Core Insights - AngioDynamics, Inc. reported an adjusted loss per share of 11 cents for Q1 fiscal 2025, an improvement from 12 cents in the same quarter last year and better than the Zacks Consensus Estimate of 15 cents [1] - The company's revenues for the fiscal first quarter totaled $67.5 million, down 14.2% year over year, missing the Zacks Consensus Estimate by 1.5% [3] - The company expects net sales for fiscal 2025 to be between $282 million and $288 million, indicating growth of 4.2-6.4% over the previous fiscal year [9] Financial Performance - Adjusted loss per share was 11 cents, compared to 12 cents in the prior year, and GAAP loss per share was 31 cents, wider than the previous year's EPS of $1.15 [1] - On a pro-forma basis, the GAAP loss per share was 32 cents, wider than 7 cents in the prior-year period [1] - Pro-forma gross profit rose 0.3% year over year to $36.7 million, but pro-forma gross margin contracted by 40 basis points to 54.4% [7] Revenue Breakdown - U.S. net revenues totaled $59.5 million, down 7.6% year over year, while international revenues were $8 million, down 43.9% [4] - Med Tech business net sales were $28 million, reflecting an 8.2% year-over-year increase, primarily driven by strong sales of the Auryon platform [5] - Med Device revenues grossed $39.5 million, down 25.2% from the year-ago period [5][6] Cash Position - AngioDynamics ended Q1 fiscal 2025 with cash and cash equivalents of $55 million, down from $76.1 million at the end of fiscal 2024, and had no debt on its balance sheet [8] Guidance and Outlook - The company reiterated its guidance for fiscal 2025, expecting adjusted loss per share between 38 cents and 42 cents, with a consensus estimate of a loss of 41 cents [9] - Med Tech revenue growth is projected at 10-12%, while Med Device revenue increase is expected to be 1-3% [9] Market Reaction - Following the earnings call, AngioDynamics' shares rose 3.3% in after-market trading [2]

Part I: Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Net sales decreased to $67.5 million, resulting in a $12.8 million net loss, driven by divestitures and a prior-year asset sale gain [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Net sales decreased 14.2% to $67.5 million, leading to a $13.1 million operating loss and a $12.8 million net loss, contrasting with prior-year's $47.8 million asset sale gain Consolidated Statements of Operations (unaudited) | Metric | Three Months Ended Aug 31, 2024 (in thousands) | Three Months Ended Aug 31, 2023 (in thousands) | | :--- | :--- | :--- | | Net sales | $67,491 | $78,679 | | Gross profit | $36,724 | $40,060 | | Total operating expenses | $49,822 | $52,872 | | Gain on sale of assets | $0 | $47,842 | | Operating income (loss) | $(13,098) | $35,030 | | Net income (loss) | $(12,798) | $45,884 | | Diluted earnings (loss) per share | $(0.31) | $1.15 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Cash and cash equivalents decreased to $55.0 million, with total assets declining to $293.6 million and total liabilities to $97.0 million as of August 31, 2024 Key Balance Sheet Items (unaudited) | Metric | Aug 31, 2024 (in thousands) | May 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $55,005 | $76,056 | | Total current assets | $172,594 | $193,253 | | Total assets | $293,628 | $317,671 | | Total current liabilities | $76,699 | $91,155 | | Total liabilities | $97,046 | $112,085 | | Total Stockholders' Equity | $196,582 | $205,586 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $18.3 million, leading to a $21.1 million net decrease in cash and cash equivalents for the quarter Cash Flow Summary (unaudited) | Activity | Three Months Ended Aug 31, 2024 (in thousands) | Three Months Ended Aug 31, 2023 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(18,253) | $(25,899) | | Net cash (used in) provided by investing activities | $(2,405) | $98,442 | | Net cash used in financing activities | $(509) | $(59,590) | | **Increase (decrease) in cash** | **$(21,051)** | **$12,966** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes detail two major divestitures, revenue disaggregation, a Becton Dickinson legal settlement, a manufacturing restructuring plan, and a new share repurchase program - The company completed the sale of its Dialysis and BioSentry businesses to Merit Medical for **$100.0 million** in cash in Q1 FY2024, resulting in a pre-tax gain of **$47.8 million**[42](index=42&type=chunk) - The company completed the sale of its PICC and Midline businesses to Spectrum Vascular in Q3 FY2024 for **$34.5 million** in cash, plus potential