Angiodynamics Inc (ANGO) 10-K Annual Report July 2022

Latham, New York, July 12, 2022 – AngioDynamics, Inc. (NASDAQ: ANGO), a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options and improving quality of life for patients, today announced financial results for the fourth quarter and fiscal year 2022, which ended May 31, 2022.

“Our strong performance during the quarter, driven by our Med Tech portfolio, is a direct result of the continued hard work and commitment of our AngioDynamics team,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. “We delivered on the strategic objectives for fiscal year 2022 that we laid out a year ago during our Investor and Technology Day while managing through a number of macro-related headwinds, including supply chain disruptions and ongoing inflationary

The following information was filed by Angiodynamics Inc (ANGO) on Tuesday, July 12, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Angiodynamics Inc's 10-K Annual Report:

Financial - Cash Flow Highlight
Such conditions could include significant adverse changes in the business climate, current-period operating or cash flow losses, significant declines in forecasted operations, or a current expectation that an asset group will be disposed of before the end of its useful life.

Revenue - Product Highlight
This positive impact was partially offset by sales of lower margin Vascular Access products; Rebate expense, which negatively impacted gross profit by $0.9 million; Start-up costs related to Auryon and AlphaVac of $3.1 million, including depreciation on Auryon placement units of $1.3 million, which negatively impacted gross profit; Labor shortages, freight and inflationary costs on raw materials, which negatively impacted gross profit by $3.4 million year over year; and A benefit of $0.8 million that was recorded as a result of the employee retention credit that the Company filed for under the provisions of the CARES Act in the third quarter of the current year compared to a benefit of $0.7 million in the prior year period.
Revenue - Product Highlight
Goodwill and Intangible Assets Intangible assets other than goodwill, indefinite lived intangible assets and in process research and development ("IP R&D") are amortized over their estimated useful lives, which range between two to eighteen years, on either a straight-line basis over the expected period of benefit or as revenue is earned from the sales of the related product.
Revenue - Product Highlight
Determining the fair value of a reporting unit is judgmental and requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates and future market conditions, among others.
Other - Other Highlight
For the year ended May 31, 2021, working capital was favorably impacted by decreased inventory on hand of $11.5 million and increased accounts payable and accrued liabilities of $4.9 million.
Revenue - Product
The change from the prior...Read more
Revenue - Product
We expect our businesses to...Read more
Financial - Expense
R&D expense decreased $5.7 million...Read more
Other - Other
Changes in assumptions or estimates...Read more
Revenue - Product
Our sales and profitability growth...Read more
Financial - Expense
The change in other expense...Read more
Revenue - Product
Revenue Recognition Under ASC 606,...Read more
Revenue - Product
Increased sales in the mechanical...Read more
Revenue - Product
To determine revenue recognition for...Read more
Revenue - Product
Port sales also increased $2.7...Read more
Financial - Expense
Research and development expense -...Read more
Revenue - Product
A summary of these key...Read more
Other - Other
As such, we believe the...Read more
Revenue - Product
Revenue is recognized when control...Read more
Financial - Expense
Amortization of intangibles - Represents...Read more
Financial - Debt
As of May 31, 2022,...Read more
Revenue - Product
The Company estimates the amount...Read more
Revenue - Product
Excluding the large UK order...Read more
Revenue - Product
In these arrangements, revenue recognized...Read more
Financial - Expense
Amortization expense increased $1.3 million...Read more
M & A - Other
(3) Acquisition-related future obligations include...Read more
M & A - Other
Goodwill represents the excess of...Read more
Revenue - Product
This growth was partially offset...Read more
Revenue - Product
The Med Tech business net...Read more
Revenue - Product
The Med Device business net...Read more
Financial - Income
Contingent consideration is remeasured each...Read more
Other - Other
A receivable is generally recognized...Read more
Financial - Earnings
Gross profit increased by $8.9...Read more
Financial - Income
Therefore, the Company has provided...Read more
Other - Other
Evidence the Company considered included...Read more
Other - Other
Goodwill and other intangible assets...Read more
Other - Other
This was partially offset by...Read more
Financial - Cash Flow
When testing for impairment of...Read more
M & A - Other
The Company generally values the...Read more
Financial - Shares
Results of Operations for the...Read more
Other - Other
If an intangible asset is...Read more
Financial - Income
Income Tax Benefit Our effective...Read more
Revenue - Product
Changes in projected revenues, probabilities...Read more
Financial - Expense
An increase to inventory reserves...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Angiodynamics Inc provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ANGO
CIK: 1275187
Form Type: 10-K Annual Report
Accession Number: 0001275187-22-000017
Submitted to the SEC: Fri Jul 22 2022 3:01:59 PM EST
Accepted by the SEC: Fri Jul 22 2022
Period: Tuesday, May 31, 2022
Industry: Surgical And Medical Instruments And Apparatus