AngioDynamics Inc. (NASDAQ:ANGO) Q1 2021 Earnings Conference Call - Final Transcript

Sep 29, 2020 • 08:00 am ET

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AngioDynamics Inc. (NASDAQ:ANGO) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, and welcome to the AngioDynamics Fiscal Year 2021 First Quarter Earnings Call. [Operator Instructions]. A question-and-answer session will follow the formal presentation. [Operator Instructions]. The news release detailing the fiscal 2021's first quarter results crossed the wire earlier this morning and is available on the Company's website. This conference call is also being webcast 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'd 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 2021. 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, Melissa. Good morning, everyone, and thank you for joining us for AngioDynamics' fiscal 2021 first quarter earnings call. Joining me on today's call is Steve Trowbridge, AngioDynamics' Executive Vice President and Chief Financial Officer, who will provide a detailed analysis of our first quarter financial performance.

I am excited that we are able to report a strong first fiscal quarter while remaining focused on profitability and on managing our cash and balance sheet despite the impacts of COVID-19. Throughout the quarter, we observed a solid improvement across our end markets as hospitals and local governments continue to navigate the pandemic. These effects have been largely localized, and we are observing variability in the pace and magnitude of recovery throughout our various geographies.

We view these positive signals as encouraging, but we do not anticipate the demand environment to return to pre-COVID levels in the near-term and we currently expect the demand for this year will be roughly 10% to 15% below pre-COVID levels. Despite this headwind, we have a line of sight into growth and we expect that we will be profitable this fiscal year, which Steve will cover in more detail shortly.

Turning to our results for the quarter, first quarter revenue of $70.2 million increased 6.3% year-over-year inclusive of the order in the UK we discussed with you last quarter. In addition, we reported adjusting -- adjusted earnings per share of $0.02 for the quarter, reflecting our commitment to growth, as well as our ability to manage expenses and cash