earn-outs and milestone payments[39](index=39&type=chunk) - On January 5, 2024, the company announced a restructuring of its manufacturing footprint to an outsourced model, expected to be completed in Q3 FY2026 with total estimated costs of **$38.5 million to $53.5 million**. Restructuring charges of **$3.6 million** were recorded in the quarter[100](index=100&type=chunk)[101](index=101&type=chunk) - A settlement was reached with Becton, Dickinson and Company (BD) to resolve ongoing patent litigation, involving a one-time payment of **$7.0 million**, six minimum annual payments of **$2.5 million**, and potential additional payments[96](index=96&type=chunk) [Management's Discussion and Analysis (MD&A)](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Quarterly revenue decreased 14.2% to $67.5 million due to divestitures, despite Med Tech growth, resulting in a $12.8 million net loss and a $21.1 million decrease in cash [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Net sales decreased by $11.2 million due to Med Device divestitures, partially offset by Med Tech growth, while gross margin improved to 54.4% despite a fall in gross profit Net Sales by Segment (in thousands) | Segment | Q1 FY2025 (Aug 31, 2024) | Q1 FY2024 (Aug 31, 2023) | $ Change | | :--- | :--- | :--- | :--- | | Med Tech | $27,969 | $25,860 | $2,109 | | Med Device | $39,522 | $52,819 | $(13,297) | | **Total** | **$67,491** | **$78,679** | **$(11,188)** | Gross Profit by Segment (in thousands) | Segment | Q1 FY2025 (Aug 31, 2024) | Q1 FY2024 (Aug 31, 2023) | Gross Margin % (Q1 FY25 vs Q1 FY24) | | :--- | :--- | :--- | :--- | | Med Tech | $17,697 | $16,727 | 63.3% vs 64.7% | | Med Device | $19,027 | $23,333 | 48.1% vs 44.2% | | **Total** | **$36,724** | **$40,060** | **54.4% vs 50.9%** | - The decrease in Med Device sales was primarily driven by the divestiture of PICCs and Midline products (**$10.2 million** impact) and dialysis and BioSentry products (**$0.8 million** impact)[122](index=122&type=chunk) - Acquisition, restructuring and other items increased by **$1.1 million**, mainly due to a **$3.6 million** increase in plant closure expenses related to the manufacturing restructuring plan[133](index=133&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and cash equivalents decreased to $55.0 million due to $18.3 million cash used in operations, with no outstanding debt, and sufficient liquidity for 12 months Cash and Debt Position (in millions) | Metric | Aug 31, 2024 | May 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $55.0 | $76.1 | | Outstanding Debt | $0.0 | $0.0 | - Cash used in operating activities was **$18.3 million**, an improvement from the **$25.9 million** used in the prior-year period[137](index=137&type=chunk)[138](index=138&type=chunk) - In the prior-year quarter (Q1 FY2024), investing activities provided **$98.4 million** cash from the divestiture of the dialysis and BioSentry businesses, while financing activities used **$59.6 million** for debt repayment and contingent consideration[137](index=137&type=chunk)[140](index=140&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces foreign currency exchange rate risk on 3.4% of sales and limited credit risk due to a diversified customer base - Approximately **3.4%** of sales in the quarter were denominated in foreign currencies, exposing the company to exchange rate fluctuations[145](index=145&type=chunk) - Credit risk is mitigated as no single customer represents more than **10%** of total sales[147](index=147&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of August 31, 2024, with no material changes in internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of the end of the period[149](index=149&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[150](index=150&type=chunk) Part II: Other Information [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 14 of the financial statements for detailed information on commitments and contingencies, including litigation updates - For details on legal proceedings, the report directs readers to Note 14, "Commitments and Contingencies," in the consolidated financial statements[153](index=153&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) The company highlights a potential risk related to future financing needs, having extinguished its Credit Agreement and requiring new external financing for growth or changing circumstances - The company repaid all amounts under its Credit Agreement in June 2023, which was then extinguished. This could pose a risk if additional financing is needed for future growth initiatives