AngioDynamics Reports Strong Fiscal Year 2025 Fourth Quarter and Full Year Financial Results; Continued Execution Driving Accelerated, Profitable Growth
Med Tech franchise delivers third consecutive quarter of over
Reported strong adjusted EBITDA in the fourth quarter resulting in positive adjusted EBITDA for full fiscal year 2025
Drove
Fiscal Year 2025 Fourth Quarter Highlights
|
Quarter Ended May 31, 2025 |
Pro Forma* YoY Growth |
Pro Forma* Net Sales |
|
|
Med Tech Net Sales |
|
|
Med Device Net Sales |
|
|
-
GAAP gross margin of
52.7% which was inclusive of a$1.6 million -
GAAP loss per share of
$(0.15) -
Pro Forma Adjusted loss per share of
$(0.03) -
Pro Forma Adjusted EBITDA of
$3.4 million -
Cash balance as of May 31, 2025 of
$55.9M $5.0 million $1.6 million - Received CPT Category I Code for Irreversible Electroporation (IRE), the primary method of action for the NanoKnife System, for the treatment of lesions in the pancreas, effective January 1, 2027, expanding reimbursement pathway for NanoKnife in additional disease states, following the previously disclosed CPT Category I Code for IRE for the treatment of prostate
-
Entered into revolving credit facility for up to
$25.0 million
Fiscal Year 2025 Highlights
|
Year Ended May 31, 2025 |
Pro Forma* YoY Growth |
Pro Forma* Net Sales |
|
|
Med Tech Net Sales |
|
|
Med Device Net Sales |
|
|
-
GAAP Gross margin of
53.9% , inclusive of tariff headwinds of 56 basis points -
GAAP loss per share of
$(0.83) -
Proforma Adjusted loss per share of
$(0.25) -
Proforma Adjusted EBITDA of
$7.6 million -
Adjusted EBITDA of
$13.1 million $5.5 million -
Ended fiscal 2025 with
$55.9 million
*Pro forma results exclude the Dialysis and BioSentry businesses divested in June 2023 and the PICC and Midline product portfolios divested in February 2024, as well as the discontinued RadioFrequency and Syntrax products in February 2024.
"Our strong fourth quarter performance capped off a landmark year at AngioDynamics. We continue to see the positive impacts of our strategic transformation which has enabled us to deliver accelerating topline growth and continued profitability," said Jim Clemmer, President and Chief Executive Officer of AngioDynamics. "For the third quarter in a row, we posted MedTech growth of over
“During fiscal 2025, we made significant strides across the organization as we continue to seek to further simplify our business and focus on penetrating large, fast-growing global MedTech markets. Throughout the year, we achieved key regulatory milestones, expanded into new geographies, generated high-quality clinical data, and secured critical reimbursement pathways. The breadth of these accomplishments - from NanoKnife's FDA prostate indication and CPT Category I code to AlphaVac's successful commercial launch and Auryon's European expansion - reflects our ability to execute across multiple fronts simultaneously," continued Mr. Clemmer.
“We've fundamentally repositioned AngioDynamics as a profitable, growth-oriented medical technology company with a portfolio now addressing over
Fiscal Fourth Quarter 2025 Financial Results
Unless otherwise noted, all financial results below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses divested in June 2023, the PICC, Midline, and tip location product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024.
Net sales for the fourth quarter of fiscal year 2025 were
Med Tech net sales were
Growth was driven by Auryon sales during the quarter of
Med Device net sales were
Gross margin for the fourth quarter of fiscal 2025 was
The Company recorded a GAAP net loss of
Adjusted EBITDA in the fourth quarter of fiscal 2025, excluding the items shown in the reconciliation table below, was
At May 31, 2025, the Company had
Fourth Quarter 2025 Tariff Impacts
In the fiscal fourth quarter of 2025, the Company incurred limited revenue impacts because of tariff impacts. There was an approximate
Full-Year 2025 Financial Results
Unless otherwise noted, all financial results below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses divested in June 2023, the PICC and Midline product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024.
Net sales were
Med Tech net sales were
Gross margin increased 12 basis points to
The Company's GAAP net loss was
Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss was
Adjusted EBITDA, excluding the items shown in the reconciliation table below, was
At May 31, 2025, the Company had
Full Year 2025 Tariff Impacts
In the fiscal full year 2025, the Company incurred limited revenue impacts because of tariff impacts. There was an approximate
Fiscal Year 2026 Financial Guidance
Guidance Metric |
Current Guidance (As of July 15, 2025) |
Tariff Guidance Impact |
Net Sales |
|
Limited Impact |
Med Tech Net Sales Growth |
|
Limited Impact |
Med Device Net Sales Growth |
Flat |
Limited Impact |
Gross Margin |
|
Absent Tariffs: |
Pro Forma Adjusted EBITDA |
|
Absent Tariffs: |
Adjusted EPS |
( |
Absent Tariffs: ( |
Free Cash Flow |
Positive for Full Year FY2026 |
Absent Tariffs: Up to |
Tariff Related Guidance Assumptions
For the full fiscal year 2026, the company expects a
All assumptions made related to expected tariff impacts are based on the Company’s point of view on the current tariff situation, as of July 15, 2025. As the situation is fluid, these assumptions may change in the future.
