AngioDynamics, Inc. (NASDAQ:ANGO), a leading and transformative medical technology company focused on restoring healthy blood flow in the body's vascular system, expanding cancer treatment options, and improving quality of life for patients, today announced financial results for the third quarter of fiscal year 2025, which ended February 28, 2025.

Fiscal Year 2025 Third Quarter Highlights

	Quarter Ended February 28, 2025	*Pro Forma YoY Growth**
*Pro Forma Net Sales**	$72.0 million	9.2%
Med Tech Net Sales	$31.3 million	22.2%
Med Device Net Sales	$40.7 million	0.9%

GAAP gross margin of 54.0%
GAAP loss per share of $(0.11)
Adjusted loss per share of $(0.08)
Adjusted EBITDA of $1.3 million
Initiated the AMBITION BTK RCT and Registry to generate definitive clinical evidence supporting the use of the Auryon Atherectomy System in treating below the knee lesions in patients with critical limb ischemia
Published APEX-AV trial results in JSCAI demonstrating the safety and efficacy of the AlphaVac F18⁸⁵ System
Received FDA 510(k) clearance for NanoKnife System for prostate tissue ablation
Increasing fiscal year 2025 guidance for net sales, Med Tech net sales growth, gross margin, Adjusted EBITDA, and Adjusted EPS

*Pro forma results exclude the Dialysis and BioSentry businesses divested in June 2023 and the PICC and Midline product portfolios divested in February 2024, as well as the discontinued Radiofrequency and Syntrax products in February 2024.

"We are very pleased with our third quarter performance as we continued to drive strong topline growth and adjusted EBITDA profitability. Our ability to deliver consistently strong results comes as a result of the significant transformation we have undergone over the last few years to simplify our business and focus on large, fast-growing MedTech markets," said Jim Clemmer, President and Chief Executive Officer of AngioDynamics. "To that end, we're seeing impressive momentum across our MedTech franchise, which grew over 20% for the second quarter in a row, driven by growth within each of our MedTech platform technologies, Auryon, AngioVac, AlphaVac, and NanoKnife. In lock-step with this growth, we continue to improve gross margins and operational efficiency, which allowed us to deliver yet another quarter of positive adjusted EBITDA. Based on the quality of performance we have seen through fiscal 2025, we are increasing our fiscal full year guidance for all of our key metrics, including; total worldwide revenue, MedTech revenue growth, gross margin, adjusted EBITDA, and adjusted EPS."

"As we look ahead, we are well positioned to deliver profitable growth going forward. With the many catalysts we have recently achieved, including FDA clearance for our NanoKnife System for prostate tissue ablation, our portfolio is the strongest it has been. With our improved operating leverage and strong balance sheet, we can continue to prudently invest to support high impact initiatives while remaining on track to hit our fiscal year 2026 profitability targets," continued Mr. Clemmer.

Third Quarter 2025 Financial Results

Unless otherwise noted, all financial metrics and growth rates presented below are on a pro forma basis.

Net sales for the third quarter of fiscal year 2025 were $72.0 million, an increase of 9.2% compared to the prior-year quarter.

Med Tech net sales were $31.3 million, a 22.2% increase from $25.7 million in the prior-year period. Med Tech includes the Auryon peripheral atherectomy platform, the thrombus management platform, which includes the AlphaVac and AngioVac mechanical thrombectomy systems, and the NanoKnife irreversible electroporation platform.

Growth in the Med Tech segment for the quarter was driven by strength across all product lines, including Auryon sales of $13.9 million, which increased 17.3%, AngioVac sales of $6.8 million, which increased 23.1%, AlphaVac sales of $3.0 million, which increased 161.4%, and NanoKnife disposable sales of $4.9 million, which increased 16.2%. Total NanoKnife sales, including capital, of $6.3 million, increased 5.3%.

Med Device net sales were $40.7 million, an increase of 0.9% compared to $40.3 million in the prior-year period.

U.S. net sales in the third quarter of fiscal 2025 were $61.3 million, an increase of 9.9% from $55.8 million a year ago. International net sales were $10.7 million, an increase of 5.1%, compared to $10.1 million a year ago.

Gross margin for the third quarter of fiscal 2025 was 54.0%, which was 290 basis points up compared to the third quarter of fiscal 2024.

Gross margin for the Med Tech business was 62.5%, an increase of 100 basis points from the third quarter of fiscal 2024 driven by the growth of AngioVac sales, as well as a higher mix of Auryon hospital-based sales. Gross margin for the Med Device business was 47.4%, an increase of 300 basis points compared to the third quarter of fiscal 2024.

