AngioDynamics公佈2026財年業績 Med Tech銷售增長18.4% 獲多項FDA批准

EX-99.1
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ef20077916_ex99-1.htm
EXHIBIT 99.1

 
 
 
 

 
 
 
 
 Exhibit 99.1

 
 

 AngioDynamics Reports Record Fiscal Year 2026 Fourth Quarter and Full Year Financial Results; Continued Execution Drives Med Tech Growth and Full-Year Profitability

 
 

 Delivered its seventh consecutive quarter of double-digit Med Tech segment growth and positive adjusted EBITDA

 
 

 LATHAM, N.Y.--(BUSINESS WIRE)— July 14, 2026-- AngioDynamics, Inc. (NASDAQ: ANGO), a leading and transformative medical technology company focused on restoring healthy
 blood flow in the body’s vascular system, expanding cancer treatment options, and improving quality of life for patients, today announced financial results for the fourth quarter and fiscal year 2026, which ended May 31, 2026.

 
 

 Fiscal Year 2026 Fourth Quarter Financial Highlights

 
 

 

 
  
 
 Quarter Ended

 May 31, 2026

 
 
 Pro Forma* YoY Growth

 
 

 
 
 Pro Forma* Net Sales

 
 
 $86.6 million

 
 
 8.0%

 
 

 
 
 Med Tech Net Sales

 
 
 $41.8 million

 
 
 16.7%

 
 

 
 
 Med Device Net Sales

 
 
 $44.8 million

 
 
 1.1%

 
 

 
 
 

 

 
 
 
 •
 
 GAAP gross margin of 54.0%

 
 

 
 

 
 
 
 •
 
 GAAP loss per share of $0.27

 
 

 
 

 
 
 
 •
 
 Adjusted loss per share of $0.07

 
 

 
 

 
 
 
 •
 
 Adjusted EBITDA of $3.3 million

 
 

 
 
 

 Fiscal Year 2026 Financial Highlights

 
 

 

 
  
 
 Year Ended

 May 31, 2026

 
 
 Pro Forma* YoY Growth

 
 

 
 
 Pro Forma* Net Sales

 
 
 $320.2 million

 
 
 9.4%

 
 

 
 
 Med Tech Net Sales

 
 
 $150.0 million

 
 
 18.4%

 
 

 
 
 Med Device Net Sales

 
 
 $170.2 million

 
 
 2.5%

 
 

 
 
 

 

 
 
 
 •
 
 GAAP gross margin of 54.6%

 
 

 
 

 
 
 
 •
 
 GAAP loss per share of $0.88

 
 

 
 

 
 
 
 •
 
 Adjusted loss per share of $0.24

 
 

 
 

 
 
 
 •
 
 Adjusted EBITDA of $13.2 million

 
 

 
 

 
 
 
 •
 
 Ended fiscal year 2026 with $53.9 million in cash

 
 

 
 
 

 
 1

 
 

 

 *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.

 
 

 Clinical, Regulatory, and Market Access Highlights

 
 

 During the fiscal year:

 
 

 

 
 
 
 •
 
 Received FDA IDE approval for APEX-Return study evaluating AlphaReturn Blood Management System when used with AlphaVac F1885 System

 
 

 
 

 
 
 
 •
 
 Received FDA IDE approval for PAVE clinical study evaluating AngioVac System for treatment of right-sided infective endocarditis

 
 

 
 

 
 
 
 •
 
 Initiated both the AMBITION BTK and RECOVER-AV trials

 
 

 
 
 

 During the fourth quarter:

 
 

 

 
 
 
 •
 
 Two-year follow up data from its PRESERVE pivotal trial presented at the American Urological Association conference in 2026 demonstrating NanoKnife’s durable prostate cancer outcomes

 
 

 
 

 
 
 
 •
 
 Palmetto GBA (Government Benefits Administrators) finalized a local coverage determination covering NanoKnife IRE for qualifying Medicare patients in prostate and liver cancer, effective July 5,
 2026

 
 

 
 
 

 Subsequent to fiscal year end:

 
 

 

 
 
 
 •
 
 Received FDA IDE (Investigational Device Exemption) approval for the RELIEF study evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia

 
 

 
 
 

 
 "Our strong fourth quarter capped a year of consistent execution at AngioDynamics," said Jim Clemmer, President and Chief Executive Officer of
 AngioDynamics, Inc. "Full-year Med Tech growth of more than 18% reflects the continued progress of our strategic transformation, as our innovative platform technologies across cardiology and interventional oncology took share in large,
 fast-growing global markets. Combined with our operational discipline, that growth drove continued profitability even as we absorbed tariff-related headwinds."

 
 

 "We advanced our portfolio on multiple fronts during the year. We generated compelling two-year PRESERVE clinical data and secured a critical
 Medicare coverage pathway for NanoKnife in prostate and liver, while achieving key regulatory milestones across our Mechanical Thrombectomy portfolio, including IDE approvals for our AlphaVac blood return and AngioVac right-sided endocarditis
 studies. Auryon delivered its 20th consecutive quarter of double-digit growth, and NanoKnife adoption accelerated following the effective date of the Category I CPT code for prostate."

 
 

 

 
 2

 
 

 

 
 Mr. Clemmer continued, "As we look ahead to fiscal 2027, we remain focused on driving sustained growth led by our Med Tech segment. Med Tech
 represented 47% of our total revenue in fiscal 2026, up approximately 22% from when we began our strategic transformation in 2020. We expect that mix to continue shifting toward our higher-growth, higher-margin platforms. With a differentiated
 technology portfolio, multiple growth catalysts ahead, and a debt-free balance sheet with positive cash generation, we are well-positioned to deliver continued value creation in fiscal 2027 and beyond."

 
 

 Fiscal Fourth Quarter 2026 Financial Results

 
 

 Unless otherwise noted, all financial comparisons below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses
 divested in June 2023, the PICC, Midline, and tip location product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024.

 
 

 Net sales for the fourth quarter of fiscal year 2026 were $86.6 million, an increase of 8.0% compared to the prior-year quarter.

 
 

 Med Tech net sales were $41.8 million, a 16.7% increase from $35.8 million in the prior-year period. Med Tech includes the Auryon peripheral
 atherectomy platform, our thrombus management platform which is led by AlphaVac and AngioVac, and the NanoKnife irreversible electroporation platform.

