Record 2026 sales as AngioDynamics (NASDAQ: ANGO) grows Med Tech 18%
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Filing Sentiment
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8-K
Rhea-AI Filing Summary
AngioDynamics reported record fiscal 2026 results, with pro forma net sales of $320.2 million, up 9.4% from a year earlier, and fourth‑quarter net sales of $86.6 million, up 8.0%. Med Tech revenue grew 18.4% to $150.0 million, while Med Device revenue rose 2.5% to $170.2 million, lifting gross margin to 54.6%.
Despite stronger sales, the company posted a GAAP net loss of $36.7 million, or $0.88 per share, though adjusted net loss was $10.0 million and adjusted EBITDA increased to $13.2 million from $7.6 million. Cash from operations was $3.1 million for the year, and AngioDynamics ended May 31, 2026 with $53.9 million in cash and a debt‑free balance sheet.
Growth was led by the Auryon atherectomy system, Mechanical Thrombectomy portfolio and NanoKnife platform, which benefited from new clinical data, FDA IDE approvals and improved reimbursement including Category I CPT codes and a Medicare local coverage determination. For fiscal 2027, the company guides net sales to $336–$341, Med Tech growth of 12–15%, gross margin of 54–55%, and adjusted EBITDA of $13–$16.
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8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q4 2026 Net Sales: $86.6 million
Q4 2026 Med Tech Net Sales: $41.8 million
Fiscal 2026 Net Sales: $320.2 million
+5 more
8 metrics
Q4 2026 Net Sales
$86.6 million
Quarter ended May 31, 2026, pro forma growth of 8.0% year over year
Q4 2026 Med Tech Net Sales
$41.8 million
Quarter ended May 31, 2026, up 16.7% year over year on a pro forma basis
Fiscal 2026 Net Sales
$320.2 million
Year ended May 31, 2026, pro forma growth of 9.4% vs prior year
Fiscal 2026 Med Tech Net Sales
$150.0 million
Year ended May 31, 2026, Med Tech segment, pro forma growth of 18.4%
Fiscal 2026 GAAP Net Loss
$36.7 million
GAAP net loss for year ended May 31, 2026, or $0.88 per share
Fiscal 2026 Adjusted EBITDA
$13.2 million
Non-GAAP adjusted EBITDA for year ended May 31, 2026, up from $7.6 million
Cash Balance May 31, 2026
$53.9 million
Cash and cash equivalents at May 31, 2026; company reports a debt-free balance sheet
Fiscal 2027 Net Sales Guidance
$336–$341
Guidance range for fiscal 2027 net sales as of July 14, 2026
Key Terms
irreversible electroporation, Category I CPT codes, Investigational Device Exemption, adjusted EBITDA, +1 more
5 terms
irreversible electroporation medical
"Med Tech includes the Auryon peripheral atherectomy platform... and the NanoKnife irreversible electroporation platform."
Irreversible electroporation is a medical tissue‑ablation technique that uses short, high‑voltage electrical pulses to create permanent microscopic holes in cell membranes, causing targeted cells to die while leaving nearby structural tissue and blood vessels largely intact. Investors should care because it is a non‑thermal alternative to surgery or heat‑based ablation, so its clinical adoption, regulatory approvals, device sales, reimbursement policies and competitive position can materially affect the revenue and valuation of companies that develop or sell these medical technologies.
Category I CPT codes medical
"Effective January 1, 2026, Category I CPT codes for IRE procedures in the prostate and liver became active."
Category I CPT codes are standardized numeric labels used by doctors and hospitals to describe common medical procedures and services for billing and insurance purposes. Think of them like a universal price tag and barcode for a medical service: having a Category I code makes it easier for providers to bill insurers and for payers to decide coverage, which directly affects how reliably and quickly a procedure generates revenue and is adopted across the health system.
Investigational Device Exemption regulatory
"the FDA approved its IDE application for its APEX-Return study."
An investigational device exemption (IDE) is a regulatory permission that allows a medical device maker to test an unapproved device in people so the device’s safety and effectiveness can be studied. For investors, an IDE matters because it marks a formal step toward regulatory approval—like getting a temporary test-drive permit—and influences clinical cost, timelines, and the likelihood a device will reach the market and generate revenue.
adjusted EBITDA financial
"Adjusted EBITDA, excluding the items shown in the reconciliation table below, was $13.2 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
benign prostatic hyperplasia medical
"a feasibility trial evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia."
