-- Med Tech segment delivered its sixth consecutive quarter of
double-digit growth
-- Strong adjusted EBITDA
-- Third consecutive quarter the Company raised full year FY 2026 guidance
for net sales and Adjusted EBITDA
LATHAM, N.Y.--(BUSINESS WIRE)--April 02, 2026--
AngioDynamics, Inc. $(ANGO)$, a leading and transformative medical technology company focused on restoring healthy blood flow in the body's vascular system, expanding cancer treatment options, and improving quality of life for patients, today announced financial results for the third quarter of fiscal year 2026, which ended February 28, 2026.
Fiscal Year 2026 Third Quarter Highlights
Quarter Ended
February 28, 2026 Pro Forma* YoY Growth
--------------------------- ------------------ ---------------------
Net Sales $78.4 million 8.9%
---------------------------- ------------------ ---------------------
Med Tech Net Sales $37.3 million 19.0%
Med Device Net Sales $41.1 million 1.1%
---------------------------- ------------------ ---------------------
-- GAAP gross margin of 52.9%
-- GAAP loss per share of $0.19
-- Adjusted loss per share of $0.07
-- Adjusted EBITDA of $1.8 million
-- Ended fiscal 2026 third quarter with $37.8 million in cash, in line
with expectations
*Pro forma results exclude the Dialysis and BioSentry businesses divested in June 2023 and the PICC, Midline and tip location product portfolios divested in February 2024, as well as the discontinued Radiofrequency and Syntrax support catheter products in February 2024.
"We delivered a strong quarter, driven by continued execution across the organization, allowing us to deliver yet another quarter of profitable growth," commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. "Our mechanical thrombectomy portfolio exhibited standout performance as commercial adoption continues to build with both AlphaVac and AngioVac, confirming our belief that we have the strongest mechanical thrombectomy portfolio available. Auryon remains a consistent growth driver, and NanoKnife is accelerating adoption as we see our commercial strategy supported by the recently effective CPT 1 code for prostate. Beyond the demonstrated topline growth in our higher margin Med Tech businesses, the disciplined execution of our operating initiatives translated into another quarter of strong positive adjusted EBITDA."
Mr. Clemmer continued, "Our year-to-date performance gives us confidence in our ability to continue to deliver on our strategy and vision. The progress we have made over the past several years is showing up in our results, and we remain focused on driving sustained, profitable growth as we head into the fourth quarter and fiscal 2027."
Fiscal Year 2026 Third Quarter 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 third quarter of fiscal year 2026 were $78.4 million, an increase of 8.9% compared to the prior-year quarter.
Med Tech net sales were $37.3 million, a 19.0% increase from $31.3 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 $16.3 million, an increase of 17.9% compared to the prior-year quarter, our Mechanical Thrombectomy business, which includes AngioVac and AlphaVac, delivered sales of $11.5 million, an increase of 17.9% compared to the prior-year quarter, and NanoKnife sales were $7.6 million, an increase of 21.0% compared to the prior-year quarter, including 20.0% growth in probes and 24.9% growth in capital sales.
Med Device net sales were $41.1 million, a 1.1% increase compared to $40.7 million in the prior-year period.
Gross margin for the third quarter of fiscal 2026 was 52.9%, which was 110 basis points lower compared to the third quarter of fiscal 2025, primarily driven by the impact and timing of tariffs, increased inflation and certain costs associated with the Company's manufacturing transition, all of which were in-line with the Company's expectations.
The Company recorded a GAAP net loss of $8.1 million, or a loss per share of $0.19, in the third quarter of fiscal 2026. Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss for the third quarter of fiscal 2026 was $3.0 million, or a loss per share of $0.07. This compares to an adjusted net loss during the fiscal third quarter of 2025 of $3.1 million, or a loss per share of $0.08.
Adjusted EBITDA in the third quarter of fiscal 2026, excluding the items shown in the non-GAAP reconciliation table below, was $1.8 million, compared to $1.3 million in the third quarter of fiscal 2025.
