ANGO 8-K
Angiodynamics Inc (ANGO)
8-K
2025-07-15
For: 2025-07-15
View Original
Added on
April 10, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 15, 2025
(Exact Name of Registrant as Specified in Charter)
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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(518 ) 795-1400
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 – Results of Operations and Financial Condition.
On July 15, 2025, AngioDynamics, Inc. (“AngioDynamics”) issued a press release announcing financial results for the fiscal fourth quarter and full
year ended May 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.
The information set forth in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. Furthermore, such information shall not be deemed to be incorporated by reference into any filing under the Securities Act
of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01 – Regulation FD Disclosure.
Presentation slides discussing AngioDynamics and its fiscal fourth quarter and full year ended May 31, 2025 are furnished herewith as Exhibit 99.2.
The presentation slides furnished pursuant to Item 7.01 of this Form 8-K (including Exhibit 99.2) shall not be deemed “filed” for purposes of Section
18 of the Exchange Act, or otherwise subject to the liabilities under that Section. Furthermore, the presentation slides shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.
Forward-Looking Statements
This document and its attachments contain 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.
Item 9.01 – Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit No.
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Description
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Press Release, dated July 15, 2025.
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Presentation, dated July 15, 2025.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
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ANGIODYNAMICS, INC.
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(Registrant)
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Date: July 15, 2025
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By:
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/s/ Lawrence T. Weiss
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Name:
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Lawrence T. Weiss
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Title:
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Senior Vice President, Chief Legal Officer and Corporate Secretary
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Exhibit 99.1
AngioDynamics Reports Strong Fiscal Year 2025 Fourth Quarter and Full Year Financial Results; Continued Execution Driving Accelerated, Profitable Growth
Med Tech franchise delivers third consecutive quarter of over 20% revenue growth
Reported strong adjusted EBITDA in the fourth quarter resulting in positive adjusted EBITDA for full fiscal year 2025
Drove $16.2 million of free cash flow in the quarter as a result of strong topline growth and operational efficiency
efforts
LATHAM, N.Y.--(BUSINESS WIRE)— July 15, 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 fourth quarter and fiscal year 2025, which ended May 31, 2025.
Fiscal Year 2025 Fourth Quarter Highlights
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Quarter Ended
May 31, 2025
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Pro Forma* YoY Growth
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Pro Forma* Net Sales
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$80.2 million
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12.7%
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Med Tech Net Sales
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$35.8 million
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22.0%
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Med Device Net Sales
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$44.4 million
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6.2%
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GAAP gross margin of 52.7% which was inclusive of a $1.6 million, or 204 basis point, tariff-driven Cost of Goods Sold impact
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GAAP loss per share of $(0.15)
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Pro Forma Adjusted loss per share of $(0.03)
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Pro Forma Adjusted EBITDA of $3.4 million
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Cash balance as of May 31, 2025 of $55.9M, inclusive of the final $5.0 million revenue achievement milestone payment made associated with the Company’s 2019 acquisition of Auryon, $1.6
million in tariff-driven COGS impacts, and fees associated with the revolving credit facility
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Received CPT Category I Code for Irreversible Electroporation (IRE), the primary method of action for the NanoKnife System, for the treatment of lesions in the pancreas, effective January
1, 2027, expanding reimbursement pathway for NanoKnife in additional disease states
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Entered into revolving credit facility for up to $25.0 million, providing enhanced financial flexibility and working capital support at low cost with zero dilution
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Fiscal Year 2025 Highlights
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Year Ended
May 31, 2025
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Pro Forma* YoY Growth
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Pro Forma* Net Sales
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$292.7 million
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8.1%
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Med Tech Net Sales
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$126.7 million
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19.5%
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Med Device Net Sales
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$166.0 million
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0.8%
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GAAP Gross margin of 53.9%, inclusive of tariff headwinds of 56 basis points
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GAAP loss per share of $(0.83)
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Proforma Adjusted loss per share of $(0.25)
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Proforma Adjusted EBITDA of $7.6 million
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Adjusted EBITDA of $13.1 million, which includes a $5.5 million milestone earnout payment received from Spectrum Vascular recorded in Q3 FY25
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Ended fiscal 2025 with $55.9 million in cash and cash equivalents, ahead of expectations
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*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.
"Our strong fourth quarter performance capped off a landmark year at AngioDynamics. We continue to see the positive impacts of our
strategic transformation which has enabled us to deliver accelerating topline growth and continued profitability," said Jim Clemmer, President and Chief Executive Officer of AngioDynamics. "For the third quarter in a row, we posted MedTech growth
of over 20% as our unique, innovative platform technologies across both cardiology and interventional oncology continue to take share in highly competitive global markets. That growth, in combination with our operational efficiency efforts,
resulted in positive adjusted EBITDA and significant free cash flow despite experiencing some tariff-related headwinds.”
“During fiscal 2025, we made significant strides across the organization as we seek to further simplify our business and focus on
penetrating large, fast-growing global MedTech markets. Throughout the year, we achieved key regulatory milestones, expanded into new geographies, generated high-quality clinical data, and secured critical reimbursement pathways. The breadth of
these accomplishments - from NanoKnife's FDA prostate indication and CPT Category I code to AlphaVac's successful commercial launch and Auryon's European expansion - reflects our ability to execute across multiple fronts simultaneously," continued
Mr. Clemmer.
“We've fundamentally repositioned AngioDynamics as a profitable,
growth-oriented medical technology company with a portfolio now addressing over $10 billion in annual global market opportunities, up from just $3 billion in 2021. With our proven commercial momentum, multiple growth catalysts, and balance sheet
strength, we're exceptionally well-positioned for sustained value creation as we move into fiscal 2026,” concluded Mr. Clemmer.