or acquisitions[155](index=155&type=chunk) [Issuer Purchases of Equity Securities](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 72,141 shares under a new **$15.0 million** program, with approximately **$14.4 million** remaining for future repurchases Share Repurchase Activity (Three Months Ended Aug 31, 2024) | Period | Total Shares Purchased as Part of Program (shares) | Average Price Paid per Share (USD) | Maximum Value Remaining for Repurchase (USD) | | :--- | :--- | :--- | :--- | | July 1 - July 31, 2024 | 72,141 | $6.68 | $14,448,871 | - A new share repurchase program authorizing up to **$15.0 million** was approved and announced on July 16, 2024[157](index=157&type=chunk) [Other Information](index=32&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No directors or officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[159](index=159&type=chunk)

Core Viewpoint - AngioDynamics, Inc. (ANGO) is positioned for growth due to the potential of its NanoKnife System, despite facing pricing pressure and macroeconomic challenges [1] Company Overview - AngioDynamics designs, manufactures, and sells a variety of medical, surgical, and diagnostic devices, focusing on minimally invasive procedures, with a market capitalization of $310.85 million [1] - The company projects a 7.6% earnings growth for fiscal 2026 and has surpassed earnings estimates in three of the last four quarters, with an average beat of 28.61% [1] Factors Favoring ANGO Stock - **Broad Product Line**: AngioDynamics specializes in minimally invasive medical devices, with a product portfolio that includes Microwave Ablation, Radiofrequency Ablation (RFA), and the NanoKnife system, which is in high demand for tumor treatments [3] - **R&D Investments**: The company is increasing its R&D expenses at a projected CAGR of 1.3% from fiscal 2024 to 2027 to enhance core technologies [3] - **Regulatory Achievements**: Recent regulatory successes, including CE Mark approval and FDA clearance for the AlphaVac F18 System, support commercial launches [3] Potential in NanoKnife System - The NanoKnife product has received FDA clearance for soft tissue surgical ablation and is designated as a Breakthrough Device, contributing to an 11.3% year-over-year increase in Med Tech segment sales [4] - Capital sales surged by 247.8%, indicating strong demand for disposables, with expectations for FDA clearance for prostate ablation by the end of 2024 [4] - Revenue projections indicate a 5.9% CAGR from fiscal 2024 to 2027, driven by a 10.3% CAGR in the Med Tech segment [4] Strong Geographic Expansion - In fiscal 2024, 85.6% of net sales came from the U.S., up from 83.5% in 2023, with international sales growing by 14% [5] - U.S. revenues increased by 4.3% in the fourth quarter of 2024, with anticipated steady growth at a CAGR of 2.2% in the U.S. and 0.5% internationally through 2027 [5] Estimate Trend - The earnings estimate for 2024 has improved, with the Zacks Consensus Estimate for loss narrowing from 47 cents to 41 cents per share [7] - The third-quarter 2024 revenue estimate is $68.49 million, reflecting a 13% decline from the previous year [7]

Core Viewpoint - AngioDynamics experienced a significant decline in share price following its fiscal Q1 2025 update, which revealed mixed financial results and a net loss, despite maintaining its full-year guidance [1][2]. Financial Performance - AngioDynamics reported fiscal Q1 net sales of $67.5 million, reflecting a year-over-year increase of 1.1%, but falling short of analysts' expectations of $67.93 million [1]. - The company posted a net loss of $12.8 million, equating to $0.31 per share under GAAP, while the adjusted net loss was $4.4 million, or $0.11 per share, which was better than the consensus estimate of an adjusted loss of $0.15 per share [1]. Regulatory Developments - AngioDynamics submitted results from a pivotal study of the NanoKnife system to the FDA, aiming for 510(k) clearance for prostate tissue ablation in intermediate-risk patients [2]. - The company received European CE Mark approval for its Auryon Atherectomy System, which is used for treating peripheral artery disease, having previously been cleared by the FDA in 2020 [2]. Future Guidance - Despite the mixed fiscal Q1 results, AngioDynamics maintained its full-year guidance, expecting net sales between $282 million and $288 million, indicating year-over-year growth of 4.2% to 6.4% [2]. - The company projects an adjusted net loss per share between $0.38 and $0.42, an improvement compared to a pro forma adjusted loss per share of $0.45 in fiscal 2024 [2].

