ANGO - Earnings call transcript Q1 2019

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and welcome to AngioDynamics First Quarter Fiscal Year 2019 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions].

As a reminder, this conference call is being recorded. the and results company’s is detailing earlier the website. release morning this available news first crossed quarter wire The on the Internet This live of also is company’s at the the www.angiodynamics.com. conference section the at being website Investors call over broadcast call the the same after be available of today’s call. of site replay at one approximately webcast will The hour end the

statements fiscal Before results conjunction actual review which the package make in with XX-K, the this year. with to I A President into under conference including conference differ the Chief and the forward-looking company’s release read this company or results the company’s presentation the will the expected the to XXXX course company’s projections statements. filings Presentations. and future we forward-looking the financial also described in about now call, website This from begin, should Management XX-Q operating identify regarding I offering encourages call would would events insight morning’s materially the to earnings, Executive section flow of like is specific be like turn call. Mr. to the adjusted to Jim financial future performance Clemmer, the Clemmer? results of over caution company’s listeners and press slide limitation, Form the you AngioDynamics’ that available those Officer. factors SEC, company’s during Investors on and discussing that statements without or free during including cause past revenue, for the events, may cash

James Clemmer

the quarter earnings is open With call for After of thank joining XXXX questions. me of we Good on Shery. AngioDynamics’ to for us Officer. and will fiscal Vice Michael I for and Executive then Greiner, a will and provide financial you, brief quarter. highlights the our that, fiscal call President Thank financial Chief detailed provide a Today, guidance. first call. analysis the Michael AngioDynamics’ the everyone, overview performance XXXX operating year will Financial our you morning, your

and financial to cohesive building reflect first quarter ongoing operational operating more Our the patient-focused commitment accomplishments product excellence to during portfolio. and a our

by evidenced of progress our are well within efforts as oncology, and with the optimization portfolio acquisitions, announced on making two we focusing As care innovative and other recently our continuum as technologies. disruptive

Our were $XX.X driven by net of all XXXX -expected businesses. sales better-than growth the first for fiscal quarter three across million,

cash the We product solid Our NanoKnife ongoing with lines headwinds Fluid offsetting in anticipated the by radiofrequency slowing our ablation our a products. Catheter, million, although and experience sales Michael the it revenue DOJ flow that reported and growth, noting Management, cash his in Angiographic detail will is AngioVac, in remarks. approximately the was both free free and which payment to of Venous business worth quarter, continued pleased our were negatively of flow during $XX.X impacted

in saw XX result in revenue you have the the the earnings closed of increased days. As two we the release, as a targets our past acquisitions year for we

fiscal the continued Our meeting our first confidence give for goals XXXX. year quarter in us results financial

Now of focusing businesses. performance our on the of each

flat by offset and was lines Insufficiency business. declines product in in the Venous angiographic Therapies year-over-year, and was AngioVac management, Our Vascular Interventions fluid business largely as the catheter, growth

weakness in the in continued We favorable quarter. second see third expect we comps Venous more the quarter, but in will

end procedural growth increasing AngioVac the XX% fiscal stabilize We will of by year. volume Venous with continue quarter. to in work the year-over-year first growth procedures remained strong, our our in business diligently to

around our R&D investments targeted management external our offering. out thrombus opportunities, identifying portfolio, making while to growth in build also are franchise as seek We we a AngioVac

achieved and team focus in facilitate we the believe future which to of quarters. our from will we June, on our reorganized VIT launches in growth benefit category, recall, sales recent thrombus product enhanced ensure a You’ll continuation

As oncology decreased reported, X%. revenue from our business

when actually from transition ago, X.X%. Acculis for Solero to to one initial it year the related grew However, adjusted orders stocking

transition, addition, we revenue of approximately In global the technology. Solero product technology this are over marketplace. XX%, for by this as driven grew adjusting Microwave in seeing X%, of just our NanoKnife line increasing adoption increased our adoption grew

and We two Access over acquisition. reported our contribution new BioSentry weeks revenue from X% also of was the line from are this up initial pleased with during products Vascular we top revenue growth the was our of BioFlo, thrombus our technology. ports, reduction market Midline adoption What drove dialysis first grew products, and as our our the we quarter, market-leading our products. continued that

