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AngioDynamics sees better balance sheet, ‘consistent’ free cash flow
By Devika Patel
Knoxville, Tenn., July 11 – AngioDynamics Inc. has “consistent” free cash flow generation, expecting to raise $38 million to $43 million of free cash flow in the next year and the company’s executives report that AngioDynamics’s balance sheet has improved from a year ago.
“We are pleased with our consistent free cash flow generation which bolsters our strong balance sheet and provides us with the capital we need to pursue targeted investments in R&D and strategic M&A opportunities,” executive vice president and chief financial officer Michael C. Greiner said on the company’s fourth quarter and full year ended May 31 earnings conference call on Wednesday.
The company has an improved leverage ratio and management is pleased with the balance sheet.
“Our balance sheet is stronger than it was a year ago, with an overall net debt to EBITDA leverage ratio of less than one half turn,” president and chief executive officer James C. Clemmer said on the call.
Adjusted EBITDAS in the fourth quarter of 2018 was $15.6 million, compared to $14.3 million in the fourth quarter of 2017.
In the fourth quarter of 2018, the company generated $23 million in free cash flow.
As of May 31, the company had $74.1 million in cash and cash equivalents and $92.5 million in debt.
Adjusted EBITDAS was $57 million for the full year, compared to $58.7 million for the same period a year ago.
The company expects its fiscal year 2019 free cash flow to be in the range of $38 million to $43 million.
AngioDynamics is a Latham, N.Y.-based provider of medical devices for vascular access, surgery, peripheral vascular disease and oncology.
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