Financial Data and Key Metrics Changes - Total worldwide revenue for Q1 FY 2025 was $67.5 million, representing a year-over-year growth of just over 1% [8][20] - Adjusted EBITDA loss was $200,000, an improvement from a loss of $1.1 million in Q1 FY 2024 [9][25] - Adjusted net loss for Q1 FY 2025 was $4.4 million, or $0.11 per share, compared to a loss of $6.2 million or $0.16 per share in the prior year [24][25] Business Line Data and Key Metrics Changes - MedTech segment revenue was $28 million, an increase of 8.7% year-over-year, while Med Device revenue was $39.5 million, a 3.6% increase [20] - Auryon revenue grew 24.9% to $13.7 million, while AlphaVac revenue increased by over 21% [20][21] - NanoKnife revenue declined by 6.9% to approximately $5.1 million due to a tough year-over-year comparison [13][22] Market Data and Key Metrics Changes - The U.S. Med Device business increased by 2.1% year-over-year, while international business faced challenges due to timing of orders [16][20] - The MedTech segment now comprises 41.4% of total revenue, up from 38.5% a year ago [20] Company Strategy and Development Direction - The company is focused on increasing penetration in the hospital market for Auryon and expanding its geographic reach in Europe [28][29] - Continued investment in clinical data and product enhancements for AlphaVac is planned to drive adoption [30] - The transition to outsourced manufacturing is expected to generate approximately $15 million in annualized savings by FY 2027 [17][40] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities within the MedTech segment, with a total addressable market now estimated at $10 billion [28] - The company remains on track to achieve previously issued guidance for FY 2025, expecting revenue growth of 4.2% to 6.4% [26][27] Other Important Information - The company has zero debt and had $55 million in cash and cash equivalents as of August 31, 2024 [25] - A stock repurchase program was approved, allowing for purchases of up to $15 million of outstanding common shares [25][26] Q&A Session Summary Question: Can you provide further details on the AlphaVac PE launch ramp? - Management reported positive feedback from physicians regarding AlphaVac's design and efficiency, with ongoing measurement of new customer interactions [32][33] Question: What initiatives are being targeted for the Auryon hospital market? - The company is shifting focus to hospital customers, leveraging existing familiarity with Auryon from outpatient settings [36][38] Question: What are the expected savings from the manufacturing transition? - The transition is on track, with significant savings anticipated at the end of the program, expected to total $15 million [39][40] Question: What is the timeline for NanoKnife's CPT pathway? - The reimbursement process is complex, and while timelines are uncertain, the company is parallel-pathing the FDA and reimbursement processes [44][46] Question: What is the outlook for cash flow breakeven? - Management expects to reach cash flow positivity by the end of FY 2026, with Q1 being the highest cash utilization quarter [49][50]

Group 1: AngioDynamics, Inc. - AngioDynamics reported a first-quarter adjusted loss of 11 cents per share, better than market estimates of a loss of 15 cents per share [1] - The company's quarterly sales were $67.491 million, slightly below expectations of $67.933 million [1] - Following the earnings report, AngioDynamics shares fell 15.6% to $6.45 [1] Group 2: Other Notable Stock Movements - Youdao, Inc. shares decreased by 14.6% to $5.08 [2] - Ingevity Corporation shares declined 12.6% to $32.74 after the departure of CEO John Fortson [2] - Hims & Hers Health, Inc. fell 11.1% to $16.85, possibly influenced by Eli Lilly's announcement regarding a weight-loss drug shortage [2] - Levi Strauss & Co. reported worse-than-expected third-quarter sales and its FY24 adjusted EPS guidance, leading to a 9.1% decline in shares to $19.14 [2] - Joby Aviation, Inc. shares dipped 8.8% to $5.59 despite Toyota's announcement of a $500 million investment [2] - Bilibili Inc. shares fell 8.2% to $27.23 as US-listed Chinese stocks pulled back [2] - Wolfspeed, Inc. shares decreased by 7.5% to $8.45 after a downgrade from Mizuho [2] - GDS Holdings Limited shares fell 6.4% to $21.51 [2] - Weibo Corporation shares dipped 5% to $10.65, reflecting a broader decline in US-listed Chinese stocks [2] - Baidu, Inc. shares fell 4% to $110.49, also part of the sector's pullback [2]

