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    AngioDynamics Reports Fiscal Year 2025 Second Quarter Financial Results

    1/8/25 6:30:00 AM ET
    $ANGO
    Medical/Dental Instruments
    Health Care
    Get the next $ANGO alert in real time by email

    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 second quarter of fiscal year 2025, which ended November 30, 2024.

    Fiscal Year 2025 Second Quarter Highlights

     

    Quarter Ended

    November 30, 2024

    Pro Forma* YoY Growth

    Pro Forma* Net Sales

    $73.0 million

    9.2%

    Med Tech Net Sales

    $31.5 million

    25.0%

    Med Device Net Sales

    $41.5 million

    (0.4)%

    • GAAP Gross margin of 54.8%
    • GAAP loss per share of $(0.26)
    • Adjusted loss per share of $(0.04)
    • Adjusted EBITDA of $3.1 million
    • Received CPT Category I Codes for Irreversible Electroporation (IRE), the primary method of action for the NanoKnife System, for the treatment of lesions in the prostate and liver, effective January 1, 2026
    • Received FDA 510(k) clearance for NanoKnife Prostate Tissue Ablation in December 2024
    • Announced NanoKnife hit all primary endpoints of PRESERVE clinical trial for use in Prostate Tissue Ablation in December 2024
    • Raising fiscal year 2025 guidance for 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. Pro forma revenue for Q2 FY25 excludes approximately $0.2 million of returns of divested products during the quarter.

    "We are very excited about our strong performance during the second quarter, and in particular the continued strength of our Med Tech segment, which grew 25% over the prior year. We also hit a number of key milestones for our NanoKnife System, with the receipt of CPT Category I Codes and FDA 510(k) clearance for prostate tissue ablation. These achievements put us in a fantastic position to drive accelerated growth for NanoKnife in coming quarters," commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. "Through a combination of strong sales results, increasing contribution from our Med Tech segment, and operating efficiency efforts, we delivered positive Adjusted EBITDA and operating cash flow in the quarter. As a result of the tremendous progress made towards our goal of achieving profitability, we now expect to be Adjusted EBITDA positive for the fiscal year."

    Second 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 second quarter of fiscal year 2025 were $73.0 million, an increase of 9.2% compared to the prior-year quarter.

    Med Tech net sales were $31.5 million, a 25.0% increase from $25.2 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 quarter was driven by strength across all product lines, including Auryon sales of $13.7 million, which increased 21.8%, AngioVac sales of $8.1 million, which increased 50.7%, AlphaVac sales of $2.5 million, which increased 33.3%, and NanoKnife disposable sales of $5.0 million, which increased 23.1%. Total NanoKnife sales, including capital, of $6.0 million, increased 4.9%.

    Med Device net sales were $41.5 million, a decrease of 0.4% compared to $41.6 million in the prior-year period. U.S. net sales of Med Device products grew 1.6% during the second quarter compared to last year.

    U.S. net sales in the second quarter of fiscal 2025 were $62.7 million, an increase of 12.3% from $55.8 million a year ago. International net sales were $10.3 million, a decrease of 6.6%, compared to $11.1 million a year ago.

    Gross margin for the second quarter of fiscal 2025 was 54.7%, which was 10 basis points down compared to the second quarter of fiscal 2024, and 30 basis points sequentially up from 54.4% in the first quarter of fiscal 2025.

    Gross margin for the Med Tech business was 63.7%, an increase of 120 basis points from the second quarter of fiscal 2024 driven by growth in AngioVac. Gross margin for the Med Device business was 47.8%, a decrease of 240 basis points compared to the second quarter of fiscal 2024 due to inflationary pressures and costs associated with the transition to outsourced manufacturing.

    The Company recorded a GAAP net loss of $10.7 million, or a loss per share of $0.26, in the second quarter of fiscal 2025. Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss for the second quarter of fiscal 2025 was $1.7 million, or a loss per share of $0.04. This compares to an adjusted net loss during the fiscal second quarter of 2024 of $3.4 million, or a loss per share of $0.08.

    Adjusted EBITDA in the second quarter of fiscal 2025, excluding the items shown in the non-GAAP reconciliation table below, was $3.1 million, compared to $(0.0) million in the second quarter of fiscal 2024.

    In the second quarter of fiscal 2025, the Company generated $2.5 million in operating cash.

    At November 30, 2024, the Company had $54.1 million in cash and cash equivalents compared to $55.0 million in cash and cash equivalents at August 31, 2024. During the second quarter, the Company utilized $1.1 million on share repurchases.

    In accordance with the Company's previously announced expectations regarding cash usage for the fiscal year ended May 31, 2025, the Company expects to utilize cash in the third fiscal quarter and generate cash in the fourth fiscal quarter.

    Received CPT Category I Codes for IRE for the Treatment of Lesions in the Prostate and Liver

    In October, the Company announced that Irreversible Electroporation (IRE), the primary method of action for the NanoKnife System, has received CPT® Category I codes for the treatment of lesions in the prostate and liver. The decision by the American Medical Association's ("AMA") CPT® Editorial Panel will facilitate reimbursement for healthcare providers performing IRE ablation procedures and enables broader access to the NanoKnife System for patients. The new codes will be effective, with physician Relative Value Units (RVUs) attached, on January 1, 2026.

    With these new CPT® Category I codes, healthcare providers will be able to bill more precisely for the treatments provided and should achieve broader insurance coverage and defined reimbursement rates for NanoKnife procedures, increasing market access to this minimally invasive IRE technology.

    NanoKnife System Receives FDA 510(k) Clearance for Prostate Tissue Ablation

    In December, subsequent to the end of the quarter, the Company received FDA 510(k) clearance for the NanoKnife System for prostate tissue ablation.