Benign prostatic hyperplasia is a noncancerous enlargement of the prostate gland that can squeeze the urethra and cause urinary symptoms like weak stream, urgency, and incomplete emptying; think of it as a garden hose being pinched so water flow slows. It matters to investors because it creates steady demand for medications, medical devices and procedures, regulatory approvals, and insurance coverage decisions—factors that can drive revenue and growth in healthcare companies serving an aging population.
Earnings Snapshot
Pro forma net sales: $320.2 million · Guidance included
Fiscal year ended May 31, 2026 and quarter ended May 31, 2026
Pro forma net sales
$320.2 million
9.4% year-over-year increase
Med Tech net sales
$150.0 million
18.4% year-over-year increase
Med Device net sales
$170.2 million
2.5% year-over-year increase
GAAP net loss
$36.7 million
compared with a $34.0 million loss a year ago
Adjusted net loss
$10.0 million
slightly improved from $10.2 million a year ago
Adjusted EBITDA
$13.2 million
up from $7.6 million in the prior year
Q4 2026 net sales
$86.6 million
8.0% pro forma growth vs prior-year quarter
Guidance
For fiscal 2027, AngioDynamics guides net sales to $336–$341, Med Tech net sales growth of 12–15%, Med Device net sales growth flat, gross margin of 54–55%, adjusted EBITDA of $13–$16, and adjusted EPS between ($0.29) and ($0.24).
FAQ
What were AngioDynamics (ANGO) fiscal 2026 revenue and growth?
AngioDynamics reported pro forma net sales of $320.2 million for fiscal 2026, a 9.4% year‑over‑year increase. Med Tech revenue rose to $150.0 million, up 18.4%, while Med Device revenue reached $170.2 million, up 2.5% from the prior year.
How did AngioDynamics (ANGO) perform in Q4 2026?
For Q4 2026, AngioDynamics generated net sales of $86.6 million, up 8.0% year over year. Med Tech sales were $41.8 million (+16.7%), Med Device sales were $44.8 million (+1.1%), gross margin was 54.0%, and GAAP net loss was $11.4 million.
What profitability metrics did AngioDynamics (ANGO) report for 2026?
AngioDynamics recorded a GAAP net loss of $36.7 million, or $0.88 per share, in fiscal 2026. Adjusted net loss was $10.0 million, adjusted loss per share $0.24, and adjusted EBITDA increased to $13.2 million from $7.6 million, with $3.1 million of cash from operations.
How are AngioDynamics’ (ANGO) key Med Tech products performing?
In fiscal 2026, Auryon sales were $66.9 million, up 17.7%. Mechanical Thrombectomy revenue reached $45.0 million, up 13.4%, including AlphaVac at $15.5 million (+44.1%). NanoKnife sales were $33.1 million, growing 35.2% with strong gains in both probes and capital equipment.
What clinical and regulatory milestones did AngioDynamics (ANGO) highlight?
The company reported FDA IDE approvals for the RELIEF, APEX‑Return, and PAVE studies, two‑year PRESERVE trial data for NanoKnife in prostate cancer, and activation of Category I CPT codes plus a Palmetto GBA Medicare coverage determination supporting irreversible electroporation procedures.
What guidance did AngioDynamics (ANGO) give for fiscal 2027?
For fiscal 2027, AngioDynamics guides net sales to $336–$341. Med Tech net sales are expected to grow 12–15%, Med Device to be flat, gross margin to be 54–55%, adjusted EBITDA $13–$16, and adjusted EPS between ($0.29) and ($0.24).
What is AngioDynamics’ (ANGO) balance sheet position after fiscal 2026?
At May 31, 2026, AngioDynamics held $53.9 million in cash and cash equivalents and reported a debt‑free balance sheet. Total assets were $267.2 million, total liabilities $96.3 million, and stockholders’ equity $170.8 million, providing financial flexibility for growth initiatives.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 14, 2026
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
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Securities registered pursuant to Section 12(b) of the Act:
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registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 – Results of Operations and Financial Condition.
On July 14, 2026, AngioDynamics, Inc. (“AngioDynamics”) issued a press release announcing financial results for the fiscal fourth quarter and full
year ended May 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.