Company Performance - AngioDynamics reported a quarterly loss of $0.11 per share, better than the Zacks Consensus Estimate of a loss of $0.15, and compared to a loss of $0.12 per share a year ago, indicating an earnings surprise of 26.67% [1] - The company posted revenues of $67.49 million for the quarter ended August 2024, missing the Zacks Consensus Estimate by 1.46%, and down from $78.68 million in the same quarter last year [1] - Over the last four quarters, AngioDynamics has surpassed consensus EPS estimates three times, but has only topped consensus revenue estimates once [1] Future Outlook - The current consensus EPS estimate for the coming quarter is -$0.10 on revenues of $71.22 million, and for the current fiscal year, it is -$0.41 on revenues of $284.81 million [4] - The estimate revisions trend for AngioDynamics is currently favorable, resulting in a Zacks Rank 1 (Strong Buy), suggesting that the shares are expected to outperform the market in the near future [4] Industry Context - The Medical - Instruments industry, to which AngioDynamics belongs, is currently in the top 24% of over 250 Zacks industries, indicating a strong performance potential [5] - Another company in the same industry, Integer, is expected to report quarterly earnings of $1.36 per share, reflecting a year-over-year change of +7.1%, with revenues anticipated to be $444.59 million, up 9.9% from the previous year [5][6]

Financial Performance - AngioDynamics achieved pro forma revenue growth of 1.1% year-over-year[3] - MedTech segment pro forma revenue grew by 8.7% year-over-year[3] - Auryon sales reached $13.7 million, a 24.9% increase year-over-year[3] - AlphaVac sales amounted to $2.2 million, reflecting a 21.1% year-over-year growth[3] - The company reported a pro forma Adjusted EBITDA loss of ($0.2) million, an improvement from ($1.1) million in Q1 FY24[3] - Full Year Net Sales guidance is $282 - $288 million[28] Product & Regulatory Milestones - The Auryon System received CE Mark approval in Europe[3] - An FDA submission was filed for NanoKnife prostate indication[3] - The RECOVER-AV clinical trial was initiated[3] - Cumulative sales of Auryon are over $140 million since its launch in September 2020[5] - FDA 510(k) & CE Mark for PE was received for AlphaVac in Q4 FY24[13]

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) AngioDynamics reported 1.1% pro forma net sales growth in Q1 FY2025, driven by Med Tech, while achieving key regulatory and clinical milestones Q1 FY2025 Pro Forma Net Sales Overview | Metric | August 31, 2024 | Pro Forma YoY Growth | | :--- | :--- | :--- | | Net Sales | $67.5 million | 1.1% | | Med Tech Net Sales | $28.0 million | 8.7% | | Med Device Net Sales | $39.5 million | (3.6)% | Q1 FY2025 Key Profitability Metrics | Metric | Value | | :--- | :--- | | GAAP Gross Margin | 54.4% | | GAAP Loss Per Share | $0.31 | | Adjusted Loss Per Share | $0.11 | - Key operational milestones include submitting the NanoKnife System for FDA 510(k) clearance for prostate tissue, receiving CE Mark approval for the Auryon System in Europe, and initiating the RECOVER-AV clinical trial[2](index=2&type=chunk) - The CEO highlighted a strong start to FY2025, driven by **over 20% growth in both Auryon and AlphaVac**, viewing the fiscal year as an inflection point for the business[3](index=3&type=chunk) [Detailed Financial Performance (Q1 FY2025)](index=1&type=section&id=Detailed%20Financial%20Performance%20%28Q1%20FY2025%29) AngioDynamics reported Q1 FY2025 pro forma net