AngioDynamics, Inc. (NASDAQ: ANGO), a leading and transformative
medical technology company focused on restoring healthy blood flow
in the body’s vascular system, expanding cancer treatment options,
and improving quality of life for patients, today announced
financial results for the third quarter of fiscal year 2025, which
ended February 28, 2025.
Fiscal Year 2025 Third Quarter Highlights
Quarter Ended February 28,
2025
Pro Forma* YoY Growth
Pro Forma* Net Sales
$72.0 million
9.2%
Med Tech Net Sales
$31.3 million
22.2%
Med Device Net Sales
$40.7 million
0.9%
- GAAP gross margin of 54.0%
- GAAP loss per share of $(0.11)
- Adjusted loss per share of $(0.08)
- Adjusted EBITDA of $1.3 million
- Initiated the AMBITION BTK RCT and Registry to generate
definitive clinical evidence supporting the use of the Auryon
Atherectomy System in treating below the knee lesions in patients
with critical limb ischemia
- Published APEX-AV trial results in JSCAI demonstrating the
safety and efficacy of the AlphaVac F1885 System
- Received FDA 510(k) clearance for NanoKnife System for prostate
tissue ablation
- Increasing fiscal year 2025 guidance for net sales, Med Tech
net sales growth, gross margin, Adjusted EBITDA, and Adjusted
EPS
*Pro forma results exclude the Dialysis
and BioSentry businesses divested in June 2023 and the PICC and
Midline product portfolios divested in February 2024, as well as
the discontinued Radiofrequency and Syntrax products in February
2024.
"We are very pleased with our third quarter performance as we
continued to drive strong topline growth and adjusted EBITDA
profitability. Our ability to deliver consistently strong results
comes as a result of the significant transformation we have
undergone over the last few years to simplify our business and
focus on large, fast-growing MedTech markets," said Jim Clemmer,
President and Chief Executive Officer of AngioDynamics. "To that
end, we're seeing impressive momentum across our MedTech franchise,
which grew over 20% for the second quarter in a row, driven by
growth within each of our MedTech platform technologies, Auryon,
AngioVac, AlphaVac, and NanoKnife. In lock-step with this growth,
we continue to improve gross margins and operational efficiency,
which allowed us to deliver yet another quarter of positive
adjusted EBITDA. Based on the quality of performance we have seen
through fiscal 2025, we are increasing our fiscal full year
guidance for all of our key metrics, including; total worldwide
revenue, MedTech revenue growth, gross margin, adjusted EBITDA, and
adjusted EPS.”
“As we look ahead, we are well positioned to deliver profitable
growth going forward. With the many catalysts we have recently
achieved, including FDA clearance for our NanoKnife System for
prostate tissue ablation, our portfolio is the strongest it has
been. With our improved operating leverage and strong balance
sheet, we can continue to prudently invest to support high impact
initiatives while remaining on track to hit our fiscal year 2026
profitability targets,” continued Mr. Clemmer.
Third Quarter 2025 Financial Results
Unless otherwise noted, all financial metrics and growth rates
presented below are on a pro forma basis.
Net sales for the third quarter of fiscal year 2025 were $72.0
million, an increase of 9.2% compared to the prior-year
quarter.
Med Tech net sales were $31.3 million, a 22.2% increase from
$25.7 million in the prior-year period. Med Tech includes the
Auryon peripheral atherectomy platform, the thrombus management
platform, which includes the AlphaVac and AngioVac mechanical
thrombectomy systems, and the NanoKnife irreversible
electroporation platform.
Growth in the Med Tech segment for the quarter was driven by
strength across all product lines, including Auryon sales of $13.9
million, which increased 17.3%, AngioVac sales of $6.8 million,
which increased 23.1%, AlphaVac sales of $3.0 million, which
increased 161.4%, and NanoKnife disposable sales of $4.9 million,
which increased 16.2%. Total NanoKnife sales, including capital, of
$6.3 million, increased 5.3%.
Med Device net sales were $40.7 million, an increase of 0.9%
compared to $40.3 million in the prior-year period.
U.S. net sales in the third quarter of fiscal 2025 were $61.3
million, an increase of 9.9% from $55.8 million a year ago.
International net sales were $10.7 million, an increase of 5.1%,
compared to $10.1 million a year ago.
Gross margin for the third quarter of fiscal 2025 was 54.0%,
which was 290 basis points up compared to the third quarter of
fiscal 2024.
Gross margin for the Med Tech business was 62.5%, an increase of
100 basis points from the third quarter of fiscal 2024 driven by
the growth of AngioVac sales, as well as a higher mix of Auryon
hospital-based sales. Gross margin for the Med Device business was
47.4%, an increase of 300 basis points compared to the third
quarter of fiscal 2024.
The Company recorded a non-pro forma GAAP net loss of $4.4
million, or a loss per share of $0.11, in the third quarter of
fiscal 2025. Excluding the items shown in the non-GAAP
reconciliation table below, adjusted net loss for the third quarter
of fiscal 2025 was $3.1 million, or a loss per share of $0.08. This
compares to an adjusted net loss during the fiscal third quarter of
2024 of $6.5 million, or a loss per share of $0.16.