Conference Call
The Company’s management will host a conference call at 8:00 am ET the same day to discuss the results.
To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international). This conference call will also be webcast and can be accessed from the “Investors” section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.
Use of Non-GAAP Measures
Management uses non-GAAP measures to establish operational goals and believes that non-GAAP measures may assist investors in analyzing the underlying trends in AngioDynamics' business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for or as superior to, financial reporting measures prepared in accordance with GAAP. In this news release, AngioDynamics has reported pro forma results, adjusted EBITDA, adjusted net income and adjusted earnings per share. Management uses these measures in its internal analysis and review of operational performance. Management believes that these measures provide investors with useful information in comparing AngioDynamics' performance over different periods. By using these non-GAAP measures, management believes that investors get a better picture of the performance of AngioDynamics' underlying business. Management encourages investors to review AngioDynamics' financial results prepared in accordance with GAAP to understand AngioDynamics' performance taking into account all relevant factors, including those that may only occur from time to time but have a material impact on AngioDynamics' financial results. Please see the tables that follow for a reconciliation of non-GAAP measures to measures prepared in accordance with GAAP.
About AngioDynamics, Inc.
AngioDynamics is a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options and improving quality of life for patients.
The Company’s innovative technologies and devices are chosen by talented physicians in fast-growing healthcare markets to treat unmet patient needs. For more information, visit www.angiodynamics.com.
Safe Harbor
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as "expects," "reaffirms," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "projects," "optimistic," or variations of such words and similar expressions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ materially from AngioDynamics' expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the scale and scope of the COVID-19 global pandemic, the ability of AngioDynamics to develop its existing and new products, technological advances and patents attained by competitors, infringement of AngioDynamics' technology or assertions that AngioDynamics' technology infringes the technology of third parties, the ability of AngioDynamics to effectively compete against competitors that have substantially greater resources, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and government regulations, results of pending or future clinical trials, overall economic conditions (including inflation, tariffs, labor shortages and supply chain challenges including the cost and availability of raw materials), the results of on-going litigation, challenges with respect to third-party distributors or joint venture partners or collaborators, the results of sales efforts, the effects of product recalls and product liability claims, changes in key personnel, the ability of AngioDynamics to execute on strategic initiatives, the effects of economic, credit and capital market conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of AngioDynamics to obtain regulatory clearances or approval of its products, or to integrate acquired businesses, as well as the risk factors listed from time to time in AngioDynamics' SEC filings, including but not limited to its Annual Report on Form 10-K for the year ended May 31, 2024. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.
ANGIODYNAMICS, INC. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (in thousands, except per share data) |
|||||||||||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||||||
|
Actual (1) |
|
Pro Forma Adjustments (2) |
|
Pro Forma |
|
As Reported (1) |
|
Pro Forma Adjustments (2) |
|
Pro Forma |
||||||||||||
|
May 31, 2025 |
|
May 31, 2025 |
|
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2024 |
|
May 31, 2024 |
||||||||||||