Fiscal Fourth Quarter 2025 Financial Results
Unless otherwise noted, all financial results below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses
divested in June 2023, the PICC, Midline, and tip location product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024.
Net sales for the fourth quarter of fiscal year 2025 were $80.2 million, an increase of 12.7% compared to the prior-year quarter.
Foreign currency translation did not have a significant impact on the Company's net sales in the quarter.
Med Tech net sales were $35.8 million, a 22.0% increase from $29.3
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 was driven by Auryon sales during the quarter of $15.6 million, which increased 19.7%, Mechanical Thrombectomy revenue, which
includes AngioVac and AlphaVac, of $11.3 million, an increase of 44.7%, and NanoKnife disposable sales of $5.7 million, which increased 5.5% compared to the fourth quarter of fiscal 2024.
Med Device net sales were $44.4 million, an increase of 6.2% compared to $41.8 million in the prior-year period.
U.S. net sales in the fourth quarter of fiscal 2025 were $67.5 million, an increase of 11.0% from $60.8 million a year ago.
International net sales were $12.7 million, an increase of 22.8%, compared to $10.3 million a year ago.
Gross margin for the fourth quarter of fiscal 2025 was 52.7%, which was down 161 basis points compared to the fourth quarter of fiscal
2024. Absent the $1.6 million tariff impact in the quarter, gross margin would have been 54.7%. Gross margin for the Med Tech business was 59.0%, a decrease of 510 basis points from the fourth quarter of fiscal 2024 primarily related to tariffs,
hardware depreciation, and product mix. Absent tariff impacts in the quarter, Med Tech gross margin would have been 62.1%. Gross margin for the Med Device business was 47.6%, an increase of 20 basis points compared to the fourth quarter of fiscal
2024. Absent tariff impacts in the quarter, Med Device gross margin would have been 48.8%.
The Company recorded a GAAP net loss of $6.1 million, or a loss per share of $0.15, in the fourth quarter of fiscal 2025. Excluding the
items show in the non-GAAP reconciliation table below, adjusted net loss for the fourth quarter of fiscal 2025 was $1.0 million, or a loss per share of $0.03. This compares to an adjusted net loss during the fiscal fourth quarter of 2024 of $2.2
million, or a loss per share of $0.05.
Adjusted EBITDA in the fourth quarter of fiscal 2025, excluding the items shown in the reconciliation table below, was $3.4 million,
compared to $1.5 million in the fourth quarter of fiscal 2024.
At May 31, 2025, the Company had $55.9M in cash and cash equivalents, inclusive of the payment of the final revenue performance-based
milestone payment of $5.0 million made as part of the Company’s acquisition of Auryon in 2019, $1.6 million in tariff-driven COGS impacts, and fees associated with the Company’s revolving credit facility.
Fourth Quarter 2025 Tariff Impacts
In the fiscal fourth quarter of 2025, the Company incurred limited revenue impacts because of tariff impacts. There was an approximate
$1.6 million of cost of goods sold impact stemming from certain product components which are manufactured outside of the United States, resulting in an approximate 204 basis point headwind. Following the announcement of tariffs, the Company
identified, and will continue to execute, strategies to mitigate the potential impacts and offset portions of tariff related impacts.
Full-Year 2025 Financial Results
Unless otherwise noted, all financial results below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses
divested in June 2023, the PICC and Midline product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024.
Net sales were $292.7 million, an increase of 8.1%, compared to $270.7 million for the prior year period.
Med Tech net sales were $126.7 million, a 19.5% increase from the prior year. Med Device net sales were $166.0 million, an increase of
0.8% from the prior year.
Gross margin increased 12 basis points to 53.9% from 53.8% in the prior year, with tariffs creating a 56-basis point headwind. Absent
tariff impacts, gross margin would have been 54.5%.
The Company's GAAP net loss was $34.0 million, or a loss per share of $0.83, compared to a net loss of $184.3 million, or a loss per
share of $4.59, a year ago.
Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss was $10.2 million, with adjusted loss per share
of $0.25, compared to adjusted net loss of $18.2 million, or adjusted loss per share of $0.45, a year ago.
Adjusted EBITDA, excluding the items shown in the reconciliation table below, was $7.6 million, compared to a loss of $3.2 million for
the prior year. Non-proforma adjusted EBITDA was $13.1 million, which includes the final $5.5 million milestone payment we received from Spectrum as part of the divestiture of our PICC and Midline business in February of 2024. This compares to $1.2
million for the prior year. During the fourth quarter of fiscal 2025, the Company entered into a revolving line of credit agreement (“the revolver”) with J.P. Morgan, which allows the Company to draw down up to $25.0 million at its discretion. As
of July 15, 2025, the Company had not drawn down any of the available capital as part of the revolver agreement.
At May 31, 2025, the Company had $55.9 million in cash and cash equivalents, which was slightly ahead of previously stated expectations,
inclusive of the payment of the final revenue performance-based milestone payment of $5.0 million made as part of the Company’s acquisition of Auryon in 2019, all fees paid as part of the Company’s revolving line of credit agreement as well as the
impact of tariffs. This compares to cash and cash equivalents of $44.8 million at February 28, 2025.
Full Year 2025 Tariff Impacts
In the fiscal full year 2025, the Company incurred limited revenue impacts because of tariff impacts. There was an approximate $1.6
million of cost of goods sold impact stemming from certain product components which are manufactured outside of the United States, resulting in an approximate 56 basis point headwind.