Adjusted EBITDA in the third quarter of fiscal 2025, excluding
the items shown in the non-GAAP reconciliation table below, was
$1.3 million, compared to a loss of $3.6 million in the third
quarter of fiscal 2024.
In the third quarter of fiscal 2025, the Company utilized $13.2
million in operating cash, and at February 28, 2025, the Company
had $44.8 million in cash and cash equivalents compared to $54.1
million in cash and cash equivalents at November 30, 2024. This is
in-line with the Company’s stated expectations following its second
fiscal quarter. As the Company previously stated, in the fourth
quarter of fiscal 2025, the Company expects to generate positive
operating cash flow, ending with cash and cash equivalents around
$55 million with zero debt. In addition, the Company remains on
track to achieve positive operating cash flow for the full year of
fiscal 2026.
Subsequent to the end of the third quarter of fiscal 2025, the
Company announced that it secured a commitment from J.P. Morgan
regarding a revolving line of credit agreement (“the revolver”),
which allows the Company to draw down up to $25.0 million at its
discretion. While the Company is well capitalized with existing
cash on hand, the Company stated that entering into the revolver
reflects good financial management and offers incremental
flexibility to manage potential working capital fluctuations as
part of its manufacturing transfer process without impacting its
ability to execute on its strategic growth trajectory moving
forward.
Auryon
Initiated AMBITION BTK RCT and Registry to Advance Treatment
for Critical Limb Ischemia
The Company initiated the AMBITION BTK (below the knee)
randomized controlled trial and registry to evaluate the
effectiveness of the Auryon Atherectomy System in treating critical
limb ischemia below the knee. The multicenter study will enroll up
to 200 subjects across 30 sites for the RCT, plus up to 1,500
subjects in a companion registry, comparing the system in
combination with standard balloon angioplasty versus angioplasty
alone for below the knee lesions. This study builds on previous
clinical success demonstrating the system's ability to safely treat
complex below the knee cases while effectively reducing clot
burden.
AlphaVac
Announced Publication of APEX-AV Trial Results in
JSCAI
The Company announced the publication of APEX-AV trial results
in the Journal of the Society for Cardiovascular Angiography &
Interventions, validating the safety, efficacy, and efficiency of
the AlphaVac F1885 System for pulmonary embolism treatment. The
peer-reviewed study demonstrated a 35.5% reduction in clot burden,
comparing favorably to other mechanical aspiration devices, with
notable improvements in both RV/LV ratio and pulmonary artery
pressures. The FDA-cleared device features a unique funnel tip
design, optional wireless navigation, and blood loss mitigation,
addressing a condition that affects approximately 900,000
individuals annually in the United States.
NanoKnife
Received FDA Clearance for The NanoKnife® System for Prostate
Tissue Ablation
The Company received FDA 510(k) clearance for the NanoKnife
System for prostate tissue ablation following the successful
completion of the pivotal PRESERVE clinical study. The trial, which
enrolled 121 patients across 17 clinical sites, met its primary
effectiveness endpoint with 84% of men free from in-field,
clinically significant disease at 12 months post-procedure, while
preserving urinary continence in 95.4% of patients and maintaining
erectile function sufficient for intercourse in 71.7% of patients.
The NanoKnife System is the first and only non-thermal,
radiation-free ablation technology for prostate treatment utilizing
Irreversible Electroporation technology.
On January 8, 2025, the Company hosted a Virtual NanoKnife
Investor Event, which provided insights into the NanoKnife System’s
proprietary irreversible electroporation (IRE) technology and how
it is poised to become the standard, function-preserving treatment
for men with prostate tumors.
To access a replay of the event, visit HERE.
Fiscal Year 2025 Financial Guidance
For fiscal year 2025:
- The Company now expects net sales to be in the range of $285 to
$288 million, up from previously issued guidance of $282 to $288
million, representing growth between 5.3% to 6.4% over fiscal 2024
pro forma revenue of $270.7 million
- The Company now expects Med Tech net sales to grow in the range
of 14% to 16%, an increase from prior guidance of 12% to 15%
- The Company continues to expect Med Device net sales to be
flat
- The Company now expects Gross Margin to be approximately 53% to
54%, an increase from prior guidance of 52% to 53%
- The Company now expects Adjusted EBITDA to be in the range of
$4.0 to $5.0 million, an increase from prior guidance of $1.0 to
$3.0 million, and compared to a pro forma Adjusted EBITDA loss of
$3.2 million in fiscal 2024
- The Company now expects Adjusted loss per share in the range of
$0.31 to $0.34, an improvement from prior guidance of a loss of
$0.34 to $0.38. This updated guidance compares to a pro forma
Adjusted loss per share of $0.45 in fiscal 2024
Guidance Metric
Guidance Action
Current Guidance
(As of Apr. 2, 2025)
Previous Guidance
(Issued on Jan. 8, 2025)
Net Sales
Increased
$285 - $288 million
$282 - $288 million
Med Tech Net Sales Growth
Increased
14 - 16%
12 - 15%
Med Device Net Sales Growth
Unchanged
Flat (unchanged)
Flat
Gross Margin
Increased
53 - 54%
52 - 53%
Adjusted EBITDA
Increased
$4.0 - $5.0 million
$1.0 - $3.0 million
Adjusted EPS
Increased
($0.31) - ($0.34)
($0.34) - ($0.38)
Conference Call
The Company’s management will host a conference call at 8:00
a.m. ET the same day to discuss the results. To participate in the
conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560
(international).