    Prostate cancer is the second most common cancer in men worldwide, with approximately 1.5 million new cases diagnosed annually.1 Many of these patients seek alternatives to radical procedures that can lead to significant, long-term urological side effects.2 The NanoKnife System is the first and only non-thermal, radiation-free, ablation technology designed to treat prostate tissue by using IRE technology, offering patients a minimally invasive option for prostate treatment.

    The NanoKnife System minimizes the life-altering complications often associated with traditional treatments by selectively targeting prostate tissue while preserving critical functions. As the Company expands its global footprint and increases access to the technology, the Company is launching comprehensive education and awareness campaigns to empower physicians with hands-on training and clinical support while engaging patients through innovative outreach initiatives.

    NanoKnife System Hit All Primary Endpoints in PRESERVE Study

    The NanoKnife System's clearance followed the completion of the pivotal PRESERVE clinical study and submission of results in September of 2024.

    The PRESERVE clinical study met its primary effectiveness endpoint demonstrating the performance of the NanoKnife System for the ablation of prostate tissue in patients with intermediate-risk PCa. At 12-months post-procedure, 84.0% of men were free from in-field, clinically significant disease. In addition, the study demonstrated strong quality of life outcomes with respect to short-term urinary continence and sexual function preservation. 3

    The study's results validated the robust safety and clinical efficacy profile of the NanoKnife System, reinforcing findings from more than 32 clinical studies performed around the world involving over 2,600 patients.3

    Fiscal Year 2025 Financial Guidance

    For fiscal year 2025:

    • The Company continues to expect net sales to be in the range of $282 to $288 million, representing growth of between 4.2% – 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 12% to 15%, an increase from 10% to 12%
    • The Company now expects Med Device net sales to be flat, a decrease from 1% to 3%
    • The Company continues to expect Gross margin to be approximately 52% to 53%
    • The Company now expects Adjusted EBITDA in the range of $1.0 to $3.0 million, an increase from the previous guidance of a loss of $2.5 million to $0. The updated guidance compares 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 $0.34 to $0.38, an improvement from the previous guidance of a loss per share of $0.38 to $0.42. The updated guidance compares to a pro forma Adjusted loss per share of $0.45 in fiscal 2024

    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, January 15, 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 13750571.

    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

     

    Nov 30, 2024

     

    Nov 30, 2024

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    Nov 30, 2023

     

    Nov 30, 2023

     

     

     

    (unaudited)

     

     

     

     

     

    (unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net sales

    $

    72,845

     

     

     

    170

     

    $

    73,015

     

     

    $

    79,073

     

     

     

    (12,190

    )

     

    $

    66,883

     

    Cost of sales (exclusive of intangible amortization)

     

    32,939

     

     

     

    151

     

     

    33,090

     

     

     

    38,811

     

     

     

    (8,600

    )

     

     

    30,211

     

    Gross profit

     

    39,906

     

     

     

    19

     

     

    39,925

     

     

     

    40,262

     

     

     

    (3,590

    )

     

     

    36,672

     

    % of net sales

     

    54.8

    %

     

     

     

     

    54.7

    %

     

     

    50.9

    %

     

     

     

     

    54.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    6,434

     

     

     

    —

     

     

    6,434

     

     

     

    8,658

     

     

     

    (323

    )

     

     

    8,335

     

    Sales and marketing

     

    25,589

     

     

     

    —

     

     

    25,589

     

     

     

    25,464

     

     

     

    (1,469

    )

     

     

    23,995

     

    General and administrative

     

    10,391

     

     

     

    —

     

     

    10,391

     

     

     

    9,289

     

     

     

    (74

    )

     

     

    9,215

     

    Amortization of intangibles

     

    2,562

     

     

     

    —

     

     

    2,562

     

     

     

    3,562

     

     

     

    (964

    )

     

     

    2,598

     

    Change in fair value of contingent consideration

     

    156

     

     

     

    —

     

     

    156

     

     

     

    221

     

     

     

    —

     

     

     

    221

     

    Acquisition, restructuring and other items, net

     

    5,868

     

     

     

    9

     

     

    5,877

     

     

     

    6,188

     

     

     

    (106

    )

     

     

    6,082

     

    Total operating expenses

     

    51,000

     

     

     

    9

     

     

    51,009

     

     

     

    53,382

     

     

     

    (2,936

    )

     

     

    50,446

     

    Operating loss

     

    (11,094

    )

     

     

    10

     

     

    (11,084

    )

     

     

    (13,120

    )

     

     

    (654

    )

     

     

    (13,774

    )

    Interest income, net

     

    234

     

     

     

    —

     

     

    234

     

     

     

    534

     

     

     

    —

     

     

     

    534

     

    Other income (expense), net

     

    12

     

     

     

    —

     

     

    12

     

     

     

    (32

    )

     

     

    —

     

     

     

    (32

    )

    Total other income, net

     

    246

     

     

     

    —

     

     

    246

     

     

     

    502

     

     

     

    —

     

     

     

    502

     

    Loss before income tax benefit

     

    (10,848

    )

     

     

    10

     

     

    (10,838

    )

     

     

    (12,618

    )

     

     

    (654

    )

     

     

    (13,272

    )

    Income tax expense (benefit)

     

    (110

    )

     

     

    —

     

     

    (110

    )

     

     

    16,430

     

     

     

    —

     

     

     

    16,430

     

    Net loss

    $

    (10,738

    )

     

    $

    10

     

    $

    (10,728

    )

     

    $

    (29,048

    )

     

    $

    (654

    )

     

    $

    (29,702

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Loss per share

     

     

     

     

     

     

     

     

     

     

     

    Basic

    $

    (0.26

    )

     

     

     

    $

    (0.26

    )

     

    $

    (0.72

    )

     

     

     

    $

    (0.74

    )

    Diluted

    $

    (0.26

    )

     

     

     

    $

    (0.26

    )

     

    $

    (0.72

    )

     

     

     

    $

    (0.74

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    40,922

     

     

     

     

     

    40,922

     

     

     

    40,219

     

     

     

     

     

    40,219

     

    Diluted

     

    40,922

     

     

     

     

     

    40,922

     

     

     

    40,219

     

     

     

     

     

    40,219

     

    (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 November 30, 2024 and 2023.