sales of $67.5 million, driven by Med Tech growth, alongside a GAAP net loss of $12.8 million and an adjusted net loss of $4.4 million [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Med Tech sales grew 8.7% to $28.0 million, driven by Auryon and AlphaVac, while Med Device sales declined 3.6% and international sales decreased significantly Q1 FY2025 Net Sales by Segment and Product | Segment / Product | Q1 FY2025 Sales | YoY Growth | | :--- | :--- | :--- | | **Med Tech** | **$28.0 million** | **8.7%** | | - Auryon | $13.7 million | 24.9% | | - AlphaVac | $2.2 million | 21.1% | | - NanoKnife | $5.1 million | (6.9)% | | **Med Device** | **$39.5 million** | **(3.6)%** | Q1 FY2025 Net Sales by Geography | Geography | Q1 FY2025 Sales | YoY Growth | | :--- | :--- | :--- | | U.S. Net Sales | $59.5 million | 6.2% | | International Net Sales | $8.0 million | (25.4)% | [Profitability Analysis](index=2&type=section&id=Profitability%20Analysis) Overall gross margin for Q1 FY2025 was 54.4%, a 40 basis point decrease, leading to a GAAP net loss of $12.8 million and an adjusted net loss of $4.4 million, despite an improved adjusted EBITDA Q1 FY2025 Gross Margin by Segment | Margin Metric | Q1 FY2025 | YoY Change | | :--- | :--- | :--- | | Overall Gross Margin | 54.4% | -40 bps | | Med Tech Gross Margin | 63.3% | -160 bps | | Med Device Gross Margin | 48.2% | -40 bps | Q1 FY2025 Profitability Summary | Profitability Metric | Q1 FY2025 | Q1 FY2024 | | :--- | :--- | :--- | | GAAP Net Loss | $(12.8) million | - | | GAAP Loss Per Share | $(0.31) | - | | Adjusted Net Loss | $(4.4) million | $(6.2) million | | Adjusted Loss Per Share | $(0.11) | $(0.16) | | Adjusted EBITDA | $(0.2) million | $(1.1) million | [Cash Flow and Balance Sheet](index=2&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) AngioDynamics used $18.3 million in operating cash during Q1 FY2025, consistent with historical trends, resulting in $55.0 million in cash and cash equivalents as of August 31, 2024 - Used **$18.3 million** in operating cash during Q1 FY2025, consistent with historical trends for the first fiscal quarter[8](index=8&type=chunk) Cash and Cash Equivalents | Date | Cash and Cash Equivalents | | :--- | :--- | | August 31, 2024 | $55.0 million | | May 31, 2024 | $76.1 million | [Business & Clinical Updates](index=3&type=section&id=Business%20%26%20Clinical%20Updates) AngioDynamics achieved significant regulatory and clinical progress, including FDA submission for NanoKnife, European CE Mark for Auryon, and initiation of the RECOVER-AV clinical trial for AlphaVac - **NanoKnife System:** Submitted results from the PRESERVE pivotal study to the FDA for 510(k) clearance for the ablation of prostate tissue in intermediate-risk patients[10](index=10&type=chunk) - **Auryon System:** Received European CE Mark approval, allowing marketing in Europe for treating Peripheral Artery Disease (PAD) and expanding reach into a **$1.1 billion** global PAD market[11](index=11&type=chunk) - **AlphaVac System:** Initiated the RECOVER-AV clinical trial in Europe to evaluate the AlphaVac F18⁸⁵ System for treating acute, intermediate-risk pulmonary embolism (PE), enrolling patients across up to 20 hospital sites[12](index=12&type=chunk) [Fiscal Year 2025 Financial Guidance](index=3&type=section&id=Fiscal%20Year%202025%20Financial%20Guidance) AngioDynamics reaffirmed its FY2025 financial guidance, projecting net sales between $282 to $288 million, driven by Med Tech growth, and an adjusted EBITDA loss between $0 and $2.5 million FY2025 Financial Guidance | Metric | FY2025 Guidance | | :--- | :--- | | Net Sales | $282 - $288 million | | Pro Forma Net Sales Growth | 4.2% - 6.4% | | Med Tech Net Sales Growth | 10% - 12% | | Med Device Net Sales Growth | 1% - 3% | | Gross Margin | 52% - 53% | | Adjusted EBITDA | $(2.5) million - $0 | | Adjusted Loss Per Share | $(0.38) - $(0.42) | [Financial Statements & Reconciliations](index=6&type=section&id=Financial%20Statements%20%26%20Reconciliations) Unaudited