This conference call will also be webcast and can be accessed
from the “Investors” section of the AngioDynamics website at
www.angiodynamics.com. The webcast replay of the call will be
available at the same site approximately one hour after the end of
the call.
A recording of the call will also be available, until Wednesday,
April 09, 2025 at 11:59 PM ET. To hear this recording, dial
1-844-512-2921 (domestic) or +1-412-317-6671 (international) and
enter the passcode 13752371.
Virtual Cardiovascular Investor Event
AngioDynamics will host a virtual cardiovascular investor event
immediately following the Company’s Fiscal 2025 Third Quarter
Financial Results Conference Call which will start at 9:00am ET.
The Company will provide investors a deeper dive into the
cardiovascular technology portfolio and strategic vision.
Webcast Registration Link:
https://viavid.webcasts.com/starthere.jsp?ei=1712212&tp_key=cedf6b19b1
Use of Non-GAAP Measures
Management uses non-GAAP measures to establish operational goals
and believes that non-GAAP measures may assist investors in
analyzing the underlying trends in AngioDynamics' business over
time. Investors should consider these non-GAAP measures in addition
to, not as a substitute for or as superior to, financial reporting
measures prepared in accordance with GAAP. In this news release,
AngioDynamics has reported pro forma results, adjusted EBITDA,
adjusted net income and adjusted earnings per share. Management
uses these measures in its internal analysis and review of
operational performance. Management believes that these measures
provide investors with useful information in comparing
AngioDynamics' performance over different periods. By using these
non-GAAP measures, management believes that investors get a better
picture of the performance of AngioDynamics' underlying business.
Management encourages investors to review AngioDynamics' financial
results prepared in accordance with GAAP to understand
AngioDynamics' performance taking into account all relevant
factors, including those that may only occur from time to time but
have a material impact on AngioDynamics' financial results. Please
see the tables that follow for a reconciliation of non-GAAP
measures to measures prepared in accordance with GAAP.
About AngioDynamics, Inc.
AngioDynamics is a leading and transformative medical technology
company focused on restoring healthy blood flow in the body’s
vascular system, expanding cancer treatment options and improving
quality of life for patients.
The Company’s innovative technologies and devices are chosen by
talented physicians in fast-growing healthcare markets to treat
unmet patient needs. For more information, visit
www.angiodynamics.com.
Safe Harbor
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements regarding AngioDynamics' expected future financial
position, results of operations, cash flows, business strategy,
budgets, projected costs, capital expenditures, products,
competitive positions, growth opportunities, plans and objectives
of management for future operations, as well as statements that
include the words such as "expects," "reaffirms," "intends,"
"anticipates," "plans," "believes," "seeks," "estimates,"
"projects," "optimistic," or variations of such words and similar
expressions, are forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties. Investors are cautioned that actual
events or results may differ materially from AngioDynamics'
expectations, expressed or implied. Factors that may affect the
actual results achieved by AngioDynamics include, without
limitation, the scale and scope of the COVID-19 global pandemic,
the ability of AngioDynamics to develop its existing and new
products, technological advances and patents attained by
competitors, infringement of AngioDynamics' technology or
assertions that AngioDynamics' technology infringes the technology
of third parties, the ability of AngioDynamics to effectively
compete against competitors that have substantially greater
resources, future actions by the FDA or other regulatory agencies,
domestic and foreign health care reforms and government
regulations, results of pending or future clinical trials, overall
economic conditions (including inflation, labor shortages and
supply chain challenges including the cost and availability of raw
materials), the results of on-going litigation, challenges with
respect to third-party distributors or joint venture partners or
collaborators, the results of sales efforts, the effects of product
recalls and product liability claims, changes in key personnel, the
ability of AngioDynamics to execute on strategic initiatives, the
effects of economic, credit and capital market conditions, general
market conditions, market acceptance, foreign currency exchange
rate fluctuations, the effects on pricing from group purchasing
organizations and competition, the ability of AngioDynamics to
obtain regulatory clearances or approval of its products, or to
integrate acquired businesses, as well as the risk factors listed
from time to time in AngioDynamics' SEC filings, including but not
limited to its Annual Report on Form 10-K for the year ended May
31, 2024. AngioDynamics does not assume any obligation to publicly
update or revise any forward-looking statements for any reason.