    (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)

     

    Six Months Ended

     

    Six Months Ended

     

    Actual (1)

     

    Pro Forma

    Adjustments (2)

     

    Pro Forma

     

    As Reported (1)

     

    Pro Forma

    Adjustments (2)

     

    Pro Forma

     

    Nov 30, 2024

     

    Nov 30, 2024

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    Nov 30, 2023

     

    Nov 30, 2023

     

     

     

    (unaudited)

     

     

     

     

     

    (unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net sales

    $

    140,336

     

     

     

    179

     

     

    $

    140,515

     

     

    $

    157,752

     

     

     

    (24,125

    )

     

    $

    133,627

     

    Cost of sales (exclusive of intangible amortization)

     

    63,706

     

     

     

    150

     

     

     

    63,856

     

     

     

    77,430

     

     

     

    (17,082

    )

     

     

    60,348

     

    Gross profit

     

    76,630

     

     

     

    29

     

     

     

    76,659

     

     

     

    80,322

     

     

     

    (7,043

    )

     

     

    73,279

     

    % of net sales

     

    54.6

    %

     

     

     

     

    54.6

    %

     

     

    50.9

    %

     

     

     

     

    54.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    12,719

     

     

     

    —

     

     

     

    12,719

     

     

     

    16,599

     

     

     

    (530

    )

     

     

    16,069

     

    Sales and marketing

     

    51,194

     

     

     

    —

     

     

     

    51,194

     

     

     

    52,832

     

     

     

    (2,956

    )

     

     

    49,876

     

    General and administrative

     

    21,366

     

     

     

    —

     

     

     

    21,366

     

     

     

    20,145

     

     

     

    (75

    )

     

     

    20,070

     

    Amortization of intangibles

     

    5,132

     

     

     

    —

     

     

     

    5,132

     

     

     

    7,187

     

     

     

    (1,928

    )

     

     

    5,259

     

    Change in fair value of contingent consideration

     

    232

     

     

     

    —

     

     

     

    232

     

     

     

    91

     

     

     

    —

     

     

     

    91

     

    Acquisition, restructuring and other items, net

     

    10,179

     

     

     

    164

     

     

     

    10,343

     

     

     

    9,400

     

     

     

    (128

    )

     

     

    9,272

     

    Total operating expenses

     

    100,822

     

     

     

    164

     

     

     

    100,986

     

     

     

    106,254

     

     

     

    (5,617

    )

     

     

    100,637

     

    Gain on sale of assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    47,842

     

     

     

    (47,842

    )

     

     

    —

     

    Operating income (loss)

     

    (24,192

    )

     

     

    (135

    )

     

     

    (24,327

    )

     

     

    21,910

     

     

     

    (49,268

    )

     

     

    (27,358

    )

    Interest income, net

     

    840

     

     

     

    —

     

     

     

    840

     

     

     

    653

     

     

     

    —

     

     

     

    653

     

    Other income (expense), net

     

    (161

    )

     

     

    —

     

     

     

    (161

    )

     

     

    (320

    )

     

     

    —

     

     

     

    (320

    )

    Total other income, net

     

    679

     

     

     

    —

     

     

     

    679

     

     

     

    333

     

     

     

    —

     

     

     

    333

     

    Income (loss) before income tax benefit

     

    (23,513

    )

     

     

    (135

    )

     

     

    (23,648

    )

     

     

    22,243

     

     

     

    (49,268

    )

     

     

    (27,025

    )

    Income tax expense

     

    23

     

     

     

    —

     

     

     

    23

     

     

     

    5,407

     

     

     

    —

     

     

     

    5,407

     

    Net income (loss)

    $

    (23,536

    )

     

    $

    (135

    )

     

    $

    (23,671

    )

     

    $

    16,836

     

     

    $

    (49,268

    )

     

    $

    (32,432

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings (loss) per share

     

     

     

     

     

     

     

     

     

     

     

    Basic

    $

    (0.58

    )

     

     

     

    $

    (0.58

    )

     

    $

    0.42

     

     

     

     

    $

    (0.81

    )

    Diluted

    $

    (0.58

    )

     

     

     

    $

    (0.58

    )

     

    $

    0.42

     

     

     

     

    $

    (0.81

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    40,787

     

     

     

     

     

    40,787

     

     

     

    40,030

     

     

     

     

     

    40,030

     

    Diluted

     

    40,787

     

     

     

     

     

    40,787

     

     

     

    40,103

     

     

     

     

     

    40,030

     

    (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 six months ended November 30, 2024 and 2023.

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

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Net income (loss)

    $

    (10,738

    )

     

    $

    (29,048

    )

     

    $

    (23,536

    )

     

    $

    16,836

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    2,562

     

     

     

    3,562

     

     

     

    5,132

     

     

     

    7,187

     

    Change in fair value of contingent consideration

     

    156

     

     

     

    221

     

     

     

    232

     

     

     

    91

     

    Acquisition, restructuring and other items, net (1)

     

    5,868

     

     

     

    6,188

     

     

     

    10,179

     

     

     

    9,400

     

    Gain on sale of assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (47,842

    )

    Tax effect of non-GAAP items (2)

     

    410

     

     

     

    17,039

     

     

     

    1,856

     

     

     

    7,459

     

    Adjusted net loss

    $

    (1,742

    )

     

    $

    (2,038

    )

     

    $

    (6,137

    )

     

    $

    (6,869

    )

     

     

     

     

     

     

     

     

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

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Diluted earnings (loss) per share

    $

    (0.26

    )

     

    $

    (0.72

    )

     

    $

    (0.58

    )

