AngioDynamics, Inc. (ANGO)

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AngioDynamics, Inc. (ANGO)

Barclays Global Healthcare Conference

March 12, 2013 1:00 pm ET


Joseph M. DeVivo - Chief Executive Officer, President and Director


Unknown Analyst

Thanks, everybody, for joining us. This is our first session after lunch here today and I have Joe DeVivo, CEO of AngioDynamics. So we're going to do a fireside chat and talk a little bit about some of the recent trends. Joe, maybe, you made some announcements last week. Do you want to just start wit that and address that first and then we can talk about your growth expectations for the year given that press release?

Joseph M. DeVivo

Sure, sure. Well, we are bi-quarter[ph] . It pretty much would sum it up. We had a pretty good Analyst Day in January where we laid out a plan. We, as a company, have set up 3 businesses with 3 sets of growth drivers and a long-term strategy for success.

We did have some assumptions for the third quarter that haven't panned out for us in the short term. And with all the moves we've made, it's a complicated story with a lot of different things happening in each of the businesses, but we clearly didn't deliver in the third quarter. And so, the team knows it. We're engaged and we're very much in the process of delivering on the long-term plan. But we have our line of sight on our future, but in the third quarter we just didn't deliver.

Question-and-Answer Session

Unknown Analyst

Can you talk a little bit about some of the products that you see as really needle-moving? You've made a number of small acquisitions, and certainly, some of them contributed a lot to growth this year but over the next couple of years, could be big drivers. So maybe talk about what you're most excited about in the pipeline and how we can see that cadence over the next 12 to 18 months?

Joseph M. DeVivo

Sure. Well, we've made some very good investments in new technology. Not just probably even in the third quarter still a big highlight for us. We have 3 businesses, a Peripheral Vascular business, a Vascular Access business and an Oncology business. In the Peripheral Vascular business, we've acquired a technology called AngioVac, which allows for venous bypass device that allows for large amounts of material to be removed in patients who really have no other option. We, ourselves are, we think, in our own category, there's a lot of devices that take out a small amount of promise and help clear through some clots, but we have a device that really has proven early on that can make a significant impact medically. We've launched it in this third quarter. We guided to doing about $1 million of revenue in fiscal '13. We've already done in our first quarter around $0.5 million and we think that will grow into the fourth quarter of this year and it will get on to the right pace to the guidance that we gave in '14 of $10 million in contribution. So we're very excited about AngioVac, very large market in venous thrombosis that we think we can make, we can really do a great job for. Another exciting product for us is in our Vascular Access business, it's BioFlo. It's the technology that helps reduce the incidences of actually either we believe a thrombus formation in the long-term catheterization. It's been out in the market for only 4 months. It's now 10% of our overall worldwide PICC revenues and we're very excited about putting BioFlo and the rest of our Vascular Access product line. So that's a product that we're very excited about as well. In that segment, there's a little bit of challenge. A lot of competition in that segment for us and I think it's going to take us a few quarters for BioFlo to overcome that type of competitive challenge that we're getting. But I would think that going into 2014, that we should be returning that segment to growth. The last area of growth in the business is both our NanoKnife and our microwave technologies in Oncology business. And we just acquired Microsulis, that brings a very strategic microwave technology in our portfolio. And it gives a -- it's been a pretty much a gap of the company, had seen some pressure in our radio frequency ablation business from microwave companies and it's in its rightful hands now with the best sales force in the world on oncology. So we're excited about our future. I think what we're off is, as a company, simply been predicting the cadence of growth, which is really the original part of your question. It's one thing to have opportunities and technology that you're excited about. It's another thing to give a perspective to the Street as to when you're going to deliver and to see that cadence of growth. We've thrown a long ball in this company, we've taken the opportunity to make some big, bold acquisitions, reorganized ourselves how to deliver in the future and we stubbed our toe in the third quarter, and it's difficult to predict exactly when it inflects. But the truth of the matter is, is that we have sales and marketing teams who are very excited about the future of this business, the market that has the ability to grow, technologies that are disruptive and a great new management team that we think can get there. But the third quarter miss was my miss, it was my fault for getting out ahead of the story, which everyone told me not to do. We thought some things would happen and it didn't. So I take that on, myself, and to a certain extent, our prior financial organization. But we have a new CFO that will help us predict better in the future. But strategically, I think we're in a great place. Technology-wise, I think we're in a great place. We just have to get into the cadence that shows a consistent level of performance.

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