Tariff related expenses were $1.3 million during the quarter, compared to zero for the prior year quarter, in-line with the Company's expectations.
In the third quarter of fiscal 2026, the Company used $3.0 million of cash, slightly less than the Company's expectations.
At February 28, 2026, the Company had $37.8 million in cash and maintains a debt-free balance sheet.
Fiscal Year 2026 Financial Guidance
For fiscal year 2026 the Company now expects:
Previous
Current Guidance Guidance (as of
(as of April 2, January 6,
Guidance Metric Guidance Action 2026) 2026)
---------------- ---------------- ---------------- ----------------
$313.5 - $315.5
Net Sales Increased M $312 - $314 M
Med Tech Net
Sales Growth Increased 15% - 17% 14% - 16%
Med Device Net
Sales Growth Increased Approx. 1% 0% - 1%
Gross Margin Unchanged 53.5% - 55.5% 53.5% - 55.5%
Adjusted EBITDA Increased $10.0 - $12.0 M $8.0 - $10.0 M
Adjusted EPS Increased ($0.30) -- ($0.33) --
($0.23) ($0.23)
----------------- ----------------- ---------------- ----------------
Cash Flow Guidance
The Company remains on course to illustrate that its business model will be cash flow positive and expects to generate substantial cash in the fourth fiscal quarter, in line with historical trends. During the third fiscal quarter, the Company was advised by its sterilization vendors of their plan to implement two upcoming temporary shutdowns to perform maintenance activities during the fourth quarter. To proactively address this and avoid any potential commercial disruptions, the Company plans to increase inventory levels for certain products during the fourth quarter. The net result will be the acceleration of the use of approximately $3.0 to $5.0 million of cash to build inventory in the back half of fiscal year 2026, which normally would have been used in future periods. This may result in cash flow for fiscal year 2026 being slightly negative. The Company noted that there is no modification to the positive cash generation pathway that it has been on or the cash generation profile of the business.
Tariff Related Guidance Assumptions
For the full fiscal year 2026, the Company continues to expect a $4.0 - $6.0 million impact from tariffs, which are included in the above provided guidance.
All assumptions made related to expected tariff impacts are based on the Company's point of view on the current tariff situation, as of April 2, 2026. 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 a.m. ET the same day to discuss the results. To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international). This conference call will also be webcast and can be accessed from the "Investors" section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.
A recording of the call will also be available, until Thursday, April 9, 2026 at 11:59 PM ET. To hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13758776.
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, 2025. 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
---------------------------------------------------------------------------------------
Pro Forma Pro Forma
Adjustments As Reported Adjustments
Actual (1) (2) Pro Forma (1) (2) Pro Forma
Feb 28,
Feb 28, 2026 Feb 28, 2026 Feb 28, 2026 Feb 28, 2025 Feb 28, 2025 2025
------------ --------------- ------------ ------------ --------------- -----------
(unaudited) (unaudited)
Net sales $ 78,423 (2) $ 78,421 $72,004 9 $72,013
Cost of sales
(exclusive of
intangible
amortization) 36,944 -- 36,944 33,147 6 33,153
------- ------ --- ------- ------ --- ------ --- ------
Gross margin 41,479 (2) 41,477 38,857 3 38,860
------- ------ ------- ------ --- ------ --- ------
% of net sales 52.9% 52.9% 54.0% 54.0%
Operating expenses
Research and
development 7,084 -- 7,084 6,913 -- 6,913
Sales and
marketing 27,437 -- 27,437 25,504 -- 25,504
General and
administrative 10,719 -- 10,719 10,490 -- 10,490
Amortization of
intangibles 2,668 -- 2,668 2,598 -- 2,598
Change in fair
value of
contingent
consideration -- -- -- 40 -- 40
Acquisition,
restructuring
and other
items, net 6,522 -- 6,522 3,286 (3) 3,283
------- ------ --- ------- ------ --- ------ ------
Total
operating
expenses 54,430 -- 54,430 48,831 (3) 48,828
------- ------ --- ------- ------ --- ------ ------
Operating
loss (12,951) (2) (12,953) (9,974) 6 (9,968)
------- ------ ------- ------ ------ --- ------
Interest income
(expense), net (88) -- (88) 135 -- 135
Other income
(expense), net 4,967 (5,000) (33) 5,430 (5,500) (70)
------- ------ ------- ------ --- ------ ------
Total other
income
(expense),
net 4,879 (5,000) (121) 5,565 (5,500) 65
------- ------ ------- ------ --- ------ ------
Loss before
income tax
(benefit)
expense (8,072) (5,002) (13,074) (4,409) (5,494) (9,903)
Income tax
(benefit) expense 12 -- 12 (2) -- (2)
------- ------ --- ------- ------ ------ --- ------
Net loss $ (8,084) $ (5,002) $(13,086) $(4,407) $ (5,494) $(9,901)
======= ====== ======= ====== ====== ======
Loss per share
Basic $ (0.19) $ (0.31) $ (0.11) $ (0.24)
Diluted $ (0.19) $ (0.31) $ (0.11) $ (0.24)
Weighted average
shares outstanding
Basic 41,596 41,596 40,853 40,853
Diluted 41,596 41,596 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 three
months ended February 28, 2026 and February 28, 2025.
