AngioDynamics Reports Fiscal Year 2025 Second Quarter Financial Results

ANGO 01.08.2025

SERA-AI Powered Highlights
Drug:IRE-001 NanoKnife
Diseases:Prostate Cancer
Full Press ReleaseSEC FilingsOur ANGO Tweets

About Gravity Analytica

Recent News

  • 01.16.2025 - 43rd Annual J.P. Morgan Healthcare Conference
  • 01.13.2025 - AngioDynamics Announces Publication of APEX-AV Trial Results in JSCAI
  • 01.08.2025 - Virtual NanoKnife Investor Event

Recent Filings

  • 01.17.2025 - 4 Statement of changes in beneficial ownership of securities
  • 01.16.2025 - 8-K Current report
  • 01.16.2025 - 144 Report of proposed sale of securities

LATHAM, N.Y.--(BUSINESS WIRE)--Jan. 8, 2025--AngioDynamics, Inc.(NASDAQ: ANGO), a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options, and improving quality of life for patients, today announced financial results for the second quarter of fiscal year 2025, which endedNovember 30, 2024.

Fiscal Year 2025 Second Quarter Highlights

Quarter EndedNovember 30, 2024

Pro Forma* YoY Growth

Pro Forma*Net Sales

$73.0 million

9.2%

Med TechNet Sales

$31.5 million

25.0%

Med DeviceNet 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, effectiveJanuary 1, 2026
  • Received FDA 510(k) clearance for NanoKnife Prostate Tissue Ablation inDecember 2024
  • Announced NanoKnife hit all primary endpoints of PRESERVE clinical trial for use in Prostate Tissue Ablation inDecember 2024
  • Raising fiscal year 2025 guidance for Adjusted EBITDA and Adjusted EPS

*Pro forma results exclude the Dialysis and BioSentry businesses divested inJune 2023and the PICC and Midline product portfolios divested inFebruary 2024, as well as the discontinued Radiofrequency and Syntrax products inFebruary 2024. Pro forma revenue for Q2 FY25 excludes approximately$0.2 millionof 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," commentedJim Clemmer, President and Chief Executive Officer ofAngioDynamics, 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 millionin 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 millionin 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 milliona year ago. International net sales were$10.3 million, a decrease of 6.6%, compared to$11.1 milliona 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) millionin the second quarter of fiscal 2024.

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

AtNovember 30, 2024, the Company had$54.1 millionin cash and cash equivalents compared to$55.0 millionin cash and cash equivalents atAugust 31, 2024. During the second quarter, the Company utilized$1.1 millionon share repurchases.

In accordance with the Company’s previously announced expectations regarding cash usage for the fiscal year endedMay 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 Panelwill 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, onJanuary 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.1Many of these patients seek alternatives to radical procedures that can lead to significant, long-term urological side effects.2The 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$282to$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$1.0to$3.0 million, an increase from the previous guidance of a loss of$2.5 millionto$0. The updated guidance compares to a pro forma Adjusted EBITDA loss of$3.2 millionin fiscal 2024
  • The Company now expects Adjusted loss per share in the range of$0.34to$0.38, an improvement from the previous guidance of a loss per share of$0.38to$0.42. The updated guidance compares to a pro forma Adjusted loss per share of$0.45in fiscal 2024

Conference Call

The Company’s management will host a conference call at8:00 a.m. ETthe 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 theAngioDynamicswebsite atwww.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, untilWednesday, January 15, 2025at11:59 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 inAngioDynamics'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,AngioDynamicshas 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 comparingAngioDynamics'performance over different periods. By using these non-GAAP measures, management believes that investors get a better picture of the performance ofAngioDynamics'underlying business. Management encourages investors to reviewAngioDynamics'financial results prepared in accordance with GAAP to understandAngioDynamics'performance taking into account all relevant factors, including those that may only occur from time to time but have a material impact onAngioDynamics'financial results. Please see the tables that follow for a reconciliation of non-GAAP measures to measures prepared in accordance with GAAP.

AboutAngioDynamics, Inc.

AngioDynamicsis 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, visitwww.angiodynamics.com.