PICC rate. sales a declined -expected slower-than Additionally, at

update would Michael, like turn I brief the progress over I with regarding NanoKnife. a to our provide call on Before to FDA the

This We with the our matching discussions patients. score design. randomized comparison next-generation issue met the we this design. demonstrate and to our have added clinicians, FDA what confounders, promise the all recently enhanced control NanoKnife-treated regarding design primary to with are NanoKnife we FDA technology’s study patients illustrates our clearly our stakeholders, remaining We regarding control is propensity regulators, clinical process potential continuing To refine registry and substantial of believe patients. to address to including to pancreas commitment arm a

of President the stages on I’d like reaching the Officer. begin calendar turn XXXX. call Financial Michael Greiner, of Chief We an to final and expect to our enrolling patients Vice the agreement Executive we during and early to With our in study are design, over part that,

Michael Greiner

good everyone. and Thanks, Jim, morning,

our I website, we of as XX experienced as to an growth our our results Before This remarks. to solid items eight that I begin, with in product quarter to Please on key posted remind update we associated a is summarizing our guidance. our the well intended first Relations want complement Investor note categories. prepared that financial presentation information everyone

our XXXX anticipated. basis for the totaled first of $XX.X flat which we on mentioned, fiscal sales million, is net and Jim quarter As than year-over-year better a

done around arrangement, the and the margins of continued the XXXX gross to a consolidations, to the we’ve over improvement a basis supply fiscal XX attributable first Our from operational royalty work improvements. for This months our XX.X% year and XXX of primarily expiration chain XX.X% points expanded quarter past ago. was all facility

margin anticipate we XX%. fiscal year quarter our line XXXX with gross in first to to expectations Our range was gross to XX% margin the our be of in continue and

research of $X.X expenses fiscal development the million ago. to $X.X quarter XXXX a increased year compared million, Our and first during to

our this in contemplates year. or during expect support R&D R&D as to this $XX.X an study of continue million of related sales. net with This X% additional We our percentage to between a new uptick spend million, fiscal of and half of the year spend sales and for $XX.X back spending acquisitions both NanoKnife fiscal approximately

expense to $XX.X million XXXX slightly million, year, down the SG&A compensation income Moving to primarily $XX.X statement. compared fiscal for the quarter to last variable first related of increased expenses.

as expense We expect acquisitions. a to approximately million this overall result SG&A of of $X duration two the increase fiscal the year for

XX.XX%. reported last $X.X quarter the statutory on or Our income compared table now the Adjusted to of for cash our million, were of tax in of post then These flow based excluding tax rate compared reform first of free million, in $XX.X our legal net we that in note negative cash the for $X and adjusted share the fiscal in we results over blended presentation quarter of the used updated share, we in quarter to million, adjusted last million the first payment million $X.XX matters $XX.X quarter of million. per per reconciliation the items or first for adjusted fiscal Please rate. for year was the quarter fiscal In first $X.X activities XXXX. that EBITDAS in XXXX income quarter first per first year. shown the reported previously to is million first $XX.X the quarter, significantly first of the net $X.XX share income XXXX, we of in fiscal $X.X was at was $X.X or the the in quarter $X.XX year million, the XXXX, ago. The accrued DOJ net of year enacted by last XX% the operating impacted a disclosed made

million we year. payment, a the of flow free XX% had over prior this the first Excluding cash increase quarter, $X.X in

the to balance sheet. turning Now

had XX, cash in in and million the deferred August impact cash of equivalents million of As debt, financing excluding $XX.X we and $XX.X costs.

