Full Press Release Details
Raymond James 44th Annual Institutional Investors Conference March 6, 2023 Jim
Clemmer, President & CEO Stephen Trowbridge, Executive Vice President & CFO
2 Notice Regarding Forward-Looking Statements This presentation 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," "projects," "believes," "seeks," "estimates," "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, 2022. AngioDynamics does not assume any obligation to
publicly update or revise any forward-looking statements for any reason. In the United States, the NanoKnife System has received a 510(k) clearance by the Food and Drug Administration for use in the surgical ablation of soft tissue, and is
similarly approved for commercialization in Canada, the European Union and Australia. The NanoKnife System has not been cleared for the treatment or therapy of a specific disease or condition. Notice Regarding Non-GAAP Financial
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 presentation, AngioDynamics has reported adjusted EBITDA (income before interest, taxes,
depreciation and amortization and stock-based compensation); 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.
A medical technology platform company focused on a select group of large, high
growth markets where meaningful treatment gaps exist in current standard of care. Our technologies positively impact treatment options and patients' quality of life. AngioDynamics
have the highest morbidity and mortality worldwide AngioDynamicsFocused on making a positive patient impact in large markets These diseases are closely related with highly overlapping risk factors, disease development, and illness from the
side effects of treatment. Risk Factors Ageing Lifestyle Environmental factors Genetics Chronic conditions Access to healthcare Strong Synergies1 Global Cardiovascular Disease Burden2 523M diagnosed in 2020 ~19 million
deaths Cardiovascular Disease causes 1 in 3 deaths globally Global Cancer Burden3 Cancer causes 1 in 6 deaths globally 19.3M diagnosed in 2020 ~10 million deaths 4
5 AngioDynamicsInvestments in our Med Tech platforms are funded by operating cash
flows from our Med Device portfolio The planned portfolio additions and new indications are based on management estimates and industry sources as of July 2022 and are not guarantees of future performance and are subject to risks and
uncertainties including FDA clearance. Investors are cautioned that actual events or results may differ from AngioDynamics' expectations. FOCUSED TRANSFORMATION PURSUING ATTRACTIVE MARKETS U.S. Total Addressable Markets FY2021 -
$3.0B Launch of the Auryon System gives us access to the peripheral atherectomy market FY2023 - $6.0B Planned Thrombectomy & NanoKnife System portfolio additions & new indications increase market access FY2025 - $8.0B Planned
Thrombectomy & PE portfolio additions & new indications increase market access FY2018 - $1.3B Began our strategic initiative to become a growth company Med Tech: Invest for Growth Peripheral Arterial Disease Venous
Thromboembolism Cardiac Thrombus & Emboli Solid Tumor Med Device: Maintain Positioning Vascular Access Catheters & Accessories Microwave & Radiofrequency Ablation Diagnostic Catheters, Guidewires & Kits Lung Biopsy
Safety Endovenous Laser Treatment Radiation Treatment Stabilization Balloons
Platform Technology Focused On the global threat from cancer and cardiovascular
disease Solid Tumors Prostate, Pancreas, Liver Cardiac Thrombus & Emboli PAD Peripheral Arterial Disease Above the Knee, Below the Knee, In-Stent Restenosis VTE Venous Thromboembolism DVT + PE = VTE 6
7 AngioDynamicsFocused technology platforms targeting attractive markets with
meaningful treatment gaps, where our differentiated technologies can address unmet needs Disease State Platform Treatment Status PAD Peripheral Arterial Disease Atherectomy Launched VTE Venous Thromboembolism Large Vessel
Thrombectomy Launched Launched Small Vessel Thrombectomy* In development with targeted launch end of calendar 2024 Pulmonary Embolism* APEX study currently enrolling Targeted launch early calendar 2025 Cardiac Thrombus &
Emboli Right Heart Left Heart* Launched In development Clot in Transit Launched Solid Tumor Prostate Tissue* PRESERVE study >50% enrolled Launch targeted end of calendar 2024 *AlphaVac PE, Auryon Venous Thrombectomy/DVT,
AngioVac Left Heart & NanoKnife Prostate are not cleared by the US Food and Drug Administration (FDA) for these indications.
PADWith over 25,000 cases performed, the Auryon Atherectomy System is the only
atherectomy solution with the safety profile and versatility to treat every lesion location and morphology 8 Source: Peripheral Vascular Devices Medtech 360 Market Analysis US December, 2021. Millennium Research Group, Inc. Above the Knee
(ATK) Below the Knee (BTK) Office Based Lab (OBL) Hospital T H E M A R K E T O U R S O L U T I O N W H Y I T M A T T E R S Peripheral Atherectomy Protective of vessel wall c-e Targeted biological reactions to address risk of
perforations Built-in aspiration to address risk of embolization Built-in aspiration available with the 2.0-and 2.35-mm catheters. Treat all levels of calcification a-c Indicated for in-stent restenosis* Treats above and below the knee
(inc. below the ankle) *2.0mm and 2.35mm catheters are indicated for ISR. Designed for hospital and laba-c, f Portable, 110V outlet, low noise, touch screen Debulk in fewer passes 2022 Served $760M "We've always known that Auryon's
technology is one-of-a-kind and unmatched. With the new [hydrophilic coating], we should be able to prove this - case after case after case" - Dr. Curtis Anderson, Vascular & Interventional Radiologist a-f See reference page
VTEOur differentiated technology platforms offer potential treatment solutions
across the entire disease state 9 Source: Management estimate & industry sources as of July 2022. *AlphaVac PE and Auryon Venous Thrombectomy/DVT are not cleared by the US FDA for these indications.