Fiscal Year 2026 Financial Guidance
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Guidance Metric
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Current Guidance
(As of July 15, 2025)
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Tariff Guidance Impact
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Net Sales
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$305 - $310 million
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Limited Impact
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Med Tech Net Sales Growth
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12% - 15%
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Limited Impact
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Med Device Net Sales Growth
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Flat
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Limited Impact
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Gross Margin
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53.5% - 55.5%
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Absent Tariffs: 55.0% - 56.0%
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Pro Forma Adjusted EBITDA
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$3.0 - $8.0 million
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Absent Tariffs: $7.5M - $10.5M
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Adjusted EPS
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($0.35) - ($0.25)
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Absent Tariffs: ($0.30) – ($0.25)
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Free Cash Flow
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Positive for Full Year FY2026
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Absent Tariffs: Up to +$5M
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Tariff Related Guidance Assumptions
For the full fiscal year 2026, the company expects a $4.0 - $6.0 million impact from tariffs. For gross margin, pro forma adjusted
EBITDA, and adjusted EPS, the low end of the respective ranges assumes the highest level of tariff impact, with the high end of the respective ranges assuming the lowest level of tariff impact.
All assumptions made related to expected tariff impacts are based on the Company’s point of view on the current tariff situation, as of
July 15, 2025. As the situation is fluid, these assumptions may change in the future.
Conference Call
The Company’s management will host a conference call at 8:00 am ET the same day to discuss the results.
To participate 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.
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, tariffs, 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.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
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Three Months Ended
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Three Months Ended
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|||||||||||||||||||||||
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Actual (1)
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Pro Forma
Adjustments (2)
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Pro Forma
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As Reported (1)
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Pro Forma
Adjustments (2)
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Pro Forma
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|||||||||||||||||||
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May 31, 2025
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May 31, 2025
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May 31, 2025
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May 31, 2024
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May 31, 2024
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May 31, 2024
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|||||||||||||||||||
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(unaudited)
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(unaudited)
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|||||||||||||||||||||||
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Net sales
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$
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80,158
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(1
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)
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$
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80,157
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$
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70,980
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142
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$
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71,122
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|||||||||||||
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Cost of sales (exclusive of intangible amortization)
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37,940
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2
|
37,942
|
32,465
|
56
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32,521
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||||||||||||||||||
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Gross margin
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42,218
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(3
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)
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42,215
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38,515
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86
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38,601
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|||||||||||||||||
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% of net sales
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52.7
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%
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52.7
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%
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54.3
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%
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54.3
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%
|
||||||||||||||||
|
Operating expenses
|
||||||||||||||||||||||||
|
Research and development
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6,590
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—
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6,590
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6,724
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(1
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)
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6,723
|
|||||||||||||||||
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Sales and marketing
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26,437
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—
|
26,437
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24,581
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(17
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)
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24,564
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|||||||||||||||||
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General and administrative
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10,236
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—
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10,236
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10,441
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(7
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)
|
10,434
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|||||||||||||||||
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Amortization of intangibles
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2,588
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—
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2,588
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2,574
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—
|
2,574
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||||||||||||||||||
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Change in fair value of contingent consideration
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—
|
—
|
—
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229
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—
|
229
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||||||||||||||||||
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Acquisition, restructuring and other items, net
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2,155
|
—
|
2,155
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8,415
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(3
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)
|
8,412
|
|||||||||||||||||
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Total operating expenses
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48,006
|
—
|
48,006
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52,964
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(28
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)
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52,936
|
|||||||||||||||||
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Operating loss
|
(5,788
|
)
|
(3
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)
|
(5,791
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)
|
(14,449
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)
|
114
|
(14,335
|
)
|
|||||||||||||
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Interest income, net
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3
|
—
|
3
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567
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—
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567
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||||||||||||||||||
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Other expense, net
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(325
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)
|
—
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(325
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)
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(259
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)
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—
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(259
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)
|
||||||||||||||
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Total other income (expense), net
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(322
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)
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—
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(322
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)
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308
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—
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308
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||||||||||||||||
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Loss before income tax benefit
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(6,110
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)
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(3
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)
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(6,113
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)
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(14,141
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)
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114
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(14,027
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)
|
|||||||||||||
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Income tax benefit
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(60
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)
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—
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(60
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)
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(692
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)
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—
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(692
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)
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||||||||||||||
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Net loss
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$
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(6,050
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)
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$
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(3
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)
|
$
|
(6,053
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)
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$
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(13,449
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)
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$
|
114
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$
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(13,335
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)
|
|||||||
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Loss per share
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||||||||||||||||||||||||
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Basic
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$
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(0.15
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)
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$
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(0.15
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)
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$
|
(0.33
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)
|
$
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(0.33
|
)
|
||||||||||||
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Diluted
|
$
|
(0.15
|
)
|
$
|
(0.15
|
)
|
$
|
(0.33
|
)
|
$
|
(0.33
|
)
|
||||||||||||
|
Weighted average shares outstanding
|
||||||||||||||||||||||||
|
Basic
|
40,984
|
40,984
|
40,427
|
40,427
|
||||||||||||||||||||
|
Diluted
|
40,984
|
40,984
|
40,427
|
40,427
|
||||||||||||||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis
and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended May 31, 2025 and 2024.
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the
Businesses.