also from lines potential which to combined we accretive approximately with fiscal than and million neutral the an $X.XX in product paid year from is for are These targets. technical trailing in additional related XX-month adjusted earnings to million a combined revenue be more earn-outs we Technology to these RadiaDyne. milestones As Specialties expected sales-related BioSentry beginning previously million, $XX recently fiscal The $XX be reported, and upfront, by which XXXX. acquired Surgical acquired will both XXXX in acquisitions, $XX

to Subsequent to XX% past we that ability that associated add with completing increase an in anticipate approximately of acquisitions in basis annualized will two revenue liquidity have over available fiscal combined we needed. XX these $XX in the XXXX. if with Additionally, acquisitions year-over-year on million these days, now to the by both

we creating our such, we when pursuing to generate will well value products M&A portfolio, As in for those continue to order divest current assets selective complementary seek highly assets. as can add to value as appropriate

like our XXXX. in deals these With guidance to mind, I update would financial fiscal for

range of to million guidance to acquisitions. raising and BioSentry reflect are our $XXX million $XXX net both revenue to RadiaDyne the We XXXX sales incremental a from

$X.XX. interest However, in expect as to upfront continue and adjusted expense higher EPS $X.XX a we of businesses, these and investments result between

XX%. margin to mentioned I range continue anticipate As gross in earlier, we the to full-year XX% of also

of our cash flow guidance $XX back turn payment updating in to $XX I’d the generate and and like cash free million account free recent XXXX flow between to inclusive now also to With we’re the Jim. in to expect Finally, that, for the DOJ to call fiscal payment. this million

James Clemmer

questions, oncology Thanks, discuss open detail acquisitions the to made the Michael. more And we to in recent two your we our wanted call in before business. I

have strategic and been in or M&A priorities we both has our of optimization, discussed As divestitures. quarters, top portfolio through internally one value-creating recent

lung proven we Sealant acquired occurrence BioSentry This Tract During a PTX. technology our business, of air product helps proprietary mitigate complication plug, which the and quarter, enhances oncology biopsy. the hydrogel a common adding CT-guided acquisition clinically or lung during Specialties. percutaneous minimizes prevents the first delivers risk Surgical percutaneous most the PTX, of immediately biopsy technology a from of commercialized The the pneumothorax, that CT-guided leakage System

In company the expand oncology the and organization our Surgical Specialties’ will addition to of reach commercial business. join technology, acquiring XX-person our BioSentry

and lines. acquisition device Additionally, different with on held diagnostic company two medical privately product RadiaDyne, closed we the September XX, a of

The first and devices, during designed balloon to are protect radiation which procedures. organs stabilization stabilize are

an up during allows that to the acquisitions procedure. will two monitoring delivered real-time The believe of oncology for innovative commitment bolster capitalizing on to a We patients. forward technologies technologies. to we these we’ll our economically together questions. These world-class disruptive, clinically our patient-focused the that, deliver on look current second oncology deliver favorable portfolio. for radiation it end these that safer, and relevant, Shery, our is product build They solutions the portfolio session superior open and truly With

Operator

this At you. conducting first be Hewitt Thank Instructions] proceed Craig-Hallum. question. with question-and-answer is your time, a session. we Please with from [Operator will Matt question Our

Lucas Baranowski

Yes. This Baranowski is here for Lucas Craig-Hallum. on at Matt

Just many customers a how on of customer at today. there you could overlap they these how and with had two companies, base? Congrats us maybe your couple much acquisitions, questions and is them existing tell the looking between

James Clemmer

morning. This Jim. good as Lucas,

with the So call in important really were set for different NanoKnife what more too, from or gets and on we technology can And it’s you, we portfolio think it. either points, yesterday, diligence technologies obviously a best discussions and first, crossover future some process, is this part into but and of in our from did we with non-thermal, today, microwave the two a the our is not really us for we’re customers, But ablation leading companies to tell the of new one we being even base. AngioDynamics time. thermal, feel that current foundation stronger now more expand oncology RF at – company. was going really, ablation looked have helping we’re unique growth strategy technology we we But market. which to understand we the our customer overlap, was customer due these we base an us opportunities But disclose us what what’s acquiring there caregivers, to important world’s different acquisitions in found over