The Company recorded a non-pro forma GAAP net loss of $4.4 million, or a loss per share of $0.11, in the third quarter of fiscal 2025. Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss for the third quarter of fiscal 2025 was $3.1 million, or a loss per share of $0.08. This compares to an adjusted net loss during the fiscal third quarter of 2024 of $6.5 million, or a loss per share of $0.16.

Adjusted EBITDA in the third quarter of fiscal 2025, excluding the items shown in the non-GAAP reconciliation table below, was $1.3 million, compared to a loss of $3.6 million in the third quarter of fiscal 2024.

In the third quarter of fiscal 2025, the Company utilized $13.2 million in operating cash, and at February 28, 2025, the Company had $44.8 million in cash and cash equivalents compared to $54.1 million in cash and cash equivalents at November 30, 2024. This is in-line with the Company's stated expectations following its second fiscal quarter. As the Company previously stated, in the fourth quarter of fiscal 2025, the Company expects to generate positive operating cash flow, ending with cash and cash equivalents around $55 million with zero debt. In addition, the Company remains on track to achieve positive operating cash flow for the full year of fiscal 2026.

Subsequent to the end of the third quarter of fiscal 2025, the Company announced that it secured a commitment from J.P. Morgan regarding a revolving line of credit agreement ("the revolver"), which allows the Company to draw down up to $25.0 million at its discretion. While the Company is well capitalized with existing cash on hand, the Company stated that entering into the revolver reflects good financial management and offers incremental flexibility to manage potential working capital fluctuations as part of its manufacturing transfer process without impacting its ability to execute on its strategic growth trajectory moving forward.

Auryon

Initiated AMBITION BTK RCT and Registry to Advance Treatment for Critical Limb Ischemia

The Company initiated the AMBITION BTK (below the knee) randomized controlled trial and registry to evaluate the effectiveness of the Auryon Atherectomy System in treating critical limb ischemia below the knee. The multicenter study will enroll up to 200 subjects across 30 sites for the RCT, plus up to 1,500 subjects in a companion registry, comparing the system in combination with standard balloon angioplasty versus angioplasty alone for below the knee lesions. This study builds on previous clinical success demonstrating the system's ability to safely treat complex below the knee cases while effectively reducing clot burden.

AlphaVac

Announced Publication of APEX-AV Trial Results in JSCAI

The Company announced the publication of APEX-AV trial results in the Journal of the Society for Cardiovascular Angiography & Interventions, validating the safety, efficacy, and efficiency of the AlphaVac F18⁸⁵ System for pulmonary embolism treatment. The peer-reviewed study demonstrated a 35.5% reduction in clot burden, comparing favorably to other mechanical aspiration devices, with notable improvements in both RV/LV ratio and pulmonary artery pressures. The FDA-cleared device features a unique funnel tip design, optional wireless navigation, and blood loss mitigation, addressing a condition that affects approximately 900,000 individuals annually in the United States.

NanoKnife

Received FDA Clearance for The NanoKnife® System for Prostate Tissue Ablation

The Company received FDA 510(k) clearance for the NanoKnife System for prostate tissue ablation following the successful completion of the pivotal PRESERVE clinical study. The trial, which enrolled 121 patients across 17 clinical sites, met its primary effectiveness endpoint with 84% of men free from in-field, clinically significant disease at 12 months post-procedure, while preserving urinary continence in 95.4% of patients and maintaining erectile function sufficient for intercourse in 71.7% of patients. The NanoKnife System is the first and only non-thermal, radiation-free ablation technology for prostate treatment utilizing Irreversible Electroporation technology.

On January 8, 2025, the Company hosted a Virtual NanoKnife Investor Event, which provided insights into the NanoKnife System's proprietary irreversible electroporation (IRE) technology and how it is poised to become the standard, function-preserving treatment for men with prostate tumors.

To access a replay of the event, visit HERE.

