Angiodynamics ended May with $74.1 million in cash and cash equivalents and is ready to put it to work.
"As we have discussed in recent quarters, one of our top strategic priorities has been portfolio optimization both internally and through value creating M&A," CEO Jim Clemmer said during the company's fourth-quarter earnings call, according to SeekingAlpha transcripts. "Our portfolio optimization will focus on the continuum of care within oncology as well as disruptive and patient-focused technologies that are differentiated and truly changing healthcare has delivered. We will continue to seek out acquisitions focused on products and technologies that fulfill unmet needs in large addressable markets and generally have high margin profiles. NanoKnife and AngioVac are two examples within our current portfolio and we are enthusiastic about continuing to build platforms and franchises around these exciting technologies."
M&A has been a hot topic in medtech in recent weeks. The industry has seen a lot of deal activity already in 2108, which has spurred interest in companies that are considered to be attractive acquisition targets.
When asked during the call about the company's ability to divest pieces of the portfolio without significant disruption, Clemmer said anytime a company decides to divest part of its portfolio there will be some disruption.
"I was at a company that did a lot of M&A internal and external. Here at Angiodynamics, if we decide to make a portfolio move that would carve something out as you mentioned or divest something, the good news is the operational aspect of our company is much higher than it was two years ago," he said.
Angiodynamics has plans in place to execute on such moves if it were to do so, Clemmer said.
"We have also got the right people in place now who have done that before. So anytime you do something whether you are carving something out or bringing something in, there is always a disruption, but here at Angio, we are prepared for that," he said. "We are ready for it. We think we would execute well on either aspect with M&A."