8
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
|
Twelve months ended
|
Twelve months ended
|
|||||||||||||||||||||||
|
Actual (1)
|
Pro Forma
Adjustments (2)
|
Pro Forma
|
As Reported (1)
|
Pro Forma
Adjustments (2)
|
Pro Forma
|
|||||||||||||||||||
|
May 31, 2025
|
May 31, 2025
|
May 31, 2025
|
May 31, 2024
|
May 31, 2024
|
May 31, 2024
|
|||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||
|
Net sales
|
$
|
292,498
|
187
|
$
|
292,685
|
$
|
303,914
|
(33,193
|
)
|
$
|
270,721
|
|||||||||||||
|
Cost of sales (exclusive of intangible amortization)
|
134,793
|
157
|
134,950
|
149,216
|
(24,064
|
)
|
125,152
|
|||||||||||||||||
|
Gross margin
|
157,705
|
30
|
157,735
|
154,698
|
(9,129
|
)
|
145,569
|
|||||||||||||||||
|
% of net sales
|
53.9
|
%
|
53.9
|
%
|
50.9
|
%
|
53.8
|
%
|
||||||||||||||||
|
Operating expenses
|
||||||||||||||||||||||||
|
Research and development
|
26,222
|
—
|
26,222
|
31,512
|
(648
|
)
|
30,864
|
|||||||||||||||||
|
Sales and marketing
|
103,135
|
—
|
103,135
|
102,818
|
(4,730
|
)
|
98,088
|
|||||||||||||||||
|
General and administrative
|
42,092
|
—
|
42,092
|
41,164
|
(60
|
)
|
41,104
|
|||||||||||||||||
|
Amortization of intangibles
|
10,318
|
—
|
10,318
|
13,048
|
(2,571
|
)
|
10,477
|
|||||||||||||||||
|
Goodwill impairment
|
—
|
—
|
—
|
159,476
|
—
|
159,476
|
||||||||||||||||||
|
Change in fair value of contingent consideration
|
272
|
—
|
272
|
432
|
—
|
432
|
||||||||||||||||||
|
Acquisition, restructuring and other items, net
|
15,620
|
161
|
15,781
|
53,182
|
(6,397
|
)
|
46,785
|
|||||||||||||||||
|
Total operating expenses
|
197,659
|
161
|
197,820
|
401,632
|
(14,406
|
)
|
387,226
|
|||||||||||||||||
|
Gain on sale of assets
|
—
|
—
|
—
|
54,499
|
(54,499
|
)
|
—
|
|||||||||||||||||
|
Operating loss
|
(39,954
|
)
|
(131
|
)
|
(40,085
|
)
|
(192,435
|
)
|
(49,222
|
)
|
(241,657
|
)
|
||||||||||||
|
Interest income, net
|
978
|
—
|
978
|
1,614
|
—
|
1,614
|
||||||||||||||||||
|
Other income (expense), net
|
4,944
|
(5,500
|
)
|
(556
|
)
|
(817
|
)
|
—
|
(817
|
)
|
||||||||||||||
|
Total other income, net
|
5,922
|
(5,500
|
)
|
422
|
797
|
—
|
797
|
|||||||||||||||||
|
Loss before income tax benefit
|
(34,032
|
)
|
(5,631
|
)
|
(39,663
|
)
|
(191,638
|
)
|
(49,222
|
)
|
(240,860
|
)
|
||||||||||||
|
Income tax benefit
|
(39
|
)
|
—
|
(39
|
)
|
(7,289
|
)
|
—
|
(7,289
|
)
|
||||||||||||||
|
Net loss
|
$
|
(33,993
|
)
|
$
|
(5,631
|
)
|
$
|
(39,624
|
)
|
$
|
(184,349
|
)
|
$
|
(49,222
|
)
|
$
|
(233,571
|
)
|
||||||
|
Loss per share
|
||||||||||||||||||||||||
|
Basic
|
$
|
(0.83
|
)
|
$
|
(0.97
|
)
|
$
|
(4.59
|
)
|
$
|
(5.81
|
)
|
||||||||||||
|
Diluted
|
$
|
(0.83
|
)
|
$
|
(0.97
|
)
|
$
|
(4.59
|
)
|
$
|
(5.81
|
)
|
||||||||||||
|
Weighted average shares outstanding
|
||||||||||||||||||||||||
|
Basic
|
40,853
|
40,853
|
40,181
|
40,181
|
||||||||||||||||||||
|
Diluted
|
40,853
|
40,853
|
40,181
|
40,181
|
||||||||||||||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis
and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended May 31, 2025 and 2024.
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the
Businesses.
9
ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)
|
Reconciliation of Net Loss to non-GAAP Adjusted Net Loss:
|
||||||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
May 31, 2025
|
May 31, 2024
|
May 31, 2025
|
May 31, 2024
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net loss
|
$
|
(6,050
|
)
|
$
|
(13,449
|
)
|
$
|
(33,993
|
)
|
$
|
(184,349
|
)
|
||||
|
Amortization of intangibles
|
2,588
|
2,574
|
10,318
|
13,048
|
||||||||||||
|
Goodwill impairment
|
—
|
—
|
—
|
159,476
|
||||||||||||
|
Change in fair value of contingent consideration
|
—
|
229
|
272
|
432
|
||||||||||||
|
Acquisition, restructuring and other items, net (1)
|
2,155
|
8,415
|
15,620
|
53,182
|
||||||||||||
|
Gain on sale of assets
|
—
|
—
|
—
|
(54,499
|
)
|
|||||||||||
|
Tax effect of non-GAAP items (2)
|
254
|
(20
|
)
|
1,760
|
(2,689
|
)
|
||||||||||
|
Adjusted net loss
|
$
|
(1,053
|
)
|
$
|
(2,251
|
)
|
$
|
(6,023
|
)
|
$
|
(15,399
|
)
|
||||
|
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Loss Per Share:
|
||||||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
May 31, 2025
|
May 31, 2024
|
May 31, 2025
|
May 31, 2024
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Diluted loss per share
|
$
|
(0.15
|
)
|
$
|
(0.33
|
)
|
$
|
(0.83
|
)
|
$
|
(4.59
|
)
|
||||
|
Amortization of intangibles
|
0.06
|
0.06
|
0.25
|
0.32
|
||||||||||||
|
Goodwill impairment
|
—
|
—
|
—
|
3.98
|
||||||||||||
|
Change in fair value of contingent consideration
|
—
|
0.01
|
0.01
|
0.01
|
||||||||||||
|
Acquisition, restructuring and other items, net (1)
|
0.05
|
0.20
|
0.38
|
1.33
|
||||||||||||
|
Gain on sale of assets
|
—
|
—
|
—
|
(1.36
|
)
|
|||||||||||
|
Tax effect of non-GAAP items (2)
|
0.01
|
—
|
0.04
|
(0.07
|
)
|
|||||||||||
|
Adjusted diluted loss per share
|
$
|
(0.03
|
)
|
$
|
(0.06
|
)
|
$
|
(0.15
|
)
|
$
|
(0.38
|
)
|
||||
|
Adjusted diluted sharecount (3)
|
40,984
|
40,427
|
40,853
|
40,181
|
||||||||||||
(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 May 31, 2025 and 2024.