The information set forth in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. Furthermore, such information shall not be deemed to be incorporated by reference into any filing under the Securities Act
of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01 – Regulation FD Disclosure.
Presentation slides discussing AngioDynamics and its fiscal fourth quarter and full year ended May 31, 2026 are furnished herewith as Exhibit 99.2.
The presentation slides furnished pursuant to Item 7.01 of this Form 8-K (including Exhibit 99.2) shall not be deemed “filed” for purposes of
Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section. Furthermore, the presentation slides shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.
Forward-Looking Statements
This document and its attachments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All
statements regarding AngioDynamics’ expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and
objectives of management for future operations, as well as statements that include the words such as “expects,” “reaffirms,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “projects”, “optimistic,” or variations of such words
and similar expressions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ
materially from AngioDynamics’ expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the scale and scope of the COVID-19 global pandemic, the ability of AngioDynamics
to develop its existing and new products, technological advances and patents attained by competitors, infringement of AngioDynamics’ technology or assertions that AngioDynamics’ technology infringes the technology of third parties, the ability of
AngioDynamics to effectively compete against competitors that have substantially greater resources, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and government regulations, results of pending or
future clinical trials, overall economic conditions (including inflation, 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, 2025. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.
Item 9.01 – Financial Statements and Exhibits.
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Exhibits.
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Exhibit No.
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Description
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99.1
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Press Release, dated July 14, 2026.
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99.2
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Presentation, dated July 14, 2026.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
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ANGIODYNAMICS, INC.
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(Registrant)
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Date: July 14, 2026
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/s/ Lawrence T. Weiss | |
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Name:
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Lawrence T. Weiss
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Title:
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Senior Vice President, Chief
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Legal Officer and Corporate Secretary
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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
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Quarter Ended
May 31, 2026
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Pro Forma* YoY Growth
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Pro Forma* Net Sales
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$86.6 million
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8.0%
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Med Tech Net Sales
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$41.8 million
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16.7%
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Med Device Net Sales
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$44.8 million
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1.1%
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GAAP gross margin of 54.0%
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GAAP loss per share of $0.27
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Adjusted loss per share of $0.07
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Adjusted EBITDA of $3.3 million
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Fiscal Year 2026 Financial Highlights
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Year Ended
May 31, 2026
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Pro Forma* YoY Growth
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Pro Forma* Net Sales
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$320.2 million
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9.4%
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Med Tech Net Sales
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$150.0 million
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18.4%
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Med Device Net Sales
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$170.2 million
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2.5%
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GAAP gross margin of 54.6%
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GAAP loss per share of $0.88
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Adjusted loss per share of $0.24
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Adjusted EBITDA of $13.2 million
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Ended fiscal year 2026 with $53.9 million in cash
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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:
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Received FDA IDE approval for APEX-Return study evaluating AlphaReturn Blood Management System when used with AlphaVac F1885 System
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Received FDA IDE approval for PAVE clinical study evaluating AngioVac System for treatment of right-sided infective endocarditis
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Initiated both the AMBITION BTK and RECOVER-AV trials
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During the fourth quarter:
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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
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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
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Subsequent to fiscal year end:
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Received FDA IDE (Investigational Device Exemption) approval for the RELIEF study evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia
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"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.
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Fiscal Year 2027 Financial Guidance
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Guidance Metric
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Guidance
(As of July 14, 2026)
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Net Sales
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$336.0M - $341.0M
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Med Tech Net Sales Growth
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12% – 15%
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Med Device Net Sales Growth
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Flat
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Gross Margin
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54% – 55%
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Adjusted EBITDA
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$13.0M - $16.0M
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Adjusted EPS
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($0.29) – ($0.24)
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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
|
44.4
|
%
|
47.6
|
%
|
47.6
|
%
|
||||||||||||||||||
|
Total
|
$
|
46,773
|
$
|
42,218
|
$
|
(3
|
)
|
$
|
42,215
|
10.8
|
%
|
10.8
|
%
|
|||||||||||
|
Gross margin % of sales
|
54.0
|
%
|
52.7
|
%
|
52.7
|
%
|
||||||||||||||||||
(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.