Lucas Baranowski

the topic on Thanks. you That’s CMS reimbursement? an provide with discussions regarding having you’re update then also on can helpful. oncology, of the And

James Clemmer

do that. do I’ll brief Trowbridge is it Steve for a Lucas, we can comment. to pass Sure, What

Stephen Trowbridge

having Lucas, Thanks, what progressing in prepared we’re conversations Jim remarks, with said the FDA. we’re lines has same along having conversations to Jim. similar that with as And his are CMS the the

NanoKnife, ICD-XX and the the and levels with also ICD-XX the the had and the with and decision. complexity that’s there those for will treated reimbursement being of lines As October. They were codes that CMS, the that published the codes those payment that were of issuing effect trial talked you to think three already coverages being procedure that We’ve mapping we’re right health the progressing We the pleased the we’re coding in the said, the this with last with we were be that with conversation CMS right stool. along DRGs know, was we two that time of very for of the in the about of technology. a FDA. that it’s at talked patients it’s legs always That we into you, the design discussing into with will codes the pain interim – we indicated go DRGs

the get in moving be that to the you and that timeframe. in right more CMS definitive talking process as described So, about back the also in clearly we remarks, Jim FDA manner with his we prepared in answers can think direction, we’ll had it’s on same

Lucas Baranowski

much. you all Thank very we had. That’s

James Clemmer

Thank you, Lucas.

Operator

Our Matt with KeyBanc from your Please proceed next with is Capital question. Mishan Markets. question

Brett Fishbin

Brett is line on for this the Fishbin guys, Matt. Hey,

and could trial? were of to arm discussions the little randomized trial propensity First the on elaborate bit addition specifically, if the matching with the score the improving regarding changes question, wondering and overall we the FDA the the how you control are a NanoKnife

James Clemmer

ahead, Go Sure. Steve.

Stephen Trowbridge

Jim. Thanks, appreciate Yes, I thanks, question. the Brett,

are of you, right reaching we using NanoKnife-treated in control that that design detail the patients Jim into the and time study with at Stage the have talked study to our but then pancreatic patients stages II format engaging patients the last registry, went around NanoKnife. with a mentioned, we fair with patients registry compared next-generation do on treated were are as having final we feel The and cancer FDA So agreement we we’re discussions that and design. in in that control registry not now the

it are randomization, NanoKnife that patients think In were that sites one at that matching within a some patients as design what then structure Given problem. this with come score possible. raising comparison, not primary up difficulties that our with of we well were to is propensity so that conversations this the matching that the not known to of was having FDA, you’re they close the use clinical process with apples-to-apples studies of was to and we issues as because was the the are use

design I terms get collaborative that we been had that PMA approval with FDA talked our think the sure process conversations actually final have whatever you making of very and run can very study about. in a that we of progressive

of was there you’re doing potential about that a when So raised number matching process. confounders questions

get but to ways. conversation sites that we then the sites. sites adding right last can as you’ll propensity addressed that do, the are we statistical in to by non-NanoKnife esoteric that to some down enhancements some One are had in making an apples-to-apples FDA, also the two matching the with our score pretty close process that as So we sure to with it that possible analysis comparison sure make

to so arm of we’re then study treatment comparing sites And we to make the design. randomized study that centers a are include in the added world’s some that But to think leading sure this we’ve second, that apples-to-apples. our we’re going

that both think does think does our We us enhances enhance asked quite it a give of it bit. how question the that best really you worlds. Now about study, the we it

