ANGO

AngioDynamics, Inc. (ANGO)

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AngioDynamics, Inc. (ANGO)

January 12, 2012 1:30 pm ET

Executives

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

Analysts

Unknown Analyst

Presentation

Unknown Analyst

Okay, I think we're ready to get started with our next presentation. Just a couple of announcements. First, please, if anyone has a cellphone in the audience, if you could just mute it so we don't have any distractions, and then the Q&A for this session will take place in the Sussex Room which is right down the hall.

Coming to the stage now, we have AngioDynamics, and presenting for them is Joe DeVivo, the company's President and CEO. Joe?

Joseph M. DeVivo

Well, thank you very much for being here. It's a pleasure. I want to thank our host, JPMorgan, for inviting AngioDynamics to this esteemed conference. With me today, I also have Joe Gersuk, who is our Chief Financial Officer. And both of us will be available to you all for a Q&A session after the presentation.

So I'll just jump right into the presentation. I've been -- but first of all, there'll be forward-looking statements. Read the slide as fast as you can because I won't dwell on it. AngioDynamics, for those of you who don't know the company, is a company that was founded in 1998, NASDAQ traded. We have roughly 700 employees worldwide, multiple locations, operations and our headquarters are up in the Albany area. Our 2011 fiscal sales around $216 million. We're about a 58% gross margin company. We closed a pretty good quarter. I'll talk to you about our quarter in just a bit. But we're a company that is in the Vascular Access, vascular business, as well as Oncology, and we're pretty excited about our future.

On the history side, AngioDynamics was spun out of E-Z-EM, and then we've had some pretty good organic growth as well as some business development. And as far as the business development in 2007, the company acquired RITA Medical. We acquired Oncobionic, which brings us the NanoKnife technology, I'll talk to you about in a bit. In 2008, the company acquired Diomed which helped strengthened the venous ablation business, which is a big part of our growth. And then from key milestones in 2008, we've crossed the 500,000 patients treated with our VenaCure EVLT system, 1,000 patients treated with NanoKnife in 2010 and 100,000 of our Smart Port, which is a really nice growth product for us in our Vascular Access business, so some key milestones in AngioDynamics' history.

To know AngioDynamics, it's really 3 different segments of our business. We have a Peripheral Vascular business, which I'll go to you -- go through with you in just a moment. We have a Vascular Access business and an Oncology/Surgery business. Oncology for interventional radiologists and also surgeons. The split of the business, if you look specifically at the second quarter, is our Peripheral Vascular business is roughly 39% of the company, Vascular Access roughly 28% and our Oncology/Surgery is roughly 33%. You see in the second quarter, we are, as a company, re-accelerating our growth in the first quarter. The company overall had about a 6% revenue growth quarter in the second quarter. And just for all of your purposes, we are in a fiscal calendar that ends in May and starts in June. So our second quarter ended in November. So that's why if you're hearing second quarter, and here we are in what would be a calendar first quarter time.

So as you see the 3 different businesses with our 9% growth, we feel good about our sales trajectory and we feel good about where we are in the future, and I'll go through our guidance too.

Peripheral Vascular. So the first third that you saw is really driven by our varicose vein ablation technology, VenaCure. This is a large, still a large unaddressed need. You may know that the company has been in this market and are the leader in the laser ablation portion of it. Covidien leads the radio frequency portion of it, and there's been a long patent litigation that was settled 1.5 years, 2 years back, which is great to have behind us, and this area has been a wonderful growth for us. We do have catheter-directed thrombectomy and a new research and development project that we're very excited to start talking about that will give us future growth in thrombus management. And as you know, the company is named AngioDynamics, one our legacy products. We're #2 in the world in angiographic catheters. It's not the highest growth product for us today, but we have a pretty good penetration and high differentiation. We;d love to be able to get that business growing more in the future. But our VenaCure EVLT, venous ablation product, the 1470 laser was launched this past summer. We are placing a lot of new boxes and growing some share, and we believe our category growth is above market at the moment.

Our Vascular Access business comprises implantable ports, PICCs and dialysis. Within our port business, the fastest growing product is our Smart Port, which is our CT injectable port, which uses a proprietary Vortex technology. Our Vortex technology helps self -- helps flush the well on inspiration and aspiration of fluids, and that is something that's been very unique to the company and what we believe reduces thrombosis and has allowed us historically to maintain some differentiation as well as some nice margins.

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