     

    $

    0.42

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    0.06

     

     

     

    0.09

     

     

     

    0.13

     

     

     

    0.18

     

    Change in fair value of contingent consideration

     

    0.01

     

     

     

    0.01

     

     

     

    0.01

     

     

     

    —

     

    Acquisition, restructuring and other items, net (1)

     

    0.14

     

     

     

    0.15

     

     

     

    0.24

     

     

     

    0.24

     

    Gain on sale of assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1.20

    )

    Tax effect of non-GAAP items (2)

     

    0.01

     

     

     

    0.42

     

     

     

    0.05

     

     

     

    0.19

     

    Adjusted diluted loss per share

    $

    (0.04

    )

     

    $

    (0.05

    )

     

    $

    (0.15

    )

     

    $

    (0.17

    )

     

     

     

     

     

     

     

     

    Adjusted diluted sharecount (3)

     

    40,922

     

     

     

    40,219

     

     

     

    40,787

     

     

     

    40,030

     

    (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 November 30, 2024 and 2023.

    (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 Income (Loss) to Adjusted EBITDA:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Net income (loss)

    $

    (10,738

    )

     

    $

    (29,048

    )

     

    $

    (23,536

    )

     

    $

    16,836

     

     

     

     

     

     

     

     

     

    Income tax expense (benefit)

     

    (110

    )

     

     

    16,430

     

     

     

    23

     

     

     

    5,407

     

    Interest income, net

     

    (234

    )

     

     

    (534

    )

     

     

    (840

    )

     

     

    (653

    )

    Depreciation and amortization

     

    6,863

     

     

     

    6,685

     

     

     

    13,648

     

     

     

    13,373

     

    Change in fair value of contingent consideration

     

    156

     

     

     

    221

     

     

     

    232

     

     

     

    91

     

    Stock based compensation

     

    2,528

     

     

     

    1,877

     

     

     

    5,733

     

     

     

    6,021

     

    Acquisition, restructuring and other items, net (1)

     

    4,575

     

     

     

    6,188

     

     

     

    7,616

     

     

     

    9,400

     

    Gain on sale of assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (47,842

    )

    Adjusted EBITDA

    $

    3,040

     

     

    $

    1,819

     

     

    $

    2,876

     

     

    $

    2,633

     

     

     

     

     

     

     

     

     

    Per diluted share:

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    0.07

     

     

    $

    0.05

     

     

    $

    0.07

     

     

    $

    0.07

     

     

     

     

     

     

     

     

     

    (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

     

    Six Months Ended

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Pro forma net loss

    $

    (10,728

    )

     

    $

    (29,702

    )

     

    $

    (23,671

    )

     

    $

    (32,432

    )

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    2,562

     

     

     

    2,598

     

     

     

    5,132

     

     

     

    5,259

     

    Change in fair value of contingent consideration

     

    156

     

     

     

    221

     

     

     

    232

     

     

     

    91

     

    Acquisition, restructuring and other items, net (1)

     

    5,877

     

     

     

    6,082

     

     

     

    10,343

     

     

     

    9,272

     

    Tax effect of non-GAAP items (2)

     

    407

     

     

     

    17,436

     

     

     

    1,849

     

     

     

    8,260

     

    Adjusted pro forma net loss

    $

    (1,726

    )

     

    $

    (3,365

    )

     

    $

    (6,115

    )

     

    $

    (9,550

    )

     

     

     

     

     

     

     

     

    Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share:

     

    Pro Forma

     

    Pro Forma

     

    Three Months Ended

     

    Six Months Ended

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Pro forma diluted loss per share

    $

    (0.26

    )

     

    $

    (0.74

    )

     

    $

    (0.58

    )

     

    $

    (0.81

    )

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    0.06

     

     

     

    0.06

     

     

     

    0.13

     

     

     

    0.13

     

    Change in fair value of contingent consideration

     

    0.01

     

     

     

    0.01

     

     

     

    0.01

     

     

     

    —

     

    Acquisition, restructuring and other items, net (1)

     

    0.14

     

     

     

    0.15

     

     

     

    0.25

     

     

     

    0.23

     

    Tax effect of non-GAAP items (2)

     

    0.01

     

     

     

    0.44

     

     

     

    0.04

     

     

     

    0.21

     

    Adjusted pro forma diluted loss per share

    $

    (0.04

    )

     

    $

    (0.08

    )

     

    $

    (0.15

    )

     

    $

    (0.24

    )

     

     

     

     

     

     

     

     

    Adjusted diluted sharecount (3)

     

    40,922

     

     

     

    40,219

     

     

     

    40,787

     

     

     

    40,030

     

    (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 November 30, 2024 and 2023.

    (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

     

    Six Months Ended

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Pro forma net loss

    $

    (10,728

    )

     

    $

    (29,702

    )

     

    $

    (23,671

    )

     

    $

    (32,432

    )

     

     

     

     

     

     

     

     

    Income tax expense (benefit)

     

    (110

    )

     

     

    16,430

     

     

     

    23

     

     

     

    5,407

     

    Interest income, net

     

    (234

    )

     

     

    (534

    )

     

     

    (840

    )

     

     

    (653

    )

    Depreciation and amortization

     

    6,863

     

     

     

    5,691

     

     

     

    13,648

     

     

     

    11,373

     

    Change in fair value of contingent consideration

     

    156

     

     

     

    221

     

     

     

    232

     

     

     

    91

     

    Stock based compensation

     

    2,528

     

     

     

    1,802

     

     

     

    5,733

     

     

     

    5,859

     

    Acquisition, restructuring and other items, net (1)

     

    4,584

     

     

     

    6,082

     

     

     

    7,780

     

     

     

    9,272

     

    Adjusted EBITDA

    $

    3,059

     

     

    $

    (10

    )

     

    $

    2,905

     

     

    $

    (1,083

    )

