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AngioDynamics Reports Fiscal Year 2025 Third Quarter Financial Results

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AngioDynamics (NASDAQ: ANGO) reported its Q3 FY2025 financial results with pro forma net sales of $72.0 million, up 9.2% year-over-year. The company's MedTech segment showed strong performance with $31.3 million in sales, growing 22.2%, while MedDevice sales reached $40.7 million, up 0.9%.

Key highlights include GAAP gross margin of 54.0%, a loss per share of $(0.11), and adjusted EBITDA of $1.3 million. The company received FDA 510(k) clearance for the NanoKnife System for prostate tissue ablation and initiated the AMBITION BTK trial for the Auryon Atherectomy System.

AngioDynamics increased its FY2025 guidance, now expecting net sales of $285-288 million, MedTech sales growth of 14-16%, gross margin of 53-54%, and adjusted EBITDA of $4.0-5.0 million. The company secured a $25.0 million revolving credit line with J.P. Morgan for additional financial flexibility.

AngioDynamics (NASDAQ: ANGO) ha riportato i risultati finanziari del terzo trimestre dell'anno fiscale 2025 con vendite nette pro forma di 72,0 milioni di dollari, in aumento del 9,2% rispetto all'anno precedente. Il segmento MedTech dell'azienda ha mostrato una forte performance con vendite di 31,3 milioni di dollari, in crescita del 22,2%, mentre le vendite di MedDevice hanno raggiunto 40,7 milioni di dollari, in aumento dello 0,9%.

I punti salienti includono un margine lordo GAAP del 54,0%, una perdita per azione di $(0,11) e un EBITDA rettificato di 1,3 milioni di dollari. L'azienda ha ricevuto l'approvazione FDA 510(k) per il sistema NanoKnife per l'ablazione del tessuto prostatico e ha avviato il trial AMBITION BTK per il sistema di aterectomia Auryon.

AngioDynamics ha aumentato le previsioni per l'anno fiscale 2025, ora aspettandosi vendite nette di 285-288 milioni di dollari, una crescita delle vendite MedTech del 14-16%, un margine lordo del 53-54% e un EBITDA rettificato di 4,0-5,0 milioni di dollari. L'azienda ha ottenuto una linea di credito revolving di 25,0 milioni di dollari con J.P. Morgan per una maggiore flessibilità finanziaria.

AngioDynamics (NASDAQ: ANGO) informó sus resultados financieros del tercer trimestre del año fiscal 2025 con ventas netas pro forma de 72,0 millones de dólares, un aumento del 9,2% en comparación con el año anterior. El segmento MedTech de la compañía mostró un sólido desempeño con ventas de 31,3 millones de dólares, creciendo un 22,2%, mientras que las ventas de MedDevice alcanzaron 40,7 millones de dólares, un aumento del 0,9%.

Los aspectos destacados incluyen un margen bruto GAAP del 54,0%, una pérdida por acción de $(0,11) y un EBITDA ajustado de 1,3 millones de dólares. La compañía recibió la aprobación 510(k) de la FDA para el sistema NanoKnife para la ablación de tejido prostático e inició el ensayo AMBITION BTK para el sistema de aterectomía Auryon.

AngioDynamics aumentó su guía para el año fiscal 2025, ahora esperando ventas netas de 285-288 millones de dólares, un crecimiento de ventas de MedTech del 14-16%, un margen bruto del 53-54% y un EBITDA ajustado de 4,0-5,0 millones de dólares. La compañía aseguró una línea de crédito revolving de 25,0 millones de dólares con J.P. Morgan para mayor flexibilidad financiera.

AngioDynamics (NASDAQ: ANGO)는 2025 회계연도 3분기 재무 결과를 보고하며, 프로 포르마 순매출이 7200만 달러로 전년 대비 9.2% 증가했다고 발표했습니다. 회사의 MedTech 부문은 3130만 달러의 매출로 22.2% 성장하며 강력한 성과를 보였고, MedDevice 매출은 4070만 달러에 도달하여 0.9% 증가했습니다.

