) reported adjusted earnings per share of 18 cents for the fourth
quarter of fiscal 2014 ended May 31, 2014, beating the Zacks
Consensus Estimate by 6 cents and the year-ago earnings of 15 cents
by 20%. Adjusted net earnings increased 22.3% to $6.4 million from
$5.2 million reported a year ago.
On a reported basis, the company recorded a net loss of $1.1
million in the quarter, wider than the year-ago level of $0.9
million by 24.2%. On a per share basis, net loss climbed 50% to 3
cents from 2 cents in the fourth quarter of 2013.
Angiodynamics, Inc - Quarterly EPS (BNRI) |
Revenues in the quarter went up 4.5% to $94.1 million from $90.0
million in the year-ago quarter, in line with the Zacks Consensus
Estimate of $94 million. The upside was driven by sales growth in
the Peripheral Vascular and Oncology/Surgery businesses and a
significant turnaround in Vascular Access business brought about by
the success of ANGO's BioFlo products.
Excluding the planned termination of the supply agreement with
Boston Scientific Corp.
), revenues were up 5% to $92.9 million from $88.4 million in the
comparable prior-year period.
Revenues in the U.S. increased 5.8% to $73.7 million during the
quarter while international revenues rose 2.1% to $19.2 million.
Revenues from the
business were up 6.1% to $50.9 million,
business improved 4.9% to $28.3 million, and
business edged up 1.5% to $13.7 million. However, revenues from the
business plunged 24.9% to $1.2 million from the year-ago quarter.
Expenses and Margins
ANGO reported a 7.4% rise in gross profit to $47.5 million from
$44.2 million in the year-ago quarter. Consequently, gross margin
expanded 140 basis points (bps) to 50.5% from 49.1% a year ago.
Adjusted operating earnings increased 12.5% to $11.5 million from
$10.2 million a year ago while adjusted operating margin expanded
80 bps to 12.2% from 11.4% in the comparable fiscal 2013 quarter.
Fourth-quarter adjusted EBITDA increased 7.3% to $14.7 million from
$13.7 million in the year-earlier quarter.
For fiscal 2014, ANGO reported adjusted earnings per share of 58
cents, down 9.4% from 64 cents in fiscal 2013. However, earnings
easily surpassed the Zacks Consensus Estimate of 30 cents.
Revenues for the fiscal year stood at $354.5 million, up 3.6% from
$342.0 million in fiscal 2013 and were in line with the Zacks
ANGO exited the year with cash and cash equivalents of $16.1
million, down 26.1% from $21.8 million as of May 31, 2013.
Long-term debt increased marginally by 0.1% to $142.7 million from
$142.5 million as of May 31, 2013. However, the long-term
debt-to-capitalization ratio decreased 30 bps to 21% from 21.3% as
of May 31, 2013.
In fiscal 2014, cash flow from operating activities dropped 5.9% to
$25.3 million from $26.9 million in fiscal 2013. Capital
expenditure declined 2.9% to $11.8 million from $12.1 million
incurred last year.
ANGO introduced earnings and revenue guidance for the first quarter
of fiscal 2015 as well as the entire fiscal year.
For the first quarter of fiscal 2015, adjusted earnings per share
are expected in the range of 8 to 12 cents. The Zacks Consensus
Estimate of 6 cents lies below the company's guided range.
Meanwhile, ANGO anticipates revenues between $83 and $86 million
during the quarter. The Zacks Consensus Estimate of $86 million
coincides with the upper end of the company's guided range.
For fiscal 2015, ANGO anticipates adjusted earnings per share in
the range of 64 to 70 cents, representing a 10-12% increase over
fiscal 2014. The guided range is significantly higher than the
Zacks Consensus Estimate of 40 cents.
Revenues for the entire fiscal year is expected in the band of $362
to $368 million, reflecting a 3-5% growth excluding the impact of
the planned wind down of ANGO's supply agreement. The Zacks
Consensus Estimate of $367 million lies within the guided range.
Currently, ANGO carries a Zacks Rank #4 (Sell). Better-ranked
stocks in the medical instruments industry include
Heartware International Inc.
). While Accuray sports a Zacks Rank #1 (Strong Buy), Heartware
International carries a Zacks Rank #2 (Buy).
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