 
 

 Growth during the quarter was driven by solid performance across the Med Tech segment. Auryon sales were $17.8 million, an increase of 14.4%
 compared to the prior-year quarter. In our Mechanical Thrombectomy business, AlphaVac sales grew 38.4% compared to the prior year quarter, while AngioVac faced a tough comparison, declining 15.8% versus prior year. Overall, Mechanical
 Thrombectomy delivered sales of $11.1 million, a decrease of 1.1% compared to the prior-year quarter. NanoKnife sales were $11.8 million, an increase of 64.5% compared to the prior-year quarter, including 47.0% growth in probes and 132.5% growth
 in capital sales.

 
 

 Med Device net sales were $44.8 million, a 1.1% increase compared to $44.4 million in the prior-year period.

 
 

 Gross margin for the fourth quarter of fiscal 2026 was 54.0%, which was 130 basis points higher compared to the fourth quarter of fiscal 2025,
 primarily driven by favorable pricing and the ongoing revenue mix shift toward Med Tech, partially offset by the manufacturing transition and global inflation all of which were in-line with the Company's expectations.

 
 

 The Company recorded a GAAP net loss of $11.4 million, or a loss per share of $0.27, in the fourth quarter of fiscal 2026, compared to a net
 loss of $6.1 million, or a loss per share of $0.15, a year ago. Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss for the fourth quarter of fiscal 2026 was $2.8 million, or a loss per share of $0.07. This
 compares to an adjusted net loss during the fiscal fourth quarter of 2025 of $1.1 million, or a loss per share of $0.03.

 
 

 

 
 3

 
 

 

 
 Adjusted EBITDA in the fourth quarter of fiscal 2026, excluding the items shown in the non-GAAP reconciliation table below, was $3.3 million,
 compared to $3.4 million in the fourth quarter of fiscal 2025.

 
 

 Tariff-related expenses were $0.5 million during the quarter, compared to $1.6 million for the prior year quarter, in-line with the Company's
 expectations.

 
 

 In the fourth quarter of fiscal 2026, the Company generated $17.5 million of cash from
 operations, slightly ahead of the Company's expectations.

 
 

 Full-Year 2026 Financial Results

 
 

 Unless otherwise noted, all financial comparisons below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses
 divested in June 2023, the PICC, Midline, and tip location product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024.

 
 

 Net sales were $320.2 million, an increase of 9.4%, compared to $292.7 million for the prior year period.

 
 

 Med Tech net sales were $150.0 million, an 18.4% increase from $126.7 million in the prior year.

 
 

 Med Device net sales were $170.2 million, an increase of 2.5% from $166.0 million in the prior year.

 
 

 Gross margin increased 70 basis points to 54.6% from 53.9% in the prior year, with tariffs creating a 151-basis point headwind.

 
 

 The Company's GAAP net loss was $36.7 million, or a loss per share of $0.88, compared to a net loss of $34.0 million, or a loss per share of
 $0.83, a year ago. Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss was $10.0 million, with adjusted loss per share of $0.24, compared to adjusted net loss of $10.2 million, or adjusted loss per share of
 $0.25, a year ago.

 
 

 Adjusted EBITDA, excluding the items shown in the reconciliation table below, was $13.2 million, compared to $7.6 million for the prior year.

 
 

 Tariff-related expenses were $4.8 million during the year, compared to $1.6 million for the prior year, in-line with the Company's expectations.

 
 

 In the full year of fiscal 2026, the Company generated $3.1 million of cash from operations, slightly ahead of the Company's stated expectations following Q3.

 
 

 

 
 4

 
 

 

 
 At May 31, 2026, the Company had $53.9 million in cash and maintains a debt-free balance sheet.

 
 

 FDA IDE Approval for RELIEF BPH Study

 
 

 

 Subsequent to fiscal year-end, the Company received FDA approval of its IDE for the RELIEF study, a feasibility trial evaluating NanoKnife IRE for
 the treatment of benign prostatic hyperplasia. The study is designed to enroll 40 subjects at up to five U.S. clinical sites, with a primary endpoint measuring change in the International Prostate Symptom Score at six months. RELIEF extends the
 NanoKnife IRE platform beyond oncology into one of the most common conditions affecting men's health. The Company views the study as an important step in expanding the long-term addressable market for its IRE technology.

 
 

 
 Two-Year PRESERVE Data Demonstrates Durable Prostate Cancer Outcomes

 
 

 In May 2026, the Company presented two-year results from its PRESERVE pivotal trial at the American Urological Association Annual Meeting,
 demonstrating durable outcomes for the NanoKnife System in the focal ablation of intermediate-risk prostate cancer. PRESERVE is a prospective, single-arm pivotal IDE study that enrolled 121 patients across 17 U.S. clinical sites in collaboration
 with the Society of Urologic Oncology Clinical Trials Consortium. At 24 months, no new treatment failures were identified among patients with available follow-up, and 97% of patients had a PSA below their baseline value, with no new device- or
 procedure-related adverse events reported between the 12- and 24-month assessments. These results build on the trial's previously published 12-month primary endpoint and reinforce the durability of focal IRE as a treatment option that preserves
 quality of life.

 
 

 Category I CPT Codes and Medicare Coverage Advance NanoKnife Reimbursement

 
 

 The Company continued to advance the reimbursement framework for irreversible
 electroporation (IRE) delivered by the NanoKnife System. Effective January 1, 2026, Category I CPT codes for IRE procedures in the prostate and liver became active, reflecting the American Medical Association's formal recognition of the
 procedure and supporting standardized billing across hospital outpatient and ambulatory surgical center settings. Building on this, in May 2026 Palmetto GBA issued a final Local Coverage Determination establishing Medicare coverage guidance for IRE in favorable intermediate-risk prostate cancer and metastatic colorectal
 cancer to the liver, effective July 5, 2026. Together, these milestones enable eligible patients and treating physicians to access reimbursement under Medicare and mark an important step toward broader national payer adoption.

 

 
 

 
 5

 
 

 

 FDA IDE Approval for APEX-Return Study

 
 

 
 During the fiscal year, the Company announced that the FDA approved its IDE application for its APEX-Return study. The pivotal study will
 evaluate the safety and effectiveness of the AlphaReturn Blood Management System when used with the AlphaVac F1885 Multipurpose Mechanical Aspiration (MMA) System in the treatment of acute pulmonary embolism (PE). The APEX-Return study
 will enroll up to 40 patients across multiple sites and will assess key safety and effectiveness endpoints, including device-related adverse events and procedural outcomes. The AlphaReturn Blood Management System addresses market feedback by
 enabling the collection, filtration and reinfusion of aspirated blood during thrombectomy procedures, which may reduce the need for blood transfusions.