(2) Reflects the elimination of revenues and expenses representing the
operating results from the sales and discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
Nine Months Ended
-----------------------------------------------------------------------------------------
Pro Forma Pro Forma
Adjustments As Reported Adjustments
Actual (1) (2) Pro Forma (1) (2) Pro Forma
Feb 28, 2026 Feb 28, 2026 Feb 28, 2026 Feb 28, 2025 Feb 28, 2025 Feb 28, 2025
------------ --------------- ------------ ------------- --------------- ------------
(unaudited) (unaudited)
Net sales $233,567 (2) $233,565 $212,340 188 $212,528
Cost of sales
(exclusive of
intangible
amortization) 105,448 -- 105,448 96,853 155 97,008
------- ------ --- ------- ------- --- ------ --- -------
Gross margin 128,119 (2) 128,117 115,487 33 115,520
------- ------ ------- ------- --- ------ --- -------
% of net sales 54.9% 54.9% 54.4% 54.4%
Operating expenses
Research and
development 21,269 -- 21,269 19,632 -- 19,632
Sales and
marketing 82,278 -- 82,278 76,698 -- 76,698
General and
administrative 33,425 -- 33,425 31,856 -- 31,856
Amortization of
intangibles 7,964 -- 7,964 7,730 -- 7,730
Change in fair
value of
contingent
consideration -- -- -- 272 -- 272
Acquisition,
restructuring
and other
items, net 12,915 -- 12,915 13,465 161 13,626
------- ------ --- ------- ------- --- ------ --- -------
Total
operating
expenses 157,851 -- 157,851 149,653 161 149,814
------- ------ --- ------- ------- --- ------ --- -------
Operating
loss (29,732) (2) (29,734) (34,166) (128) (34,294)
------- ------ ------- ------- ------ -------
Interest income
(expense), net (194) -- (194) 975 -- 975
Other income
(expense), net 4,661 (5,000) (339) 5,269 (5,500) (231)
------- ------ ------- ------- --- ------ -------
Total other
income
(expense),
net 4,467 (5,000) (533) 6,244 (5,500) 744
------- ------ ------- ------- --- ------ -------
Loss before
income tax
expense (25,265) (5,002) (30,267) (27,922) (5,628) (33,550)
Income tax expense 72 -- 72 21 -- 21
------- ------ --- ------- ------- --- ------ --- -------
Net loss $(25,337) $ (5,002) $(30,339) $(27,943) $ (5,628) $(33,571)
======= ====== ======= ======= ====== =======
Loss per share
Basic $ (0.61) $ (0.73) $ (0.68) $ (0.82)
Diluted $ (0.61) $ (0.73) $ (0.68) $ (0.82)
Weighted average
shares outstanding
Basic 41,467 41,467 40,809 40,809
Diluted 41,467 41,467 40,809 40,809
(1) Reflects the Company's US GAAP consolidated financial statements before
pro forma adjustments related to the sale of the Dialysis and BioSentry
Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency Ablation and
Syntrax products ("the Businesses") as of February 29, 2024, for the nine
months ended February 28, 2026 and February 28, 2025.