Fiscal Year 2025 Financial Guidance

For fiscal year 2025:

The Company now expects net sales to be in the range of $285 to $288 million, up from previously issued guidance of $282 to $288 million, representing growth between 5.3% to 6.4% over fiscal 2024 pro forma revenue of $270.7 million
The Company now expects Med Tech net sales to grow in the range of 14% to 16%, an increase from prior guidance of 12% to 15%
The Company continues to expect Med Device net sales to be flat
The Company now expects Gross Margin to be approximately 53% to 54%, an increase from prior guidance of 52% to 53%
The Company now expects Adjusted EBITDA to be in the range of $4.0 to $5.0 million, an increase from prior guidance of $1.0 to $3.0 million, and compared to a pro forma Adjusted EBITDA loss of $3.2 million in fiscal 2024
The Company now expects Adjusted loss per share in the range of $0.31 to $0.34, an improvement from prior guidance of a loss of $0.34 to $0.38. This updated guidance compares to a pro forma Adjusted loss per share of $0.45 in fiscal 2024

Guidance Metric	Guidance Action	Current Guidance (As of Apr. 2, 2025)	Previous Guidance (Issued on Jan. 8, 2025)
Net Sales	Increased	$285 - $288 million	$282 - $288 million
Med Tech Net Sales Growth	Increased	14 - 16%	12 - 15%
Med Device Net Sales Growth	Unchanged	Flat (unchanged)	Flat
Gross Margin	Increased	53 - 54%	52 - 53%
Adjusted EBITDA	Increased	$4.0 - $5.0 million	$1.0 - $3.0 million
Adjusted EPS	Increased	($0.31) - ($0.34)	($0.34) - ($0.38)

Conference Call

The Company's management will host a conference call at 8:00 a.m. ET the same day to discuss the results. To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international).

This conference call will also be webcast and can be accessed from the "Investors" section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

A recording of the call will also be available, until Wednesday, April 09, 2025 at 11:59 PM ET. To hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13752371.

Virtual Cardiovascular Investor Event

AngioDynamics will host a virtual cardiovascular investor event immediately following the Company's Fiscal 2025 Third Quarter Financial Results Conference Call which will start at 9:00am ET. The Company will provide investors a deeper dive into the cardiovascular technology portfolio and strategic vision.

Webcast Registration Link: https://viavid.webcasts.com/starthere.jsp?ei=1712212&tp_key=cedf6b19b1

Use of Non-GAAP Measures

Management uses non-GAAP measures to establish operational goals and believes that non-GAAP measures may assist investors in analyzing the underlying trends in AngioDynamics' business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for or as superior to, financial reporting measures prepared in accordance with GAAP. In this news release, AngioDynamics has reported pro forma results, adjusted EBITDA, adjusted net income and adjusted earnings per share. Management uses these measures in its internal analysis and review of operational performance. Management believes that these measures provide investors with useful information in comparing AngioDynamics' performance over different periods. By using these non-GAAP measures, management believes that investors get a better picture of the performance of AngioDynamics' underlying business. Management encourages investors to review AngioDynamics' financial results prepared in accordance with GAAP to understand AngioDynamics' performance taking into account all relevant factors, including those that may only occur from time to time but have a material impact on AngioDynamics' financial results. Please see the tables that follow for a reconciliation of non-GAAP measures to measures prepared in accordance with GAAP.

About AngioDynamics, Inc.

AngioDynamics is a leading and transformative medical technology company focused on restoring healthy blood flow in the body's vascular system, expanding cancer treatment options and improving quality of life for patients.

The Company's innovative technologies and devices are chosen by talented physicians in fast-growing healthcare markets to treat unmet patient needs. For more information, visit www.angiodynamics.com.

Safe Harbor

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as "expects," "reaffirms," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "projects," "optimistic," or variations of such words and similar expressions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ materially from AngioDynamics' expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the scale and scope of the COVID-19 global pandemic, the ability of AngioDynamics to develop its existing and new products, technological advances and patents attained by competitors, infringement of AngioDynamics' technology or assertions that AngioDynamics' technology infringes the technology of third parties, the ability of AngioDynamics to effectively compete against competitors that have substantially greater resources, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and government regulations, results of pending or future clinical trials, overall economic conditions (including inflation, labor shortages and supply chain challenges including the cost and availability of raw materials), the results of on-going litigation, challenges with respect to third-party distributors or joint venture partners or collaborators, the results of sales efforts, the effects of product recalls and product liability claims, changes in key personnel, the ability of AngioDynamics to execute on strategic initiatives, the effects of economic, credit and capital market conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of AngioDynamics to obtain regulatory clearances or approval of its products, or to integrate acquired businesses, as well as the risk factors listed from time to time in AngioDynamics' SEC filings, including but not limited to its Annual Report on Form 10-K for the year ended May 31, 2024. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.