1
https://www.wcrf.org/cancer-trends/prostate-cancer-statistics/
2 Cheng JY. The Prostate Cancer
Intervention Versus Observation Trial (PIVOT) in Perspective. J
Clin Med Res. 2013;5(4):266-268. doi:10.4021/jocmr1395w
3 Data on file.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME
STATEMENTS
(in thousands, except per share
data)
Three Months Ended
Three Months Ended
Actual (1)
Pro Forma Adjustments (2)
Pro Forma
As Reported (1)
Pro Forma Adjustments (2)
Pro Forma
Feb 28, 2025
Feb 28, 2025
Feb 28, 2025
Feb 29, 2024
Feb 29, 2024
Feb 29, 2024
(unaudited)
(unaudited)
Net sales
$
72,004
9
$
72,013
$
75,182
(9,211
)
$
65,971
Cost of sales (exclusive of intangible
amortization)
33,147
6
33,153
39,321
(7,038
)
32,283
Gross profit
38,857
3
38,860
35,861
(2,173
)
33,688
% of net sales
54.0
%
54.0
%
47.7
%
51.1
%
Operating expenses
Research and development
6,913
—
6,913
8,189
(117
)
8,072
Sales and marketing
25,504
—
25,504
25,405
(1,758
)
23,647
General and administrative
10,490
—
10,490
10,578
22
10,600
Amortization of intangibles
2,598
—
2,598
3,287
(643
)
2,644
Goodwill impairment
—
—
—
159,476
—
159,476
Change in fair value of contingent
consideration
40
—
40
112
—
112
Acquisition, restructuring and other
items, net
3,286
(3
)
3,283
35,367
(6,266
)
29,101
Total operating expenses
48,831
(3
)
48,828
242,414
(8,762
)
233,652
Gain on sale of assets
—
—
—
6,657
(6,657
)
—
Operating loss
(9,974
)
6
(9,968
)
(199,896
)
(68
)
(199,964
)
Interest income, net
135
—
135
394
—
394
Other income (expense), net
5,430
(5,500
)
(70
)
(238
)
—
(238
)
Total other income, net
5,565
(5,500
)
65
156
—
156
Loss before income tax benefit
(4,409
)
(5,494
)
(9,903
)
(199,740
)
(68
)
(199,808
)
Income tax expense (benefit)
(2
)
—
(2
)
(12,004
)
—
(12,004
)
Net loss
$
(4,407
)
$
(5,494
)
$
(9,901
)
$
(187,736
)
$
(68
)
$
(187,804
)
Loss per share
Basic
$
(0.11
)
$
(0.24
)
$
(4.67
)
$
(4.67
)
Diluted
$
(0.11
)
$
(0.24
)
$
(4.67
)
$
(4.67
)
Weighted average shares outstanding
Basic
40,853
40,853
40,234
40,234
Diluted
40,853
40,853
40,234
40,234
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the three months ended February 28, 2025 and February 29,
2024.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
CONSOLIDATED INCOME
STATEMENTS
(in thousands, except per share
data)
Nine Months Ended
Nine Months Ended
Actual (1)
Pro Forma Adjustments (2)
Pro Forma
As Reported (1)
Pro Forma Adjustments (2)
Pro Forma
Feb 28, 2025
Feb 28, 2025
Feb 28, 2025
Feb 29, 2024
Feb 29, 2024
Feb 29, 2024
(unaudited)
(unaudited)
Net sales
$
212,340
188
$
212,528
$
232,934
(33,336
)
$
199,598
Cost of sales (exclusive of intangible
amortization)
96,853
155
97,008
116,751
(24,121
)
92,630
Gross profit
115,487
33
115,520
116,183
(9,215
)
106,968
% of net sales
54.4
%
54.4
%
49.9
%
53.6
%
Operating expenses
Research and development
19,632
—
19,632
24,788
(647
)
24,141
Sales and marketing
76,698
—
76,698
78,237
(4,714
)
73,523
General and administrative
31,856
—
31,856
30,723
(52
)
30,671
Amortization of intangibles
7,730
—
7,730
10,474
(2,571
)
7,903
Goodwill impairment
—
—
—
159,476
—
159,476
Change in fair value of contingent
consideration
272
—
272
203
—
203
Acquisition, restructuring and other
items, net
13,465
161
13,626
44,767
(6,394
)
38,373
Total operating expenses
149,653
161
149,814
348,668
(14,378
)
334,290
Gain on sale of assets
—
—
—
54,499
(54,499
)
—
Operating loss
(34,166
)
(128
)
(34,294
)
(177,986
)
(49,336
)
(227,322
)
Interest income, net
975
—
975
1,047
—
1,047
Other income (expense), net
5,269
(5,500
)
(231
)
(558
)
—
(558
)
Total other income, net
6,244
(5,500
)
744
489
—
489
Loss before income tax benefit
(27,922
)
(5,628
)
(33,550
)
(177,497
)
(49,336
)
(226,833
)
Income tax expense (benefit)
21
—
21
(6,597
)
—
(6,597
)
Net loss
$
(27,943
)
$
(5,628
)
$
(33,571
)
$
(170,900