being doesn’t go a to a eliminate next-generation its which study problems registry variables patients with the we’d technology that been that designed, to we in the when from always history product, is treated randomized and discussed given has real isolate also it like of the is using do patients. to arm world it. this a for there why we’ve translate, being feel long bias That gives studying that are As we as you’re method our possible really specifically there traditional to the randomized that as said, understand historically, benefit that many best you that

design. the do get world its with got And embedded that we structure study real so arm. of RCT our We’ve both to with

technology gives articulating then also worlds but it arm, from us we is everyone of it benefit us get regulatory full as from approval, gets panegyric front So the the point we’ll arm. to clinicians, best of to of us to the world have a to think perspective, that well the of both this data where as randomized comfortable an that in the of real

Brett Fishbin

right. all compared All that quarter? forward, the confidence for could full-year And And out headwinds you looking the impacted in you, gross to was full-year? objective, there some target at any that to XX% Steve, call then then or detail. the Thank seasonality other XX% for the achieving this looking margin

Michael Greiner

thanks first Brett, items and had our that quarter. a of Yes, quarter, that come accounted XX of the amortization couple we up process about was first basis the In that for points. for each question. that, reevaluation One standard

of a extra also fourth so some orders those we in freight, point. situation meet customer was expedite, to last year. quarter that We order some XX another to backorder basis exited small as quarter and order we of the And during had had or the first in

to XX.X% quarter. So in versus some where the headwinds fourth as first we of you quarter were the there compare

to we on that confidence XX%, items of just these very some XX%, understanding I the internal was prepared to expectation, with the our Regarding I in commands remain alluded in confident XX% referenced. our as line

of a XX%, very a into around fourth or then XX% be year the the see we the means to which second, feel And as XX%. rate gross in quarter. back-half ramp our XX%, we by go third of so that of blended confident and excess as we margin our And will definition

Brett Fishbin

the quarter disruption see resolved Thank last then if this be to business forward? from Did us. benefit or for the that’s you so, it at you going been Terumo? could do over a for you if All an any benefit question to you know right. And catheter very is issue much. And this continue if guys

James Clemmer

So products in had where a we specific have the large Terumo crossover backorder. the don’t

and other product one small companies two it increase. there, or a had up was a think, amount. there might of I better bit We maybe some pick sales little a our have increase but reported probably a of categories, crossover have on may small very a

Brett Fishbin

Thanks a lot.

James Clemmer

Thanks.

Operator

proceed Please is Canaccord next Jason question. your from question Our Genuity. with Mills with

Jason Mills

hear you can Jim, Hi, me, okay?

James Clemmer

Hi, Jason, good morning.

Jason Mills

Good morning.

a Jim. for couple me, questions Just of

expecting your gross trend what really last same year-over-year, quarters. from give for figure, of revenue line? of down it what years on an next but with year? talk it to of margin. you uptick the maybe well First thinking the And that was Can the the us balance the as is gross you’re Good the for on couple as margin update also couple on about

Michael Greiner

Hey, it’s Sure. Jason, are you? Michael, how

Jason Mills

Well, thanks, Mike.

Michael Greiner

backlog first that that So then we the a year our a the in on. was item, Those quarter. quarter, as anticipated. of we reevaluation expedited other parts small the fourth into obviously of we the early first repeating And coming the got into items quarter the we items had as couple One freight we out process the in don’t that year we got the of around some fourth are had one-time quarter. anticipate standard goes and

quarter. second, the As will course in third we excess the gross of well XX.X% margins year, through fourth of over the ramp and be obviously,

to confident we feel And in that range XX% so today. XX% we reannounced our just

doing. we’ve upside work think that that, I beyond As is operational of for stated chain going supply some and we movement far some the we’re still before there as is with believe what out