16
ANGIODYNAMICS, INC. AND SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(in thousands)
|
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
|
Actual
% Growth
|
Pro Forma
% Growth
|
|||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(audited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||
|
Net Sales
|
||||||||||||||||||||||||||||||||
|
Med Tech
|
$
|
149,954
|
$
|
—
|
$
|
149,954
|
$
|
126,653
|
$
|
—
|
$
|
126,653
|
18.4
|
%
|
18.4
|
%
|
||||||||||||||||
|
Med Device
|
170,220
|
(2
|
)
|
170,218
|
165,845
|
187
|
166,032
|
2.6
|
%
|
2.5
|
%
|
|||||||||||||||||||||
|
$
|
320,174
|
$
|
(2
|
)
|
$
|
320,172
|
$
|
292,498
|
$
|
187
|
$
|
292,685
|
9.5
|
%
|
9.4
|
%
|
||||||||||||||||
|
Net Sales
|
||||||||||||||||||||||||||||||||
|
United States
|
$
|
274,923
|
$
|
(2
|
)
|
$
|
274,921
|
$
|
250,983
|
$
|
13
|
$
|
250,996
|
9.5
|
%
|
9.5
|
%
|
|||||||||||||||
|
International
|
45,251
|
—
|
45,251
|
41,515
|
174
|
41,689
|
9.0
|
%
|
8.5
|
%
|
||||||||||||||||||||||
|
$
|
320,174
|
$
|
(2
|
)
|
$
|
320,172
|
$
|
292,498
|
$
|
187
|
$
|
292,685
|
9.5
|
%
|
9.4
|
%
|
||||||||||||||||
(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, 2026 and 2025.
(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
|
||||||||||||||||||||||||||||||||
|
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
|
Actual
% Change
|
Pro Forma
% Change
|
|||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(audited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||
|
Med Tech
|
$
|
95,356
|
$
|
—
|
$
|
95,356
|
$
|
78,515
|
$
|
—
|
$
|
78,515
|
21.4
|
%
|
21.4
|
%
|
||||||||||||||||
|
Gross margin % of sales
|
63.6
|
%
|
63.6
|
%
|
62.0
|
%
|
62.0
|
%
|
||||||||||||||||||||||||
|
Med Device
|
$
|
79,536
|
$
|
(2
|
)
|
$
|
79,534
|
$
|
79,190
|
$
|
30
|
$
|
79,220
|
0.4
|
%
|
0.4
|
%
|
|||||||||||||||
|
Gross margin % of sales
|
46.7
|
%
|
46.7
|
%
|
47.7
|
%
|
47.7
|
%
|
||||||||||||||||||||||||
|
Total
|
$
|
174,892
|
$
|
(2
|
)
|
$
|
174,890
|
$
|
157,705
|
$
|
30
|
$
|
157,735
|
10.9
|
%
|
10.9
|
%
|
|||||||||||||||
|
Gross margin % of sales
|
54.6
|
%
|
54.6
|
%
|
53.9
|
%
|
53.9
|
%
|
||||||||||||||||||||||||
(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, 2026 and 2025.
(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.
17
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
|
May 31, 2026
|
May 31, 2025
|
|||||||
|
(unaudited)
|
(audited)
|
|||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
53,864
|
$
|
55,893
|
||||
|
Accounts receivable, net
|
48,325
|
42,890
|
||||||
|
Inventories
|
52,436
|
62,006
|
||||||
|
Prepaid expenses and other
|
8,769
|
7,535
|
||||||
|
Total current assets
|
163,394
|
168,324
|
||||||
|
Property, plant and equipment, net
|
27,097
|
32,300
|
||||||
|
Other assets
|
9,463
|
10,404
|
||||||
|
Intangible assets, net
|
67,209
|
69,116
|
||||||
|
Total assets
|
$
|
267,163
|
$
|
280,144
|
||||
|
Liabilities and stockholders' equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$
|
31,513
|
$
|
33,291
|
||||
|
Accrued liabilities
|
38,909
|
35,518
|
||||||
|
Other current liabilities
|
4,295
|
7,388
|
||||||
|
Total current liabilities
|
74,717
|
76,197
|
||||||
|
Deferred income taxes
|
5,316
|
4,073
|
||||||
|
Other long-term liabilities
|
16,305
|
16,904
|
||||||
|
Total liabilities
|
96,338