)
$
(49,336
)
$
(220,236
)
Loss per share
Basic
$
(0.68
)
$
(0.82
)
$
(4.26
)
$
(5.49
)
Diluted
$
(0.68
)
$
(0.82
)
$
(4.26
)
$
(5.49
)
Weighted average shares outstanding
Basic
40,809
40,809
40,098
40,098
Diluted
40,809
40,809
40,098
40,098
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the nine months ended February 28, 2025 and February 29,
2024.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
GAAP TO NON-GAAP
RECONCILIATION
(in thousands, except per share
data)
Reconciliation of Net Loss to non-GAAP
Adjusted Net Income (Loss):
Three Months Ended
Nine Months Ended
Feb 28, 2025
Feb 29, 2024
Feb 28, 2025
Feb 29, 2024
(unaudited)
(unaudited)
Net loss
$
(4,407
)
$
(187,736
)
$
(27,943
)
$
(170,900
)
Amortization of intangibles
2,598
3,287
7,730
10,474
Change in fair value of contingent
consideration
40
112
272
203
Acquisition, restructuring and other
items, net (1)
3,286
35,367
13,465
44,767
Goodwill impairment
—
159,476
—
159,476
Gain on sale of assets
—
(6,657
)
—
(54,499
)
Tax effect of non-GAAP items (2)
(350
)
(10,128
)
1,506
(2,670
)
Adjusted net income (loss)
$
1,167
$
(6,279
)
$
(4,970
)
$
(13,149
)
Reconciliation of Diluted Loss Per
Share to non-GAAP Adjusted Diluted Income (Loss) Per Share:
Three Months Ended
Nine Months Ended
Feb 28, 2025
Feb 29, 2024
Feb 28, 2025
Feb 29, 2024
(unaudited)
(unaudited)
Diluted loss per share
$
(0.11
)
$
(4.67
)
$
(0.68
)
$
(4.26
)
Amortization of intangibles
0.06
0.08
0.19
0.26
Change in fair value of contingent
consideration
0.01
0.00
0.01
0.01
Acquisition, restructuring and other
items, net (1)
0.08
0.89
0.32
1.11
Goodwill impairment
—
3.96
—
3.98
Gain on sale of assets
—
(0.17
)
—
(1.36
)
Tax effect of non-GAAP items (2)
(0.01
)
(0.25
)
0.04
(0.07
)
Adjusted diluted income (loss) per
share
$
0.03
$
(0.16
)
$
(0.12
)
$
(0.33
)
Adjusted diluted sharecount (3)
42,091
40,234
40,809
40,098
(1) Includes costs related to merger and
acquisition activities, restructuring, and unusual items, including
asset impairments and write-offs, certain litigation, and other
items.
(2) Adjustment to reflect the income tax
provision on a non-GAAP basis has been calculated assuming no
valuation allowance on the Company's U.S. deferred tax assets and
an effective tax rate of 23% for the periods ended February 28,
2025 and February 29, 2024.
(3) Diluted shares may differ for non-GAAP
measures as compared to GAAP due to a GAAP loss.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
GAAP TO NON-GAAP
RECONCILIATION (Continued)
(in thousands, except per share
data)
Reconciliation of Net Loss to Adjusted
EBITDA:
Three Months Ended
Nine Months Ended
Feb 28, 2025
Feb 29, 2024
Feb 28, 2025
Feb 29, 2024
(unaudited)
(unaudited)
Net loss
$
(4,407
)
$
(187,736
)
$
(27,943
)
$
(170,900
)
Income tax expense (benefit)
(2
)
(12,004
)
21
(6,597
)
Interest income, net
(135
)
(394
)
(975
)
(1,047
)
Depreciation and amortization
6,319
7,522
19,967
20,895
Goodwill impairment
—
159,476
—
159,476
Change in fair value of contingent
consideration
40
112
272
203
Stock based compensation
2,398
2,612
8,131
8,633
Acquisition, restructuring and other
items, net (1)
2,623
34,232
10,239
43,632
Gain on sale of assets
—
(6,657
)
—
(54,499
)
Adjusted EBITDA
$
6,836
$
(2,837
)
$
9,712
$
(204
)
(1) Includes costs related to merger and
acquisition activities, restructuring, and unusual items, including
asset impairments and write-offs, certain litigation, and other
items.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
GAAP TO NON-GAAP
RECONCILIATION
(in thousands, except per share
data)
Reconciliation of Pro Forma Net Loss to
Pro Forma Adjusted Net Loss:
Pro Forma
Pro Forma
Three Months Ended
Nine Months Ended
Feb 28, 2025
Feb 29, 2024
Feb 28, 2025
Feb 29, 2024
(unaudited)
(unaudited)
Pro forma net loss
$
(9,901
)
$
(187,804
)
$
(33,571
)
$