     

     

     

     

     

     

     

     

    Per diluted share:

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    0.07

     

     

    $

    —

     

     

    $

    0.07

     

     

    $

    (0.03

    )

    (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

     

    Six Months Ended

    (in thousands)

    Nov 30, 2024

     

    Nov 30, 2023

     

    Nov 30, 2024

     

    Nov 30, 2023

    Legal (1)

    $

    56

     

     

    $

    5,322

     

     

    $

    410

     

     

    $

    7,139

     

    Mergers and acquisitions

     

    737

     

     

     

    252

     

     

     

    737

     

     

     

    252

     

    Plant closure (2)

     

    5,102

     

     

     

    —

     

     

     

    8,691

     

     

     

    —

     

    Transition service agreement (3)

     

    (454

    )

     

     

    (177

    )

     

     

    (960

    )

     

     

    (323

    )

    Manufacturing relocation (4)

     

    —

     

     

     

    689

     

     

     

    —

     

     

     

    1,277

     

    Other (5)

     

    427

     

     

     

    102

     

     

     

    1,301

     

     

     

    1,055

     

    Total

    $

    5,868

     

     

    $

    6,188

     

     

    $

    10,179

     

     

    $

    9,400

     

    (1) Legal expenses related to litigation that is outside the normal course of business.

    (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 $1.1 million in other for the six months ended November 30, 2023 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

     

    Nov 30,

    2024

     

    Nov 30,

    2024

     

    Nov 30,

    2024

     

    Nov 30,

    2023

     

    Nov 30,

    2023

     

    Nov 30,

    2023

     

    %

    Growth

    Currency

    Impact

    Constant

    Currency

    Growth

     

    %

    Growth

    Currency

    Impact

    Constant

    Currency

    Growth

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

     

     

     

    Net Sales

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Med Tech

    $

    31,554

     

    $

    —

     

    $

    31,554

     

    $

    25,363

     

    $

    (122

    )

     

    $

    25,241

     

    24.4

    %

     

     

     

    25.0

    %

     

     

    Med Device

     

    41,291

     

     

    170

     

     

    41,461

     

     

    53,710

     

     

    (12,068

    )

     

     

    41,642

     

    (23.1

    )%

     

     

     

    (0.4

    )%

     

     

     

    $

    72,845

     

    $

    170

     

    $

    73,015

     

    $

    79,073

     

    $

    (12,190

    )

     

    $

    66,883

     

    (7.9

    )%

    0.0

    %

    (7.9

    )%

     

    9.2

    %

    0.0

    %

    9.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Sales

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    United States

    $

    62,678

     

    $

    —

     

    $

    62,678

     

    $

    64,002

     

    $

    (8,182

    )

     

    $

    55,820

     

    (2.1

    )%

     

     

     

    12.3

    %

     

     

    International

     

    10,167

     

     

    170

     

     

    10,337

     

     

    15,071

     

     

    (4,008

    )

     

     

    11,063

     

    (32.5

    )%

    (0.1

    )%

    (32.6

    )%

     

    (6.6

    )%

     

     

     

    $

    72,845

     

    $

    170

     

    $

    73,015

     

    $

    79,073

     

    $

    (12,190

    )

     

    $

    66,883

     

    (7.9

    )%

    0.0

    %

    (7.9

    )%

     

    9.2

    %

    0.0

    %

    9.2

    %

    (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 November 30, 2024 and 2023.

    (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

     

    Nov 30,

    2024

     

    Nov 30,

    2024

     

    Nov 30,

    2024

     

    Nov 30,

    2023

     

    Nov 30,

    2023

     

    Nov 30,

    2023

     

    % Change

     

    % Change

     

    (unaudited)

     

    (unaudited)

     

     

     

     

    Med Tech

    $

    20,113

     

     

    $

    —

     

    $

    20,113

     

     

    $

    15,816

     

     

    $

    (33

    )

     

    $

    15,783

     

     

    27.2

    %

     

    27.4

    %

    Gross profit % of sales

     

    63.7

    %

     

     

     

     

    63.7

    %

     

     

    62.4

    %

     

     

     

     

    62.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Med Device

    $

    19,793

     

     

    $

    19

     

    $

    19,812

     

     

    $

    24,446

     

     

    $

    (3,557

    )

     

    $

    20,889

     

     

    (19.0

    )%

     

    (5.2

    )%

    Gross profit % of sales

     

    47.9

    %

     

     

     

     

    47.8

    %

     

     

    45.5

    %

     

     

     

     

    50.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total

    $

    39,906

     

     

    $

    19

     

    $

    39,925

     

     

    $

    40,262

     

     

    $

    (3,590

    )

     

    $

    36,672

     

     

    (0.9

    )%

     

    8.9

    %

    Gross profit % of sales

     

    54.8

    %

     

     

     

     

    54.7

    %

     

     

    50.9

    %

     

     

     

     

    54.8

    %

     

     

     

     

    (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 November 30, 2024 and 2023.

    (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)

     

    Six Months Ended

     

    Six Months Ended

     

     

     

     

     

     

     

     

     

    Actual (1)

     

    Pro Forma

    Adj. (2)

     

    Pro Forma

     

    As

    Reported (1)

     

    Pro Forma

    Adj. (2)

     

    Pro Forma

     

    Actual

     

    Pro Forma

     

    Nov 30,

    2024

     

    Nov 30,

    2024

     

    Nov 30,

    2024

     

    Nov 30,

    2023

     

    Nov 30,

    2023

     

    Nov 30,

    2023

     

    %

    Growth

    Currency

    Impact

    Constant

    Currency

    Growth

     

    %

    Growth

    Currency

    Impact

    Constant

    Currency

    Growth

     

     

     

    (unaudited)

     

     

     

     

     

    (unaudited)

     

     

     

     

     

     

     

     

     

     

    Net Sales

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Med Tech

    $

    59,523

     

