Q1 2012 Earnings Call
October 06, 2011 4:30 pm ET
D. Joseph Gersuk - Chief Financial Officer, Chief Accounting Officer, Executive Vice President and Treasurer
Joseph M. DeVivo - Chief Executive officer and President
Doug Sherk - Founder and Chief Executive Officer
Larry Haimovitch - HMTC
James Quinton - Barrett & Company
Jayson T. Bedford - Raymond James & Associates, Inc., Research Division
Jason R. Mills - Canaccord Genuity, Research Division
Paul Nouri - Noble Equity Funds
Matthew Hewitt - Craig-Hallum Capital Group LLC, Research Division
Unknown Analyst -
Previous Statements by ANGO
» AngioDynamics' CEO Discusses Q4 2011 Results - Earnings Call Transcript
» AngioDynamics' CEO Discusses Q3 2011 Results - Earnings Call Transcript
» AngioDynamics CEO Discusses F2Q11 Results - Earnings Call Transcript
Thank you, operator, and thank you, everyone for joining us today for the AngioDynamics Conference Call to review the results of the fiscal 2012 first quarter which ended on August 31, 2011.
The news release announcing the results crossed the wire this afternoon after the market closed and they are available on the AngioDynamics website. The call is being broadcast live on the web at www.angiodynamics.com.
In addition today, we are offering a slide presentation of the NanoKnife clinical development program which will accompany management's remarks. A replay of the call will also be archived on the AngioDynamics website.
To access both the webcast and the archived call, including the presentation slides in the archive, go to that AngioDynamics' website at www.angiodynamics.com and go to the investors section under Events & Presentations.
If you are listening via telephone, to view the companying slide presentation, navigate to the live webcast as noted and choose the no audio slides-only option to view the slides in conjunction with the live conference call.
Before we get started, during the course of this conference call, the company will make projections or forward-looking statements regarding future events, including the statements about revenue and earnings for fiscal 2012.
We encourage you to review the company's past and future filings with the SEC including, without limitation, the company's forms 10-Q and 10-K, which identify specific factors that may cause actual results or events to differ materially from those described in forward-looking statements.
Finally, during the question and answer period today, we'd like to request each caller to limit themselves to 2 questions, and encourage callers to requeue to ask additional question. We appreciate everyone's cooperation with this procedure.
And now, I'd like to turn the call over to Joseph DeVivo, President and Chief Executive Officer of AngioDynamics.
Joseph M. DeVivo
Thanks, Doug, and good afternoon everyone joining us today. With me is Joe Gersuk, our Chief Financial Officer. I'm going to focus my opening remarks today on my early observations after being the new leader of this organization for the past month.
Joe's going to handle the review of the quarter and I'm going to finish up our opening remarks with an overview of our NanoKnife clinical programs. Then we'll take your questions.
As you all know, I've just completed my first month with AngioDynamics and I've had the opportunity to meet our employees, some of our customers, some of our key opinion [ph] leaders. While it's early for me to outline a comprehensive strategy for the business, I would like to share some preliminary thoughts.
This company has a proud history filled with product innovation and sustained market growth. The history also includes providing industry-leading technical expertise and customer service. Investing in new technology and a focus on delivering the best solutions to enhance patient care are also a part of our heritage.
I venture to say that many of you view our business as a low-growth enterprise spinning off an impressive amount of cash. After one month, I'll tell you I see that we have every opportunity to return to being a growth company in the future.
This company has many strengths; one is our sales organization. Today we have, in my view, 2 of the best U.S. sales organizations in our space. We are leaders in peripheral vascular interventions, second only to Bard in market share, and we maintain a clear leadership position in medical device oncology, with a proven track record of developing markets through new technology, clinical development and education.
We are benefiting from increased investment that have been made over the last several years in our international team, which under Stephen McGill's direction, is delivering consistent above-market growth and providing leadership from much of NanoKnife's clinical development.
I believe NanoKnife has the potential to be significant to surgeons and radiologists. AOLs I've met clearly are excited about the prospects and the company has been, in my view, very forward thinking in developing worthwhile clinical data to study effects and invest in patient outcomes.
The challenge as I see it in the Vascular business has been with several failed product launches and licensing arrangements, coupled with a sales force restructuring that sapped the momentum of the organization. It's unfortunate. It happened. But now it's behind us.
In my view from the inside, the organization is actually recovering some of this lost momentum. For instance, the Vascular team met its plan for the first fiscal quarter of the year, and the new 1470 laser launched out of R&D is a hit. We're growing the Vascular business again. With AngioDynamics winning its lawsuit with biolitec and our competitors in the venus ablation marketplace settling with Covidien paying similar licensee fees to we are, a better selling environment for our Venacure product line is emerging.