|
97,174
|
||||||
|
Stockholders' equity
|
170,825
|
182,970
|
||||||
|
Total Liabilities and Stockholders' Equity
|
$
|
267,163
|
$
|
280,144
|
||||
18
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
May 31, 2026
|
May 31, 2025
|
May 31, 2026
|
May 31, 2025
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(audited)
|
|||||||||||||
|
Cash flows from operating activities:
|
||||||||||||||||
|
Net loss
|
$
|
(11,405
|
)
|
$
|
(6,050
|
)
|
$
|
(36,742
|
)
|
$
|
(33,993
|
)
|
||||
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
5,597
|
5,833
|
22,955
|
25,800
|
||||||||||||
|
Non-cash lease expense
|
355
|
462
|
1,555
|
1,958
|
||||||||||||
|
Non-cash interest expense
|
73
|
—
|
290
|
—
|
||||||||||||
|
Stock based compensation
|
3,915
|
1,641
|
13,960
|
9,772
|
||||||||||||
|
Change in fair value of contingent consideration
|
—
|
—
|
—
|
272
|
||||||||||||
|
Deferred income tax provision
|
150
|
(193
|
)
|
143
|
(988
|
)
|
||||||||||
|
Change in accounts receivable allowances
|
123
|
169
|
313
|
699
|
||||||||||||
|
Asset impairments and disposals
|
986
|
76
|
1,304
|
173
|
||||||||||||
|
Other
|
1,152
|
142
|
1,969
|
291
|
||||||||||||
|
Changes in operating assets and liabilities, net of acquisitions:
|
||||||||||||||||
|
Accounts receivable
|
(2,903
|
)
|
447
|
(5,750
|
)
|
23
|
||||||||||
|
Inventories
|
6,463
|
1,146
|
10,047
|
(1,347
|
)
|
|||||||||||
|
Prepaid expenses and other
|
5,250
|
12,548
|
(1,122
|
)
|
3,089
|
|||||||||||
|
Accounts payable, accrued and other liabilities
|
7,696
|
2,590
|
(5,833
|
)
|
(15,877
|
)
|
||||||||||
|
Net cash provided by (used in) operating activities
|
17,452
|
18,811
|
3,089
|
(10,128
|
)
|
|||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
Additions to property, plant and equipment
|
(413
|
)
|
(777
|
)
|
(2,581
|
)
|
(4,464
|
)
|
||||||||
|
Additions to placement and evaluation units
|
(857
|
)
|
(1,846
|
)
|
(3,368
|
)
|
(5,714
|
)
|
||||||||
|
Proceeds from sale of assets
|
—
|
—
|
—
|
—
|
||||||||||||
|
Acquisition of intangibles
|
—
|
—
|
—
|
—
|
||||||||||||
|
Net cash used in investing activities
|
(1,270
|
)
|
(2,623
|
)
|
(5,949
|
)
|
(10,178
|
)
|
||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
Deferred financing costs on long-term debt
|
—
|
(680
|
)
|
—
|
(680
|
)
|
||||||||||
|
Payment of acquisition related contingent consideration
|
—
|
(5,000
|
)
|
—
|
(5,000
|
)
|
||||||||||
|
Repurchase of common stock
|
—
|
—
|
—
|
(1,670
|
)
|
|||||||||||
|
Principal payments on financing arrangement
|
(97
|
)
|
(90
|
)
|
(375
|
)
|
(148
|
)
|
||||||||
|
Proceeds from financing arrangement
|
—
|
—
|
—
|
6,310
|
||||||||||||
|
Proceeds from exercise of stock options and employee stock purchase plan
|
(11
|
)
|
—
|
939
|
933
|
|||||||||||
|
Net cash provided by (used in) financing activities
|
(108
|
)
|
(5,770
|
)
|
564
|
(255
|
)
|
|||||||||
|
Effect of exchange rate changes on cash and cash equivalents
|
(20
|
)
|
715
|
267
|
398
|
|||||||||||
|
Increase (decrease) in cash and cash equivalents
|
16,054
|
11,133
|
(2,029
|
)
|
(20,163
|
)
|
||||||||||
|
Cash and cash equivalents at beginning of period
|
37,810
|
44,760
|
55,893
|
76,056
|
||||||||||||
|
Cash and cash equivalents at end of period
|
$
|
53,864
|
$
|
55,893
|
$
|
53,864
|
$
|
55,893
|
||||||||
19
Exhibit 99.2