(2) Reflects the elimination of revenues and expenses representing the
operating results from the sales and discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)
Reconciliation of Net Loss to non-GAAP Adjusted Net Income (Loss) and Pro Forma Adjusted Net
Loss:
Three Months Ended
------------------------------------------------------------------------------
Pro Forma As Pro Forma
Adjustments Reported Adjustments
Actual(1) (2) Pro Forma (1) (2) Pro Forma
Feb 28, Feb 28, Feb 28, Feb 28,
2026 Feb 28, 2026 2026 2025 Feb 28, 2025 2025
----------- --------------- --------- -------- --------------- ----------
(unaudited) (unaudited)
Net loss $ (8,084) $ (5,002) $(13,086) $(4,407) $ (5,494) $(9,901)
Amortization of
intangibles 2,668 -- 2,668 2,598 -- 2,598
Change in fair
value of
contingent
consideration -- -- -- 40 -- 40
Acquisition,
restructuring
and other
items, net (3) 6,522 -- 6,522 3,286 (3) 3,283
Tax effect of
non-GAAP items
(4) (245) 1,150 905 (350) 1,264 914
------ ------ --- ------- ------ ------ --- ------
Adjusted
net income
(loss) $ 861 $ (3,852) $ (2,991) $ 1,167 $ (4,233) $(3,066)
====== ====== ======= ====== ====== ======
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted and Pro Forma Adjusted Diluted
Income (Loss) Per Share:
Three Months Ended
------------------------------------------------------------------------------
Pro Forma As Pro Forma
Adjustments Reported Adjustments
Actual(1) (2) Pro Forma (1) (2) Pro Forma
Feb 28, Feb 28, Feb 28, Feb 28,
2026 Feb 28, 2026 2026 2025 Feb 28, 2025 2025
----------- --------------- --------- -------- --------------- ----------
(unaudited) (unaudited)
Diluted loss per
share $ (0.19) $ (0.12) $ (0.31) $ (0.11) $ (0.13) $ (0.24)
Amortization of
intangibles 0.06 -- 0.06 0.06 -- 0.06
Change in fair
value of
contingent
consideration -- -- -- 0.01 -- 0.01
Acquisition,
restructuring
and other
items, net (3) 0.16 -- 0.16 0.08 (0.01) 0.07
Tax effect of
non-GAAP items
(4) (0.01) 0.03 0.02 (0.01) 0.03 0.02
------ ------ --- ------- ------ ------ --- ------
Adjusted
diluted
income
(loss) per
share $ 0.02 $ (0.09) $ (0.07) $ 0.03 $ (0.11) $ (0.08)
====== ====== ======= ====== ====== ======
Adjusted
diluted
sharecount
(5) 43,752 41,596 41,596 42,091 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 three
months ended February 28, 2026 and 2025, respectively.
(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 February 28,
2026 and 2025.
(5) 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)
Reconciliation of Net Loss and non-GAAP Pro Forma Adjusted Net Loss to Adjusted EBITDA and
Pro Forma Adjusted EBITDA:
Three Months Ended
---------------------------------------------------------------------------
As Pro Forma As Pro Forma
Reported Adjustments Reported Adjustments
(1) (2) Pro Forma (1) (2) Pro Forma
Feb 28, Feb 28, Feb 28, Feb 28,
2026 Feb 28, 2026 2026 2025 Feb 28, 2025 2025
-------- --------------- --------- -------- --------------- ----------
(unaudited) (unaudited)
Net loss $(8,084) $ (5,002) $(13,086) $(4,407) $ (5,494) $(9,901)
Income tax
expense 12 -- 12 (2) -- (2)
Interest
expense
(income),
net 88 -- 88 (135) -- (135)
Depreciation
and
amortization 5,591 -- 5,591 6,319 -- 6,319
Change in fair
value of
contingent
consideration -- -- -- 40 -- 40
Stock based
compensation 2,684 -- 2,684 2,398 -- 2,398
Acquisition,
restructuring
and other
items, net
(3) 6,522 -- 6,522 2,623 (3) 2,620
------ ------ --- ------- ------ ------ ------
Adjusted
EBITDA $ 6,813 $ (5,002) $ 1,811 $ 6,836 $ (5,497) $ 1,339
====== ====== ======= ====== ====== ======
(1) Reflects the Company's US GAAP consolidated financial statements before
pro forma adjustments related to the sale of the Dialysis and BioSentry
Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency Ablation and
Syntrax products ("the Businesses") as of February 29, 2024, for the three
months ended February 28, 2026 and 2025, respectively.