$2.1B $1.8B PULMONARY EMBOLISM* DEEP VEIN THROMBOSIS DVT A blood clot that forms in a deep vein, usually the leg, groin or arm Deep Vein Thrombosis Pulmonary Embolism PE A DVT breaks free and travels to the lungs blocking some or
all of the blood supply Venous Thromboembolism VTE DVT and PE are collectively referred to as VTE + = T H E M A R K E T O U R S O L U T I O N W H Y I T M A T T E R S Only solution on the market with continuous aspiration and
simultaneous reinfusion of filtered blood Aspirates large clot burden Controlled aspiration Aspirates large clot burden APEX-AV study for PE Auryon's combination of laser technology and aspiration restores flow in occluded vessels Large
Vessel Venous Thrombectomy/DVT Large Vessel Venous Thrombectomy/DVT Pulmonary Embolism* Small Vessel Venous Thrombectomy/DVT* 2022 TAM $3.9B
VTEAll-purpose technology platforms targeted at peripheral and cardiovascular
thrombolytic events, including small and large vessels PRECISE Protective of vessel wallc-e ADAPTABLE Potential to treat all types of small vessel DVT* POWERFUL 355 nm laser is designed to deliver an optimized wavelength, pulse width, and
amplitude to restore flow in occluded vesselsc, d, g Small Vessel The AngioVac System allows for the continuous aspiration of embolic material such as thrombi and emboli from the venous system while Simultaneously reinfusing the patient's own
filtered blood to limit procedural blood loss MULTIPLE TIP ANGLES 200, 850, 1800 Proprietary Funnel Design Allows for Significant Clot Removal Radiopaque Markers Better Tip Visibility Large End Hole Aspiration 42FR & 30FR
Opening The AlphaVac System allows for the controlled aspiration of embolic material such as thrombi and emboli from the venous system Large Vessel c-g See reference page *Auryon Venous Thrombectomy/DVT is not cleared by the US FDA for this
Cardiac Thrombus & EmboliWe are focused on offering percutaneous solutions for
removing thrombus and emboli in the left and right heart 11 RIGHT HEART LEFT HEART $450M $80M Right Heart Left Heart* T H E M A R K E T O U R S O L U T I O N W H Y I T M A T T E R S 2022 TAM $530M Source: Management estimate &
industry sources as of July 2022. *AngioVac Left Heart is not cleared by the US FDA for this indication. Continuous aspiration combined with the funnel tip, allows for the efficient removal of the targeted material while minimizing risk of
blood loss Currently, there is no standard for right or left heart percutaneous approach
NanoKnife Technology Expands treatment options and help preserve patient's
quality of life 12 1. Lee EW, Thai S, Kee ST. Irreversible electroporation: a novel image-guided cancer therapy. Gut Liver. (2010);4(SUPPL. 1):99-104. doi: 10.5009/gnl.2010.4.S1.S99 2. Guidance for Selection of NanoKnife Probe Array
Configuration and Ablation parameters for the Treatment of Stage III Pancreatic Cancer. 3. Scheltema MJ, Chang JI, van den Bos W, Gielchinsky I, Nguyen TV, Reijke TM, Siriwardana AR, B hm M, de la Rosette JJ, Stricker PD. Impact on
genitourinary function and quality of life following focal irreversible electroporation of different prostate segments. Diagn Interv Radiol. 2018 Sep;24(5):268-275. doi: 10.5152/dir.2018.17374. PMID: 30211680; PMCID: PMC6135060. 4. Li W, Fan
Q, Ji Z, Qiu X, Li Z. The effects of irreversible electroporation (IRE) on nerves. PLoS One. 2011 Apr 14;6(4):e18831. doi: 10.1371/journal.pone.0018831. PMID: 21533143; PMCID: PMC3077412 DECELLULARIZATION Destroys targeted tissue with precise
treatment margins.1, 2 PROBE PLACEMENT NanoKnife can be confidently used in all segments of an organ.1, 2 NON-THERMAL Spares vital structures by retaining the structural integrity of tissue.3,4 REVASCULARIZATION Facilitates functional
tissue regeneration post-ablation.3, 4
Prostate Initiative*Over 100,000 men with intermediate risk prostate cancer could
be treated with this technology 13 *IDE Study in progress Market Source: Management estimate & industry sources as of July 2022. Focal Therapy T H E M A R K E T O U R S O L U T I O N W H Y I T M A T T E R S 2022
TAM $700M INTERMEDIATE RISK SALVAGE $584M $118M Targeted: Short electric pulses destroy cells without relying on extreme heat or cold and spare vital structures within the ablation zone Quality of Life: Better preserves urinary control
and erectile function Versatile: Can be used in all segments of the prostate for primary and recurrent disease Fast: Minimally invasive treatment that is delivered in a single session Preserves future treatment options
14 AngioDynamicsFocused technology platforms targeting attractive markets with
meaningful treatment gaps, where our differentiated technologies can address unmet needs Disease State Platform Treatment Status PAD Peripheral Arterial Disease Atherectomy Launched VTE Venous Thromboembolism Large Vessel
Thrombectomy Launched Launched Small Vessel Thrombectomy* In development with targeted launch end of calendar 2024 Pulmonary Embolism* APEX study currently enrolling Targeted launch early calendar 2025 Cardiac Thrombus &
Emboli Right Heart Left Heart* Launched In development Clot in Transit Launched Solid Tumor Prostate Tissue* PRESERVE study >50% enrolled Launch targeted end of calendar 2024 *AlphaVac PE, Auryon Venous Thrombectomy/DVT,
AngioVac Left Heart & NanoKnife Prostate are not cleared by the US Food and Drug Administration (FDA) for these indications.