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales |
$ |
80,158 |
|
|
|
(1 |
) |
|
$ |
80,157 |
|
|
$ |
70,980 |
|
|
|
142 |
|
|
$ |
71,122 |
|
Cost of sales (exclusive of intangible amortization) |
|
37,940 |
|
|
|
2 |
|
|
|
37,942 |
|
|
|
32,465 |
|
|
|
56 |
|
|
|
32,521 |
|
Gross margin |
|
42,218 |
|
|
|
(3 |
) |
|
|
42,215 |
|
|
|
38,515 |
|
|
|
86 |
|
|
|
38,601 |
|
% of net sales |
|
52.7 |
% |
|
|
|
|
52.7 |
% |
|
|
54.3 |
% |
|
|
|
|
54.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development |
|
6,590 |
|
|
|
— |
|
|
|
6,590 |
|
|
|
6,724 |
|
|
|
(1 |
) |
|
|
6,723 |
|
Sales and marketing |
|
26,437 |
|
|
|
— |
|
|
|
26,437 |
|
|
|
24,581 |
|
|
|
(17 |
) |
|
|
24,564 |
|
General and administrative |
|
10,236 |
|
|
|
— |
|
|
|
10,236 |
|
|
|
10,441 |
|
|
|
(7 |
) |
|
|
10,434 |
|
Amortization of intangibles |
|
2,588 |
|
|
|
— |
|
|
|
2,588 |
|
|
|
2,574 |
|
|
|
— |
|
|
|
2,574 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
229 |
|
|
|
— |
|
|
|
229 |
|
Acquisition, restructuring and other items, net |
|
2,155 |
|
|
|
— |
|
|
|
2,155 |
|
|
|
8,415 |
|
|
|
(3 |
) |
|
|
8,412 |
|
Total operating expenses |
|
48,006 |
|
|
|
— |
|
|
|
48,006 |
|
|
|
52,964 |
|
|
|
(28 |
) |
|
|
52,936 |
|
Operating loss |
|
(5,788 |
) |
|
|
(3 |
) |
|
|
(5,791 |
) |
|
|
(14,449 |
) |
|
|
114 |
|
|
|
(14,335 |
) |
Interest income, net |
|
3 |
|
|
|
— |
|
|
|
3 |
|
|
|
567 |
|
|
|
— |
|
|
|
567 |
|
Other expense, net |
|
(325 |
) |
|
|
— |
|
|
|
(325 |
) |
|
|
(259 |
) |
|
|
— |
|
|
|
(259 |
) |
Total other income (expense), net |
|
(322 |
) |
|
|
— |
|
|
|
(322 |
) |
|
|
308 |
|
|
|
— |
|
|
|
308 |
|
Loss before income tax benefit |
|
(6,110 |
) |
|
|
(3 |
) |
|
|
(6,113 |
) |
|
|
(14,141 |
) |
|
|
114 |
|
|
|
(14,027 |
) |
Income tax benefit |
|
(60 |
) |
|
|
— |
|
|
|
(60 |
) |
|
|
(692 |
) |
|
|
— |
|
|
|
(692 |
) |
Net loss |
$ |
(6,050 |
) |
|
$ |
(3 |
) |
|
$ |
(6,053 |
) |
|
$ |
(13,449 |
) |
|
$ |
114 |
|
|
$ |
(13,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
(0.15 |
) |
|
|
|
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
|
|
$ |
(0.33 |
) |
||||
Diluted |
$ |
(0.15 |
) |
|
|
|
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
|
|
$ |
(0.33 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
40,984 |
|
|
|
|
|
40,984 |
|
|
|
40,427 |
|
|
|
|
|
40,427 |
|
||||
Diluted |
|
40,984 |
|
|
|
|
|
40,984 |
|
|
|
40,427 |
|
|
|
|
|
40,427 |
|
||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended May 31, 2025 and 2024. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the Businesses. |
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (in thousands, except per share data) |
|||||||||||||||||||||||
|
Twelve months ended |
|
Twelve months ended |
||||||||||||||||||||
|
Actual (1) |
|
Pro Forma Adjustments (2) |
|
Pro Forma |
|
As Reported (1) |
|
Pro Forma Adjustments (2) |
|
Pro Forma |
||||||||||||
|
May 31, 2025 |
|
May 31, 2025 |
|
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2024 |
|
May 31, 2024 |
||||||||||||
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales |
$ |
292,498 |
|
|
|
187 |
|
|
$ |
292,685 |
|
|
$ |
303,914 |
|
|
|
(33,193 |
) |
|
$ |
270,721 |
|
Cost of sales (exclusive of intangible amortization) |
|
134,793 |
|
|
|
157 |
|
|
|
134,950 |
|
|
|
149,216 |
|
|
|
(24,064 |
) |
|
|
125,152 |
|
Gross margin |
|
157,705 |
|
|
|
30 |
|
|
|
157,735 |
|
|
|
154,698 |
|
|
|
(9,129 |
) |
|
|
145,569 |
|
% of net sales |
|
53.9 |
% |
|
|
|
|
53.9 |
% |
|
|
50.9 |
% |
|
|
|
|
53.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development |
|
26,222 |
|
|
|
— |
|
|
|
26,222 |
|
|
|
31,512 |
|
|
|
(648 |
) |
|
|
30,864 |
|
Sales and marketing |
|
103,135 |
|
|
|
— |
|
|
|
103,135 |
|
|
|
102,818 |
|
|
|
(4,730 |
) |
|
|
98,088 |
|
General and administrative |
|
42,092 |
|
|
|
— |
|
|
|
42,092 |
|
|
|
41,164 |
|
|
|
(60 |
) |
|
|
41,104 |
|
Amortization of intangibles |
|
10,318 |
|
|
|
— |
|
|
|
10,318 |
|
|
|
13,048 |
|
|
|
(2,571 |
) |
|
|
10,477 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
|
|
— |
|
|
|
159,476 |
|
Change in fair value of contingent consideration |
|
272 |
|
|
|
— |
|
|
|
272 |
|
|
|
432 |
|
|
|
— |
|
|
|
432 |
|
Acquisition, restructuring and other items, net |
|
15,620 |
|
|
|
161 |
|
|
|
15,781 |