(220,236
)
Amortization of intangibles
2,598
2,644
7,730
7,903
Change in fair value of contingent
consideration
40
112
272
203
Acquisition, restructuring and other
items, net (1)
3,283
29,101
13,626
38,373
Goodwill impairment
—
159,476
—
159,476
Tax effect of non-GAAP items (2)
914
(10,055
)
2,763
(1,795
)
Adjusted pro forma net loss
$
(3,066
)
$
(6,526
)
$
(9,180
)
$
(16,076
)
Reconciliation of Pro Forma Diluted
Loss Per Share to Pro Forma Adjusted Diluted Loss Per
Share:
Pro Forma
Pro Forma
Three Months Ended
Nine Months Ended
Feb 28, 2025
Feb 29, 2024
Feb 28, 2025
Feb 29, 2024
(unaudited)
(unaudited)
Pro forma diluted loss per share
$
(0.24
)
$
(4.67
)
$
(0.82
)
$
(5.49
)
Amortization of intangibles
0.06
0.07
0.19
0.20
Change in fair value of contingent
consideration
0.01
0.01
0.01
0.01
Acquisition, restructuring and other
items, net (1)
0.07
0.72
0.33
0.94
Goodwill impairment
—
3.96
—
3.98
Tax effect of non-GAAP items (2)
0.02
(0.25
)
0.07
(0.04
)
Adjusted pro forma diluted loss per
share
$
(0.08
)
$
(0.16
)
$
(0.22
)
$
(0.40
)
Adjusted diluted sharecount (3)
40,853
40,234
40,809
40,098
(1) Includes costs related to merger and
acquisition activities, restructuring, and unusual items, including
asset impairments and write-offs, certain litigation, and other
items.
(2) Adjustment to reflect the income tax
provision on a non-GAAP basis has been calculated assuming no
valuation allowance on the Company's U.S. deferred tax assets and
an effective tax rate of 23% for the periods ended February 28,
2025 and February 29, 2024.
(3) Diluted shares may differ for non-GAAP
measures as compared to GAAP due to a GAAP loss.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
GAAP TO NON-GAAP
RECONCILIATION (Continued)
(in thousands, except per share
data)
Reconciliation of Pro Forma Net Loss to
Pro Forma Adjusted EBITDA:
Pro Forma
Pro Forma
Three Months Ended
Nine Months Ended
Feb 28, 2025
Feb 29, 2024
Feb 28, 2025
Feb 29, 2024
(unaudited)
(unaudited)
Pro forma net loss
$
(9,901
)
$
(187,804
)
$
(33,571
)
$
(220,236
)
Income tax expense (benefit)
(2
)
(12,004
)
21
(6,597
)
Interest income, net
(135
)
(394
)
(975
)
(1,047
)
Depreciation and amortization
6,319
6,861
19,967
18,234
Goodwill impairment
—
159,476
—
159,476
Change in fair value of contingent
consideration
40
112
272
203
Stock based compensation
2,398
2,142
8,131
8,000
Acquisition, restructuring and other
items, net (1)
2,620
27,966
10,400
37,238
Adjusted EBITDA
$
1,339
$
(3,645
)
$
4,245
$
(4,729
)
(1) Includes costs related to merger and
acquisition activities, restructuring, and unusual items, including
asset impairments and write-offs, certain litigation, and other
items.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
ACQUISITION, RESTRUCTURING,
AND OTHER ITEMS, NET DETAIL
(in thousands)
Three Months Ended
Nine Months Ended
(in thousands)
Feb 28, 2025
Feb 29, 2024
Feb 28, 2025
Feb 29, 2024
Legal (1)
$
—
$
23,314
$
406
$
30,453
Mergers and acquisitions
—
147
737
399
Plant closure (2)
3,130
5,426
11,820
6,115
Intangible and other asset impairment
—
6,260
—
6,260
Transition service agreement (3)
(463
)
(333
)
(1,424
)
(655
)
Manufacturing relocation (4)
—
—
—
587
Other (5)
619
553
1,926
1,608
Total
$
3,286
$
35,367
$
13,465
$
44,767
(1) Legal expenses related to litigation
that is outside the normal course of business. For the three and
nine months ended February 29, 2024, a $19.3 million settlement
expense was recorded as a result of the Settlement Agreement that
was entered into between the Company and BD.
(2) Plant closure expenses, related to the
restructuring of our manufacturing footprint which was announced on
January 5, 2024.
(3) Transition services agreements that
were entered into with Merit and Spectrum.
(4) Expenses to relocate certain
manufacturing lines out of Queensbury, NY.
