AngioDynamics reported financial results for the third quarter ended February 28, 2015. Net sales of $86.6 million decreased 2% year over year from $88.2 million in last year's Q3.
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Sales were flat year-over-year on a constant currency basis and excluding the planned wind down of the supply agreement with Boston Scientific (BSC).
Peripheral Vascular net sales in the third quarter were $46.2 million, down 2% compared to $47.4 million in fiscal year 2014 third quarter. Vascular Access net sales were $26.4 million, a decrease of 3% from $27.3 million in the year ago quarter. Oncology/Surgery net sales of $13.1 million grew 9% over the $12 million in the prior year's third quarter.
Overall, net sales in the U.S. were down 2% year over year to $68.4 million from $69.8 million. International net sales grew 3% to $17.3 million from $16.8 million in last year's third quarter. On a constant currency basis, international sales increased 8% compared to the fiscal 2014 third quarter.
The Company's GAAP net loss was $4.3 million, or $0.12 loss per share, compared to net income of $4.5 million, or $0.13 per share, in the fiscal 2014 third quarter.
The current year period includes $15.5 million of non-cash, long-term asset impairment charges, $5.9 million of expenses associated with a product recall and discontinuance and $5.1 million of amortization, partially offset by a $10 million benefit from changes in the present value of contingent consideration.
Adjusted net income was $4.4 million, or $0.12 per share, for the third quarter compared to net income of $4.9 million, or $0.14 per share, for the year ago quarter. This includes $0.02 impact from movements in currencies, particularly the euro and Canadian dollar, which declined against the U.S. dollar.
Third quarter EBITDA was a loss of $1.4 million, or $0.04 loss per share, compared to $13.8 million, or $0.39 per share, in the year ago period. Adjusted EBITDA, excluding the items shown in the attached reconciliation table, was $13.5 million, or $0.37 per share, compared to $13.9 million, or $0.39 per share, in the year ago comparable period.
At February 28, 2015, cash and investments were $21.4 million and debt was $148.9 million. ■