 
 

  FDA IDE Approval for PAVE Clinical Study

 
 

 During the fiscal year, the Company announced that the FDA approved its IDE application for the PAVE clinical study. The PAVE (Percutaneous
 AngioVac Vegetation Extraction) pilot trial will evaluate the Company's AngioVac System for the percutaneous removal of vegetation from the right heart in patients with right-sided infective endocarditis (RSIE). The study is intended to assess
 whether a minimally invasive approach using the AngioVac System may provide an alternative option for this underserved patient population who have limited treatment options, particularly when surgical risk is high. The PAVE study is a
 prospective, single-arm, multicenter feasibility trial that will enroll up to 30 patients with RSIE at up to six U.S. centers. In August 2023, the AngioVac System received an FDA Breakthrough Device designation for the removal of right heart
 vegetation.

 
 

 Advancing Clinical Evidence Across the Portfolio

 
 

 During the fiscal year, the Company initiated patient enrollment in two key clinical trials. The AMBITION BTK trial evaluates the Auryon
 Atherectomy System in critical limb ischemia patients with challenging below-the-knee blockages. The RECOVER-AV trial assesses the AlphaVac F1885 System for intermediate-risk pulmonary embolism. Together, these trials reflect the
 Company's commitment to generating high-quality clinical evidence to drive adoption and expand addressable markets across its vascular portfolio.

 
 

 

 
 6

 
 

 

 
 Fiscal Year 2027 Financial Guidance

 
 

 

 

 
 
 Guidance Metric

 
 
 Guidance

 (As of July 14, 2026)

 
 

 
  
  
 

 
 
 Net Sales

 
 
 $336.0M - $341.0M

 
 

 
  
  
 

 
 
 Med Tech Net Sales Growth

 
 
 12% – 15%

 
 

 
  
  
 

 
 
 Med Device Net Sales Growth

 
 
 Flat

 
 

 
  
  
 

 
 
 Gross Margin

 
 
 54% – 55%

 
 

 
  
  
 

 
 
 Adjusted EBITDA

 
 
 $13.0M - $16.0M

 
 

 
  
  
 

 
 
 Adjusted EPS

 
 
 ($0.29) – ($0.24)

 
 

 
 
 
 

 Tariff Related Guidance Assumptions

 
 

 For fiscal 2027, the Company expects a tariff impact broadly similar to fiscal 2026, based on its current view of the tariff situation, which
 remains dynamic and subject to change.

 
 

 Conference Call

 
 

 The Company’s management will host a conference call at 8:00 am ET on the date of this announcement 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.

 
 

 

 
 7

 
 

 

 
 
 Use of Non-GAAP Measures

 
 

 Management uses non-GAAP measures to establish operational goals and believes that non-GAAP measures may assist investors
 in analyzing the underlying trends in AngioDynamics' business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for or as superior to, financial reporting measures prepared in accordance with GAAP.
 In this news release, AngioDynamics has reported pro forma results, adjusted EBITDA, adjusted net income and adjusted earnings per share. Management uses these measures in its internal analysis and review of operational performance. Management
 believes that these measures provide investors with useful information in comparing AngioDynamics' performance over different periods. By using these non-GAAP measures, management believes that investors get a better picture of the performance
 of AngioDynamics' underlying business. Management encourages investors to review AngioDynamics' financial results prepared in accordance with GAAP to understand AngioDynamics' performance taking into account all relevant factors, including
 those that may only occur from time to time but have a material impact on AngioDynamics' financial results. Please see the tables that follow for a reconciliation of non-GAAP measures to measures prepared in accordance with GAAP.

 

 
 

 About AngioDynamics, Inc.

 
 

 AngioDynamics is a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system,
 expanding cancer treatment options and improving quality of life for patients.

 
 

 The Company’s innovative technologies and devices are chosen by talented
 physicians in fast-growing healthcare markets to treat unmet patient needs. For more information, visit www.angiodynamics.com.

 
 

 Safe Harbor

 
 

 This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements
 regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of
 management for future operations, as well as statements that include the words such as "expects," "reaffirms," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "projects," "optimistic," or variations of such words and similar
 expressions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ materially from
 AngioDynamics' expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the scale and scope of the COVID-19 global pandemic, the ability of AngioDynamics to develop its
 existing and new products, technological advances and patents attained by competitors, infringement of AngioDynamics' technology or assertions that AngioDynamics' technology infringes the technology of third parties, the ability of AngioDynamics
 to effectively compete against competitors that have substantially greater resources, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and government regulations, results of pending or future
 clinical trials, overall economic conditions (including inflation, tariffs, labor shortages and supply chain challenges including the cost and availability of raw materials), the results of on-going litigation, challenges with respect to
 third-party distributors or joint venture partners or collaborators, the results of sales efforts, the effects of product recalls and product liability claims, changes in key personnel, the ability of AngioDynamics to execute on strategic
 initiatives, the effects of economic, credit and capital market conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the
 ability of AngioDynamics to obtain regulatory clearances or approval of its products, or to integrate acquired businesses, as well as the risk factors listed from time to time in AngioDynamics' SEC filings, including but not limited to its Annual
 Report on Form 10-K for the year ended May 31, 2026. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.

