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AngioDynamics Reports Fiscal Year 2025 Third Quarter Financial Results
 
LATHAM, N.Y.--(BUSINESS WIRE)— April 2, 2025-- 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
 
3 Data 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.
(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 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
%

(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.
 
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
%
                

(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
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
%
                

(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 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 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