International Expansion PlanExpanding our business reach in targeted regions &
countries 15 Aligning our Go-to-Market strategy to the different regions and markets, utilizing new partnerships where appropriate to maximize growth Preparing for EU and selected OUS launches of both the Auryon Atherectomy Product line, and
the AlphaVac large bore Thrombectomy product Line Targeted launch date Auryon: 1H of calendar 2024 Targeted launch date AlphaVac: 1H of calendar 2024 Continue to increase our global presence through our series of life symposiums which has
attracted interest from global key opinion leaders who are gaining more access of our technologies
Medical Device 16 Med Device: Maintain Positioning Vascular Access Catheters
& Accessories Microwave & Radiofrequency Ablation Diagnostic Catheters, Guidewires & Kits Lung Biopsy Safety Endovenous Laser Treatment Radiation Treatment Stabilization Balloons Optimizing our commercial approach by
re-aligning Core portfolio into new VA - Device centric commercial team Broader Med Device bag allows deeper customer engagement Maximize clinical differentiation & secure committed customers through targeted GPO/IDN contracting
Maintain a strong culture of execution and collaboration through disciplined sales & marketing plans Develop & export key talent throughout the organization P O R T F O L I O M A R K E T A C C E S S P E R F O R M A N C E
3 Year Transformational Plan 17 The projections and growth rates depicted on
this slide are forward-looking statements. These forward-looking statements are not guarantees of future performance and subject to risks and uncertainties. FY22 FY22 Revenue Growth $305M - $310M 5% - 7% Gross Margin ~55% Adjusted
EPS $0.00 - $0.05 FY23 FY22 Revenue Growth $330M - $336M 7% - 9% FY24 FY22 Revenue Growth $360M - $375M 10% - 12% Planned significant investment in Med Tech platforms drives top line growth Bottom line leverage will ramp slower
than top line growth FY21 FY24 Med Tech Med Device <20% ~35% Revenue Contribution Tech CAGR 30% - 35% Device CAGR 1% - 3% Revenue Growth CAGR Actual $316M 9%
Raymond James 44th Annual Institutional Investors Conference March 6, 2023 Jim
Clemmer, President & CEO Stephen Trowbridge, Executive Vice President & CFO
Auryon References a. Rundback J, Chandra P, Brodmann M, Weinstock B, Sedillo G,
Cawich I, et al. Novel laser-based catheter for peripheral atherectomy: 6-month results from the Eximo Medical B-Laser IDE study. Catheter Cardiovasc Interv. 2019;1-8. b. Shammas NW, Chandra P, Brodmann M, Weinstock B, Sedillo G, Cawich I,
et al. Acute and 30-day safety and effectiveness evaluation of Eximo Medical's B-Laser , a novel atherectomy device, in subjects affected with infrainguinal peripheral arterial disease: Results of the EX-PAD-03 trial. Cardiovas Revasc Med.
2020;21(1):86-92. c. Auryon. Instructions for use. AngioDynamics; 2019. d. Herzog A, Bogdan S, Glikson M, Ishaaya AA, Love C. Selective tissue ablation using laser radiation at 355 nm in lead extraction by a hybrid catheter; a preliminary
report. Lasers Surg Med. 2016;48(3):281-287. e. Herzog A, Steinberg I, Gaisenberg E, Nomberg R, Ishaaya AA. A route to laser angioplasty in the presence of fluoroscopy contrast media, using a nanosecond-pulsed 355-nm laser. IEEE J Sel Top