(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.
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:
Nine Months Ended
------------------------------------------------------------------------------
As Pro Forma As Pro Forma
Reported Adjustments Reported Adjustments
(1) (2) Pro Forma (1) (2) Pro Forma
Feb 28, Feb 28, Feb 28, Feb 28,
2026 Feb 28, 2026 2026 2025 Feb 28, 2025 2025
--------- --------------- --------- --------- --------------- -----------
(unaudited) (unaudited)
Net loss $(25,337) $ (5,002) $(30,339) $(27,943) $ (5,628) $(33,571)
Amortization of
intangibles 7,964 -- 7,964 7,730 -- 7,730
Change in fair
value of
contingent
consideration -- -- -- 272 -- 272
Acquisition,
restructuring
and other
items, net (3) 12,915 -- 12,915 13,465 161 13,626
Tax effect of
non-GAAP items
(4) 1,081 1,150 2,231 1,506 1,257 2,763
------- ------ --- ------- ------- ------ --- -------
Adjusted
net loss $ (3,377) $ (3,852) $ (7,229) $ (4,970) $ (4,210) $ (9,180)
======= ====== ======= ======= ====== =======
Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted and Pro Forma Adjusted Diluted
Loss Per Share:
Nine Months Ended
------------------------------------------------------------------------------
As Pro Forma As Pro Forma
Reported Adjustments Reported Adjustments
(1) (2) Pro Forma (1) (2) Pro Forma
Feb 28, Feb 28, Feb 28, Feb 28,
2026 Feb 28, 2026 2026 2025 Feb 28, 2025 2025
--------- --------------- --------- --------- --------------- -----------
(unaudited) (unaudited)
Diluted loss per
share $ (0.61) $ (0.12) (0.73) (0.68) $ (0.14) (0.82)
Amortization of
intangibles 0.19 -- 0.19 0.19 $ -- 0.19
Change in fair
value of
contingent
consideration -- -- -- 0.01 $ -- 0.01
Acquisition,
restructuring
and other
items, net (3) 0.31 -- 0.31 0.32 $ 0.01 0.33
Tax effect of
non-GAAP items
(4) 0.03 0.03 0.06 0.04 $ 0.03 0.07
------- ------ --- ------- ------- ------ --- -------
Adjusted
diluted
loss per
share $ (0.08) $ (0.09) $ (0.17) $ (0.12) $ (0.10) $ (0.22)
======= ====== ======= ======= ====== =======
Adjusted
diluted
sharecount
(5) 41,467 41,467 41,467 40,809 40,809 40,809
(1) Reflects the Company's US GAAP consolidated financial statements before
pro forma adjustments related to the sale of the Dialysis and BioSentry
Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency Ablation and
Syntrax products ("the Businesses") as of February 29, 2024, for the nine
months ended February 28, 2026 and 2025, respectively.
(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 February 28,
2026 and 2025.