    $

    —

     

    $

    59,523

     

    $

    51,224

     

    $

    (253

    )

     

    $

    50,971

     

    16.2

    %

     

     

     

    16.8

    %

     

     

    Med Device

     

    80,813

     

     

    179

     

     

    80,992

     

     

    106,528

     

     

    (23,872

    )

     

     

    82,656

     

    (24.1

    )%

     

     

     

    (2.0

    )%

     

     

     

    $

    140,336

     

    $

    179

     

    $

    140,515

     

    $

    157,752

     

    $

    (24,125

    )

     

    $

    133,627

     

    (11.0

    )%

    0.0

    %

    (11.0

    )%

     

    5.2

    %

    0.0

    %

    5.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Sales

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    United States

    $

    122,159

     

    $

    10

     

    $

    122,169

     

    $

    128,401

     

    $

    (16,578

    )

     

    $

    111,823

     

    (4.9

    )%

     

     

     

    9.3

    %

     

     

    International

     

    18,177

     

     

    169

     

     

    18,346

     

     

    29,351

     

     

    (7,547

    )

     

     

    21,804

     

    (38.1

    )%

    0.1

    %

    (38.0

    )%

     

    (15.9

    )%

     

     

     

    $

    140,336

     

    $

    179

     

    $

    140,515

     

    $

    157,752

     

    $

    (24,125

    )

     

    $

    133,627

     

    (11.0

    )%

    0.0

    %

    (11.0

    )%

     

    5.2

    %

    0.0

    %

    5.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (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 six months ended November 30, 2024 and 2023.

    (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)

     

     

    Six Months Ended

     

    Six Months Ended

     

     

     

     

     

    Actual (1)

     

    Pro Forma

    Adj. (2)

     

    Pro Forma

     

    As Reported (1)

     

    Pro Forma

    Adj. (2)

     

    Pro Forma

     

    Actual

     

    Pro Forma

     

    Nov 30,

    2024

     

    Nov 30,

    2024

     

    Nov 30,

    2024

     

    Nov 30,

    2023

     

    Nov 30,

    2023

     

    Nov 30,

    2023

     

    % Change

     

    % Change

     

    (unaudited)

     

    (unaudited)

     

     

     

     

    Med Tech

    $

    37,810

     

     

    $

    —

     

    $

    37,810

     

     

    $

    32,543

     

     

    $

    (72

    )

     

    $

    32,471

     

     

    16.2

    %

     

    16.4

    %

    Gross profit % of sales

     

    63.5

    %

     

     

     

     

    63.5

    %

     

     

    63.5

    %

     

     

     

     

    63.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Med Device

    $

    38,820

     

     

    $

    29

     

    $

    38,849

     

     

    $

    47,779

     

     

    $

    (6,971

    )

     

    $

    40,808

     

     

    (18.8

    )%

     

    (4.8

    )%

    Gross profit % of sales

     

    48.0

    %

     

     

     

     

    48.0

    %

     

     

    44.9

    %

     

     

     

     

    49.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total

    $

    76,630

     

     

    $

    29

     

    $

    76,659

     

     

    $

    80,322

     

     

    $

    (7,043

    )

     

    $

    73,279

     

     

    (4.6

    )%

     

    4.6

    %

    Gross profit % of sales

     

    54.6

    %

     

     

     

     

    54.6

    %

     

     

    50.9

    %

     

     

     

     

    54.8

    %

     

     

     

     

    (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 six months ended November 30, 2024 and 2023.

     

    (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)

     

     

    Nov 30, 2024

     

    May 31, 2024

     

    (unaudited)

     

    (audited)

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    54,089

     

    $

    76,056

    Accounts receivable, net

     

    43,158

     

     

    43,610

    Inventories

     

    65,918

     

     

    60,616

    Prepaid expenses and other

     

    12,195

     

     

    12,971

    Total current assets

     

    175,360

     

     

    193,253

    Property, plant and equipment, net

     

    32,977

     

     

    35,666

    Other assets

     

    10,103

     

     

    11,369

    Intangible assets, net

     

    73,110

     

     

    77,383

    Total assets

    $

    291,550

     

    $

    317,671

    Liabilities and stockholders' equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    34,746

     

    $

    37,751

    Accrued liabilities

     

    39,919

     

     

    41,098

    Current portion of contingent consideration

     

    4,960

     

     

    4,728

    Other current liabilities

     

    8,970

     

     

    7,578

    Total current liabilities

     

    88,595

     

     

    91,155

    Deferred income taxes

     

    4,334

     

     

    4,852

    Other long-term liabilities

     

    11,853

     

     

    16,078

    Total liabilities

     

    104,782

     

     

    112,085

    Stockholders' equity

     

    186,768

     

     

    205,586

    Total Liabilities and Stockholders' Equity

    $

    291,550

     

    $

    317,671

    ANGIODYNAMICS, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

     

    Three Months Ended

     

    Six Months Ended

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    Nov 30, 2024

     

    Nov 30, 2023

     

    (unaudited)

     

    (unaudited)

    Cash flows from operating activities:

     

     

     

     

     

     

     

    Net income (loss)

    $

    (10,738

    )

     

    $

    (29,048

    )

     

    $

    (23,536

    )

     

    $

    16,836

     

    Adjustments to reconcile net income (loss) to net cash used in operating activities:

     

     

     

     

     

     

     

    Depreciation and amortization

     

    6,863

     

     

     

    6,685

     

     

     

    13,648

     

     

     

    13,373

     

    Non-cash lease expense

     

    499

     

     

     

    481

     

     

     

    993

     

     

     

    957

     

    Stock based compensation

     

    2,528

     

     

     

    1,877

     

     

     

    5,733

     

     

     

    6,021

     

    Gain on disposal of assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (47,842

    )

    Transaction costs for disposition

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (2,427

    )