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.
10
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
|
Twelve Months Ended
|
|||||||||||||||
|
May 31, 2025
|
May 31, 2024
|
May 31, 2025
|
May 31, 2024
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net loss
|
$
|
(6,050
|
)
|
$
|
(13,449
|
)
|
$
|
(33,993
|
)
|
$
|
(184,349
|
)
|
||||
|
Income tax benefit
|
(60
|
)
|
(692
|
)
|
(39
|
)
|
(7,289
|
)
|
||||||||
|
Interest income, net
|
(3
|
)
|
(567
|
)
|
(978
|
)
|
(1,614
|
)
|
||||||||
|
Depreciation and amortization
|
5,833
|
6,817
|
25,800
|
27,712
|
||||||||||||
|
Goodwill impairment
|
—
|
—
|
—
|
159,476
|
||||||||||||
|
Change in fair value of contingent consideration
|
—
|
229
|
272
|
432
|
||||||||||||
|
Stock based compensation
|
1,641
|
1,896
|
9,772
|
10,529
|
||||||||||||
|
Gain on sale of assets
|
—
|
—
|
—
|
(54,499
|
)
|
|||||||||||
|
Acquisition, restructuring and other items, net (1)
|
2,000
|
7,148
|
12,239
|
50,780
|
||||||||||||
|
Adjusted EBITDA
|
$
|
3,361
|
$
|
1,382
|
$
|
13,073
|
$
|
1,178
|
||||||||
|
Per diluted share:
|
||||||||||||||||
|
Adjusted EBITDA
|
$
|
0.08
|
$
|
0.03
|
$
|
0.31
|
$
|
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.
11
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
|
Twelve Months Ended
|
|||||||||||||||
|
May 31, 2025
|
May 31, 2024
|
May 31, 2025
|
May 31, 2024
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Pro forma net loss
|
$
|
(6,053
|
)
|
$
|
(13,335
|
)
|
$
|
(39,624
|
)
|
$
|
(233,571
|
)
|
||||
|
Amortization of intangibles
|
2,588
|
2,574
|
10,318
|
10,477
|
||||||||||||
|
Goodwill impairment
|
—
|
—
|
—
|
159,476
|
||||||||||||
|
Change in fair value of contingent consideration
|
—
|
229
|
272
|
432
|
||||||||||||
|
Acquisition, restructuring and other items, net (1)
|
2,155
|
8,412
|
15,781
|
46,785
|
||||||||||||
|
Tax effect of non-GAAP items (2)
|
255
|
(45
|
)
|
3,018
|
(1,840
|
)
|
||||||||||
|
Adjusted pro forma net loss
|
$
|
(1,055
|
)
|
$
|
(2,165
|
)
|
$
|
(10,235
|
)
|
$
|
(18,241
|
)
|
||||
|
Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share:
|
||||||||||||||||
|
Pro Forma
|
Pro Forma
|
|||||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
May 31, 2025
|
May 31, 2024
|
May 31, 2025
|
May 31, 2024
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Pro forma diluted loss per share
|
$
|
(0.15
|
)
|
$
|
(0.33
|
)
|
$
|
(0.97
|
)
|
$
|
(5.81
|
)
|
||||
|
Amortization of intangibles
|
0.06
|
0.06
|
0.25
|
0.26
|
||||||||||||
|
Goodwill impairment
|
—
|
—
|
—
|
3.97
|
||||||||||||
|
Change in fair value of contingent consideration
|
—
|
0.01
|
0.01
|
0.01
|
||||||||||||
|
Acquisition, restructuring and other items, net (1)
|
0.05
|
0.21
|
0.39
|
1.17
|
||||||||||||
|
Tax effect of non-GAAP items (2)
|
0.01
|
—
|
0.07
|
(0.05
|
)
|
|||||||||||
|
Adjusted pro forma diluted loss per share
|
$
|
(0.03
|
)
|
$
|
(0.05
|
)
|
$
|
(0.25
|
)
|
$
|
(0.45
|
)
|
||||
|
Adjusted diluted sharecount (3)
|
40,984
|
40,427
|
40,853
|
40,181
|
||||||||||||
(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 May 31, 2025 and 2024.
(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.
12
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
|
Twelve Months Ended
|
|||||||||||||||
|
May 31, 2025
|
May 31, 2024
|
May 31, 2025
|
May 31, 2024
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Pro forma net loss
|
$
|
(6,053
|
)
|
$
|
(13,335
|
)
|
$
|
(39,624
|
)
|
$
|
(233,571
|
)
|
||||
|
Income tax benefit
|
(60
|
)
|
(692
|
)
|
(39
|
)
|
(7,289
|
)
|
||||||||
|
Interest income, net
|
(3
|
)
|
(567
|
)
|
(978
|
)
|
(1,614
|
)
|
||||||||
|
Depreciation and amortization
|
5,833
|
6,817
|
25,800
|
25,051
|
||||||||||||
|
Goodwill impairment
|
—
|
—
|
—
|
159,476
|
||||||||||||
|
Change in fair value of contingent consideration
|
—
|
229
|
272
|
432
|
||||||||||||
|
Stock based compensation
|
1,641
|
1,895
|
9,772
|
9,898
|
||||||||||||
|
Acquisition, restructuring and other items, net (1)
|
2,000
|
7,145
|
12,400
|
44,382
|
||||||||||||
|
Pro forma adjusted EBITDA
|
$
|
3,358
|
$
|
1,492
|
$
|
7,603
|
$
|
(3,235
|
)
|
|||||||
|
Per diluted share:
|
||||||||||||||||
|
Adjusted EBITDA
|
$
|
0.08
|
$
|
0.04
|
$
|
0.18
|
$
|
(0.08
|
)
|
|||||||
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and
write-offs, certain litigation, and other items.