Q1 FY2025 financial statements, including Consolidated Income Statements, Balance Sheets, and Cash Flows, are presented with comprehensive GAAP to non-GAAP reconciliations [Consolidated Income Statements](index=6&type=section&id=Consolidated%20Income%20Statements) For Q1 FY2025, AngioDynamics reported net sales of $67.5 million, a gross profit of $36.7 million, an operating loss of $13.1 million, and a GAAP net loss of $12.8 million Q1 FY2025 Consolidated Income Statement Highlights | Income Statement (Q1 FY2025) | Amount (in thousands) | | :--- | :--- | | Net Sales | $67,491 | | Gross Profit | $36,724 | | Total Operating Expenses | $49,822 | | Operating Loss | $(13,098) | | Net Loss | $(12,798) | | Loss Per Share (Basic & Diluted) | $(0.31) | [Consolidated Balance Sheets](index=13&type=section&id=Consolidated%20Balance%20Sheets) As of August 31, 2024, total assets were $293.6 million, primarily due to a reduction in cash to $55.0 million, with total liabilities at $97.0 million and stockholders' equity at $196.6 million Consolidated Balance Sheet Highlights | Balance Sheet Item | Aug 31, 2024 (in thousands) | May 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $55,005 | $76,056 | | Total Current Assets | $172,594 | $193,253 | | Total Assets | $293,628 | $317,671 | | Total Liabilities | $97,046 | $112,085 | | Total Stockholders' Equity | $196,582 | $205,586 | [Consolidated Statements of Cash Flows](index=14&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 FY2025, net cash used in operating activities was $18.3 million, investing activities $2.4 million, and financing activities $0.5 million, resulting in a total cash decrease of $21.1 million Q1 FY2025 Consolidated Cash Flow Summary | Cash Flow Item (Q1 FY2025) | Amount (in thousands) | | :--- | :--- | | Net cash used in operating activities | $(18,253) | | Net cash used in investing activities | $(2,405) | | Net cash used in financing activities | $(509) | | **Increase (decrease) in cash** | **$(21,051)** | [Non-GAAP Reconciliations](index=7&type=section&id=Non-GAAP%20Reconciliations) Detailed reconciliations from GAAP to non-GAAP and pro forma figures are provided, showing an adjusted net loss of $4.4 million and an adjusted EBITDA loss of $163 thousand for Q1 FY2025 - Adjusted net loss for Q1 FY2025 was **$(4.4) million**, reconciled from a GAAP net loss of **$(12.8) million** by excluding items such as amortization of intangibles (**$2.6 million**) and acquisition/restructuring costs (**$4.3 million**)[22](index=22&type=chunk) - Pro forma adjusted diluted loss per share for Q1 FY2025 was **$(0.11)**, an improvement from **$(0.16)** in the prior-year period[28](index=28&type=chunk) - Pro forma adjusted EBITDA for Q1 FY2025 was **$(152) thousand**, compared to **$(1,072) thousand** in Q1 FY2024[30](index=30&type=chunk)

Core Insights - AngioDynamics, Inc. is expected to report a quarterly loss of 15 cents per share for its first quarter, compared to a loss of 12 cents per share in the same period last year [1] - Projected quarterly revenue for AngioDynamics is $67.93 million [1] - The company received CE Mark approval for its Auryon System in Europe on September 3 [1] - AngioDynamics shares closed at $7.65, reflecting a gain of 0.3% [1] Analyst Ratings - HC Wainwright analyst Yi Chen has a Buy rating with a price target of $14, with an accuracy rate of 63% [2] - Oppenheimer analyst Steven Lichtman upgraded the stock to Outperform with a price target of $12, having an accuracy rate of 74% [2] - Raymond James analyst Jayson Bedford maintained an Outperform rating but reduced the price target from $12 to $10, with an accuracy rate of 71% [2] Consensus Price Target - The consensus price target for AngioDynamics is $12.25 based on ratings from four analysts [3] - The highest price target is $14 from HC Wainwright & Co., while the lowest is $10 from Raymond James [3] - Recent analyst ratings suggest an implied upside of 75.21% for AngioDynamics based on an average price target of $13.67 [3]