(5) 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)
Reconciliation of Net Loss and non-GAAP Pro Forma Net Loss to Adjusted EBITDA and Pro Forma
Adjusted EBITDA:
Nine Months Ended
------------------------------------------------------------------------------
As Pro Forma As Pro Forma
Reported Adjustments Reported Adjustments
(1) (2) Pro Forma (1) (2) Pro Forma
Feb 28, Feb 28, Feb 28, Feb 28,
2026 Feb 28, 2026 2026 2025 Feb 28, 2025 2025
--------- --------------- --------- --------- --------------- -----------
(unaudited) (unaudited)
Net loss $(25,337) $ (5,002) $(30,339) $(27,943) $ (5,628) $(33,571)
Income tax
expense 72 -- $ 72 21 -- $ 21
Interest
expense
(income),
net 194 -- $ 194 (975) -- $ (975)
Depreciation
and
amortization 17,358 -- $ 17,358 19,967 -- $ 19,967
Change in fair
value of
contingent
consideration -- -- $ -- 272 -- $ 272
Stock based
compensation 10,045 -- $ 10,045 8,131 -- $ 8,131
Acquisition,
restructuring
and other
items, net
(3) 12,578 -- $ 12,578 10,239 161 $ 10,400
------- ------ --- ------- ------- ------ --- -------
Adjusted
EBITDA $ 14,910 $ (5,002) $ 9,908 $ 9,712 $ (5,467) $ 4,245
======= ====== ======= ======= ====== =======
(1) Reflects the Company's US GAAP consolidated financial statements before
pro forma adjustments related to the sale of the Dialysis and BioSentry
Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency Ablation and
Syntrax products ("the Businesses") as of February 29, 2024, for the nine
months ended February 28, 2026 and 2025, respectively.
(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.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET DETAIL
(in thousands)
Three Months Ended Nine Months Ended
---------------------- --------------------------
Feb 28, Feb 28, Feb 28,
2026 2025 2026 Feb 28, 2025
---------- ---------- ----------- -------------
(unaudited) (unaudited)
Legal (1) $ 146 $ -- $ 1,831 $ 406
Mergers and
acquisitions -- -- -- 737
Plant closure
(2) 5,195 3,130 9,911 11,820
Transition
service
agreement
(3) (555) (463) (1,523) (1,424)
CEO retirement
and
transition(4) 870 -- 870 --
Other 866 619 1,826 1,926
----- ----- ------ ------
Total $ 6,522 $ 3,286 $ 12,915 $ 13,465
===== ===== ====== ======
(1) Legal expenses related to litigation that is outside the normal course of
business.
(2) Plant closure expense, related to the restructuring of our manufacturing
footprint which was announced on January 5, 2024.
(3) Transition services agreements that were entered into with Merit and
Spectrum.
(4) CEO retirement and transition expenses related to the CEO search and
retention agreements with the Company's executive leadership team.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(in thousands)
Three Months Ended
--------------------------------------------------------------------------------------
Pro Forma As Pro Forma
Adjustments Pro Reported Adjustments Pro Pro
(2) Forma (1) (2) Forma Actual Forma
Feb 28, Feb 28, Feb 28, Feb 28, Feb 28,
2026 Feb 28, 2026 2026 2025 2025 2025 % Growth % Growth
------- --------------- ------- --------- ----------- ------- -------- --------
(unaudited) (unaudited)
Net Sales
Med Tech $37,282 $ -- $37,282 $ 31,341 $ -- $31,341 19.0% 19.0%
Med Device 41,141 (2) 41,139 40,663 9 40,672 1.2% 1.1%
------ --- ----- ------ -------- ---------- ------
$78,423 $ (2) $78,421 $ 72,004 $ 9 $72,013 8.9% 8.9%
====== === ===== ====== ======== ========== ======
Net Sales
United States $67,278 $ (2) $67,276 $ 61,340 $ 4 $61,344 9.7% 9.7%
International 11,145 -- 11,145 10,664 5 10,669 4.5% 4.5%
------ --- ------ ------ -------- ---------- ------
$78,423 $ (2) $78,421 $ 72,004 $ 9 $72,013 8.9% 8.9%
====== === ===== ====== ======== ========== ======
(1) Reflects the Company's US GAAP consolidated financial statements before
pro forma adjustments related to the sale of the Dialysis and BioSentry
Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency Ablation and
Syntrax products ("the Businesses") as of February 29, 2024, for the three
months ended February 28, 2025.