13
ANGIODYNAMICS, INC. AND SUBSIDIARIES
ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET DETAIL
(in thousands)
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
(in thousands)
|
May 31, 2025
|
May 31, 2024
|
May 31, 2025
|
May 31, 2024
|
||||||||||||
|
Legal (1)
|
$
|
309
|
$
|
4,489
|
$
|
715
|
$
|
34,942
|
||||||||
|
Mergers and acquisitions (2)
|
—
|
—
|
737
|
399
|
||||||||||||
|
Transition service agreement (3)
|
(414
|
)
|
(437
|
)
|
(1,838
|
)
|
(1,092
|
)
|
||||||||
|
Plant Closure (4)
|
1,941
|
3,366
|
13,761
|
9,481
|
||||||||||||
|
Manufacturing Relocation (5)
|
—
|
—
|
—
|
587
|
||||||||||||
|
Intangible and other asset impairment (6)
|
—
|
—
|
—
|
6,260
|
||||||||||||
|
Other (7)
|
319
|
997
|
2,245
|
2,605
|
||||||||||||
|
Total
|
$
|
2,155
|
$
|
8,415
|
$
|
15,620
|
$
|
53,182
|
||||||||
(1) Legal expenses related to litigation that is
outside the normal course of business. In the third quarter of fiscal year 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) Mergers and acquisitions expenses related to
investment banking, legal and due diligence.
(3) Transition services agreement that were
entered into with Merit and Spectrum.
(4) Plant closure expense, related to the
restructuring of our manufacturing footprint which was announced on January 5, 2024.
(5) Expenses to relocate manufacturing lines out
of Queensbury, NY.
(6) An impairment of $3.4 million on intangible and fixed assets and an inventory write-off of $2.9 million was taken in the
third quarter of fiscal year 2024 relating to the abandonment of the Syntrax and RF product lines.
(7) Included in the $2.2 million and $2.6 million in other for the years ended May
31, 2025 and 2024 is $0.9 million and $1.4 million, respectively, of severance due to restructurings outside of the plant closure. In addition, for the year ended May 31, 2024, $0.9 million of deferred financing fees that were written-off in
conjunction with the divestiture of the Dialysis and BioSentry businesses and concurrent extinguishment of the debt.
14
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
|
|||||||||||||||||||||||||||||||||||||||||
|
May 31, 2025
|
May 31, 2025
|
May 31, 2025
|
May 31, 2024
|
May 31, 2024
|
May 31, 2024
|
%
Growth
|
Currency
Impact
|
Constant
Currency
Growth
|
%
Growth
|
Currency
Impact
|
Constant
Currency
Growth
|
|||||||||||||||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Net Sales
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Med Tech
|
$
|
35,790
|
$
|
—
|
$
|
35,790
|
$
|
29,335
|
$
|
—
|
$
|
29,335
|
22.0
|
%
|
22.0
|
%
|
||||||||||||||||||||||||||||||||
|
Med Device
|
44,368
|
(1
|
)
|
44,367
|
41,645
|
142
|
41,787
|
6.5
|
%
|
6.2
|
%
|
|||||||||||||||||||||||||||||||||||||
|
$
|
80,158
|
$
|
(1
|
)
|
$
|
80,157
|
$
|
70,980
|
$
|
142
|
$
|
71,122
|
12.9
|
%
|
0.0
|
%
|
12.9
|
%
|
12.7
|
%
|
0.0
|
%
|
12.7
|
%
|
||||||||||||||||||||||||
|
Net Sales
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
United States
|
$
|
67,484
|
$
|
(1
|
)
|
$
|
67,483
|
$
|
60,743
|
$
|
61
|
$
|
60,804
|
11.1
|
%
|
11.0
|
%
|
|||||||||||||||||||||||||||||||
|
International
|
12,674
|
—
|
12,674
|
10,237
|
81
|
10,318
|
23.8
|
%
|
0.0
|
%
|
23.8
|
%
|
22.8
|
%
|
||||||||||||||||||||||||||||||||||
|
$
|
80,158
|
$
|
(1
|
)
|
$
|
80,157
|
$
|
70,980
|
$
|
142
|
$
|
71,122
|
12.9
|
%
|
0.0
|
%
|
12.9
|
%
|
12.7
|
%
|
0.0
|
%
|
12.7
|
%
|
||||||||||||||||||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis
and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended May 31, 2025 and 2024.
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the
Businesses.