XX%-plus be we can in successive stated put but XXX, points. and do to We mix gross related margins we’ve of as getting then portfolio. XXX years, But we exact will that beyond hope the that to that, have primarily not our over basis an into number somewhere the

just two opportunity, about gross Solero our And that – about aggregate of growth think as so we acquisitions we morning, current NanoKnife this talked have there, excess an if made about you margin well margins gross portfolio. in we about and talked the the the talked we

of But effect to next in have XXXX do So once we’ll nice three XX%-plus the anticipate meaning appropriate into on feel then. And XX%. will XX% obviously, a quarters, that’s get that that we financial and a holistic near-term, more pull beyond us over mix our provide give outcomes view this to to time. updates we

Jason Mills

That’s Thanks, good Michael. It’s helpful. answer.

be benefit show AngioVac embolism, to clinical device usage or about that? the great, know small what – market used clot seemingly So, quite that it of multiples body, the you vein any is where like, a studies a the going? Can lot fast talk is where you And customer stroke thrombosis where would geographies whether currently product business plan what the than only the as paid in for to just But growing but base occasionally. the business growth is broad that body, your about be going, playing. it’s the the it’s business of talk looking a market on Jim, I in attention Just market, Can have getting specifically, that on you I for bigger is peripheral AngioVac AngioVac obviously planned foresee of as side, see thoughts in that’s with being pulmonary of not AngioVac deep you it is you. which helpful? in be out is? that, certain well trial know growing that Can line clinical

Michael Greiner

Jason. a it’s Yes, question, good

So couple here. comments a

also It’s acuity. beyond we So sales first, low VIT where June cases that split in I procedure gap catheter our the first severe AngioVac levels year of you is midsize mentioned again, about very this think, AngioVac, year-over-year of high on for acuity, then talked we patients. Uni-Fuse fill to other with space and companies at we’ve when Uni-Fuse, our if acuity and for growing back, for now, A XX% quarter fiscal the volume force. us our low-end actual our important. currently look high-end started, midsize clots the kind gap in

then our the people people AngioVac. So on products could on venous could focus primarily and focus

care pipeline From more relevant out delivering conversations really going don’t soon products studies clot short-term R&D new customers. our that that any is are us What removal. you’re to having we of with have we’re here, think see physicians by clinical designed our see. you’ll for from we So coming

we’ve user-friendly technology confident the does that, allow clots, situations, in of customers, want they to them listened try device they’ll aspects where what So to kind more because the some it feel that our to to other use it you know, that large is allows in do go that. others does unique back recirculates them as There’s works. how nothing don’t the blood that else to after body,

So user-friendly, by think and little Ultimately, being we many this major player more like now lot. think a a we reasons be more Jason, Uni-Fuse we’ll two procedures. there. AngioVac us capture space to We a give

middle comment So want to that the on we you M&A through the here of technology in short-term. the... to Steve, look probably our in fill gap do

Stephen Trowbridge

Yes. this is, and customers One large-scale our have now. meaningful we to But add thing line. trials don’t understand any patients scheduled would to I that our that’s have right around clinical we product data requirement the said, being

as for and smart uses technological larger And point, Then so it into be we’re currently the R&D and of support in is meaningful. platform regulatory indications. has to Jim to a could technology about upon certainly lot sale, the scale we’re data, where it that the that’s for clinical collecting a depends we Where And at – varieties it trials, today, AngioVac a different now. also talked future we flavors data-driven data know of way because be which think stand take additional I that there the may innovations, collecting there that a but we data lead appropriate are that future. out are the in but the

Jason Mills

Great.

I’ll I’ll and questions, of get just Just a XX,XXX-foot in broad way. get out back more the them of the couple ask queue. then

supply First, more broad size that they on what are But conversations? and you’re What own second then, around the question the what actually, of curious wondering any private of like that just pendulum group impressively Terumo call. we in earlier shift back this your purchasing shift you’ve you the help you’re curious think, seeing to integrating smaller like – in that didn’t tech in networks. decent or know dual the reason high, have looking that. in it marketplace sourcing constraints were a generally. med and valuations occur, And the you’re are light the anything there for But United is seeing what think little acquisitions, talked in more a companies markets the seen in your in just speaks bit in I’m been organizations I obviously, M&A, the Thanks. about to if if contemplating affect I way would thoughts? that, or for I valuations a States, that are, there to they

Michael Greiner

Yes, question. good Jason,

know affects knowledge background, my I it you As the and from marketplace how GPO a good the supplier and customer have of dynamics.