(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)
Three Months Ended
---------------------------------------------------------------------------------------------------------
Pro Forma Pro Forma
Adjustments As Reported Adjustments
(2) Pro Forma (1) (2) Pro Forma Actual Pro Forma
Feb 28, Feb 28, Feb 28, Feb 28,
2026 Feb 28, 2026 2026 Feb 28, 2025 2025 2025 % Change % Change
----------- --------------- ----------- ------------ ----------- ----------- ---------- ----------
(unaudited) (unaudited)
Med Tech $23,292 $ -- $23,292 $19,588 $ -- $19,588 18.9% 18.9%
Gross margin
% of sales 62.5% 62.5% 62.5% 62.5%
Med Device $18,187 $ (2) $18,185 $19,269 $ 3 $19,272 (5.6)% (5.6)%
Gross margin
% of sales 44.2% 44.2% 47.4% 47.4%
Total $41,479 $ (2) $41,477 $38,857 $ 3 $38,860 6.7% 6.7%
Gross margin
% of sales 52.9% 52.9% 54.0% 54.0%
(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 February 28, 2025.
(2) Reflects the elimination of revenues and expenses representing the
operating results from the sales and discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(in thousands)
Nine Months Ended
------------------------------------------------------------------------------------------
Pro Forma As Pro Forma
Adjustments Pro Reported Adjustments Pro Pro
(2) Forma (1) (2) Forma Actual Forma
Feb 28, Feb 28, Feb 28, Feb 28,
2026 Feb 28, 2026 2026 2025 Feb 28, 2025 2025 % Growth % Growth
-------- --------------- -------- --------- ------------ -------- -------- --------
(unaudited) (unaudited)
Net Sales
Med Tech $108,196 $ -- $108,196 $ 90,863 $ -- $ 90,863 19.1% 19.1%
Med Device 125,371 (2) 125,369 121,477 188 121,665 3.2% 3.0%
------- --- ----- ------- -------- ----------- -------
$233,567 $ (2) $233,565 $ 212,340 $ 188 $212,528 10.0% 9.9%
======= === ===== ======= ======== =========== =======
Net Sales
United States $201,328 $ (2) $201,326 $ 183,499 $ 14 $183,513 9.7% 9.7%
International 32,239 -- 32,239 28,841 174 29,015 11.8% 11.1%
------- --- ------ ------- -------- ----------- -------
$233,567 $ (2) $233,565 $ 212,340 $ 188 $212,528 10.0% 9.9%
======= === ===== ======= ======== =========== =======
(1) Reflects the Company's US GAAP consolidated financial statements before
pro forma adjustments related to the sale of the Dialysis and BioSentry
Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency Ablation and
Syntrax products ("the Businesses") as of February 29, 2024, for the nine
months ended February 28, 2025.
(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)
Nine Months Ended
-------------------------------------------------------------------------------------------------------------
Pro Forma Pro Forma
Adjustments As Reported Adjustments
(2) Pro Forma (1) (2) Pro Forma Actual Pro Forma
Feb 28,
Feb 28, 2026 Feb 28, 2026 Feb 28, 2026 Feb 28, 2025 2025 Feb 28, 2025 % Change % Change
------------ --------------- ------------ ------------- ----------- ------------ ---------- ----------
(unaudited) (unaudited)
Med Tech $ 68,500 $ -- $ 68,500 $ 57,398 $ -- $ 57,398 19.3% 19.3%
Gross margin
% of sales 63.3% 63.3% 63.2% 63.2%
Med Device $ 59,619 $ (2) $ 59,617 $ 58,089 $ 33 $ 58,122 2.6% 2.6%
Gross margin
% of sales 47.6% 47.6% 47.8% 47.8%
Total $128,119 $ (2) $128,117 $115,487 $ 33 $115,520 10.9% 10.9%
Gross margin
% of sales 54.9% 54.9% 54.4% 54.4%
(1) Reflects the Company's US GAAP consolidated financial statements before
pro forma adjustments related to the sale of the Dialysis and BioSentry
Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on
February 15, 2024 and the discontinuation of the RadioFrequency Ablation and
Syntrax products ("the Businesses") as of February 29, 2024, for the nine
months ended February 28, 2025.
