AngioDynamics reported fourth quarter and full year financial results the 2016 fiscal year ended May 31, 2016.
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Net sales for the fiscal fourth quarter were $93.4 million, an increase of 3% compared with $90.9 million a year ago. On a constant currency basis, sales were also up 3% compared to the fourth quarter last year.
The comparisons exclude the BSC supply agreement. Peripheral Vascular net sales in the fourth quarter were $54.8 million compared to $49.8 million in the fiscal year 2015 fourth quarter. Vascular Access net sales were $24.8 million compared to $27.1 million a year ago.
Oncology/Surgery net sales were $13.0 million compared to $13.0 million in the prior year's fourth quarter. Overall, net sales in the U.S. were $75.0 million compared to $72.0 million in the 2015 fiscal year fourth quarter.
International net sales were $17.6 million, down 2% from $17.9 million a year ago. On a constant currency basis, international sales declined by 1%.
AngioDynamics recorded a net loss of $44.0 million, or $1.21 on a per share basis, driven by a one-time long-term deferred tax asset write down as well as an inventory write-off related to a change in direction to the Celerity product line.
In the fourth quarter of fiscal 2015, AngioDynamics recorded a net loss of $0.8 million, or $0.02 per share. Excluding some items, adjusted net income was $6.8 million, or $0.19 per share, compared to adjusted net income of $5.0 million, or $0.14 per share, from the year ago fourth quarter.
Adjusted EBITDA, excluding the items shown in the attached reconciliation table, was $13.9 million, or $0.38 per share, compared to $13.2 million, or $0.36 per share, in the year ago comparable period.
In the fourth quarter, AngioDynamics generated $18.5 million in operating cash flow. At May 31, 2016, cash and investments were $34.0 million and debt was $121.4 million.
For the twelve months ended May 31, 2016, net sales were $353.7 million compared to the $357.0 million reported a year ago. AngioDynamics recorded a loss of $44.5 million, or $1.23 per share, compared to a net loss of $3.3 million, or $0.09 per share, reported a year ago.
Excluding some items, adjusted net income was $21.2 million, or $0.58 per share, compared to adjusted net income of $21.2 million, or $0.58 per share, a year ago.
Adjusted EBITDA, excluding the items shown in the attached reconciliation table, was $53.2 million, or $1.46 per share, compared to $56.7 million, or $1.56 per share, in the year ago period. ■