 
 

 

 
 8

 
 

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 CONSOLIDATED INCOME STATEMENTS

 (in thousands, except per share data)

 
 

 

 
  
  
 
 Three Months Ended

 
  
 

 
 
 
 
 
 
 Actual (1)

 May 31, 2026

 
 
 
 
 
 
 As Reported (1)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 May 31, 2025

 
 
 
 

 
 
 
 
 
 
 (unaudited)

 
 
 
 
 
 
 (audited)

 
 
 
 
 
 
 (unaudited)

 
 
 
 
 
 
 (unaudited)

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Net sales

 
  
 
 $

 
 
 86,607

 
  
  
 
 $

 
 
 80,158

 
  
  
  
 
 (1

 
 
 )

 
  
 
 $

 
 
 80,157

 
  
 

 
 
 Cost of sales (exclusive of intangible amortization)

 
  
  
 
 39,834

 
  
  
  
 
 37,940

 
  
  
  
 
 2

 
  
  
  
 
 37,942

 
  
 

 
 
 Gross margin

 
  
  
 
 46,773

 
  
  
  
 
 42,218

 
  
  
  
 
 (3

 
 
 )

 
  
  
 
 42,215

 
  
 

 
 
 % of net sales

 
  
  
 
 54.0

 
 
 %

 
  
  
 
 52.7

 
 
 %

 
  
  
  
  
  
  
 
 52.7

 
 
 %

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Operating expenses

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Research and development

 
  
  
 
 8,178

 
  
  
  
 
 6,590

 
  
  
  
 
 —

 
  
  
  
 
 6,590

 
  
 

 
 
 Sales and marketing

 
  
  
 
 31,123

 
  
  
  
 
 26,437

 
  
  
  
 
 —

 
  
  
  
 
 26,437

 
  
 

 
 
 General and administrative

 
  
  
 
 10,266

 
  
  
  
 
 10,236

 
  
  
  
 
 —

 
  
  
  
 
 10,236

 
  
 

 
 
 Amortization of intangibles

 
  
  
 
 2,718

 
  
  
  
 
 2,588

 
  
  
  
 
 —

 
  
  
  
 
 2,588

 
  
 

 
 
 Acquisition, restructuring and other items, net

 
  
  
 
 4,683

 
  
  
  
 
 2,155

 
  
  
  
 
 —

 
  
  
  
 
 2,155

 
  
 

 
 
 Total operating expenses

 
  
  
 
 56,968

 
  
  
  
 
 48,006

 
  
  
  
 
 —

 
  
  
  
 
 48,006

 
  
 

 
 
 Operating loss

 
  
  
 
 (10,195

 
 
 )

 
  
  
 
 (5,788

 
 
 )

 
  
  
 
 (3

 
 
 )

 
  
  
 
 (5,791

 
 
 )

 
 

 
 
 Interest income (expense), net

 
  
  
 
 (105

 
 
 )

 
  
  
 
 3

 
  
  
  
 
 —

 
  
  
  
 
 3

 
  
 

 
 
 Other expense, net

 
  
  
 
 (735

 
 
 )

 
  
  
 
 (325

 
 
 )

 
  
  
 
 —

 
  
  
  
 
 (325

 
 
 )

 
 

 
 
 Total other expense, net

 
  
  
 
 (840

 
 
 )

 
  
  
 
 (322

 
 
 )

 
  
  
 
 —

 
  
  
  
 
 (322

 
 
 )

 
 

 
 
 Loss before income tax (benefit) expense

 
  
  
 
 (11,035

 
 
 )

 
  
  
 
 (6,110

 
 
 )

 
  
  
 
 (3

 
 
 )

 
  
  
 
 (6,113

 
 
 )

 
 

 
 
 Income tax (benefit) expense

 
  
  
 
 370

 
  
  
  
 
 (60

 
 
 )

 
  
  
 
 —

 
  
  
  
 
 (60

 
 
 )

 
 

 
 
 Net loss

 
  
 
 $

 
 
 (11,405

 
 
 )

 
  
 
 $

 
 
 (6,050

 
 
 )

 
  
 
 $

 
 
 (3

 
 
 )

 
  
 
 $

 
 
 (6,053

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Loss per share

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Basic

 
  
 
 $

 
 
 (0.27

 
 
 )

 
  
 
 $

 
 
 (0.15

 
 
 )

 
  
  
  
  
  
 
 $

 
 
 (0.15

 
 
 )

 
 

 
 
 Diluted

 
  
 
 $

 
 
 (0.27

 
 
 )

 
  
 
 $

 
 
 (0.15

 
 
 )

 
  
  
  
  
  
 
 $

 
 
 (0.15

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Weighted average shares outstanding

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Basic

 
  
  
 
 41,696

 
  
  
  
 
 40,984

 
  
  
  
  
  
  
  
 
 40,984

 
  
 

 
 
 Diluted

 
  
  
 
 41,696

 
  
  
  
 
 40,984

 
  
  
  
  
  
  
  
 
 40,984

 
  
 

 
 
 

 (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 May 31, 2025.

 (2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

 
 

 
 9

 
 

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 CONSOLIDATED INCOME STATEMENTS

 (in thousands, except per share data)

 
 

 

 
  
  
 
 Twelve months ended

 
  
 

 
   
  
 
 Actual (1)

 May 31, 2026

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2026

 
 
 
 
 
 
 Pro Forma

 May 31, 2026

 
 
 
 
 
 
 As Reported (1)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 May 31, 2025

 
 
 
 

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (audited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Net sales

 
  
 
 $

 
 
 320,174

 
  
  
  
 
 (2

 
 
 )

 
  
 
 $

 
 
 320,172

 
  
  
 
 $

 
 
 292,498

 
  
  
  
 
 187

 
  
  
 
 $

 
 
 292,685

 
  
 

 
 
 Cost of sales (exclusive of intangible amortization)

 
  
  
 
 145,282

 
  
  
  
 
 —

 
  
  
  
 
 145,282

 
  
  
  
 
 134,793

 
  
  
  
 
 157

 
  
  
  
 
 134,950

 
  
 

 
 
 Gross margin

 
  
  
 
 174,892

 
  
  
  
 
 (2

 
 
 )

 
  
  
 
 174,890

 
  
  
  
 
 157,705

 
  
  
  
 
 30

 
  
  
  
 
 157,735

 
  
 

 
 
 % of net sales

 
  
  
 
 54.6

 
 
 %

 
  
  
  
  
  
  
 
 54.6

 
 
 %

 
  
  
 
 53.9

 
 
 %

 
  
  
  
  
  
  
 
 53.9

 
 
 %

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Operating expenses

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Research and development

 
  
  
 
 29,447

 
  
  
  
 
 —

 
  
  
  
 
 29,447

 
  
  
  
 
 26,222

 
  
  
  
 
 —

 
  
  
  
 
 26,222

 
  
 

 
 
 Sales and marketing

 
  
  
 
 113,401

 
  
  
  
 
 —

 
  
  
  
 
 113,401

 
  
  
  
 
 103,135

 
  
  
  
 
 —

 
  
  
  
 
 103,135

 
  
 

 
 
 General and administrative

 
  
  
 
 43,691

 
  
  
  
 
 —

 
  
  
  
 
 43,691

 
  
  
  
 
 42,092

 
  
  
  
 
 —

 
  