주요 하이라이트로는 GAAP 총 마진 54.0%, 주당 손실 $(0.11), 조정된 EBITDA 130만 달러가 있습니다. 회사는 전립선 조직 절제를 위한 NanoKnife 시스템에 대해 FDA 510(k) 승인을 받았으며, Auryon 동맥경화 제거 시스템에 대한 AMBITION BTK 임상을 시작했습니다.

AngioDynamics는 2025 회계연도 가이던스를 상향 조정하여 순매출이 2억 8500만~2억 8800만 달러, MedTech 매출 성장 14-16%, 총 마진 53-54%, 조정된 EBITDA 400만~500만 달러에 이를 것으로 예상하고 있습니다. 회사는 추가적인 재정적 유연성을 위해 J.P. Morgan과 2500만 달러의 회전 신용 한도를 확보했습니다.

AngioDynamics (NASDAQ: ANGO) a publié ses résultats financiers du troisième trimestre de l'exercice 2025 avec des ventes nettes pro forma de 72,0 millions de dollars, en hausse de 9,2 % par rapport à l'année précédente. Le segment MedTech de l'entreprise a montré une forte performance avec 31,3 millions de dollars de ventes, en croissance de 22,2 %, tandis que les ventes de MedDevice ont atteint 40,7 millions de dollars, en hausse de 0,9 %.

Les points clés comprennent une marge brute GAAP de 54,0 %, une perte par action de $(0,11) et un EBITDA ajusté de 1,3 million de dollars. L'entreprise a reçu l'approbation 510(k) de la FDA pour le système NanoKnife pour l'ablation des tissus prostatiques et a lancé l'essai AMBITION BTK pour le système d'athérectomie Auryon.

AngioDynamics a relevé ses prévisions pour l'exercice 2025, s'attendant désormais à des ventes nettes de 285 à 288 millions de dollars, une croissance des ventes MedTech de 14 à 16 %, une marge brute de 53 à 54 % et un EBITDA ajusté de 4,0 à 5,0 millions de dollars. L'entreprise a sécurisé une ligne de crédit revolving de 25,0 millions de dollars avec J.P. Morgan pour une flexibilité financière accrue.

AngioDynamics (NASDAQ: ANGO) hat seine finanziellen Ergebnisse für das dritte Quartal des Geschäftsjahres 2025 veröffentlicht, mit pro forma Nettoumsätzen von 72,0 Millionen Dollar, was einem Anstieg von 9,2% im Vergleich zum Vorjahr entspricht. Der MedTech-Sektor des Unternehmens zeigte eine starke Leistung mit einem Umsatz von 31,3 Millionen Dollar, was einem Wachstum von 22,2% entspricht, während die MedDevice-Umsätze 40,7 Millionen Dollar erreichten, was einem Anstieg von 0,9% entspricht.

Zu den wichtigsten Highlights gehören eine GAAP-Bruttomarge von 54,0%, ein Verlust pro Aktie von $(0,11) und ein bereinigtes EBITDA von 1,3 Millionen Dollar. Das Unternehmen erhielt die FDA 510(k)-Zulassung für das NanoKnife-System zur Ablation von Prostatagewebe und startete die AMBITION BTK-Studie für das Auryon-Atherektomiesystem.

AngioDynamics hat seine Prognose für das Geschäftsjahr 2025 angehoben und erwartet nun Nettoumsätze von 285-288 Millionen Dollar, ein Wachstum der MedTech-Umsätze von 14-16%, eine Bruttomarge von 53-54% und ein bereinigtes EBITDA von 4,0-5,0 Millionen Dollar. Das Unternehmen sicherte sich eine revolvierende Kreditlinie von 25,0 Millionen Dollar bei J.P. Morgan für zusätzliche finanzielle Flexibilität.