Safe Harbor

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regardingAngioDynamics'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 fromAngioDynamics'expectations, expressed or implied. Factors that may affect the actual results achieved byAngioDynamicsinclude, without limitation, the scale and scope of the COVID-19 global pandemic, the ability ofAngioDynamicsto develop its existing and new products, technological advances and patents attained by competitors, infringement ofAngioDynamics'technology or assertions thatAngioDynamics'technology infringes the technology of third parties, the ability ofAngioDynamicsto 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 ofAngioDynamicsto 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 ofAngioDynamicsto obtain regulatory clearances or approval of its products, or to integrate acquired businesses, as well as the risk factors listed from time to time inAngioDynamics'SECfilings, including but not limited to its Annual Report on Form 10-K for the year endedMay 31, 2024.AngioDynamicsdoes not assume any obligation to publicly update or revise any forward-looking statements for any reason.

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

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

3Data on file.

ANGIODYNAMICS, INC.AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

(in thousands, except per share data)

Three Months Ended

Three Months Ended

Actual(1)

Pro FormaAdjustments(2)

Pro Forma

As Reported(1)

Pro FormaAdjustments(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 onJune 8, 2023, the sale of the PICCs and Midlines Businesses onFebruary 15, 2024and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as ofFebruary 29, 2024, for the three months endedNovember 30, 2024and 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 FormaAdjustments(2)

Pro Forma

As Reported(1)

Pro FormaAdjustments(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 onJune 8, 2023, the sale of the PICCs and Midlines Businesses onFebruary 15, 2024and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as ofFebruary 29, 2024, for the six months endedNovember 30, 2024and 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'sU.S.deferred tax assets and an effective tax rate of 23% for the periods endedNovember 30, 2024and 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'sU.S.deferred tax assets and an effective tax rate of 23% for the periods endedNovember 30, 2024and 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 onJanuary 5, 2024.

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

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

(5) Included in the$1.1 millionin other for the six months endedNovember 30, 2023is$0.9 millionof 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

CurrencyImpact

ConstantCurrencyGrowth

%Growth

CurrencyImpact

ConstantCurrencyGrowth

(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 onJune 8, 2023, the sale of the PICCs and Midlines Businesses onFebruary 15, 2024and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as ofFebruary 29, 2024, for the three months endedNovember 30, 2024and 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 onJune 8, 2023, the sale of the PICCs and Midlines Businesses onFebruary 15, 2024and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as ofFebruary 29, 2024, for the three months endedNovember 30, 2024and 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

CurrencyImpact

ConstantCurrencyGrowth

%Growth

CurrencyImpact

ConstantCurrencyGrowth

(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 onJune 8, 2023, the sale of the PICCs and Midlines Businesses onFebruary 15, 2024and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as ofFebruary 29, 2024, for the six months endedNovember 30, 2024and 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 onJune 8, 2023, the sale of the PICCs and Midlines Businesses onFebruary 15, 2024and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as ofFebruary 29, 2024, for the six months endedNovember 30, 2024and 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 onbusinesswire.com:https://www.businesswire.com/news/home/20250108903948/en/

AngioDynamics, Inc.Stephen Trowbridge, Executive Vice President & CFO(518) 795-1408

Source:AngioDynamics, Inc.

Please be aware that the following content has been generated by an AI system and may contain errors, inconsistencies, or outdated information. It is provided as-is without any warranties or guarantees of accuracy. We strongly recommend using this content as a starting point for further research and consultation with relevant experts or authorities. We disclaim any liability for damages or losses resulting from the use or reliance on this content.Please note that this is a beta version of the Gravity Analytica LLC’s AI Service which isstill undergoing final testing before its official release. Theplatform, its software and all content found on it are provided on an“as is” and “as available” basis. Gravity Analytica LLC does not give any warranties,whether express or implied, as to the suitability or usability of thisservice, webpage, or its software or any of its content.Should you encounter any bugs, glitches, lack of functionality orother problems on the website, please let us know immediately so wecan rectify these accordingly. Your help in this regard is greatlyappreciated! You can write to us at this addressteam@gravityanalytica.com