Key Developments: AngioDynamics Inc (ANGO.O)
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23 May 2013
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$10.69
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Latest Key Developments (Source: Significant Developments)
Angiodynamics Inc To Acquire Vortex Medical Inc
Angiodynamics Inc announced that it has entered into a definitive agreement to acquire all the outstanding capital stock of Vortex Medical Inc., a privately-held company focused on the development of medical devices for the removal of thrombus, or blood clots, from occluded blood vessels. Under the terms of the definitive agreement, AngioDynamics will acquire all the outstanding capital stock of Vortex Medical for $15 million in cash at closing, subject to adjustment, plus future earn out payments based on net sales of the AngioVac system over a 10 year period and payable in cash. AngioDynamics will make a guaranteed minimum earn out payment of approximately $8 million per year for each of the first five years. After the fifth year, AngioDynamics may make annual earn out payments depending on the level of net sales of the AngioVac system. The acquisition of Vortex Medical is expected to close by the end of October 2012. In fiscal year 2013, the acquisition is expected to add approximately $1 million in sales, reduce operating income by approximately $5 million, have a negligible impact on EBITDA, and reduce EPS by approximately $0.09 on a GAAP basis. In fiscal year 2014, the transaction is expected to add approximately $10 million in sales and be accretive to GAAP net income and EPS. AngioDynamics expects to fund the acquisition with cash on hand and cash flow from operations. Full Article
Angiodynamics Inc Secures GPO Contract For Vascular Access Products
Angiodynamics Inc announced that it has been awarded a contract with HealthTrust Purchasing Group (HealthTrust) covering vascular access products, including DuraMax chronic dialysis catheter, DuraFlow, DuraFlow 2 and EvenMore chronic hemodialysis catheters, and the Schon XL acute hemodialysis catheter. The contract became effective on October 1, 2012. Full Article
Angiodynamics Inc Announces $16.5 Million Judgment In Case Against Biolitec Inc.
Angiodynamics Inc announced recent court action in its legal case against biolitec Inc. On September 28, 2012, the U.S. District Court for the Northern District of New York entered a judgment awarding Angiodynamics $16.5 million in partial damages as a result of biolitec's breach of a binding agreement. The Court's ruling stems from legal action initiated by AngioDynamics in January 2008 seeking to enforce the defense and indemnification provisions of its April 1, 2002, Supply and Distribution Agreement with biolitec. The Agreement obligated biolitec to defend and indemnify AngioDynamics against patent infringement claims by third parties arising out of the use of laser vein ablation products supplied by biolitec. The Court's order affirms biolitec should have defended and indemnified AngioDynamics against claims asserted by Diomed and VNUS Medical Technologies, but did not. The Court's partial judgment awards AngioDynamics the costs of its $7 million settlement with Diomed in April 2008, $6.8 million settlement with VNUS Medical Technologies in June 2008 and legal fees associated with the two cases. The Court also denied biolitec's motions to certify an interlocutory appeal and to reopen discovery. Full Article
Faruqi & Faruqi, LLP. Launches Investigation Against AngioDynamics Inc For Potential Breaches Of Fiduciary Duties By Board Of Directors In Manner It Seeks Executive Compensation Approval
Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, is investigating the Board of Directors of AngioDynamics Inc (AngioDynamics or the Company) for potential breaches of fiduciary duties in connection with their conduct of seeking shareholders’ approval of the compensation for the Company’s named executive officers. The terms of the compensation to be awarded to the Company’s executive officers are outlined in the Proxy Statement on Form Schedule 14A that the Company filed with the Securities and Exchange Commission on September 10, 2012. Full Article
Angiodynamics Inc Reiterates FY 2013 Guidance-Conference Call