|
|
|
53,182 |
|
|
|
(6,397 |
) |
|
|
46,785 |
|
Total operating expenses |
|
197,659 |
|
|
|
161 |
|
|
|
197,820 |
|
|
|
401,632 |
|
|
|
(14,406 |
) |
|
|
387,226 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
54,499 |
|
|
|
(54,499 |
) |
|
|
— |
|
Operating loss |
|
(39,954 |
) |
|
|
(131 |
) |
|
|
(40,085 |
) |
|
|
(192,435 |
) |
|
|
(49,222 |
) |
|
|
(241,657 |
) |
Interest income, net |
|
978 |
|
|
|
— |
|
|
|
978 |
|
|
|
1,614 |
|
|
|
— |
|
|
|
1,614 |
|
Other income (expense), net |
|
4,944 |
|
|
|
(5,500 |
) |
|
|
(556 |
) |
|
|
(817 |
) |
|
|
— |
|
|
|
(817 |
) |
Total other income, net |
|
5,922 |
|
|
|
(5,500 |
) |
|
|
422 |
|
|
|
797 |
|
|
|
— |
|
|
|
797 |
|
Loss before income tax benefit |
|
(34,032 |
) |
|
|
(5,631 |
) |
|
|
(39,663 |
) |
|
|
(191,638 |
) |
|
|
(49,222 |
) |
|
|
(240,860 |
) |
Income tax benefit |
|
(39 |
) |
|
|
— |
|
|
|
(39 |
) |
|
|
(7,289 |
) |
|
|
— |
|
|
|
(7,289 |
) |
Net loss |
$ |
(33,993 |
) |
|
$ |
(5,631 |
) |
|
$ |
(39,624 |
) |
|
$ |
(184,349 |
) |
|
$ |
(49,222 |
) |
|
$ |
(233,571 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
(0.83 |
) |
|
|
|
$ |
(0.97 |
) |
|
$ |
(4.59 |
) |
|
|
|
$ |
(5.81 |
) |
||||
Diluted |
$ |
(0.83 |
) |
|
|
|
$ |
(0.97 |
) |
|
$ |
(4.59 |
) |
|
|
|
$ |
(5.81 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
40,853 |
|
|
|
|
|
40,853 |
|
|
|
40,181 |
|
|
|
|
|
40,181 |
|
||||
Diluted |
|
40,853 |
|
|
|
|
|
40,853 |
|
|
|
40,181 |
|
|
|
|
|
40,181 |
|
||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended May 31, 2025 and 2024. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the Businesses.
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION (in thousands, except per share data) |
|||||||||||||||
Reconciliation of Net Loss to non-GAAP Adjusted Net Loss: |
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2025 |
|
May 31, 2024 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(6,050 |
) |
|
$ |
(13,449 |
) |
|
$ |
(33,993 |
) |
|
$ |
(184,349 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
2,588 |
|
|
|
2,574 |
|
|
|
10,318 |
|
|
|
13,048 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
229 |
|
|
|
272 |
|
|
|
432 |
|
Acquisition, restructuring and other items, net (1) |
|
2,155 |
|
|
|
8,415 |
|
|
|
15,620 |
|
|
|
53,182 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54,499 |
) |
Tax effect of non-GAAP items (2) |
|
254 |
|
|
|
(20 |
) |
|
|
1,760 |
|
|
|
(2,689 |
) |
Adjusted net loss |
$ |
(1,053 |
) |
|
$ |
(2,251 |
) |
|
$ |
(6,023 |
) |
|
$ |
(15,399 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Loss Per Share: |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2025 |
|
May 31, 2024 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Diluted loss per share |
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.83 |
) |
|
$ |
(4.59 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
0.06 |
|
|
|
0.06 |
|
|
|
0.25 |
|
|
|
0.32 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.98 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Acquisition, restructuring and other items, net (1) |
|
0.05 |
|
|
|
0.20 |
|
|
|
0.38 |
|
|
|
1.33 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.36 |
) |
Tax effect of non-GAAP items (2) |
|
0.01 |
|
|
|
— |
|
|
|
0.04 |
|
|
|
(0.07 |
) |
Adjusted diluted loss per share |
$ |
(0.03 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.38 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted sharecount (3) |
|
40,984 |
|
|
|
40,427 |
|
|
|
40,853 |
|
|
|
40,181 |
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
(2) Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's |
(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 |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2025 |
|
May 31, 2024 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(6,050 |
) |
|
$ |
(13,449 |
) |
|
$ |
(33,993 |
) |
|
$ |
(184,349 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax benefit |
|
(60 |
) |
|
|
(692 |
) |
|
|
(39 |
) |
|
|
(7,289 |
) |
Interest income, net |
|
(3 |
) |
|
|
(567 |
) |
|
|
(978 |
) |
|
|
(1,614 |
) |
Depreciation and amortization |
|
5,833 |
|
|
|
6,817 |
|
|
|
25,800 |
|
|
|
27,712 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
229 |
|
|
|
272 |
|
|
|
432 |
|
Stock based compensation |