¹ https://www.wcrf.org/cancer-trends/prostate-cancer-statistics/

² Cheng JY. The Prostate Cancer Intervention Versus Observation Trial (PIVOT) in Perspective. J Clin Med Res. 2013;5(4):266-268. doi:10.4021/jocmr1395w

³Data on file.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)

	Three Months Ended									Three Months Ended
	Actual⁽¹⁾			Pro Forma Adjustments⁽²⁾			Pro Forma			As Reported⁽¹⁾			Pro Forma Adjustments⁽²⁾			Pro Forma
	Feb 28, 2025			Feb 28, 2025			Feb 28, 2025			Feb 29, 2024			Feb 29, 2024			Feb 29, 2024
				(unaudited)									(unaudited)

Net sales	$	72,004			9		$	72,013		$	75,182			(9,211	)	$	65,971
Cost of sales (exclusive of intangible amortization)		33,147			6			33,153			39,321			(7,038	)		32,283
Gross profit		38,857			3			38,860			35,861			(2,173	)		33,688
% of net sales		54.0	%					54.0	%		47.7	%					51.1	%

Operating expenses
Research and development		6,913			—			6,913			8,189			(117	)		8,072
Sales and marketing		25,504			—			25,504			25,405			(1,758	)		23,647
General and administrative		10,490			—			10,490			10,578			22			10,600
Amortization of intangibles		2,598			—			2,598			3,287			(643	)		2,644
Goodwill impairment		—			—			—			159,476			—			159,476
Change in fair value of contingent consideration		40			—			40			112			—			112
Acquisition, restructuring and other items, net		3,286			(3	)		3,283			35,367			(6,266	)		29,101
Total operating expenses		48,831			(3	)		48,828			242,414			(8,762	)		233,652
Gain on sale of assets		—			—			—			6,657			(6,657	)		—
Operating loss		(9,974	)		6			(9,968	)		(199,896	)		(68	)		(199,964	)
Interest income, net		135			—			135			394			—			394
Other income (expense), net		5,430			(5,500	)		(70	)		(238	)		—			(238	)
Total other income, net		5,565			(5,500	)		65			156			—			156
Loss before income tax benefit		(4,409	)		(5,494	)		(9,903	)		(199,740	)		(68	)		(199,808	)
Income tax expense (benefit)		(2	)		—			(2	)		(12,004	)		—			(12,004	)
Net loss	$	(4,407	)	$	(5,494	)	$	(9,901	)	$	(187,736	)	$	(68	)	$	(187,804	)

Loss per share
Basic	$	(0.11	)				$	(0.24	)	$	(4.67	)				$	(4.67	)
Diluted	$	(0.11	)				$	(0.24	)	$	(4.67	)				$	(4.67	)

Weighted average shares outstanding
Basic		40,853						40,853			40,234						40,234
Diluted		40,853						40,853			40,234						40,234

(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the three months ended February 28, 2025 and February 29, 2024.

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)

	Nine Months Ended									Nine Months Ended
	Actual⁽¹⁾			Pro Forma Adjustments⁽²⁾			Pro Forma			As Reported⁽¹⁾			Pro Forma Adjustments⁽²⁾			Pro Forma
	Feb 28, 2025			Feb 28, 2025			Feb 28, 2025			Feb 29, 2024			Feb 29, 2024			Feb 29, 2024
				(unaudited)									(unaudited)

Net sales	$	212,340			188		$	212,528		$	232,934			(33,336	)	$	199,598
Cost of sales (exclusive of intangible amortization)		96,853			155			97,008			116,751			(24,121	)		92,630
Gross profit		115,487			33			115,520			116,183			(9,215	)		106,968
% of net sales		54.4	%					54.4	%		49.9	%					53.6	%

Operating expenses
Research and development		19,632			—			19,632			24,788			(647	)		24,141
Sales and marketing		76,698			—			76,698			78,237			(4,714	)		73,523
General and administrative		31,856			—			31,856			30,723			(52	)		30,671
Amortization of intangibles		7,730			—			7,730			10,474			(2,571	)		7,903
Goodwill impairment		—			—			—			159,476			—			159,476
Change in fair value of contingent consideration		272			—			272			203			—			203
Acquisition, restructuring and other items, net		13,465			161			13,626			44,767			(6,394	)		38,373
Total operating expenses		149,653			161			149,814			348,668			(14,378	)		334,290
Gain on sale of assets		—			—			—			54,499			(54,499	)		—
Operating loss		(34,166	)		(128	)		(34,294	)		(177,986	)		(49,336	)		(227,322	)
Interest income, net		975			—			975			1,047			—			1,047
Other income (expense), net		5,269			(5,500	)		(231	)		(558	)		—			(558	)
Total other income, net		6,244			(5,500	)		744			489			—			489
Loss before income tax benefit		(27,922	)		(5,628	)		(33,550	)		(177,497	)		(49,336	)		(226,833	)
Income tax expense (benefit)		21			—			21			(6,597	)		—			(6,597	)
Net loss	$	(27,943	)	$	(5,628	)	$	(33,571	)	$	(170,900	)	$	(49,336	)	$	(220,236	)