GROSS MARGIN 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
|
|||||||||||||||||||||||||
|
May 31, 2025
|
May 31, 2025
|
May 31, 2025
|
May 31, 2024
|
May 31, 2024
|
May 31, 2024
|
% Change
|
% Change
|
|||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||
|
Med Tech
|
$
|
21,117
|
$
|
—
|
$
|
21,117
|
$
|
18,798
|
$
|
6
|
$
|
18,804
|
12.3
|
%
|
12.3
|
%
|
||||||||||||||||
|
Gross margin % of sales
|
59.0
|
%
|
59.0
|
%
|
64.1
|
%
|
64.1
|
%
|
||||||||||||||||||||||||
|
Med Device
|
$
|
21,101
|
$
|
(3
|
)
|
$
|
21,098
|
$
|
19,717
|
$
|
80
|
$
|
19,797
|
7.0
|
%
|
6.6
|
%
|
|||||||||||||||
|
Gross margin % of sales
|
47.6
|
%
|
47.6
|
%
|
47.3
|
%
|
47.4
|
%
|
||||||||||||||||||||||||
|
Total
|
$
|
42,218
|
$
|
(3
|
)
|
$
|
42,215
|
$
|
38,515
|
$
|
86
|
$
|
38,601
|
9.6
|
%
|
9.4
|
%
|
|||||||||||||||
|
Gross margin % of sales
|
52.7
|
%
|
52.7
|
%
|
54.3
|
%
|
54.3
|
%
|
||||||||||||||||||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis
and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended May 31, 2025 and 2024.
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the
Businesses.
15
ANGIODYNAMICS, INC. AND SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(in thousands)
|
Twelve Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Actual (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
As
Reported (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
Actual
|
Pro Forma
|
|||||||||||||||||||||||||||||||||||||||||
|
May 31, 2025
|
May 31, 2025
|
May 31, 2025
|
May 31, 2024
|
May 31, 2024
|
May 31, 2024
|
%
Growth
|
Currency
Impact |
Constant
Currency
Growth
|
%
Growth
|
Currency
Impact
|
Constant
Currency
Growth
|
|||||||||||||||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Net Sales
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Med Tech
|
$
|
126,653
|
$
|
—
|
$
|
126,653
|
$
|
106,403
|
$
|
(443
|
)
|
$
|
105,960
|
19.0
|
%
|
19.5
|
%
|
|||||||||||||||||||||||||||||||
|
Med Device
|
165,845
|
187
|
166,032
|
197,511
|
(32,750
|
)
|
164,761
|
(16.0
|
)%
|
0.8
|
%
|
|||||||||||||||||||||||||||||||||||||
|
$
|
292,498
|
$
|
187
|
$
|
292,685
|
$
|
303,914
|
$
|
(33,193
|
)
|
$
|
270,721
|
(3.8
|
)%
|
0.0
|
%
|
(3.8
|
)%
|
8.1
|
%
|
0.1
|
%
|
8.2
|
%
|
||||||||||||||||||||||||
|
Net Sales
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
United States
|
$
|
250,983
|
$
|
13
|
$
|
250,996
|
$
|
251,486
|
$
|
(23,037
|
)
|
$
|
228,449
|
(0.2
|
)%
|
9.9
|
%
|
|||||||||||||||||||||||||||||||
|
International
|
41,515
|
174
|
41,689
|
52,428
|
(10,156
|
)
|
42,272
|
(20.8
|
)%
|
0.0
|
%
|
(20.8
|
)%
|
(1.4
|
)%
|
|||||||||||||||||||||||||||||||||
|
$
|
292,498
|
$
|
187
|
$
|
292,685
|
$
|
303,914
|
$
|
(33,193
|
)
|
$
|
270,721
|
(3.8
|
)%
|
0.0
|
%
|
(3.8
|
)%
|
8.1
|
%
|
0.1
|
%
|
8.2
|
%
|
||||||||||||||||||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis
and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended May 31, 2025 and 2024.
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the
Businesses.
GROSS MARGIN BY PRODUCT CATEGORY
(in thousands)
|
Twelve Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||||||||||
|
Actual (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
As Reported (1)
|
Pro Forma
Adj. (2)
|
Pro Forma
|
Actual
|
Pro Forma
|
|||||||||||||||||||||||||
|
May 31, 2025
|
May 31, 2025
|
May 31, 2025
|
May 31, 2024
|
May 31, 2024
|
May 31, 2024
|
% Change
|
% Change
|
|||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||||||
|
Med Tech
|
$
|
78,515
|
$
|
—
|
$
|
78,515
|
$
|
67,198
|
$
|
(167
|
)
|
$
|
67,031
|
16.8
|
%
|
17.1
|
%
|
|||||||||||||||
|
Gross margin % of sales
|
62.0
|
%
|
62.0
|
%
|
63.2
|
%
|
63.3
|
%
|
||||||||||||||||||||||||
|
Med Device
|
$
|
79,190
|
$
|
30
|
$
|
79,220
|
$
|
87,500
|
$
|
(8,962
|
)
|
$
|
78,538
|
(9.5
|
)%
|
0.9
|
%
|
|||||||||||||||
|
Gross margin % of sales
|
47.7
|
%
|
47.7
|
%
|
44.3
|
%
|
47.7
|
%
|
||||||||||||||||||||||||
|
Total
|
$
|
157,705
|
$
|
30
|
$
|
157,735
|
$
|
154,698
|
$
|
(9,129
|
)
|
$
|
145,569
|
1.9
|
%
|
8.4
|
%
|
|||||||||||||||
|
Gross margin % of sales
|
53.9
|
%
|
53.9
|
%
|
50.9
|
%
|
53.8
|
%
|
||||||||||||||||||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis
and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended May 31, 2025 and 2024.
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the
Businesses.