|
1,641 |
|
|
|
1,896 |
|
|
|
9,772 |
|
|
|
10,529 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54,499 |
) |
Acquisition, restructuring and other items, net (1) |
|
2,000 |
|
|
|
7,148 |
|
|
|
12,239 |
|
|
|
50,780 |
|
Adjusted EBITDA |
$ |
3,361 |
|
|
$ |
1,382 |
|
|
$ |
13,073 |
|
|
$ |
1,178 |
|
|
|
|
|
|
|
|
|
||||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.31 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
||||||||
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION (in thousands, except per share data) |
|||||||||||||||
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss: |
|
|
|
|
|||||||||||
|
Pro Forma |
|
Pro Forma |
||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2025 |
|
May 31, 2024 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Pro forma net loss |
$ |
(6,053 |
) |
|
$ |
(13,335 |
) |
|
$ |
(39,624 |
) |
|
$ |
(233,571 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
2,588 |
|
|
|
2,574 |
|
|
|
10,318 |
|
|
|
10,477 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
229 |
|
|
|
272 |
|
|
|
432 |
|
Acquisition, restructuring and other items, net (1) |
|
2,155 |
|
|
|
8,412 |
|
|
|
15,781 |
|
|
|
46,785 |
|
Tax effect of non-GAAP items (2) |
|
255 |
|
|
|
(45 |
) |
|
|
3,018 |
|
|
|
(1,840 |
) |
Adjusted pro forma net loss |
$ |
(1,055 |
) |
|
$ |
(2,165 |
) |
|
$ |
(10,235 |
) |
|
$ |
(18,241 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share: |
|||||||||||||||
|
Pro Forma |
|
Pro Forma |
||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2025 |
|
May 31, 2024 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Pro forma diluted loss per share |
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.97 |
) |
|
$ |
(5.81 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
0.06 |
|
|
|
0.06 |
|
|
|
0.25 |
|
|
|
0.26 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.97 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Acquisition, restructuring and other items, net (1) |
|
0.05 |
|
|
|
0.21 |
|
|
|
0.39 |
|
|
|
1.17 |
|
Tax effect of non-GAAP items (2) |
|
0.01 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
(0.05 |
) |
Adjusted pro forma diluted loss per share |
$ |
(0.03 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted sharecount (3) |
|
40,984 |
|
|
|
40,427 |
|
|
|
40,853 |
|
|
|
40,181 |
|
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items |
|
(2) Adjustment to reflect the income tax provision on a non-GAAP basis has been calculated assuming no valuation allowance on the Company's |
|
(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 |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2025 |
|
May 31, 2024 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Pro forma net loss |
$ |
(6,053 |
) |
|
$ |
(13,335 |
) |
|
$ |
(39,624 |
) |
|
$ |
(233,571 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax benefit |
|
(60 |
) |
|
|
(692 |
) |
|
|
(39 |
) |
|
|
(7,289 |
) |
Interest income, net |
|
(3 |
) |
|
|
(567 |
) |
|
|
(978 |
) |
|
|
(1,614 |
) |
Depreciation and amortization |
|
5,833 |
|
|
|
6,817 |
|
|
|
25,800 |
|
|
|
25,051 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
229 |
|
|
|
272 |
|
|
|
432 |
|
Stock based compensation |
|
1,641 |
|
|
|
1,895 |
|
|
|
9,772 |
|
|
|
9,898 |
|
Acquisition, restructuring and other items, net (1) |
|
2,000 |
|
|
|
7,145 |
|
|
|
12,400 |
|
|
|
44,382 |
|
Pro forma adjusted EBITDA |
$ |
3,358 |
|
|
$ |
1,492 |
|
|
$ |
7,603 |
|
|
$ |
(3,235 |
) |
|
|
|
|
|
|
|
|
||||||||
Per diluted share: |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
0.08 |
|
|
$ |
0.04 |
|
|
$ |
0.18 |
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
||||||||
(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET DETAIL (in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(in thousands) |
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2025 |
|
May 31, 2024 |
||||||||
Legal (1) |
$ |
309 |
|
|
$ |
4,489 |
|
|
$ |
715 |
|
|
$ |
34,942 |
|
Mergers and acquisitions (2) |
|
— |
|
|
|
— |
|
|
|
737 |
|
|
|
399 |
|
Transition service agreement (3) |
|
(414 |
) |
|
|
(437 |
) |
|
|
(1,838 |
) |
|
|
(1,092 |
) |
Plant Closure (4) |
|
1,941 |
|
|
|
3,366 |
|
|
|
13,761 |
|
|
|
9,481 |
|
Manufacturing Relocation (5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