  
  
 
 42,092

 
  
 

 
 
 Amortization of intangibles

 
  
  
 
 10,682

 
  
  
  
 
 —

 
  
  
  
 
 10,682

 
  
  
  
 
 10,318

 
  
  
  
 
 —

 
  
  
  
 
 10,318

 
  
 

 
 
 Change in fair value of contingent consideration

 
  
  
 
 —

 
  
  
  
 
 —

 
  
  
  
 
 —

 
  
  
  
 
 272

 
  
  
  
 
 —

 
  
  
  
 
 272

 
  
 

 
 
 Acquisition, restructuring and other items, net

 
  
  
 
 17,598

 
  
  
  
 
 —

 
  
  
  
 
 17,598

 
  
  
  
 
 15,620

 
  
  
  
 
 161

 
  
  
  
 
 15,781

 
  
 

 
 
 Total operating expenses

 
  
  
 
 214,819

 
  
  
  
 
 —

 
  
  
  
 
 214,819

 
  
  
  
 
 197,659

 
  
  
  
 
 161

 
  
  
  
 
 197,820

 
  
 

 
 
 Operating loss

 
  
  
 
 (39,927

 
 
 )

 
  
  
 
 (2

 
 
 )

 
  
  
 
 (39,929

 
 
 )

 
  
  
 
 (39,954

 
 
 )

 
  
  
 
 (131

 
 
 )

 
  
  
 
 (40,085

 
 
 )

 
 

 
 
 Interest income (expense), net

 
  
  
 
 (299

 
 
 )

 
  
  
 
 —

 
  
  
  
 
 (299

 
 
 )

 
  
  
 
 978

 
  
  
  
 
 —

 
  
  
  
 
 978

 
  
 

 
 
 Other income (expense), net

 
  
  
 
 3,926

 
  
  
  
 
 (5,000

 
 
 )

 
  
  
 
 (1,074

 
 
 )

 
  
  
 
 4,944

 
  
  
  
 
 (5,500

 
 
 )

 
  
  
 
 (556

 
 
 )

 
 

 
 
 Total other income (expense), net

 
  
  
 
 3,627

 
  
  
  
 
 (5,000

 
 
 )

 
  
  
 
 (1,373

 
 
 )

 
  
  
 
 5,922

 
  
  
  
 
 (5,500

 
 
 )

 
  
  
 
 422

 
  
 

 
 
 Loss before income tax (benefit) expense

 
  
  
 
 (36,300

 
 
 )

 
  
  
 
 (5,002

 
 
 )

 
  
  
 
 (41,302

 
 
 )

 
  
  
 
 (34,032

 
 
 )

 
  
  
 
 (5,631

 
 
 )

 
  
  
 
 (39,663

 
 
 )

 
 

 
 
 Income tax (benefit) expense

 
  
  
 
 442

 
  
  
  
 
 —

 
  
  
  
 
 442

 
  
  
  
 
 (39

 
 
 )

 
  
  
 
 —

 
  
  
  
 
 (39

 
 
 )

 
 

 
 
 Net loss

 
  
 
 $

 
 
 (36,742

 
 
 )

 
  
 
 $

 
 
 (5,002

 
 
 )

 
  
 
 $

 
 
 (41,744

 
 
 )

 
  
 
 $

 
 
 (33,993

 
 
 )

 
  
 
 $

 
 
 (5,631

 
 
 )

 
  
 
 $

 
 
 (39,624

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Loss per share

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Basic

 
  
 
 $

 
 
 (0.88

 
 
 )

 
  
  
  
  
  
 
 $

 
 
 (1.01

 
 
 )

 
  
 
 $

 
 
 (0.83

 
 
 )

 
  
  
  
  
  
 
 $

 
 
 (0.97

 
 
 )

 
 

 
 
 Diluted

 
  
 
 $

 
 
 (0.88

 
 
 )

 
  
  
  
  
  
 
 $

 
 
 (1.01

 
 
 )

 
  
 
 $

 
 
 (0.83

 
 
 )

 
  
  
  
  
  
 
 $

 
 
 (0.97

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Weighted average shares outstanding

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Basic

 
  
  
 
 41,526

 
  
  
  
  
  
  
  
 
 41,526

 
  
  
  
 
 40,853

 
  
  
  
  
  
  
  
 
 40,853

 
  
 

 
 
 Diluted

 
  
  
 
 41,526

 
  
  
  
  
  
  
  
 
 41,526

 
  
  
  
 
 40,853

 
  
  
  
  
  
  
  
 
 40,853

 
  
 

 
 
 

 (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 twelve months ended May 31, 2026 and 2025.

 (2)  Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

 
 

 
 10

 
 

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 GAAP TO NON-GAAP RECONCILIATION

 (in thousands, except per share data)

 
 

 Reconciliation of Net Loss to non-GAAP Adjusted Net Loss and Pro Forma Adjusted Net Loss:

 
 

 

 
  
  
 
 Three Months Ended

 
  
 

 
   
   
 
 Actual

 May 31, 2026

 
   
   
 
 As Reported (1)

 May 31, 2025

 
   
   
 
 Pro Forma

 Adjustments (2)

 May 31, 2025

 
   
   
 
 Pro Forma

 May 31, 2025

 
   
 

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Net loss

 
  
 
 $

 
 
 (11,405

 
 
 )

 
  
 
 $

 
 
 (6,050

 
 
 )

 
  
 
 $

 
 
 (3

 
 
 )

 
  
 
 $

 
 
 (6,053

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Amortization of intangibles

 
  
  
 
 2,718

 
  
  
  
 
 2,588

 
  
  
  
 
 —

 
  
  
  
 
 2,588

 
  
 

 
 
 Acquisition, restructuring and other items, net (3)

 
  
  
 
 4,683

 
  
  
  
 
 2,155

 
  
  
  
 
 —

 
  
  
  
 
 2,155

 
  
 

 
 
 Tax effect of non-GAAP items (4)

 
  
  
 
 1,206

 
  
  
  
 
 254

 
  
  
  
 
 1

 
  
  
  
 
 255

 
  
 

 
 
 Adjusted net loss

 
  
 
 $

 
 
 (2,798

 
 
 )

 
  
 
 $

 
 
 (1,053

 
 
 )

 
  
 
 $

 
 
 (2

 
 
 )

 
  
 
 $

 
 
 (1,055

 
 
 )

 
 

 
 
 

 Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted and Pro Forma Adjusted Diluted Loss Per Share:

 
 

 

 
  
  
 
 Three Months Ended

 
  
 

 
 
 
 
 
 
 Actual

 May 31, 2026

 
 
 
 
 
 
 As Reported (1)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 May 31, 2025

 
 
 
 

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Diluted loss per share

 
  
 
 $

 
 
 (0.27

 
 
 )

 
  
 
 $

 
 
 (0.15

 
 
 )

 
  
 
 $

 
 
 —

 
  
  
 
 $

 
 
 (0.15

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Amortization of intangibles

 
  
  
 
 0.07

 
  
  
  
 
 0.06

 
  
  
  
 
 —

 
  
  
  
 
 0.06

 
  
 

 
 
 Acquisition, restructuring and other items, net (3)

 
  
  
 
 0.10

 
  
  
  
 
 0.05

 
  
  
  
 
 —

 
  
  
  
 
 0.05

 
  
 

 
 
 Tax effect of non-GAAP items (4)

 
  
  
 
 0.03

 
  
  
  
 
 0.01

 
  
  
  
 
 —

 
  
  
  
 
 0.01

 
  
 

 
 
 Adjusted diluted loss per share

 
  
 
 $

 
 
 (0.07

 
 
 )

 
  
 
 $

 
 
 (0.03

 
 
 )

 
  
 
 $

 
 
 —

 
  
  
 
 $

 
 
 (0.03

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Adjusted diluted sharecount

 
  
  
 
 41,696

 
  
  
  
 
 40,984

 
  
  
  
 
 40,984

 
  
  
  
 
 40,984

 
  
 

 
 
 

 (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 May 31, 2025.

 (2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

 (3)  Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and
 other items.

 (4)  Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's U.S. deferred tax assets and
 an effective tax rate of 23% for the periods ended May 31, 2026 and 2025.

 
 

 
 11

 
 

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 GAAP TO NON-GAAP RECONCILIATION (Continued)

 (in thousands, except per share data)

 
 

 Reconciliation of Net Loss and non-GAAP Pro Forma Adjusted Net Loss to Adjusted EBITDA and Pro Forma Adjusted EBITDA:

 
 

 

 
  
  
 
 Three Months Ended

 
  
 

 
 
 
 
 
 
 Actual

 May 31, 2026

 
 
 
 
 
 
 As Reported (1)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 May 31, 2025

 
 
 
 

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Net loss

 
  
 
 $

 
 
 (11,405

 
 
 )

 
  
 
 $

 
 
 (6,050

 
 
 )

 
  
 
 $

 
 
 (3

 
 
 )

 
  
 
 $

 
 
 (6,053

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Income tax benefit

 
  
  
 
 370

 
  
  
  
 
 (60

 
 
 )

 
  
  
 
 —

 
  
  
  
 
 (60

 
 
 )

 
 

 
 
 Interest income (expense), net

 
  
  
 
 105

 
  
  
  
 
 (3

 
 
 )

 
  
  
 
 —

 
  
  
  
 
 (3

 
 
 )

 
 

 
 
 Depreciation and amortization

 
  
  
 
 5,597

 
  
  
  
 
 5,833

 
  
  
  
 
 —

 
  
  
  
 
 5,833

 
  
 

 
 
 Stock based compensation

 
  
  
 
 3,915

 
  
  
  
 
 1,641

 
  
  
  
 
 —

 
  
  
  
 
 1,641

 
  
 

 
 
 Acquisition, restructuring and other items, net (3)

 
  
  
 
 4,683

 
  
  
  
 
 2,000

 
  
  
  
 
 —

 
  
  
  
 
 2,000

 
  
 

 
 
 Adjusted EBITDA

 
  
 
 $

 
 
 3,265

 
  
  
 
 $

 
 
 3,361

 
  
  
 
 $

 
 
 (3

 
 
 )

 
  
 
 $

 
 
 3,358

 
  
 

 
 
 

 (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 May 31, 2025.

 (2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

 (3)  Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and
 other items.

 
 

 
 12

 
 

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 GAAP TO NON-GAAP RECONCILIATION

 (in thousands, except per share data)

 
 

 Reconciliation of Net Loss to non-GAAP Adjusted Net Loss and Pro Forma Adjusted Net Loss:

 
 

 

 
  
  
 
 Twelve Months Ended

 
  
 

 
 
 
 
 
 
 Actual (1)

 May 31, 2026

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2026

 
 
 
 
 
 
 Pro Forma

 May 31, 2026

 
 
 
 
 
 
 As Reported (1)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 May 31, 2025

 
 
 
 

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Net Loss

 
  
 
 $

 
 
 (36,742

 
 
 )

 
  
 
 $

 
 
 (5,002

 
 
 )

 
  
 
 $

 
 
 (41,744

 
 
 )

 
  
 
 $

 
 
 (33,993

 
 
 )

 
  
 
 $

 
 
 (5,631

 
 
 )

 
  
 
 $

 
 
 (39,624

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Amortization of intangibles

 
  
  
 
 10,682

 
  
  
  
 
 —

 
  
  
 
 $

 
 
 10,682

 
  
  
  
 
 10,318

 
  
  
  
 
 —

 
  
  
  
 
 10,318

 
  
 

 
 
 Change in fair value of contingent consideration

 
  
  
 
 —

 
  
  
  
 
 —

 
  
  
 
 $

 
 
 —

 
  
  
  
 
 272

 
  
  
  
 
 —

 
  
  
  
 
 272

 
  
 

 
 
 Acquisition, restructuring and other items, net (3)

 
  
  
 
 17,598

 
  
  
  
 
 —

 
  
  
 
 $

 
 
 17,598

 
  
  
  
 
 15,620

 
  
  
  
 
 161

 
  
  
  
 
 15,781

 
  
 

 
 
 Tax effect of non-GAAP items (4)

 
  
  
 
 2,287

 
  
  
  
 
 1,149

 
  
  
  
 
 3,436

 
  
  
  
 
 1,760

 
  
  
  
 
 1,258

 
  
  
  
 
 3,018

 
  
 

 
 
 Adjusted net loss

 
  
 
 $

 
 
 (6,175

 
 
 )

 
  
 
 $

 
 
 (3,853

 
 
 )

 
  
 
 $

 
 
 (10,028

 
 
 )

 
  
 
 $

 
 
 (6,023

 
 
 )

 
  