    Change in fair value of contingent consideration

     

    156

     

     

     

    221

     

     

     

    232

     

     

     

    91

     

    Deferred income taxes

     

    (249

    )

     

     

    16,366

     

     

     

    (588

    )

     

     

    4,951

     

    Change in accounts receivable allowances

     

    118

     

     

     

    627

     

     

     

    388

     

     

     

    549

     

    Fixed and intangible asset impairments and disposals

     

    39

     

     

     

    174

     

     

     

    59

     

     

     

    239

     

    Write-off of other assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    869

     

    Other

     

    (2

    )

     

     

    (129

    )

     

     

    119

     

     

     

    (138

    )

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

    Accounts receivable

     

    (3,734

    )

     

     

    (2,480

    )

     

     

    50

     

     

     

    677

     

    Inventories

     

    (1,250

    )

     

     

    (4,270

    )

     

     

    (5,303

    )

     

     

    (8,844

    )

    Prepaid expenses and other

     

    764

     

     

     

    (811

    )

     

     

    (72

    )

     

     

    (4,979

    )

    Accounts payable, accrued and other liabilities

     

    7,479

     

     

     

    15,573

     

     

     

    (7,503

    )

     

     

    (966

    )

    Net cash provided by (used in) operating activities

     

    2,473

     

     

     

    5,266

     

     

     

    (15,780

    )

     

     

    (20,633

    )

    Cash flows from investing activities:

     

     

     

     

     

     

     

    Additions to property, plant and equipment

     

    (797

    )

     

     

    (554

    )

     

     

    (1,889

    )

     

     

    (1,345

    )

    Additions to placement and evaluation units

     

    (1,164

    )

     

     

    (1,239

    )

     

     

    (2,477

    )

     

     

    (2,006

    )

    Proceeds from sale of assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    100,000

     

    Net cash (used in) provided by investing activities

     

    (1,961

    )

     

     

    (1,793

    )

     

     

    (4,366

    )

     

     

    96,649

     

    Cash flows from financing activities:

     

     

     

     

     

     

     

    Repayment of long-term debt

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (50,000

    )

    Payment of acquisition related contingent consideration

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (10,000

    )

    Repurchase of common stock

     

    (1,118

    )

     

     

    —

     

     

     

    (1,670

    )

     

     

    —

     

    Proceeds from exercise of stock options and employee stock purchase plan

     

    (5

    )

     

     

    (352

    )

     

     

    38

     

     

     

    58

     

    Net cash used in financing activities

     

    (1,123

    )

     

     

    (352

    )

     

     

    (1,632

    )

     

     

    (59,942

    )

    Effect of exchange rate changes on cash and cash equivalents

     

    (305

    )

     

     

    189

     

     

     

    (189

    )

     

     

    202

     

    Increase (decrease) in cash and cash equivalents

     

    (916

    )

     

     

    3,310

     

     

     

    (21,967

    )

     

     

    16,276

     

    Cash and cash equivalents at beginning of period

     

    55,005

     

     

     

    57,586

     

     

     

    76,056

     

     

     

    44,620

     

    Cash and cash equivalents at end of period

    $

    54,089

     

     

    $

    60,896

     

     

    $

    54,089

     

     

    $

    60,896

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250108903948/en/

    AngioDynamics, Inc.

    Stephen Trowbridge, Executive Vice President & CFO

    (518) 795-1408

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    • SVP Quality and Regulatory Nighan Warren Jr bought $5,285 worth of shares (868 units at $6.09), increasing direct ownership by 2% to 45,877 units (SEC Form 4)

      4 - ANGIODYNAMICS INC (0001275187) (Issuer)

      10/10/24 3:22:57 PM ET
      $ANGO
      Medical/Dental Instruments
      Health Care
    • EVP and CFO Trowbridge Stephen A bought $9,962 worth of shares (1,700 units at $5.86), increasing direct ownership by 0.99% to 172,711 units (SEC Form 4)

      4 - ANGIODYNAMICS INC (0001275187) (Issuer)

      10/8/24 6:27:36 PM ET
      $ANGO
      Medical/Dental Instruments
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    • President and CEO Clemmer James C bought $120,600 worth of shares (20,000 units at $6.03), increasing direct ownership by 3% to 681,582 units (SEC Form 4)

      4 - ANGIODYNAMICS INC (0001275187) (Issuer)

      10/8/24 4:32:02 PM ET
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      Medical/Dental Instruments
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    $ANGO
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • AngioDynamics upgraded by Oppenheimer with a new price target

      Oppenheimer upgraded AngioDynamics from Perform to Outperform and set a new price target of $12.00

      4/5/24 7:36:59 AM ET
      $ANGO
      Medical/Dental Instruments
      Health Care
    • H.C. Wainwright initiated coverage on AngioDynamics with a new price target

      H.C. Wainwright initiated coverage of AngioDynamics with a rating of Buy and set a new price target of $19.00

      9/25/23 8:09:50 AM ET
      $ANGO
      Medical/Dental Instruments
      Health Care
    • AngioDynamics downgraded by Raymond James with a new price target

      Raymond James downgraded AngioDynamics from Strong Buy to Outperform and set a new price target of $13.00 from $14.00 previously

      4/17/23 7:20:48 AM ET
      $ANGO
      Medical/Dental Instruments
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    $ANGO
    Large Ownership Changes

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    • SEC Form SC 13G filed by AngioDynamics Inc.

      SC 13G - ANGIODYNAMICS INC (0001275187) (Subject)

      5/30/24 4:25:33 PM ET
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      Medical/Dental Instruments
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    • SEC Form SC 13G/A filed by AngioDynamics Inc. (Amendment)

      SC 13G/A - ANGIODYNAMICS INC (0001275187) (Subject)

      2/13/24 4:58:53 PM ET
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      Medical/Dental Instruments
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    • SEC Form SC 13G/A filed by AngioDynamics Inc. (Amendment)

      SC 13G/A - ANGIODYNAMICS INC (0001275187) (Subject)

      2/9/24 9:58:57 AM ET
      $ANGO
      Medical/Dental Instruments
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    SEC Filings

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    • Amendment: SEC Form SCHEDULE 13G/A filed by AngioDynamics Inc.