587 |
|
Intangible and other asset impairment (6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,260 |
|
Other (7) |
|
319 |
|
|
|
997 |
|
|
|
2,245 |
|
|
|
2,605 |
|
Total |
$ |
2,155 |
|
|
$ |
8,415 |
|
|
$ |
15,620 |
|
|
$ |
53,182 |
|
(1) Legal expenses related to litigation that is outside the normal course of business. In the third quarter of fiscal year 2024 a |
(2) Mergers and acquisitions expenses related to investment banking, legal and due diligence. |
(3) Transition services agreement that were entered into with Merit and Spectrum. |
(4) Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024. |
(5) Expenses to relocate manufacturing lines out of |
(6) An impairment of |
(7) Included in the
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY (in thousands) |
||||||||||||||||||||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Actual (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
As Reported (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
Actual |
|
Pro Forma |
|||||||||||||||||||||
|
May 31, 2025 |
May 31, 2025 |
May 31, 2025 |
|
May 31, 2024 |
May 31, 2024 |
May 31, 2024 |
|
% Growth |
Currency Impact |
Constant Currency Growth |
|
% Growth |
Currency Impact |
Constant Currency Growth |
|||||||||||||||||
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Tech |
$ |
35,790 |
$ |
— |
|
$ |
35,790 |
|
$ |
29,335 |
$ |
— |
$ |
29,335 |
|
22.0 |
% |
|
|
|
22.0 |
% |
|
|
||||||||
Med Device |
|
44,368 |
|
(1 |
) |
|
44,367 |
|
|
41,645 |
|
142 |
|
41,787 |
|
6.5 |
% |
|
|
|
6.2 |
% |
|
|
||||||||
|
$ |
80,158 |
$ |
(1 |
) |
$ |
80,157 |
|
$ |
70,980 |
$ |
142 |
$ |
71,122 |
|
12.9 |
% |
0.0 |
% |
12.9 |
% |
|
12.7 |
% |
0.0 |
% |
12.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
$ |
67,484 |
$ |
(1 |
) |
$ |
67,483 |
|
$ |
60,743 |
$ |
61 |
$ |
60,804 |
|
11.1 |
% |
|
|
|
11.0 |
% |
|
|
||||||||
International |
|
12,674 |
|
— |
|
|
12,674 |
|
|
10,237 |
|
81 |
|
10,318 |
|
23.8 |
% |
0.0 |
% |
23.8 |
% |
|
22.8 |
% |
|
|
||||||
|
$ |
80,158 |
$ |
(1 |
) |
$ |
80,157 |
|
$ |
70,980 |
$ |
142 |
$ |
71,122 |
|
12.9 |
% |
0.0 |
% |
12.9 |
% |
|
12.7 |
% |
0.0 |
% |
12.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended May 31, 2025 and 2024. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the Businesses. |
GROSS MARGIN BY PRODUCT CATEGORY
(in thousands) |
||||||||||||||||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
|||||||||||||||||||||
|
Actual (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
As Reported (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
Actual |
|
Pro Forma |
|||||||||||||||||
|
May 31, 2025 |
May 31, 2025 |
May 31, 2025 |
|
May 31, 2024 |
May 31, 2024 |
May 31, 2024 |
|
% Change |
|
% Change |
|||||||||||||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|||||||||||||||||||||
Med Tech |
$ |
21,117 |
|
$ |
— |
|
$ |
21,117 |
|
|
$ |
18,798 |
|
$ |
6 |
$ |
18,804 |
|
|
12.3 |
% |
|
12.3 |
% |
||||
Gross margin % of sales |
|
59.0 |
% |
|
|
59.0 |
% |
|
|
64.1 |
% |
|
|
64.1 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Device |
$ |
21,101 |
|
$ |
(3 |
) |
$ |
21,098 |
|
|
$ |
19,717 |
|
$ |
80 |
$ |
19,797 |
|
|
7.0 |
% |
|
6.6 |
% |
||||
Gross margin % of sales |
|
47.6 |
% |
|
|
47.6 |
% |
|
|
47.3 |
% |
|
|
47.4 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ |
42,218 |
|
$ |
(3 |
) |
$ |
42,215 |
|
|
$ |
38,515 |
|
$ |
86 |
$ |
38,601 |
|
|
9.6 |
% |
|
9.4 |
% |
||||
Gross margin % of sales |
|
52.7 |
% |
|
|
52.7 |
% |
|
|
54.3 |
% |
|
|
54.3 |
% |
|
|
|
|
|||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the divestiture of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the three months ended May 31, 2025 and 2024. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the divestitures and discontinuation of the Businesses. |
ANGIODYNAMICS, INC. AND SUBSIDIARIES NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY (in thousands) |
||||||||||||||||||||||||||||||||
|
Twelve Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Actual (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
As Reported (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
Actual |
|
Pro Forma |
|||||||||||||||||||||
|
May 31, 2025 |
May 31, 2025 |
May 31, 2025 |
|
May 31, 2024 |