(2) Reflects the elimination of revenues and expenses representing the
operating results from the sales and discontinuation of the Businesses.
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
Feb 28, 2026 May 31, 2025
-------------- --------------
(unaudited) (audited)
Assets
Current assets:
Cash $ 37,810 $ 55,893
Accounts receivable, net 45,552 42,890
Inventories 58,578 62,006
Prepaid expenses and other 13,612 7,535
---------- ----------
Total current assets 155,552 168,324
Property, plant and equipment, net 29,142 32,300
Other assets 10,498 10,404
Intangible assets, net 65,486 69,116
---------- ----------
Total assets $ 260,678 $ 280,144
========== ==========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 29,105 $ 33,291
Accrued liabilities 32,303 35,518
Other current liabilities 4,658 7,388
---------- ----------
Total current liabilities 66,066 76,197
Deferred income taxes 4,554 4,073
Other long-term liabilities 16,701 16,904
---------- ----------
Total liabilities 87,321 97,174
Stockholders' equity 173,357 182,970
---------- ----------
Total Liabilities and Stockholders'
Equity $ 260,678 $ 280,144
========== ==========
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended Nine Months Ended
------------------- ----------------------
Feb 28, Feb 28, Feb 28, Feb 28,
2026 2025 2026 2025
-------- --------- --------- -----------
(unaudited) (unaudited)
Cash flows from
operating activities:
Net loss $(8,084) $ (4,407) $(25,337) $(27,943)
Adjustments to
reconcile net loss
to net cash used in
operating
activities:
Depreciation
and
amortization 5,591 6,319 17,358 19,967
Non-cash lease
expense 350 503 1,200 1,496
Non-cash
interest
expense 72 -- 217 --
Stock based
compensation 2,684 2,398 10,045 8,131
Change in fair
value of
contingent
consideration -- 40 -- 272
Deferred income
taxes 57 (207) (7) (795)
Change in
accounts
receivable
allowances 317 142 190 530
Fixed and
intangible
asset
disposals 38 38 318 97
Other 315 30 817 149
Changes in
operating assets
and liabilities:
Accounts
receivable (1,418) (474) (2,847) (424)
Inventories 7,057 2,810 3,584 (2,493)
Prepaid
expenses and
other (4,077) (9,387) (6,372) (9,459)
Accounts
payable,
accrued and
other
liabilities (6,012) (10,964) (13,529) (18,467)
------ ------- ------- -------
Net cash
used in
operating
activities (3,110) (13,159) (14,363) (28,939)
------ ------- ------- -------
Cash flows from
investing activities:
Additions to
property,
plant and
equipment (1,015) (1,798) (2,168) (3,687)
Additions to
placement and
evaluation
units (492) (1,391) (2,511) (3,868)
------ ------- ------- -------
Net cash
used in
investing
activities (1,507) (3,189) (4,679) (7,555)
------ ------- ------- -------
Cash flows from
financing activities:
Proceeds from
financing
arrangement -- 6,310 -- 6,310
Principal
payments on
finance
arrangements (95) (58) (278) (58)
Repurchase of
common stock -- -- -- (1,670)
Proceeds from
exercise of
stock options
and employee
stock purchase
plan 716 895 950 933
------ ------- ------- -------
Net cash
provided
by
financing
activities 621 7,147 672 5,515
------ ------- ------- -------
Effect of exchange rate
changes on cash 168 (128) 287 (317)
------ ------- ------- -------
Decrease in
cash (3,828) (9,329) (18,083) (31,296)
Cash at beginning of
period 41,638 54,089 55,893 76,056
------ ------- ------- -------
Cash at end of period $37,810 $ 44,760 $ 37,810 $ 44,760
====== ======= ======= =======
View source version on businesswire.com: https://www.businesswire.com/news/home/20260402702603/en/
CONTACT: 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
(END) Dow Jones Newswires
April 02, 2026 06:00 ET (10:00 GMT)
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