Loss per share
Basic	$	(0.68	)				$	(0.82	)	$	(4.26	)				$	(5.49	)
Diluted	$	(0.68	)				$	(0.82	)	$	(4.26	)				$	(5.49	)

Weighted average shares outstanding
Basic		40,809						40,809			40,098						40,098
Diluted		40,809						40,809			40,098						40,098

(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the nine months ended February 28, 2025 and February 29, 2024.

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)

Reconciliation of Net Loss to non-GAAP Adjusted Net Income (Loss):

	Three Months Ended						Nine Months Ended
	Feb 28, 2025			Feb 29, 2024			Feb 28, 2025			Feb 29, 2024
	(unaudited)						(unaudited)

Net loss	$	(4,407	)	$	(187,736	)	$	(27,943	)	$	(170,900	)

Amortization of intangibles		2,598			3,287			7,730			10,474
Change in fair value of contingent consideration		40			112			272			203
Acquisition, restructuring and other items, net⁽¹⁾		3,286			35,367			13,465			44,767
Goodwill impairment		—			159,476			—			159,476
Gain on sale of assets		—			(6,657	)		—			(54,499	)
Tax effect of non-GAAP items ⁽²⁾		(350	)		(10,128	)		1,506			(2,670	)
Adjusted net income (loss)	$	1,167		$	(6,279	)	$	(4,970	)	$	(13,149	)

Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Income (Loss) Per Share:

	Three Months Ended						Nine Months Ended
	Feb 28, 2025			Feb 29, 2024			Feb 28, 2025			Feb 29, 2024
	(unaudited)						(unaudited)

Diluted loss per share	$	(0.11	)	$	(4.67	)	$	(0.68	)	$	(4.26	)

Amortization of intangibles		0.06			0.08			0.19			0.26
Change in fair value of contingent consideration		0.01			0.00			0.01			0.01
Acquisition, restructuring and other items, net ⁽¹⁾		0.08			0.89			0.32			1.11
Goodwill impairment		—			3.96			—			3.98
Gain on sale of assets		—			(0.17	)		—			(1.36	)
Tax effect of non-GAAP items ⁽²⁾		(0.01	)		(0.25	)		0.04			(0.07	)
Adjusted diluted income (loss) per share	$	0.03		$	(0.16	)	$	(0.12	)	$	(0.33	)

Adjusted diluted sharecount ⁽³⁾		42,091			40,234			40,809			40,098

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items.

(2) Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's U.S. deferred tax assets and an effective tax rate of 23% for the periods ended February 28, 2025 and February 29, 2024.

(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION (Continued)
(in thousands, except per share data)

Reconciliation of Net Loss to Adjusted EBITDA:

	Three Months Ended						Nine Months Ended
	Feb 28, 2025			Feb 29, 2024			Feb 28, 2025			Feb 29, 2024
	(unaudited)						(unaudited)

Net loss	$	(4,407	)	$	(187,736	)	$	(27,943	)	$	(170,900	)

Income tax expense (benefit)		(2	)		(12,004	)		21			(6,597	)
Interest income, net		(135	)		(394	)		(975	)		(1,047	)
Depreciation and amortization		6,319			7,522			19,967			20,895
Goodwill impairment		—			159,476			—			159,476
Change in fair value of contingent consideration		40			112			272			203
Stock based compensation		2,398			2,612			8,131			8,633
Acquisition, restructuring and other items, net ⁽¹⁾		2,623			34,232			10,239			43,632
Gain on sale of assets		—			(6,657	)		—			(54,499	)
Adjusted EBITDA	$	6,836		$	(2,837	)	$	9,712		$	(204	)

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)

Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss:
	Pro Forma						Pro Forma
	Three Months Ended						Nine Months Ended
	Feb 28, 2025			Feb 29, 2024			Feb 28, 2025			Feb 29, 2024
	(unaudited)						(unaudited)

Pro forma net loss	$	(9,901	)	$	(187,804	)	$	(33,571	)	$	(220,236	)

