d s

$

$

$

$

The Company records comprehensive income in accordance with SFAS No. 130, “Re-

porting Comprehensive Income.” SFAS No. 130 requires unrealized holding gains or

losses on available-for-sale securities and certain derivative instruments, net of tax,

to be included in accumulated other comprehensive income, as a separate component

of stockholders’ equity. The components of comprehensive income, which include

unrealized gains and losses on available for sale securities, changes in the fair value

of the 2002 interest rate swap (see Note K), and foreign currency translation losses on

available for sale securities, changes in the fair value of the 2002 interest rate swap

(see Note K), and foreign currency translation losses are detailed in the Company’s

accompanying consolidated statements of stockholders’ equity and comprehensive

income. At May 31, 2009 and May 31, 2008, the components of accumulated other

comprehensive loss, net of related tax, are as follows:

COMPREHENSIVE

INCOME/LOSS

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Angiodynamics Annual Report

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