16
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
|
May 31, 2025
|
May 31, 2024
|
|||||||
|
(unaudited)
|
(audited)
|
|||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
55,893
|
$
|
76,056
|
||||
|
Accounts receivable, net
|
42,890
|
43,610
|
||||||
|
Inventories
|
62,006
|
60,616
|
||||||
|
Prepaid expenses and other
|
7,535
|
12,971
|
||||||
|
Total current assets
|
168,324
|
193,253
|
||||||
|
Property, plant and equipment, net
|
32,300
|
35,666
|
||||||
|
Other assets
|
10,404
|
11,369
|
||||||
|
Intangible assets, net
|
69,116
|
77,383
|
||||||
|
Total assets
|
$
|
280,144
|
$
|
317,671
|
||||
|
Liabilities and stockholders' equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$
|
33,291
|
$
|
37,751
|
||||
|
Accrued liabilities
|
35,518
|
41,098
|
||||||
|
Current portion of contingent consideration
|
—
|
4,728
|
||||||
|
Other current liabilities
|
7,388
|
7,578
|
||||||
|
Total current liabilities
|
76,197
|
91,155
|
||||||
|
Deferred income taxes
|
4,073
|
4,852
|
||||||
|
Other long-term liabilities
|
16,904
|
16,078
|
||||||
|
Total liabilities
|
97,174
|
112,085
|
||||||
|
Stockholders' equity
|
182,970
|
205,586
|
||||||
|
Total Liabilities and Stockholders' Equity
|
$
|
280,144
|
$
|
317,671
|
||||
17
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
May 31, 2025
|
May 31, 2024
|
May 31, 2025
|
May 31, 2024
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
(audited)
|
||||||||||||||
|
Cash flows from operating activities:
|
||||||||||||||||
|
Net loss
|
$
|
(6,050
|
)
|
$
|
(13,449
|
)
|
$
|
(33,993
|
)
|
$
|
(184,349
|
)
|
||||
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
5,833
|
6,817
|
25,800
|
27,712
|
||||||||||||
|
Non-cash lease expense
|
462
|
490
|
1,958
|
1,931
|
||||||||||||
|
Goodwill impairment
|
—
|
—
|
—
|
159,476
|
||||||||||||
|
Stock based compensation
|
1,641
|
1,896
|
9,772
|
10,529
|
||||||||||||
|
Gain on disposition
|
—
|
—
|
—
|
(54,499
|
)
|
|||||||||||
|
Transaction costs for disposition
|
—
|
—
|
—
|
(5,084
|
)
|
|||||||||||
|
Change in fair value of contingent consideration
|
—
|
229
|
272
|
432
|
||||||||||||
|
Deferred income tax provision
|
(193
|
)
|
(825
|
)
|
(988
|
)
|
(7,968
|
)
|
||||||||
|
Change in accounts receivable allowances
|
169
|
319
|
699
|
1,326
|
||||||||||||
|
Asset impairments and disposals
|
76
|
24
|
173
|
7,108
|
||||||||||||
|
Write-off of other assets
|
—
|
—
|
—
|
869
|
||||||||||||
|
Other
|
142
|
(223
|
)
|
291
|
(62
|
)
|
||||||||||
|
Changes in operating assets and liabilities, net of acquisitions:
|
||||||||||||||||
|
Accounts receivable
|
447
|
5,549
|
23
|
7,894
|
||||||||||||
|
Inventories
|
1,146
|
(2,585
|
)
|
(1,347
|
)
|
(9,410
|
)
|
|||||||||
|
Prepaid expenses and other
|
12,548
|
(4,028
|
)
|
3,089
|
(11,594
|
)
|
||||||||||
|
Accounts payable, accrued and other liabilities
|
2,590
|
10,787
|
(15,877
|
)
|
27,531
|
|||||||||||
|
Net cash provided by (used in) operating activities
|
18,811
|
5,001
|
(10,128
|
)
|
(28,158
|
)
|
||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
Additions to property, plant and equipment
|
(777
|
)
|
(566
|
)
|
(4,464
|
)
|
(2,518
|
)
|
||||||||
|
Additions to placement and evaluation units
|
(1,846
|
)
|
(1,770
|
)
|
(5,714
|
)
|
(5,015
|
)
|
||||||||
|
Proceeds from sale of assets
|
—
|
—
|
—
|
134,500
|
||||||||||||
|
Acquisition of intangibles
|
—
|
—
|
—
|
(3,250
|
)
|
|||||||||||
|
Net cash used in investing activities
|
(2,623
|
)
|
(2,336
|
)
|
(10,178
|
)
|
123,717
|
|||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
Repayment of long-term debt
|
—
|
—
|
—
|
(50,000
|
)
|
|||||||||||
|
Deferred financing costs on long-term debt
|
(680
|
)
|
—
|
(680
|
)
|
—
|
||||||||||
|
Payment of acquisition related contingent consideration
|
(5,000
|
)
|
(5,000
|
)
|
(5,000
|
)
|
(15,000
|
)
|
||||||||
|
Repurchase of common stock
|
—
|
—
|
(1,670
|
)
|
—
|
|||||||||||
|
Principal payments on financing arrangement
|
(90
|
)
|
—
|
(148
|
)
|
—
|
||||||||||
|
Proceeds from financing arrangement
|
—
|
—
|
6,310
|
—
|
||||||||||||
|
Proceeds from exercise of stock options and employee stock purchase plan
|
—
|
—
|
933
|
752
|
||||||||||||
|
Net cash used in financing activities
|
(5,770
|
)
|
(5,000
|
)
|
(255
|
)
|
(64,248
|
)
|
||||||||
|
Effect of exchange rate changes on cash and cash equivalents
|
715
|
(60
|
)
|
398
|
125
|
|||||||||||
|
Increase (decrease) in cash and cash equivalents
|
11,133
|
(2,395
|
)
|
(20,163
|
)
|
31,436
|
||||||||||
|
Cash and cash equivalents at beginning of period
|
44,760
|
78,451
|
76,056
|
44,620
|
||||||||||||
|
Cash and cash equivalents at end of period
|
$
|
55,893
|
$
|
76,056
|
$
|
55,893
|
$
|
76,056
|
||||||||
18
Exhibit 99.2
