Portfolio optimization enhances strategic focus
and follows initiative to restructure manufacturing footprint
Company to discontinue sales of radiofrequency
ablation and Syntrax products
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 patient quality of life, today announced that it has
completed the sale of its PICC and Midline product portfolios to
Spectrum Vascular, an innovative medical device company focused on
vascular access and medication management, for up to $45 million in
cash.
The transaction consists of AngioDynamics’ PICC, Midline and tip
location products. This combined portfolio of products contributed
approximately $43.5 million in annual sales during AngioDynamics’
fiscal year 2023.
The Company also announced that it has discontinued the sale of
its Uniblate and Starburst Radio Frequency products, as well as its
Syntrax support catheter products to further streamline its product
portfolio. These products contributed approximately $5.5 million in
annual sales during AngioDynamics’ fiscal year 2023.
“Today’s divestiture is another significant milestone in our
transformation and supports our focus on driving increased
penetration of our Med Tech platforms in high-growth markets. It
builds upon the divestiture of our Dialysis and Biosentry
businesses that we announced in June as well as the plan we
announced in January to streamline our manufacturing operations,”
said Jim Clemmer, President and Chief Executive Officer of
AngioDynamics. “This transaction, combined with the discontinuation
of our radiofrequency ablation and Syntrax products, further
strengthens our balance sheet, optimizes our product portfolio and
deepens our strategic focus on driving growth and profitability
within our NanoKnife, Mechanical Thrombectomy and Auryon
businesses.”
Mr. Clemmer added, “The acquisition of our PICC and Midline
portfolios provides Spectrum Vascular with strong, well-recognized
product lines and a skilled commercial team. We are pleased that
Spectrum Vascular, a growing provider of vascular access products,
is acquiring our PICC and Midline portfolios and will continue to
expand patient access to these industry-leading, high-quality
medical devices.”
The transaction consideration consists of $34.5 million paid at
closing, an earnout related to sales of the divested products over
the next two years equal to $5.5 million, and a milestone payment
of $5 million paid upon final transfer of the manufacturing of the
divested products to a third-party manufacturer.
The assets divested and discontinued today, along with the
assets divested in June, will be accounted for as discontinued
operations, removing their impact from the Company’s fiscal 2024
results. The divestiture of the PICC and Midline businesses,
together with the discontinuance of the radiofrequency ablation and
Syntrax businesses, will reduce full-year fiscal 2024 revenue by
approximately $50 million. The Company expects that the divestiture
of the PICC and Midline businesses, together with the discontinued
businesses, will be accretive to full-year fiscal 2024 gross
margin.
In connection with the transactions announced today, the Company
will eliminate certain sales, marketing and operational expenses.
Today’s transaction, inclusive of the restructuring, is expected to
be slightly dilutive to fiscal 2024 adjusted earnings per
share.
The Company will provide updated fiscal 2024 financial guidance
on its fiscal third quarter earnings call in early April.
UBS Investment Bank is serving as financial advisor, and
Cadwalader, Wickersham & Taft is serving as legal advisor to
AngioDynamics. Fried Frank is serving as legal advisor to Specturm
Vascular.
About AngioDynamics, Inc.
AngioDynamics is 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
patient quality of life.
The Company’s innovative technologies and devices are chosen by
talented physicians in fast-growing healthcare markets to treat
unmet patient needs. For more information, visit
www.angiodynamics.com.
About Spectrum Vascular
Spectrum Vascular is an innovative medical device company
focused on vascular access and medication management. The company's
mission is to improve the lives of patients worldwide by providing
caregivers with high quality, innovative products with exceptional
customer service. Innovation has been a core strategic pillar
throughout Spectrum Vascular's history and many of its products
have been designed to deliver antimicrobial protection and thrombus
reduction. Spectrum Vascular is a portfolio company of Event
Capital Strategies, a medical technology-focused investment fund
based in New York.
Safe Harbor
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements regarding AngioDynamics’ expected future financial
position, results of operations, cash flows, business strategy,
budgets, projected costs, capital expenditures, products,
competitive positions, growth opportunities, plans and objectives
of management for future operations, as well as statements that
include the words such as “expects,” “reaffirms,” “intends,”
“anticipates,” “plans,” “believes,” “seeks,” “estimates,”
“projects,” “optimistic,” or variations of such words and similar
expressions, are forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties. Investors are cautioned that actual
events or results may differ materially from AngioDynamics’
expectations, expressed or implied. Factors that may affect the
actual results achieved by AngioDynamics include, without
limitation, the scale and scope of the COVID-19 global pandemic,
the ability of AngioDynamics to develop its existing and new
products, technological advances and patents attained by
competitors, infringement of AngioDynamics’ technology or
assertions that AngioDynamics’ technology infringes the technology
of third parties, the ability of AngioDynamics to effectively
compete against competitors that have substantially greater
resources, future actions by the FDA or other regulatory agencies,
domestic and foreign healthcare reforms and government regulations,
results of pending or future clinical trials, overall economic
conditions (including inflation, labor shortages and supply chain
challenges including the cost and availability of raw materials),
the results of on-going litigation, challenges with respect to
third-party distributors or joint venture partners or
collaborators, the results of sales efforts, the effects of product
recalls and product liability claims, changes in key personnel, the
ability of AngioDynamics to execute on strategic initiatives, the
effects of economic, credit and capital market conditions, general
market conditions, market acceptance, foreign currency exchange
rate fluctuations, the effects on pricing from group purchasing
organizations and competition, the ability of AngioDynamics to
obtain regulatory clearances or approval of its products, or to
integrate acquired businesses, as well as the risk factors listed
from time to time in AngioDynamics’ SEC filings, including but not
limited to its Annual Report on Form 10-K for the year ended May
31, 2023. AngioDynamics does not assume any obligation to publicly
update or revise any forward-looking statements for any reason.
AngioDynamics, the AngioDynamics logo and Auryon are trademarks
and/or registered trademarks of AngioDynamics, Inc., an affiliate
or subsidiary. All other trademarks are property of their
respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20240215583083/en/
Investor Contact: Stephen Trowbridge Executive Vice
President & CFO 518-795-1408 strowbridge@angiodynamics.com
Media Contact: Saleem Cheeks Vice President, Communications
518-795-1174 scheeks@angiodynamics.com
AngioDynamics (NASDAQ:ANGO)
過去 株価チャート
から 4 2024 まで 5 2024
AngioDynamics (NASDAQ:ANGO)
過去 株価チャート
から 5 2023 まで 5 2024