Amortization of intangibles		2,598			2,644			7,730			7,903
Change in fair value of contingent consideration		40			112			272			203
Acquisition, restructuring and other items, net⁽¹⁾		3,283			29,101			13,626			38,373
Goodwill impairment		—			159,476			—			159,476
Tax effect of non-GAAP items ⁽²⁾		914			(10,055	)		2,763			(1,795	)
Adjusted pro forma net loss	$	(3,066	)	$	(6,526	)	$	(9,180	)	$	(16,076	)

Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share:
	Pro Forma						Pro Forma
	Three Months Ended						Nine Months Ended
	Feb 28, 2025			Feb 29, 2024			Feb 28, 2025			Feb 29, 2024
	(unaudited)						(unaudited)

Pro forma diluted loss per share	$	(0.24	)	$	(4.67	)	$	(0.82	)	$	(5.49	)

Amortization of intangibles		0.06			0.07			0.19			0.20
Change in fair value of contingent consideration		0.01			0.01			0.01			0.01
Acquisition, restructuring and other items, net ⁽¹⁾		0.07			0.72			0.33			0.94
Goodwill impairment		—			3.96			—			3.98
Tax effect of non-GAAP items ⁽²⁾		0.02			(0.25	)		0.07			(0.04	)
Adjusted pro forma diluted loss per share	$	(0.08	)	$	(0.16	)	$	(0.22	)	$	(0.40	)

Adjusted diluted sharecount ⁽³⁾		40,853			40,234			40,809			40,098

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items.

(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION (Continued)
(in thousands, except per share data)

Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA:
	Pro Forma						Pro Forma
	Three Months Ended						Nine Months Ended
	Feb 28, 2025			Feb 29, 2024			Feb 28, 2025			Feb 29, 2024
	(unaudited)						(unaudited)

Pro forma net loss	$	(9,901	)	$	(187,804	)	$	(33,571	)	$	(220,236	)

Income tax expense (benefit)		(2	)		(12,004	)		21			(6,597	)
Interest income, net		(135	)		(394	)		(975	)		(1,047	)
Depreciation and amortization		6,319			6,861			19,967			18,234
Goodwill impairment		—			159,476			—			159,476
Change in fair value of contingent consideration		40			112			272			203
Stock based compensation		2,398			2,142			8,131			8,000
Acquisition, restructuring and other items, net ⁽¹⁾		2,620			27,966			10,400			37,238
Adjusted EBITDA	$	1,339		$	(3,645	)	$	4,245		$	(4,729	)

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET DETAIL
(in thousands)

	Three Months Ended						Nine Months Ended
(in thousands)	Feb 28, 2025			Feb 29, 2024			Feb 28, 2025			Feb 29, 2024
Legal ⁽¹⁾	$	—		$	23,314		$	406		$	30,453
Mergers and acquisitions		—			147			737			399
Plant closure ⁽²⁾		3,130			5,426			11,820			6,115
Intangible and other asset impairment		—			6,260			—			6,260
Transition service agreement ⁽³⁾		(463	)		(333	)		(1,424	)		(655	)
Manufacturing relocation ⁽⁴⁾		—			—			—			587
Other ⁽⁵⁾		619			553			1,926			1,608
Total	$	3,286		$	35,367		$	13,465		$	44,767

(1) Legal expenses related to litigation that is outside the normal course of business. For the three and nine months ended February 29, 2024, a $19.3 million settlement expense was recorded as a result of the Settlement Agreement that was entered into between the Company and BD.

(2) Plant closure expenses, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024.

(3) Transition services agreements that were entered into with Merit and Spectrum.

(4) Expenses to relocate certain manufacturing lines out of Queensbury, NY.

(5) Included in the $1.6 million in other for the nine months ended February 29, 2024 is $0.9 million of deferred financing fees that were written-off in conjunction with the sale of the Dialysis and BioSentry businesses and concurrent extinguishment of the debt.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(in thousands)

	Three Months Ended						Three Months Ended
	Actual ⁽¹⁾		Pro Forma Adj. ⁽²⁾		Pro Forma		As Reported ⁽¹⁾		Pro Forma Adj. ⁽²⁾			Pro Forma		Actual						Pro Forma
	Feb 28, 2025		Feb 28, 2025		Feb 28, 2025		Feb 29, 2024		Feb 29, 2024			Feb 29, 2024		% Growth		Currency Impact		Constant Currency Growth		% Growth		Currency Impact		Constant Currency Growth
			(unaudited)						(unaudited)
Net Sales
Med Tech	$	31,341	$	—	$	31,341	$	25,844	$	(190	)	$	25,654	21.3	%					22.2	%
Med Device		40,663		9		40,672		49,338		(9,021	)		40,317	(17.6	)%					0.9	%
	$	72,004	$	9	$	72,013	$	75,182	$	(9,211	)	$	65,971	(4.2	)%	0.2	%	(4.0	)%	9.2	%	0.2	%	9.4	%

