AngioDynamics Inc. (NASDAQ:ANGO) Q1 2020 Earnings Conference Call Transcript

Oct 03, 2019 • 08:00 am ET

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AngioDynamics Inc. (NASDAQ:ANGO) Q1 2020 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning and welcome to the AngioDynamics Fiscal Year 2020 First Quarter Earnings Call. [Operator Instructions]. As a reminder, this conference is being recorded.

The news release detailing the fiscal 2020 first quarter results crossed the wire earlier this morning, and 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 the 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 and 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, and good morning everyone, and thank you for joining us for AngioDynamics' fiscal 2020 first quarter earnings call. Joining me on today's call is Michael Greiner, AngioDynamics' Executive Vice President and Chief Financial Officer, who will provide a detailed analysis of our first quarter financial performance. But first, I'd like to begin by providing an overview of our operating and execution highlights for the quarter.

I am very pleased with our solid financial performance, as well as the additional strategic and operational progress we have made towards achieving our longer term vision during the quarter. AngioDynamics looks vastly different today than it did a year ago, and one year from now, the company will look significantly different than it does today. We are continuing to focus our efforts on developing and acquiring innovative technologies, that complement our oncology and thrombus management platforms. Additionally, research and development remains a top priority for us, and we remain on track to release a number of new products and product extensions during fiscal 2020.

In addition, we continue to evaluate our portfolio and may consider divesting of existing businesses that no longer align with our longer term vision and strategy. For example, the divestiture of our NAMIC business in late fiscal 2019 allows us to continue to aggressively invest internally, as well as, to be opportunistic on the M&A front, as evidenced by the acquisition that we announced this morning.

The acquisition of Eximo Medical, Ltd., is consistent with our stated strategy of acquiring highly innovative