Here part at AngioDynamics, it’s not a major of what do. we

areas dynamics, GPO to that IDN go driven. we’re technology or where people the in dynamics, are of our the not less at investor close we we’ve really to very though, below investing at have end Delivery find the more really decide technology understand a we’re top Ultimately, good Network layer unique, identified some Integrated be allows, I We and upon specialized, we’ll or it contracts so is in and are areas least our our customers base, driven by to completely the think, contract-driven technology those.

of said, companies at some about comment or new new some AngioDynamics. dual these sourcing the innovation So being do clauses that opportunities like end your help

rely those we launch some technology. new we’d as our on think, opportunities those for of some foot-in-the-door I of

trends of scale, have technology. a a companies and bit in may the new shifted for launch us correct, Jason, you’re some So be like or favorable macro us we as

good device valuation. see we again, fair first And med we we two bought. are we’ve paid Sure, dynamic really value your you Now segment think bought assets rich in on the see. going what the two We question back we for reason. to think assets. for market Valuations a

BioSentry – it tremendous was The within a commission. product, had but a at of asset, great which a first buried was different company that a

this have people good we’re now some there. really company into AngioDynamics, So they there’s taking

grow bought and and can mentioned how did integrate our hurdles. earn-out to minute base team with balloon will be RadiaDyne We we And business innovative. how we’re upfront paid a ago, focused product be did it’s oncology. secondarily, excited two-step, believe the and the a stabilization achievement We the really RadiaDyne. with pleased. which earn-outs we important, we as think because with we that’s think monitoring a product, that successful great it be, deal payment we team then revenue are think new their secondarily, is we’ll a We’re will and their OARtrac, technology And Michael watch in technology dynamic. now with And be upon an called and on will that everybody dosage if as to we based believes we it

Jason Mills

you, Okay. guys. Thank

Michael Greiner

you, Thank Jason.

Operator

[Operator next is question. your proceed with James. Raymond Please Jayson Instructions] Bedford with from question Our

Jayson Bedford

thanks Good taking morning, the questions. and for

few. So just a

size the On us anticipated the you remind trial, what’s NanoKnife can the of trial?

James Clemmer

Sure, Jayson. Steve?

Stephen Trowbridge

and Yes, time the last about XXX patients at the was size arm. that we in had control nano roughly the each the talked arm

RCT I by not fair still meaningfully. determine, the up us think, we’re ballpark, but the maybe little final adding numbers, looking arm, that’s but a to a bit

Jayson Bedford

it Okay. And complete take you how think will the to long do study?

Stephen Trowbridge

to but be study. milestones There a of could approval Well, in to years. couple That takes as of we milestone, PMA, is that three different a think ultimate the said, while. the be which this would there’s about four

falling However, do trial, which of there current in XXXX. with quarter first starting start becomes the the we’re tissue-specific with to training we’re reimbursement and hoping employing the to the to we do study, as then place, us said, milestone potentially allow into strategy that the

Jayson Bedford

trimming I you. good that can have assets the the active you’ll Jim, mentioned you around ones. But or forward? going Thank portfolio, is two an optimization appreciate look group Okay. of deals, they and is the like there portfolio this process

James Clemmer

Jason, looking. say if said, we as and weren’t wouldn’t we always

company at want is were here what So portfolio great AngioDynamics. assets. do management founded, some discipline to there we When our really was

You go a AngioDynamics NAMIC back year which go platform, over to back they years, XXth our XX where company. products, is our as the

great of things and but So time, we shift. with our over foundation have customers, technology a trust such

just we So what said. are you constantly doing

portfolio, at We’re be tech, more as should we what company to higher looking transform our looking company. outcome-driven clinician-driven, our here technology at

we’re and may opportunities be looking as at assets that with have where homes that, other we So may speak. better there

Jayson Bedford

Fluid – Okay. and I few is that sustainability range, believe grown management? in well, market. mid A still of quite mid of What’s here kind single-digit in is single-digit obviously, growth X% the fluid above in management, which product-related solidly it’s the that questions.