May 31, 2024 |
May 31, 2024 |
|
% Growth |
Currency Impact |
Constant Currency Growth |
|
% Growth |
Currency Impact |
Constant Currency Growth |
|||||||||||||||||
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Tech |
$ |
126,653 |
$ |
— |
$ |
126,653 |
|
$ |
106,403 |
$ |
(443 |
) |
$ |
105,960 |
|
19.0 |
% |
|
|
|
19.5 |
% |
|
|
||||||||
Med Device |
|
165,845 |
|
187 |
|
166,032 |
|
|
197,511 |
|
(32,750 |
) |
|
164,761 |
|
(16.0 |
)% |
|
|
|
0.8 |
% |
|
|
||||||||
|
$ |
292,498 |
$ |
187 |
$ |
292,685 |
|
$ |
303,914 |
$ |
(33,193 |
) |
$ |
270,721 |
|
(3.8 |
)% |
0.0 |
% |
(3.8 |
)% |
|
8.1 |
% |
0.1 |
% |
8.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
$ |
250,983 |
$ |
13 |
$ |
250,996 |
|
$ |
251,486 |
$ |
(23,037 |
) |
$ |
228,449 |
|
(0.2 |
)% |
|
|
|
9.9 |
% |
|
|
||||||||
International |
|
41,515 |
|
174 |
|
41,689 |
|
|
52,428 |
|
(10,156 |
) |
|
42,272 |
|
(20.8 |
)% |
0.0 |
% |
(20.8 |
)% |
|
(1.4 |
)% |
|
|
||||||
|
$ |
292,498 |
$ |
187 |
$ |
292,685 |
|
$ |
303,914 |
$ |
(33,193 |
) |
$ |
270,721 |
|
(3.8 |
)% |
0.0 |
% |
(3.8 |
)% |
|
8.1 |
% |
0.1 |
% |
8.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended May 31, 2025 and 2024. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses. |
GROSS MARGIN BY PRODUCT CATEGORY
(in thousands) |
||||||||||||||||||||||||||||
|
Twelve Months Ended |
|
Twelve Months Ended |
|
|
|
|
|||||||||||||||||||||
|
Actual (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
As Reported (1) |
Pro Forma Adj. (2) |
Pro Forma |
|
Actual |
|
Pro Forma |
|||||||||||||||||
|
May 31, 2025 |
May 31, 2025 |
May 31, 2025 |
|
May 31, 2024 |
May 31, 2024 |
May 31, 2024 |
|
% Change |
|
% Change |
|||||||||||||||||
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|||||||||||||||||||||
Med Tech |
$ |
78,515 |
|
$ |
— |
$ |
78,515 |
|
|
$ |
67,198 |
|
$ |
(167 |
) |
$ |
67,031 |
|
|
16.8 |
% |
|
17.1 |
% |
||||
Gross margin % of sales |
|
62.0 |
% |
|
|
62.0 |
% |
|
|
63.2 |
% |
|
|
63.3 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Med Device |
$ |
79,190 |
|
$ |
30 |
$ |
79,220 |
|
|
$ |
87,500 |
|
$ |
(8,962 |
) |
$ |
78,538 |
|
|
(9.5 |
)% |
|
0.9 |
% |
||||
Gross margin % of sales |
|
47.7 |
% |
|
|
47.7 |
% |
|
|
44.3 |
% |
|
|
47.7 |
% |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ |
157,705 |
|
$ |
30 |
$ |
157,735 |
|
|
$ |
154,698 |
|
$ |
(9,129 |
) |
$ |
145,569 |
|
|
1.9 |
% |
|
8.4 |
% |
||||
Gross margin % of sales |
|
53.9 |
% |
|
|
53.9 |
% |
|
|
50.9 |
% |
|
|
53.8 |
% |
|
|
|
|
|||||||||
(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the divestiture of the Dialysis and BioSentry Businesses, the sale of the PICCs and Midlines Businesses and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") for the twelve months ended May 31, 2025 and 2024. |
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||
|
May 31, 2025 |
|
May 31, 2024 |
||
|
(unaudited) |
|
(audited) |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
55,893 |
|
$ |
76,056 |
Accounts receivable, net |
|
42,890 |
|
|
43,610 |
Inventories |
|
62,006 |
|
|
60,616 |
Prepaid expenses and other |
|
7,535 |
|
|
12,971 |
Total current assets |
|
168,324 |
|
|
193,253 |
Property, plant and equipment, net |
|
32,300 |
|
|
35,666 |
Other assets |
|
10,404 |
|
|
11,369 |
Intangible assets, net |
|
69,116 |
|
|
77,383 |
Total assets |
$ |
280,144 |
|
$ |
317,671 |
Liabilities and stockholders' equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
33,291 |
|
$ |
37,751 |
Accrued liabilities |
|
35,518 |
|
|
41,098 |
Current portion of contingent consideration |
|
— |
|
|
4,728 |
Other current liabilities |
|
7,388 |
|
|
7,578 |
Total current liabilities |
|
76,197 |
|
|
91,155 |
Deferred income taxes |
|
4,073 |
|
|
4,852 |
Other long-term liabilities |
|
16,904 |
|
|
16,078 |
Total liabilities |
|
97,174 |
|
|
112,085 |
Stockholders' equity |
|
182,970 |
|
|
205,586 |
Total Liabilities and Stockholders' Equity |
$ |
280,144 |
|
$ |
317,671 |
|
|
|
|
||
ANGIODYNAMICS, INC. AND SUBSIDIARIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||
(in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2025 |
|
May 31, 2024 |
||||||||
|
(unaudited) |
|
(unaudited) |
|
(audited) |
||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(6,050 |