(5) Included in the $1.6 million in other
for the nine months ended February 29, 2024 is $0.9 million of
deferred financing fees that were written-off in conjunction with
the sale of the Dialysis and BioSentry businesses and concurrent
extinguishment of the debt.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY
AND BY GEOGRAPHY
(in thousands)
Three Months Ended
Three Months Ended
Actual (1)
Pro Forma Adj. (2)
Pro Forma
As Reported (1)
Pro Forma Adj. (2)
Pro Forma
Actual
Pro Forma
Feb 28, 2025
Feb 28, 2025
Feb 28, 2025
Feb 29, 2024
Feb 29, 2024
Feb 29, 2024
% Growth
Currency Impact
Constant Currency Growth
% Growth
Currency Impact
Constant Currency Growth
(unaudited)
(unaudited)
Net Sales
Med Tech
$
31,341
$
—
$
31,341
$
25,844
$
(190
)
$
25,654
21.3
%
22.2
%
Med Device
40,663
9
40,672
49,338
(9,021
)
40,317
(17.6
)%
0.9
%
$
72,004
$
9
$
72,013
$
75,182
$
(9,211
)
$
65,971
(4.2
)%
0.2
%
(4.0
)%
9.2
%
0.2
%
9.4
%
Net Sales
United States
$
61,340
$
4
$
61,344
$
62,342
$
(6,521
)
$
55,821
(1.6
)%
9.9
%
International
10,664
5
10,669
12,840
(2,690
)
10,150
(16.9
)%
1.1
%
(15.8
)%
5.1
%
$
72,004
$
9
$
72,013
$
75,182
$
(9,211
)
$
65,971
(4.2
)%
0.2
%
(4.0
)%
9.2
%
0.2
%
9.4
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the three months ended February 28, 2025 and February 29,
2024.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
GROSS PROFIT BY PRODUCT
CATEGORY
(in thousands)
Three Months Ended
Three Months Ended
Actual (1)
Pro Forma Adj. (2)
Pro Forma
As Reported (1)
Pro Forma Adj. (2)
Pro Forma
Actual
Pro Forma
Feb 28, 2025
Feb 28, 2025
Feb 28, 2025
Feb 29, 2024
Feb 29, 2024
Feb 29, 2024
% Change
% Change
(unaudited)
(unaudited)
Med Tech
$
19,588
$
—
$
19,588
$
15,857
$
(83
)
$
15,774
23.5
%
24.2
%
Gross profit % of sales
62.5
%
62.5
%
61.4
%
61.5
%
Med Device
$
19,269
$
3
$
19,272
$
20,004
$
(2,090
)
$
17,914
(3.7
)%
7.6
%
Gross profit % of sales
47.4
%
47.4
%
40.5
%
44.4
%
Total
$
38,857
$
3
$
38,860
$
35,861
$
(2,173
)
$
33,688
8.4
%
15.4
%
Gross profit % of sales
54.0
%
54.0
%
47.7
%
51.1
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the three months ended February 28, 2025 and February 29,
2024.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY
AND BY GEOGRAPHY
(in thousands)
Nine Months Ended
Nine Months Ended
Actual (1)
Pro Forma Adj. (2)
Pro Forma
As Reported (1)
Pro Forma Adj. (2)
Pro Forma
Actual
Pro Forma
Feb 28, 2025
Feb 28, 2025
Feb 28, 2025
Feb 29, 2024
Feb 29, 2024
Feb 29, 2024
% Growth
Currency Impact
Constant Currency Growth
% Growth
Currency Impact
Constant Currency Growth
(unaudited)
(unaudited)
Net Sales
Med Tech
$
90,863
$
—
$
90,863
$
77,068
$
(443
)
$
76,625
17.9
%
18.6
%
Med Device
121,477
188
121,665
155,866
(32,893
)
122,973
(22.1
)%
(1.1
)%
$
212,340
$
188
$
212,528
$
232,934
$
(33,336
)
$
199,598
(8.8
)%
0.0
%
(8.8
)%
6.5
%
0.1
%
6.6
%
Net Sales
United States
$
183,499
$
14
$
183,513
$
190,743
$
(23,098
)
$
167,645
(3.8
)%
9.5
%
International
28,841
174
29,015
42,191
(10,238
)
31,953
(31.6
)%
0.4
%
(31.2
)%
(9.2
)%
$
212,340
$
188
$
212,528
$
232,934
$
(33,336
)
$
199,598
(8.8
)%
0.0
%
(8.8
)%
6.5
%
0.1
%
6.6
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the nine months ended February 28, 2025 and February 29,
2024.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
GROSS PROFIT BY PRODUCT
CATEGORY
(in thousands)
Nine Months Ended
Nine Months Ended
Actual (1)
Pro Forma Adj. (2)
Pro Forma
As Reported (1)
Pro Forma Adj. (2)
Pro Forma
Actual
Pro Forma
Feb 28, 2025
Feb 28, 2025
Feb 28, 2025
Feb 29, 2024
Feb 29, 2024
Feb 29, 2024
% Change
% Change
(unaudited)
(unaudited)
Med Tech
$
57,398
$
—
$
57,398
$
48,400
$
(155
)
$
48,245
18.6
%
19.0
%
Gross profit % of sales
63.2
%
63.2
%
62.8
%
63.0
%
Med Device
$
58,089
33
$
58,122
$
67,783
$
(9,060
)
$
58,723
(14.3
)%
(1.0
)%
Gross profit % of sales
47.8
%
47.8
%
43.5
%
47.7
%
Total
$
115,487
$
33
$
115,520
$
116,183
$
(9,215
)
$
106,968
(0.6
)%
8.0
%
Gross profit % of sales
54.4
%
54.4
%
49.9
%
53.6
%
(1) Reflects the Company's US GAAP
consolidated financial statements before pro forma adjustments
related to the sale of the Dialysis and BioSentry Businesses on
June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency
Ablation and Syntrax products ("the Businesses") as of February 29,
2024, for the nine months ended February 28, 2025 and 2024.
