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    AngioDynamics Reports Fiscal Year 2025 Third Quarter Financial Results

    4/2/25 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 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

     

     

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

    Investors:



    AngioDynamics, Inc.

    Stephen Trowbridge, Executive Vice President & CFO

    (518) 795-1408

    [email protected]



    Media:



    Saleem Cheeks

    Vice President, Communications

    518-795-1174

    [email protected]

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