) |
|
$ |
(13,449 |
) |
|
$ |
(33,993 |
) |
|
$ |
(184,349 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
5,833 |
|
|
|
6,817 |
|
|
|
25,800 |
|
|
|
27,712 |
|
Non-cash lease expense |
|
462 |
|
|
|
490 |
|
|
|
1,958 |
|
|
|
1,931 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
159,476 |
|
Stock based compensation |
|
1,641 |
|
|
|
1,896 |
|
|
|
9,772 |
|
|
|
10,529 |
|
Gain on disposition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54,499 |
) |
Transaction costs for disposition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,084 |
) |
Change in fair value of contingent consideration |
|
— |
|
|
|
229 |
|
|
|
272 |
|
|
|
432 |
|
Deferred income tax provision |
|
(193 |
) |
|
|
(825 |
) |
|
|
(988 |
) |
|
|
(7,968 |
) |
Change in accounts receivable allowances |
|
169 |
|
|
|
319 |
|
|
|
699 |
|
|
|
1,326 |
|
Asset impairments and disposals |
|
76 |
|
|
|
24 |
|
|
|
173 |
|
|
|
7,108 |
|
Write-off of other assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
869 |
|
Other |
|
142 |
|
|
|
(223 |
) |
|
|
291 |
|
|
|
(62 |
) |
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
447 |
|
|
|
5,549 |
|
|
|
23 |
|
|
|
7,894 |
|
Inventories |
|
1,146 |
|
|
|
(2,585 |
) |
|
|
(1,347 |
) |
|
|
(9,410 |
) |
Prepaid expenses and other |
|
12,548 |
|
|
|
(4,028 |
) |
|
|
3,089 |
|
|
|
(11,594 |
) |
Accounts payable, accrued and other liabilities |
|
2,590 |
|
|
|
10,787 |
|
|
|
(15,877 |
) |
|
|
27,531 |
|
Net cash provided by (used in) operating activities |
|
18,811 |
|
|
|
5,001 |
|
|
|
(10,128 |
) |
|
|
(28,158 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Additions to property, plant and equipment |
|
(777 |
) |
|
|
(566 |
) |
|
|
(4,464 |
) |
|
|
(2,518 |
) |
Additions to placement and evaluation units |
|
(1,846 |
) |
|
|
(1,770 |
) |
|
|
(5,714 |
) |
|
|
(5,015 |
) |
Proceeds from sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
134,500 |
|
Acquisition of intangibles |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,250 |
) |
Net cash used in investing activities |
|
(2,623 |
) |
|
|
(2,336 |
) |
|
|
(10,178 |
) |
|
|
123,717 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Repayment of long-term debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,000 |
) |
Deferred financing costs on long-term debt |
|
(680 |
) |
|
|
— |
|
|
|
(680 |
) |
|
|
— |
|
Payment of acquisition related contingent consideration |
|
(5,000 |
) |
|
|
(5,000 |
) |
|
|
(5,000 |
) |
|
|
(15,000 |
) |
Repurchase of common stock |
|
— |
|
|
|
— |
|
|
|
(1,670 |
) |
|
|
— |
|
Principal payments on financing arrangement |
|
(90 |
) |
|
|
— |
|
|
|
(148 |
) |
|
|
— |
|
Proceeds from financing arrangement |
|
— |
|
|
|
— |
|
|
|
6,310 |
|
|
|
— |
|
Proceeds from exercise of stock options and employee stock purchase plan |
|
— |
|
|
|
— |
|
|
|
933 |
|
|
|
752 |
|
Net cash used in financing activities |
|
(5,770 |
) |
|
|
(5,000 |
) |
|
|
(255 |
) |
|
|
(64,248 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
715 |
|
|
|
(60 |
) |
|
|
398 |
|
|
|
125 |
|
Increase (decrease) in cash and cash equivalents |
|
11,133 |
|
|
|
(2,395 |
) |
|
|
(20,163 |
) |
|
|
31,436 |
|
Cash and cash equivalents at beginning of period |
|
44,760 |
|
|
|
78,451 |
|
|
|
76,056 |
|
|
|
44,620 |
|
Cash and cash equivalents at end of period |
$ |
55,893 |
|
|
$ |
76,056 |
|
|
$ |
55,893 |
|
|
$ |
76,056 |
|
ANGIODYNAMICS, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION (in thousands) |
|||||||||||||||
Reconciliation of Free Cash Flows: |
|
|
|
|
|||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
May 31, 2025 |
|
May 31, 2024 |
|
May 31, 2025 |
|
May 31, 2024 |
||||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net cash provided by (used in) operating activities |
$ |
18,811 |
|
|
$ |
5,001 |
|
|
$ |
(10,128 |
) |
|
$ |
(28,158 |
) |
Additions to property, plant and equipment |
|
(777 |
) |
|
|
(566 |
) |
|
|
(4,464 |
) |
|
|
(2,518 |
) |
Additions to placement and evaluation units |
|
(1,846 |
) |
|
|
(1,770 |
) |
|
|
(5,714 |
) |
|
|
(5,015 |
) |
Free Cash Flow |
$ |
16,188 |
|
|
$ |
2,665 |
|
|
$ |
(20,306 |
) |
|
$ |
(35,691 |
) |
|
|
|
|
|
|
|
|
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250715066023/en/
Investors:
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.
