AngioDynamics Inc. (NASDAQ:ANGO) Q4 2019 Earnings Conference Call Transcript

Jul 10, 2019 • 08:00 am ET

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AngioDynamics Inc. (NASDAQ:ANGO) Q4 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning, and welcome to the AngioDynamics Fourth Quarter and Fiscal Year 2019 Earnings Call. At this time, all participants are in 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 news release detailing the fourth quarter and fiscal year 2019 results across the wire early this morning is available on the Company's website. This conference call is also being broadcast live over the Internet at the Investors section of the Company's website at www.angiodynamics.com and a webcast replay of the call will be available at the same site approximately one hour after the end of today's call.

Before we begin, I would like to caution listeners that during the course of this conference call the Company will make projections or forward-looking statements regarding future events, including statements about expected revenue, adjusted earnings and gross margins for fiscal year 2020. Management encourages you to review the Company's past and future filings with the SEC, including, without limitation, the Company's forms 10-Q and 10-K, which identify specific factors that may cause the actual results or events to differ materially from those described in the forward-looking statements.

A slide package offering insight into the Company's financial results is also available on the Investors section of the Company's website under Events & Presentations. This presentation should be read in conjunction with the press release discussing the Company's operating results and financial performance during this morning's conference call.

I'd now like to turn the call over to Jim Clemmer, AngioDynamics' President and Chief Executive Officer. Mr. Clemmer?

Executive
Jim Clemmer

Thank you, Rob.

Good morning, everyone, and thank you for joining us today for AngioDynamics 2019 fiscal fourth quarter and our full year earnings call.

Joining me today on the call is Michael Greiner, AngioDynamics' Executive Vice President and Chief Financial Officer, who will provide a detailed analysis of our fiscal fourth quarter and our full year financial performance. But first, I'd like to begin by providing an overview of our operating and execution highlights for the year and further describe our vision for what lies ahead for AngioDynamics.

Shortly after arriving at AngioDynamics, I defined a near-term focus for the Company that included improving operational efficiency, increasing gross margins and optimizing working capital as well as developing a robust R&D process. Those shorter-term objectives were critical to establishing a framework and foundation upon which we could build our longer-term vision and strategy.

As we exited fiscal year 2018, we were energized by the significant progress we had made against those operational goals, positioning us to begin formulating a more defined strategy for our portfolio. Specifically, we identified the products that we believed were both differentiated and positioned for growth and that we could complement with M&A and our improved R&D processes. We also identified those products for which we may not be the most effective long-term owners.

As you saw throughout fiscal year 2019, we have taken the first meaningful steps towards optimizing our