AngioDynamics reported first quarter financial results for the 2017 fiscal quarter ended August 31, 2016.
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Net sales were $88.1 million, an increase of 5% compared with $83.8 million a year ago. Currency did not have an impact in the quarter.
The following comparisons exclude the Boston Scientific supply agreement.
Peripheral Vascular net sales were $51.4 million compared to $47.1 million in the fiscal year 2016 first quarter. Vascular Access net sales in the first quarter were $25.0 million compared to $24.6 million a year ago.
Oncology/Surgery net sales in the first quarter were $11.1 million compared to $11.3 million in the fiscal year 2016 first quarter.
Overall U.S. net sales in the first quarter were $71.8 million compared to $68.4 million in the year ago first quarter. Overall International net sales in the first quarter were $15.7 million compared to $14.7 million a year ago.
In the first quarter of fiscal 2017 AngioDynamics recorded net income of $1.3 million, or $0.04 on a per share basis, driven by volume growth and continued margin improvement. The Company recorded a net loss of $0.8 million, or $0.02 on a per share basis, in the first quarter of fiscal 2016.
Excluding the items shown in the attached quarterly non-GAAP reconciliation table, adjusted net income for the first quarter was $6.4 million, or $0.17 per share, compared to an adjusted net income of $4.0 million, or $0.11 per share, in the first quarter of fiscal 2016.
Adjusted EBITDA in the first quarter of fiscal 2017, excluding the items shown in the attached reconciliation table, was $14.9 million, or $0.40 per share, compared to $11.6 million, or $0.32 per share, in the first quarter of fiscal 2016.
In the first quarter of fiscal 2017, AngioDynamics generated $7.4 million in operating cash flow and $7.0 million in free cash flow.
As of August 31, 2016, cash and cash equivalents were $37.4 million and gross debt was $118.9 million excluding the net impact of deferred financing costs. ■