      SCHEDULE 13G/A - ANGIODYNAMICS INC (0001275187) (Subject)

      4/14/25 4:11:01 PM ET
      $ANGO
      Medical/Dental Instruments
      Health Care
    • SEC Form 10-Q filed by AngioDynamics Inc.

      10-Q - ANGIODYNAMICS INC (0001275187) (Filer)

      4/2/25 2:14:31 PM ET
      $ANGO
      Medical/Dental Instruments
      Health Care
    • AngioDynamics Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - ANGIODYNAMICS INC (0001275187) (Filer)

      4/2/25 9:40:35 AM ET
      $ANGO
      Medical/Dental Instruments
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    Insider Trading

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    • SVP Quality and Regulatory Nighan Warren Jr sold $49,979 worth of shares (4,060 units at $12.31), decreasing direct ownership by 9% to 41,817 units (SEC Form 4)

      4 - ANGIODYNAMICS INC (0001275187) (Issuer)

      1/17/25 4:05:54 PM ET
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      Medical/Dental Instruments
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    • SVP, Chief Legal Officer Weiss Lawrence T was granted 52,697 shares (SEC Form 4)

      4 - ANGIODYNAMICS INC (0001275187) (Issuer)

      12/4/24 9:33:45 PM ET
      $ANGO
      Medical/Dental Instruments
      Health Care
    • SEC Form 3 filed by new insider Weiss Lawrence T

      3 - ANGIODYNAMICS INC (0001275187) (Issuer)

      12/4/24 9:29:59 PM ET
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      Medical/Dental Instruments
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    $ANGO
    Leadership Updates

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    • AngioDynamics Announces Addition of Lorinda Burgess to Board of Directors

      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 the appointment of Lorinda Burgess to the Company's Board of Directors. Ms. Burgess brings over 35 years of management, financial, and global operations experience, including over 15 years at Medtronic, Inc., where she was responsible for the company's Americas Region as CFO, Vice President of Finance. While at Medtronic, Ms. Burgess led optimization initiatives that drove operational efficiencies and significant cost reductions. "Ms

      7/24/23 4:01:00 PM ET
      $ANGO
      Medical/Dental Instruments
      Health Care
    • PAVmed Appoints Shaun O'Neil as Chief Operating Officer

      PAVmed Inc. (NASDAQ:PAVM, PAVMZ))) (the "Company" or "PAVmed"), a diversified commercial-stage medical technology company and parent of cancer prevention company Lucid Diagnostics Inc. (NASDAQ:LUCD) ("Lucid"), today announced the appointment of Shaun O'Neil to serve as Executive Vice President and Chief Operating Officer, overseeing diverse corporate operations and commercial activities across the Company and its subsidiaries. Mr. O'Neil has served as PAVmed's Chief Commercial Officer and Executive Vice President, Business Development since joining the Company in 2018. He will serve on the Company's Executive Committee and as an executive officer pursuant to Section 16(a) of the Securities

      2/24/22 8:25:00 AM ET
      $ANGO
      $LUCD
      $PAVM
      Medical/Dental Instruments
      Health Care
    • AVITA Medical, Inc. Appoints Two New Non-Executive Members to the Board of Directors

      VALENCIA, Calif. and MELBOURNE, Australia, June 01, 2021 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ:RCEL, ASX: AVH))) ("AVITA Medical"), a regenerative medicine company that is developing and commercializing a technology platform that enables point-of-care autologous skin restoration for multiple unmet needs, announced today the appointment of James Corbett and Jan Stern Reed to its Board of Directors effective July 1, 2021. Mr. Corbett has approximately 40 years of leadership experience in the medical device field, most recently, as CEO of CathWorks Ltd., a software-based medical technology company. Mr. Corbett has extensive global commercial and operating experience, serving as an

      6/1/21 4:01:00 PM ET
      $SCL
      $RCEL
      $ANGO
      Package Goods/Cosmetics
      Consumer Discretionary
      Medical/Dental Instruments
      Health Care

    $ANGO
    Financials

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    • AngioDynamics Reports Fiscal Year 2025 Third Quarter Financial Results

      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 shar

      4/2/25 6:30:00 AM ET
      $ANGO
      Medical/Dental Instruments
      Health Care
    • AngioDynamics to Host Virtual Cardiovascular Investor Event

      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, will host a virtual cardiovascular investor event this Wednesday, April 2, 2025 at 9:00am ET. The event will take place immediately following the Company's Fiscal 2025 Third Quarter Financial Results Conference Call which will start at 8:00am ET the same day. Virtual Cardiovascular Investor Event Date: Wednesday, April 2, 2025 Time: 9:00am ET Duration: 60 minutes Webcast Registration Link: https://viavid.webcasts.com/starthere.jsp?ei=1712212&tp_key=c

      3/31/25 8:00:00 AM ET
      $ANGO
      Medical/Dental Instruments
      Health Care
    • AngioDynamics to Report Fiscal 2025 Third Quarter Financial Results on April 2, 2025 and Host Virtual Cardiovascular Investor Event

      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 patient quality of life, today announced that it will report financial results for the third quarter of fiscal year 2025 before the market open on Wednesday, April 2, 2025, followed by a virtual cardiovascular investor event, offering a deeper dive into the company's cardiovascular business and products. Fiscal 2025 Third Quarter Financial Results Conference Call The Company's management will host a conference call at 8:00 am ET the same day to discuss the results. To participate

      3/19/25 8:00:00 AM ET
      $ANGO
      Medical/Dental Instruments
      Health Care