Angiodynamics Inc reiterated the guidance that laid out in fourth-quarter earnings conference call unchanged. The Company believes topline will grow 5% in fiscal 2013 from the pro forma last year and will exit the year with a high single-digit rate of growth of revenues, Operating income $34 million to $36 million on a non-GAAP basis and excluding all of the acquisition effects of course. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $360 million, and operating profit of $34 million for fiscal 2013. Full Article
Levi & Korsinsky, LLP Launches Investigation Into Possible Breaches Of Fiduciary Duty By Board of Directors Of AngioDynamics Inc In Connection With Executive Compensation
Levi & Korsinsky, LLP announced that it is investigating AngioDynamics Inc and its Board of Directors in connection with the compensation provided to certain of its executive officers. Full Article
AngioDynamics Inc Earns FDA Clearance For First Vascular Access Product With BioFlo Technology To Reduce Catheter-related Thrombus
AngioDynamics Inc announced the U.S. Food and Drug Administration has granted 510(k) clearance for its BioFlo peripherally inserted central catheters (PICCs) with Endexo technology designed to reduce the accumulation of catheter-related thrombus on, and in, the catheter. These are the first vascular access products from AngioDynamics to offer BioFlo technology in the U.S. market and an initial launch is expected in the Company's second quarter of fiscal year 2013. These products are currently CE marked for Europe and are approved in Canada and other international markets. In vitro blood loop model test results show the BioFlo PICC has 87% less thrombus accumulation on its surface on average compared to commonly used PICCs based on platelet count. In addition, side-by-side in vivo test results demonstrate substantially equivalent thromboresistant characteristics as a heparin coated vascular access catheter.* Available with PASV Valve Technology, it is the first catheter that combines all of these properties with AngioDynamics' patented valve designed to automatically resist backflow and reduce blood reflux on the inside of the catheter. Full Article
AngioDynamics Inc Issues FY 2013 Guidance Above Analysts' Estimates
AngioDynamics Inc announced that for fiscal 2013, it expects GAAP sales to be in a range 360-363 million, GAAP operating income to be in a range 18-20 million, GAAP EBITDA to be in a range 44-45 million and GAAP earnings per share (EPS) to be in a range 0.21-0.23. The Company also expects Non GAAP sales to be in a range 360-363 million, Non GAAP operating income to be in a range 34-36 million, Non GAAP EBITDA to be in a range 60-61 million and Non GAAP earnings per share (EPS) to be in a range 0.49-0.51. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $356 million, EBITDA of $52 million and EPS of $0.48 for fiscal 2013. Full Article
AngioDynamics Inc Completes Acquisition of Navilyst Medical
AngioDynamics Inc announced that it has completed its acquisition of Navilyst Medical. Based on the closing price of $12.44 on May 21, 2012 the transaction is valued at $355 million. The acquisition and related transaction costs were financed through the issuance of approximately 9.5 million shares of AngioDynamics Common Stock, $150 million in drawn acquisition debt financing, and $97 million of balance sheet cash. To satisfy any working capital adjustment and potential indemnification claims that may arise $20 million of purchase consideration has been placed in escrow. Full Article
AngioDynamics, Inc. Issues Q4 2012 Guidance In Line With Analysts' Estimates; Issues FY 2012 Guidance; Earnings Guidance Above Analysts' Estimates
AngioDynamics, Inc. announced that for the fourth quarter of 2012, it expects sales to be between $52.1 - $54.1 million, Operating Income of $3.5 - $4.5 million, EBITDA to be between $7.0 - $8.0 million and EPS of $0.09 - $0.11. For fiscal 2012, it expects sales to be between $216.2 - $218.2 million, Operating Income of $17.6 - $18.6 million, EBITDA to be between $30.9 - $31.9 million and EPS of $0.42 - $0.44. According to I/B/E/S estimates analysts are expecting the Company to report revenue of $53.0 million, EBIT of $4.5 million, EBITDA of $8 million and EPS of $0.10 for the fourth quarter of 2012; revenue of $216.5 million, EBIT of $17.02 million, EBITDA of $29.85 million and EPS of $0.39 for fiscal 2012. Full Article
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