Positive
  • MedTech segment showed strong 22.2% growth for second consecutive quarter
  • Gross margin improved 290 basis points to 54.0%
  • Received FDA clearance for NanoKnife System for prostate tissue ablation
  • Secured $25M revolving credit line providing additional financial flexibility
  • Raised FY2025 guidance across all key metrics
Negative
  • Reported GAAP net loss of $4.4 million
  • Negative operating cash flow of $13.2 million in Q3
  • Cash position decreased from $54.1M to $44.8M quarter-over-quarter
  • Med Device segment showed minimal growth of 0.9%

Insights

AngioDynamics delivered impressive third quarter results that demonstrate significant operational progress in their business transformation. The 9.2% pro forma revenue growth to $72.0 million was driven by exceptional performance in their high-margin MedTech segment, which grew 22.2% year-over-year.

The company's strategic shift toward higher-margin products is yielding measurable results, with gross margin expanding 290 basis points to 54.0%. Most notably, AngioDynamics achieved $1.3 million in adjusted EBITDA compared to a $3.6 million loss in the prior year period – a clear inflection point in their profitability trajectory.

Management's decision to raise guidance across multiple metrics (revenue, MedTech growth, gross margin, adjusted EBITDA, and EPS) signals strengthening business momentum and improved operational efficiency. The company now projects full-year revenue of $285-$288 million with adjusted EBITDA of $4.0-$5.0 million, substantially higher than previous guidance.

While still reporting adjusted losses ($0.08 per share vs. $0.16 year ago), the gap is narrowing significantly. The enhanced liquidity position with the new $25 million credit line provides additional financial flexibility, and management's projection for positive Q4 operating cash flow suggests they're turning the corner on cash generation well ahead of their previously stated fiscal 2026 target.

AngioDynamics' portfolio transformation strategy is bearing fruit with their MedTech franchise showing accelerating momentum, growing 22.2% year-over-year for the second consecutive quarter. This growth stems from strength across all their platform technologies, suggesting broad-based market adoption rather than dependence on a single product line.

The FDA 510(k) clearance for NanoKnife in prostate tissue ablation represents a significant commercial opportunity. The PRESERVE study results are compelling – 84% of patients free from clinically significant disease at 12 months while preserving urinary continence in 95.4% and erectile function in 71.7% of patients. As the first non-thermal, radiation-free ablation technology for prostate treatment, NanoKnife addresses a substantial unmet need for function-preserving interventions.

The Auryon atherectomy platform (17.3% growth) continues gaining market share, with the initiated AMBITION BTK trial potentially expanding its indications to critical limb ischemia – a high-value application. Meanwhile, the published APEX-AV trial results in JSCAI validate AlphaVac's clinical profile with a 35.5% reduction in clot burden, supporting its commercial expansion in the pulmonary embolism market affecting approximately 900,000 patients annually in the US.

The diversified growth across multiple platforms (Auryon, AngioVac, AlphaVac, and NanoKnife) creates an increasingly resilient business model as each product line addresses distinct clinical needs with validated technologies, reducing the company's dependence on any single platform for growth.

LATHAM, N.Y.--(BUSINESS WIRE)-- 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

 

 

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

Source: AngioDynamics, Inc.

FAQ

What were AngioDynamics (ANGO) Q3 FY2025 MedTech sales and growth rate?

ANGO's MedTech sales were $31.3 million in Q3 FY2025, representing a 22.2% increase from the prior year.

What is the new FY2025 revenue guidance for AngioDynamics (ANGO)?

ANGO raised guidance to $285-288 million in net sales, up from previous guidance of $282-288 million.

What was the outcome of ANGO's PRESERVE clinical study for NanoKnife?

The study showed 84% of men were free from clinically significant disease at 12 months, with 95.4% preserving urinary continence and 71.7% maintaining erectile function.

How much cash does AngioDynamics (ANGO) have as of Q3 FY2025?

ANGO reported $44.8 million in cash and cash equivalents as of February 28, 2025.

What are the key growth drivers for ANGO's MedTech segment in Q3 FY2025?

Growth was driven by Auryon sales ($13.9M, +17.3%), AngioVac ($6.8M, +23.1%), AlphaVac ($3.0M, +161.4%), and NanoKnife disposables ($4.9M, +16.2%).
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