AngioDynamics Reports Fiscal Year 2025 Third Quarter Financial Results LATHAM, N.Y.--(BUSINESS WIRE)

AngioDynamics Reports Fiscal Year 2025 Third Quarter Financial Results

LATHAM, N.Y.--(BUSINESS WIRE)- April 2, 2025-- 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 third quarter of fiscal year 2025, which ended February 28, 2025.

Fiscal Year 2025 Third Quarter Highlights

*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.

"We are very pleased with our third quarter performance as we continued to drive strong topline growth and adjusted EBITDA profitability. Our ability to deliver

consistently strong results comes as a result of the significant transformation we have undergone over the last few years to simplify our business and focus on large, fast-growing MedTech markets," said Jim Clemmer, President and Chief Executive

Officer of AngioDynamics. "To that end, we're seeing impressive momentum across our MedTech franchise, which grew over 20% for the second quarter in a row, driven by growth within each of our MedTech platform technologies, Auryon, AngioVac,

AlphaVac, and NanoKnife. In lock-step with this growth, we continue to improve gross margins and operational efficiency, which allowed us to deliver yet another quarter of positive adjusted EBITDA. Based on the quality of performance we have seen

through fiscal 2025, we are increasing our fiscal full year guidance for all of our key metrics, including; total worldwide revenue, MedTech revenue growth, gross margin, adjusted EBITDA, and adjusted EPS."

"As we look ahead, we are well positioned to deliver profitable growth going forward. With the many catalysts we have recently achieved, including FDA clearance for our

NanoKnife System for prostate tissue ablation, our portfolio is the strongest it has been. With our improved operating leverage and strong balance sheet, we can continue to prudently invest to support high impact initiatives while remaining on

track to hit our fiscal year 2026 profitability targets," continued Mr. Clemmer.

Third Quarter 2025 Financial Results

Unless otherwise noted, all financial metrics and growth rates presented below are on a pro forma basis.

Net sales for the third quarter of fiscal year 2025 were $72.0 million, an increase of 9.2% compared to the prior-year quarter.

Med Tech net sales were $31.3 million, a 22.2% increase from $25.7 million in the prior-year period. Med Tech includes the Auryon peripheral atherectomy platform, the

thrombus management platform, which includes the AlphaVac and AngioVac mechanical thrombectomy systems, and the NanoKnife irreversible electroporation platform.

Growth in the Med Tech segment for the quarter was driven by strength across all product lines, including Auryon sales of $13.9 million, which increased 17.3%, AngioVac

sales of $6.8 million, which increased 23.1%, AlphaVac sales of $3.0 million, which increased 161.4%, and NanoKnife disposable sales of $4.9 million, which increased 16.2%. Total NanoKnife sales, including capital, of $6.3 million, increased

Med Device net sales were $40.7 million, an increase of 0.9% compared to $40.3 million in the prior-year period.

U.S. net sales in the third quarter of fiscal 2025 were $61.3 million, an increase of 9.9% from $55.8 million a year ago. International net sales were $10.7 million, an

increase of 5.1%, compared to $10.1 million a year ago.

Gross margin for the third quarter of fiscal 2025 was 54.0%, which was 290 basis points up compared to the third quarter of fiscal 2024.

Gross margin for the Med Tech business was 62.5%, an increase of 100 basis points from the third quarter of fiscal 2024 driven by the growth of AngioVac sales, as well

as a higher mix of Auryon hospital-based sales. Gross margin for the Med Device business was 47.4%, an increase of 300 basis points compared to the third quarter of fiscal 2024.

The Company recorded a non-pro forma GAAP net loss of $4.4 million, or a loss per share of $0.11, in the third quarter of fiscal 2025. Excluding the items shown in the

non-GAAP reconciliation table below, adjusted net loss for the third quarter of fiscal 2025 was $3.1 million, or a loss per share of $0.08. This compares to an adjusted net loss during the fiscal third quarter of 2024 of $6.5 million, or a loss

Adjusted EBITDA in the third quarter of fiscal 2025, excluding the items shown in the non-GAAP reconciliation table below, was $1.3 million, compared to a loss of $3.6

million in the third quarter of fiscal 2024.