(2) Reflects the elimination of revenues
and expenses representing the operating results from the sales and
discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(in thousands)
Feb 28, 2025
May 31, 2024
(unaudited)
(audited)
Assets
Current assets:
Cash and cash equivalents
$
44,760
$
76,056
Accounts receivable, net
43,468
43,610
Inventories
63,105
60,616
Earn-out receivable
5,500
—
Prepaid expenses and other
15,440
12,971
Total current assets
172,273
193,253
Property, plant and equipment, net
32,530
35,666
Other assets
9,681
11,369
Intangible assets, net
70,931
77,383
Total assets
$
285,415
$
317,671
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
30,265
$
37,751
Accrued liabilities
36,949
41,098
Current portion of contingent
consideration
5,000
4,728
Other current liabilities
5,757
7,578
Total current liabilities
77,971
91,155
Deferred income taxes
4,203
4,852
Other long-term liabilities
17,371
16,078
Total liabilities
99,545
112,085
Stockholders' equity
185,870
205,586
Total Liabilities and Stockholders'
Equity
$
285,415
$
317,671
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
Three Months Ended
Nine Months Ended
Feb 28, 2025
Feb 29, 2024
Feb 28, 2025
Feb 29, 2024
(unaudited)
(unaudited)
Cash flows from operating
activities:
Net loss
$
(4,407
)
$
(187,736
)
$
(27,943
)
$
(170,900
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
6,319
7,522
19,967
20,895
Non-cash lease expense
503
484
1,496
1,441
Stock based compensation
2,398
2,612
8,131
8,633
Gain on disposal of assets
—
(6,657
)
—
(54,499
)
Transaction costs for disposition
—
(2,657
)
—
(5,084
)
Change in fair value of contingent
consideration
40
112
272
203
Impairment loss on indefinite-lived
intangible assets (1)
—
159,476
—
159,476
Deferred income taxes
(207
)
(12,094
)
(795
)
(7,143
)
Change in accounts receivable
allowances
142
458
530
1,007
Fixed and intangible asset impairments and
disposals
38
6,845
97
7,084
Write-off of other assets
—
—
—
869
Other
30
299
149
161
Changes in operating assets and
liabilities:
Accounts receivable
(474
)
1,668
(424
)
2,345
Inventories
2,810
2,019
(2,493
)
(6,825
)
Prepaid expenses and other
(9,387
)
(2,587
)
(9,459
)
(7,566
)
Accounts payable, accrued and other
liabilities
(10,964
)
17,710
(18,467
)
16,744
Net cash used in operating
activities
(13,159
)
(12,526
)
(28,939
)
(33,159
)
Cash flows from investing
activities:
Additions to property, plant and
equipment
(1,798
)
(607
)
(3,687
)
(1,952
)
Additions to placement and evaluation
units
(1,391
)
(1,239
)
(3,868
)
(3,245
)
Acquisition of intangibles
—
(3,250
)
—
(3,250
)
Proceeds from sale of assets
—
34,500
—
134,500
Net cash (used in) provided by
investing activities
(3,189
)
29,404
(7,555
)
126,053
Cash flows from financing
activities:
Repayment of long-term debt
—
—
—
(50,000
)
Payment of acquisition related contingent
consideration
—
—
—
(10,000
)
Principal payments on finance
arrangement
(58
)
—
(58
)
—
Proceeds from finance arrangement
6,310
—
6,310
—
Repurchase of common stock
—
—
(1,670
)
—
Proceeds from exercise of stock options
and employee stock purchase plan
895
694
933
752
Net cash provided by (used) in
financing activities
7,147
694
5,515
(59,248
)
Effect of exchange rate changes on cash
and cash equivalents
(128
)
(17
)
(317
)
185
Increase (decrease) in cash and cash
equivalents
(9,329
)
17,555
(31,296
)
33,831
Cash and cash equivalents at beginning of
period
54,089
60,896
76,056
44,620
Cash and cash equivalents at end of
period
$
44,760
$
78,451
$
44,760
$
78,451
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250402329970/en/
Investors: AngioDynamics, Inc. Stephen Trowbridge, Executive
Vice President & CFO (518) 795-1408
strowbridge@angiodynamics.com Media: Saleem Cheeks Vice President,
Communications 518-795-1174 scheeks@angiodynamics.com
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