James Clemmer

It’s a good question.

the fortunate, tough products and great great but not it a technology, suite to just NAMIC is really from of have We’re market.

We have sales and team team. manufacturing quality good great really a and really, marketing and a

think are on servicing itself products the best great your really do our at is people rate. and I don’t the customers. our by But is market Jayson, a question customers job our time, well over the known that growing those market. That’s fair. So

see We’re come over market time that and little outperforming the probably you down bit. a

coming So see from give Short rate without guidance XXXX we’ll think seen I what market. I we’ll in true long-term. the said, growth us we’ll as the as probably your you’ve technology up are But don’t sustain soon. in innovation, assumptions a term, correct Michael think, of

Jayson Bedford

Okay. terms And assume low growth? market it’s fair single of to in is

Michael Greiner

Yes, probably.

James Clemmer

of direct kind see. is one to hard There competitor. Probably, other it’s

some at You’ve got from the the now of edges kit are this nibbling distributors. large packers of who

it’s up most. probably X% lower, be So at or X% to the may flattish

Jayson Bedford

last then Okay. me. for question And

uptick dialysis pretty saw Was anything port and driving quarter. in decent growth the a You that? there in

James Clemmer

So things. a couple

look few had two little back see you quarters, a trend we’ve you’ll in even categories. If build those slowly a

execution team. sales again, So good by and the really marketing

to else does. we people nothing there talked what a We the we’ve of – the on is it foundation think best does really have the always great is market, some what And new BioFlo about, but doing BioFlo. there Jayson, job. catheter

it’s years the more PICCs. Now on the if better – But because we struggled job the why device. complete in story has back this in many or a unique, it. we’re AngioDynamics there’s look reasons case, market, is foundational PICC telling reason doing placement for at navigation a because has you couple in a a have didn’t really And fashion, been,

attached you to dialysis as marketing higher can PICC that a we things with illegally, customer you. Bard is catheter BioFlo really and strip addressed rate. or a port choose much a a they Now believe But product at you their know, a and also we’ve choose those when away

it’s that like can a the a delivered great clinicians by really to company outcomes and technology really So base benefits. about us talk

Jayson Bedford

you. Thank Okay.

Operator

would over the call to we to gentlemen, of I like our closing back reached and end question-and-answer turn remarks. for have session. Ladies to management the

James Clemmer

you, Thank Shery.

us joining today. thanks folks, So for

efficiency. as our our as to well is positioning R&D most our is the and maintaining processes, AngioDynamics regulatory added long-term see, can manufacturing organizational a company you high-quality of We’ve and talent improved in for transition and produce, As growth in success. our company mission. and which We’ve structure our team significant important that while the we’ve progress products we made our our

we’ve believe portfolio, where our we will foundation, we our as focus and product to invest that our turned with opportunity meet. and technology Now

two excited a to past our now The what This acquisitions. start and team. and our to welcome at our and of we’re BioSentry colleagues We’re RadiaDyne them a happy was to to our Many good quarter customers, are time future, are folks we join have you employees team soon. will we’ll our part deliver our believe new talk like great for shareholders. for of Thanks team, our and to will your about our be and continue you, year. our enthusiastic today, we and new

Operator

conference. concludes Thank you. today’s This

may your You this your and at disconnect participation. time, for thank you lines

AngioDynamics (ANGO) 27 Sep 182019 Q1 Earnings call transcript