In the third quarter of fiscal 2025, the Company utilized $13.2 million in operating cash, and at February 28, 2025, the Company had $44.8 million in cash and cash

equivalents compared to $54.1 million in cash and cash equivalents at November 30, 2024. This is in-line with the Company's stated expectations following its second fiscal quarter. As the Company previously stated, in the fourth quarter of

fiscal 2025, the Company expects to generate positive operating cash flow, ending with cash and cash equivalents around $55 million with zero debt. In addition, the Company remains on track to achieve positive operating cash flow for the full

year of fiscal 2026.

Subsequent to the end of the third quarter of fiscal 2025, the Company announced that it secured a commitment from J.P. Morgan regarding a revolving line of credit

agreement ("the revolver"), which allows the Company to draw down up to $25.0 million at its discretion. While the Company is well capitalized with existing cash on hand, the Company stated that entering into the revolver reflects good financial

management and offers incremental flexibility to manage potential working capital fluctuations as part of its manufacturing transfer process without impacting its ability to execute on its strategic growth trajectory moving forward.

Initiated AMBITION BTK RCT and Registry to Advance Treatment for Critical Limb Ischemia

The Company initiated the AMBITION BTK (below the knee) randomized controlled trial and registry to evaluate the effectiveness of the Auryon Atherectomy System in

treating critical limb ischemia below the knee. The multicenter study will enroll up to 200 subjects across 30 sites for the RCT, plus up to 1,500 subjects in a companion registry, comparing the system in combination with standard balloon

angioplasty versus angioplasty alone for below the knee lesions. This study builds on previous clinical success demonstrating the system's ability to safely treat complex below the knee cases while effectively reducing clot burden.

Announced Publication of APEX-AV Trial Results in JSCAI

The Company announced the publication of APEX-AV trial results in the Journal of the Society for Cardiovascular Angiography & Interventions, validating the safety,

efficacy, and efficiency of the AlphaVac F1885 System for pulmonary embolism treatment. The peer-reviewed study demonstrated a 35.5% reduction in clot burden, comparing favorably to other mechanical aspiration devices, with notable

improvements in both RV/LV ratio and pulmonary artery pressures. The FDA-cleared device features a unique funnel tip design, optional wireless navigation, and blood loss mitigation, addressing a condition that affects approximately 900,000

individuals annually in the United States.

Received FDA Clearance for The NanoKnife System for Prostate Tissue Ablation

The Company received FDA 510(k) clearance for the NanoKnife System for prostate tissue ablation following the successful completion of the pivotal PRESERVE clinical

study. The trial, which enrolled 121 patients across 17 clinical sites, met its primary effectiveness endpoint with 84% of men free from in-field, clinically significant disease at 12 months post-procedure, while preserving urinary continence in

95.4% of patients and maintaining erectile function sufficient for intercourse in 71.7% of patients. The NanoKnife System is the first and only non-thermal, radiation-free ablation technology for prostate treatment utilizing Irreversible

Electroporation technology.

On January 8, 2025, the Company hosted a Virtual NanoKnife Investor Event, which provided insights into the NanoKnife System's proprietary irreversible electroporation

(IRE) technology and how it is poised to become the standard, function-preserving treatment for men with prostate tumors.

To access a replay of the event, visit HERE.

Fiscal Year 2025 Financial Guidance

For fiscal year 2025:

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 Wednesday, April 09, 2025 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 13752371.

Virtual Cardiovascular Investor Event

AngioDynamics will host a virtual cardiovascular investor event immediately following the Company's Fiscal 2025 Third Quarter Financial Results Conference Call which will

start at 9:00am ET. The Company will provide investors a deeper dive into the cardiovascular technology portfolio and strategic vision.

Webcast Registration Link:

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.

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, labor shortages and supply chain challenges including the cost and availability of raw materials), the results of on-going litigation, challenges with respect to third-party distributors

or joint venture partners or collaborators, the results of sales efforts, the effects of product recalls and product liability claims, changes in key personnel, the ability of AngioDynamics to execute on strategic initiatives, the effects of

economic, credit and capital market conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of AngioDynamics to

obtain regulatory clearances or approval of its products, or to integrate acquired businesses, as well as the risk factors listed from time to time in AngioDynamics' SEC filings, including but not limited to its Annual Report on Form 10-K for the

year ended May 31, 2024. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.

1 https://www.wcrf.org/cancer-trends/prostate-cancer-statistics/

2 Cheng JY. The Prostate Cancer Intervention Versus Observation Trial (PIVOT) in Perspective. J Clin Med Res. 2013;5(4):266-268.

doi:10.4021/jocmr1395w

ANGIODYNAMICS, INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

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