Net Sales
United States	$	61,340	$	4	$	61,344	$	62,342	$	(6,521	)	$	55,821	(1.6	)%					9.9	%
International		10,664		5		10,669		12,840		(2,690	)		10,150	(16.9	)%	1.1	%	(15.8	)%	5.1	%
	$	72,004	$	9	$	72,013	$	75,182	$	(9,211	)	$	65,971	(4.2	)%	0.2	%	(4.0	)%	9.2	%	0.2	%	9.4	%

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

GROSS PROFIT BY PRODUCT CATEGORY

(in thousands)

	Three Months Ended								Three Months Ended
	Actual⁽¹⁾			Pro Forma Adj. ⁽²⁾		Pro Forma			As Reported ⁽¹⁾			Pro Forma Adj. ⁽²⁾			Pro Forma			Actual		Pro Forma
	Feb 28, 2025			Feb 28, 2025		Feb 28, 2025			Feb 29, 2024			Feb 29, 2024			Feb 29, 2024			% Change		% Change
	(unaudited)								(unaudited)
Med Tech	$	19,588		$	—	$	19,588		$	15,857		$	(83	)	$	15,774		23.5	%	24.2	%
Gross profit % of sales		62.5	%				62.5	%		61.4	%					61.5	%

Med Device	$	19,269		$	3	$	19,272		$	20,004		$	(2,090	)	$	17,914		(3.7	)%	7.6	%
Gross profit % of sales		47.4	%				47.4	%		40.5	%					44.4	%

Total	$	38,857		$	3	$	38,860		$	35,861		$	(2,173	)	$	33,688		8.4	%	15.4	%
Gross profit % of sales		54.0	%				54.0	%		47.7	%					51.1	%

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(in thousands)

	Nine Months Ended						Nine Months Ended
	Actual ⁽¹⁾		Pro Forma Adj. ⁽²⁾		Pro Forma		As Reported ⁽¹⁾		Pro Forma Adj. ⁽²⁾			Pro Forma		Actual						Pro Forma
	Feb 28, 2025		Feb 28, 2025		Feb 28, 2025		Feb 29, 2024		Feb 29, 2024			Feb 29, 2024		% Growth		Currency Impact		Constant Currency Growth		% Growth		Currency Impact		Constant Currency Growth
			(unaudited)						(unaudited)
Net Sales
Med Tech	$	90,863	$	—	$	90,863	$	77,068	$	(443	)	$	76,625	17.9	%					18.6	%
Med Device		121,477		188		121,665		155,866		(32,893	)		122,973	(22.1	)%					(1.1	)%
	$	212,340	$	188	$	212,528	$	232,934	$	(33,336	)	$	199,598	(8.8	)%	0.0	%	(8.8	)%	6.5	%	0.1	%	6.6	%

Net Sales
United States	$	183,499	$	14	$	183,513	$	190,743	$	(23,098	)	$	167,645	(3.8	)%					9.5	%
International		28,841		174		29,015		42,191		(10,238	)		31,953	(31.6	)%	0.4	%	(31.2	)%	(9.2	)%
	$	212,340	$	188	$	212,528	$	232,934	$	(33,336	)	$	199,598	(8.8	)%	0.0	%	(8.8	)%	6.5	%	0.1	%	6.6	%

(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the nine months ended February 28, 2025 and February 29, 2024.

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

GROSS PROFIT BY PRODUCT CATEGORY

(in thousands)

	Nine Months Ended								Nine Months Ended
	Actual⁽¹⁾			Pro Forma Adj. ⁽²⁾		Pro Forma			As Reported ⁽¹⁾			Pro Forma Adj. ⁽²⁾			Pro Forma			Actual		Pro Forma
	Feb 28, 2025			Feb 28, 2025		Feb 28, 2025			Feb 29, 2024			Feb 29, 2024			Feb 29, 2024			% Change		% Change
	(unaudited)								(unaudited)
Med Tech	$	57,398		$	—	$	57,398		$	48,400		$	(155	)	$	48,245		18.6	%	19.0	%
Gross profit % of sales		63.2	%				63.2	%		62.8	%					63.0	%

Med Device	$	58,089			33	$	58,122		$	67,783		$	(9,060	)	$	58,723		(14.3	)%	(1.0	)%
Gross profit % of sales		47.8	%				47.8	%		43.5	%					47.7	%