 
 $

 
 
 (4,212

 
 
 )

 
  
 
 $

 
 
 (10,235

 
 
 )

 
 

 
 
 

 Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted and Pro Forma Adjusted Diluted Loss Per Share:

 
 

 

 
  
  
 
 Twelve Months Ended

 
  
 

 
 
 
 
 
 
 Actual (1)

 May 31, 2026

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2026

 
 
 
 
 
 
 Pro Forma

 May 31, 2026

 
 
 
 
 
 
 As Reported (1)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 May 31, 2025

 
 
 
 

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Diluted loss per share

 
  
 
 $

 
 
 (0.88

 
 
 )

 
  
 
 $

 
 
 (0.13

 
 
 )

 
  
 
 $

 
 
 (1.01

 
 
 )

 
  
 
 $

 
 
 (0.83

 
 
 )

 
  
 
 $

 
 
 (0.14

 
 
 )

 
  
 
 $

 
 
 (0.97

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Amortization of intangibles

 
  
  
 
 0.26

 
  
  
  
 
 —

 
  
  
  
 
 0.26

 
  
  
  
 
 0.25

 
  
  
  
 
 —

 
  
  
  
 
 0.25

 
  
 

 
 
 Change in fair value of contingent consideration

 
  
  
 
 —

 
  
  
  
 
 —

 
  
  
  
 
 —

 
  
  
  
 
 0.01

 
  
  
  
 
 —

 
  
  
  
 
 0.01

 
  
 

 
 
 Acquisition, restructuring and other items, net (3)

 
  
  
 
 0.41

 
  
  
  
 
 —

 
  
  
  
 
 0.41

 
  
  
  
 
 0.38

 
  
  
  
 
 0.01

 
  
  
  
 
 0.39

 
  
 

 
 
 Tax effect of non-GAAP items (4)

 
  
  
 
 0.06

 
  
  
  
 
 0.04

 
  
  
  
 
 0.10

 
  
  
  
 
 0.04

 
  
  
  
 
 0.03

 
  
  
  
 
 0.07

 
  
 

 
 
 Adjusted pro forma diluted loss per share

 
  
 
 $

 
 
 (0.15

 
 
 )

 
  
 
 $

 
 
 (0.09

 
 
 )

 
  
 
 $

 
 
 (0.24

 
 
 )

 
  
 
 $

 
 
 (0.15

 
 
 )

 
  
 
 $

 
 
 (0.10

 
 
 )

 
  
 
 $

 
 
 (0.25

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Adjusted diluted sharecount

 
  
  
 
 41,526

 
  
  
  
 
 41,526

 
  
  
  
 
 41,526

 
  
  
  
 
 40,853

 
  
  
  
 
 40,853

 
  
  
  
 
 40,853

 
  
 

 
 
 

 (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 twelve months ended May 31, 2026 and 2025.

 (2)  Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

 (3)  Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and
 other items

 (4)  Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's U.S. deferred tax assets and
 an effective tax rate of 23% for the periods ended May 31, 2026 and 2025.

 
 

 
 13

 
 

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 GAAP TO NON-GAAP RECONCILIATION (Continued)

 (in thousands, except per share data)

 
 

 Reconciliation of Net Loss and non-GAAP Pro Forma Adjusted Net Loss to Adjusted EBITDA and Pro Forma Adjusted EBITDA:

 
 

 

 
  
  
 
 Twelve Months Ended

 
  
 

 
 
 
 
 
 
 Actual (1)

 May 31, 2026

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2026

 
 
 
 
 
 
 Pro Forma

 May 31, 2026

 
 
 
 
 
 
 As Reported (1)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 May 31, 2025

 
 
 
 

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Net loss

 
  
 
 $

 
 
 (36,742

 
 
 )

 
  
 
 $

 
 
 (5,002

 
 
 )

 
  
 
 $

 
 
 (41,744

 
 
 )

 
  
 
 $

 
 
 (33,993

 
 
 )

 
  
 
 $

 
 
 (5,631

 
 
 )

 
  
 
 $

 
 
 (39,624

 
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Income tax (benefit) expense

 
  
  
 
 442

 
  
  
  
 
 —

 
  
  
  
 
 442

 
  
  
  
 
 (39

 
 
 )

 
  
  
 
 —

 
  
  
  
 
 (39

 
 
 )

 
 

 
 
 Interest income (expense), net

 
  
  
 
 299

 
  
  
  
 
 —

 
  
  
  
 
 299

 
  
  
  
 
 (978

 
 
 )

 
  
  
 
 —

 
  
  
  
 
 (978

 
 
 )

 
 

 
 
 Depreciation and amortization

 
  
  
 
 22,955

 
  
  
  
 
 —

 
  
  
  
 
 22,955

 
  
  
  
 
 25,800

 
  
  
  
 
 —

 
  
  
  
 
 25,800

 
  
 

 
 
 Change in fair value of contingent consideration

 
  
  
 
 —

 
  
  
  
 
 —

 
  
  
  
 
 —

 
  
  
  
 
 272

 
  
  
  
 
 —

 
  
  
  
 
 272

 
  
 

 
 
 Stock based compensation

 
  
  
 
 13,960

 
  
  
  
 
 —

 
  
  
  
 
 13,960

 
  
  
  
 
 9,772

 
  
  
  
 
 —

 
  
  
  
 
 9,772

 
  
 

 
 
 Acquisition, restructuring and other items, net (3)

 
  
  
 
 17,261

 
  
  
  
 
 —

 
  
  
  
 
 17,261

 
  
  
  
 
 12,239

 
  
  
  
 
 161

 
  
  
  
 
 12,400

 
  
 

 
 
 Adjusted EBITDA

 
  
 
 $

 
 
 18,175

 
  
  
 
 $

 
 
 (5,002

 
 
 )

 
  
 
 $

 
 
 13,173

 
  
  
 
 $

 
 
 13,073

 
  
  
 
 $

 
 
 (5,470

 
 
 )

 
  
 
 $

 
 
 7,603

 
  
 

 
 
 

 (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 twelve months ended May 31, 2026 and 2025.

 (2)  Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

 (3)  Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and
 other items.