Total	$	115,487		$	33	$	115,520		$	116,183		$	(9,215	)	$	106,968		(0.6	)%	8.0	%
Gross profit % of sales		54.4	%				54.4	%		49.9	%					53.6	%

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)

	Feb 28, 2025		May 31, 2024
	(unaudited)		(audited)
Assets
Current assets:
Cash and cash equivalents	$	44,760	$	76,056
Accounts receivable, net		43,468		43,610
Inventories		63,105		60,616
Earn-out receivable		5,500		—
Prepaid expenses and other		15,440		12,971
Total current assets		172,273		193,253
Property, plant and equipment, net		32,530		35,666
Other assets		9,681		11,369
Intangible assets, net		70,931		77,383
Total assets	$	285,415	$	317,671
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	30,265	$	37,751
Accrued liabilities		36,949		41,098
Current portion of contingent consideration		5,000		4,728
Other current liabilities		5,757		7,578
Total current liabilities		77,971		91,155
Deferred income taxes		4,203		4,852
Other long-term liabilities		17,371		16,078
Total liabilities		99,545		112,085
Stockholders' equity		185,870		205,586
Total Liabilities and Stockholders' Equity	$	285,415	$	317,671

ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Three Months Ended						Nine Months Ended
	Feb 28, 2025			Feb 29, 2024			Feb 28, 2025			Feb 29, 2024
	(unaudited)						(unaudited)
Cash flows from operating activities:
Net loss	$	(4,407	)	$	(187,736	)	$	(27,943	)	$	(170,900	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		6,319			7,522			19,967			20,895
Non-cash lease expense		503			484			1,496			1,441
Stock based compensation		2,398			2,612			8,131			8,633
Gain on disposal of assets		—			(6,657	)		—			(54,499	)
Transaction costs for disposition		—			(2,657	)		—			(5,084	)
Change in fair value of contingent consideration		40			112			272			203
Impairment loss on indefinite-lived intangible assets ⁽¹⁾		—			159,476			—			159,476
Deferred income taxes		(207	)		(12,094	)		(795	)		(7,143	)
Change in accounts receivable allowances		142			458			530			1,007
Fixed and intangible asset impairments and disposals		38			6,845			97			7,084
Write-off of other assets		—			—			—			869
Other		30			299			149			161
Changes in operating assets and liabilities:
Accounts receivable		(474	)		1,668			(424	)		2,345
Inventories		2,810			2,019			(2,493	)		(6,825	)
Prepaid expenses and other		(9,387	)		(2,587	)		(9,459	)		(7,566	)
Accounts payable, accrued and other liabilities		(10,964	)		17,710			(18,467	)		16,744
Net cash used in operating activities		(13,159	)		(12,526	)		(28,939	)		(33,159	)
Cash flows from investing activities:
Additions to property, plant and equipment		(1,798	)		(607	)		(3,687	)		(1,952	)
Additions to placement and evaluation units		(1,391	)		(1,239	)		(3,868	)		(3,245	)
Acquisition of intangibles		—			(3,250	)		—			(3,250	)
Proceeds from sale of assets		—			34,500			—			134,500
Net cash (used in) provided by investing activities		(3,189	)		29,404			(7,555	)		126,053
Cash flows from financing activities:
Repayment of long-term debt		—			—			—			(50,000	)
Payment of acquisition related contingent consideration		—			—			—			(10,000	)
Principal payments on finance arrangement		(58	)		—			(58	)		—
Proceeds from finance arrangement		6,310			—			6,310			—
Repurchase of common stock		—			—			(1,670	)		—
Proceeds from exercise of stock options and employee stock purchase plan		895			694			933			752
Net cash provided by (used) in financing activities		7,147			694			5,515			(59,248	)
Effect of exchange rate changes on cash and cash equivalents		(128	)		(17	)		(317	)		185
Increase (decrease) in cash and cash equivalents		(9,329	)		17,555			(31,296	)		33,831
Cash and cash equivalents at beginning of period		54,089			60,896			76,056			44,620
Cash and cash equivalents at end of period	$	44,760		$	78,451		$	44,760		$	78,451

View source version on businesswire.com: https://www.businesswire.com/news/home/20250402329970/en/

Investors:

AngioDynamics, Inc.

Stephen Trowbridge, Executive Vice President & CFO

(518) 795-1408

strowbridge@angiodynamics.com

Media:

Saleem Cheeks

Vice President, Communications

518-795-1174

scheeks@angiodynamics.com

AngioDynamics Reports Fiscal Year 2025 Third Quarter Financial Results