 
 

 
 14

 
 

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET DETAIL

 (in thousands)

 
 

 

 
  
  
 
 Three Months Ended

 
  
  
 
 Twelve Months Ended

 
  
 

 
  
  
 
 May 31, 2026

 
  
  
 
 May 31, 2025

 
  
  
 
 May 31, 2026

 
  
  
 
 May 31, 2025

 
  
 

 
  
  
 
 (unaudited)

 
  
  
 
 (audited)

 
  
  
 
 (unaudited)

 
  
  
 
 (audited)

 
  
 

 
 
 Legal (1)

 
  
 
 $

 
 
 181

 
  
  
 
 $

 
 
 309

 
  
  
 
 $

 
 
 2,012

 
  
  
 
 $

 
 
 715

 
  
 

 
 
 Mergers and acquisitions (2)

 
  
  
 
 —

 
  
  
  
 
 —

 
  
  
  
 
 —

 
  
  
  
 
 737

 
  
 

 
 
 Transition service agreement (3)

 
  
  
 
 (17

 
 
 )

 
  
  
 
 (414

 
 
 )

 
  
  
 
 (1,540

 
 
 )

 
  
  
 
 (1,838

 
 
 )

 
 

 
 
 Plant Closure (4)

 
  
  
 
 3,208

 
  
  
  
 
 1,941

 
  
  
  
 
 13,119

 
  
  
  
 
 13,761

 
  
 

 
 
 CEO Transition (5)

 
  
  
 
 759

 
  
  
  
 
 —

 
  
  
  
 
 1,629

 
  
  
  
 
 —

 
  
 

 
 
 Other

 
  
  
 
 552

 
  
  
  
 
 319

 
  
  
  
 
 2,378

 
  
  
  
 
 2,245

 
  
 

 
 
 Total

 
  
 
 $

 
 
 4,683

 
  
  
 
 $

 
 
 2,155

 
  
  
 
 $

 
 
 17,598

 
  
  
 
 $

 
 
 15,620

 
  
 

 
 
 

 (1)  Legal expenses related to litigation that is outside the normal course of business.

 (2)  Mergers and acquisitions expenses related to investment banking, legal and due diligence.

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

 (4) Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024.

 (5) CEO retirement and transition expenses related to the CEO search and retention agreements with the Company's executive leadership team.

 
 

 
 15

 
 

 

 ANGIODYNAMICS, INC. AND SUBSIDIARIES

 NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY

 (in thousands)

 
 

 

 
  
  
 
 Three Months Ended

 
  
 

 
 
 
 
 
 
 Actual

 May 31, 2026

 
 
 
 
 
 
 As

 Reported (1)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 May 31, 2025

 
 
 
 
 
 
 Actual

 % Growth

 
 
 
 
 
 
 Pro Forma

 % Growth

 
 
 
 

 
  
  
 
 (unaudited)

 
  
  
 
 (audited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
  
  
  
  
  
 

 
 
 Net Sales

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Med Tech

 
  
 
 $

 
 
 41,758

 
  
  
 
 $

 
 
 35,790

 
  
  
 
 $

 
 
 —

 
  
  
 
 $

 
 
 35,790

 
  
  
  
 
 16.7

 
 
 %

 
  
  
 
 16.7

 
 
 %

 
 

 
 
 Med Device

 
  
  
 
 44,849

 
  
  
  
 
 44,368

 
  
  
  
 
 (1

 
 
 )

 
  
  
 
 44,367

 
  
  
  
 
 1.1

 
 
 %

 
  
  
 
 1.1

 
 
 %

 
 

 
  
  
 
 $

 
 
 86,607

 
  
  
 
 $

 
 
 80,158

 
  
  
 
 $

 
 
 (1

 
 
 )

 
  
 
 $

 
 
 80,157

 
  
  
  
 
 8.0

 
 
 %

 
  
  
 
 8.0

 
 
 %

 
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Net Sales

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 United States

 
  
 
 $

 
 
 73,595

 
  
  
 
 $

 
 
 67,484

 
  
  
 
 $

 
 
 (1

 
 
 )

 
  
 
 $

 
 
 67,483

 
  
  
  
 
 9.1

 
 
 %

 
  
  
 
 9.1

 
 
 %

 
 

 
 
 International

 
  
  
 
 13,012

 
  
  
  
 
 12,674

 
  
  
  
 
 —

 
  
  
  
 
 12,674

 
  
  
  
 
 2.7

 
 
 %

 
  
  
 
 2.7

 
 
 %

 
 

 
  
  
 
 $

 
 
 86,607

 
  
  
 
 $

 
 
 80,158

 
  
  
 
 $

 
 
 (1

 
 
 )

 
  
 
 $

 
 
 80,157

 
  
  
  
 
 8.0

 
 
 %

 
  
  
 
 8.0

 
 
 %

 
 

 
 
 

 (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 May 31, 2025.

 (2) Reflects the elimination of revenues and expenses representing the operating results from the sale and discontinuation of the Businesses.

 
 

 GROSS MARGIN BY PRODUCT CATEGORY

 
 

 (in thousands)

 
 

 

 
  
  
 
 Three Months Ended

 
  
 

 
 
 
 
 
 
 Actual

 May 31, 2026

 
 
 
 
 
 
 As Reported (1)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 Adjustments (2)

 May 31, 2025

 
 
 
 
 
 
 Pro Forma

 May 31, 2025

 
 
 
 
 
 
 Actual

 % Change

 
 
 
 
 
 
 Pro Forma

 % Change

 
 
 
 

 
  
  
 
 (unaudited)

 
  
  
 
 (audited)

 
  
  
 
 (unaudited)

 
  
  
 
 (unaudited)

 
  
  
  
  
  
  
  
 

 
 
 Med Tech

 
  
 
 $

 
 
 26,856

 
  
  
 
 $

 
 
 21,117

 
  
  
 
 $

 
 
 —

 
  
  
 
 $

 
 
 21,117

 
  
  
  
 
 27.2

 
 
 %

 
  
  
 
 27.2

 
 
 %

 
 

 
 
 Gross margin % of sales

 
  
  
 
 64.3

 
 
 %

 
  
  
 
 59.0

 
 
 %

 
  
  
  
  
  
  
 
 59.0

 
 
 %

 
  
  
  
  
  
  
  
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Med Device

 
  
 
 $

 
 
 19,917

 
  
  
 
 $

 
 
 21,101

 
  
  
 
 $

 
 
 (3

 
 
 )

 
  
 
 $

 
 
 21,098

 
  
  
  
 
 (5.6

 
 
 )%

 
  
  
 
 (5.6

 
 
 )%

 
 

 
 
 Gross margin % of sales