Exhibit 99.1
 
AngioDynamics Reports Fiscal Year 2026 Third Quarter Financial Results; Sustained Double-Digit Med Tech Growth Drives Continued Profitability
 

 •
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 2, 2026-- AngioDynamics, Inc. (NASDAQ: ANGO), a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options, and improving quality of life for patients, today announced financial results for the 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."

1
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.
 
2
Fiscal Year 2026 Financial Guidance
 
For fiscal year 2026 the Company now expects:
 
Guidance Metric
Guidance Action
Current Guidance
(as of April 2, 2026)
Previous Guidance
(as of January 6, 2026)
Net Sales
Increased
$313.5 - $315.5 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) – ($0.23)
($0.33) – ($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.
 
3
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.
 
4
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

5
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
 
   
Three Months Ended
  
   
Actual (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma Adjustments (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
  
$
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.
 
6
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
 
   
Nine Months Ended
  
   
Actual (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma Adjustments (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.

7
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
  
   
Actual(1)
    
Pro Forma Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
  
   
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 2025
    
Feb 28, 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
  
   
Actual(1)
    
Pro Forma Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
  
   
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 2025
    
Feb 28, 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.

8
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 Reported (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
  
   
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 2025
    
Feb 28, 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.

9
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 Reported (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
  
   
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 2025
    
Feb 28, 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 Reported (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
  
   
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 2025
    
Feb 28, 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.
 
10
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 Reported (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma Adjustments (2)
    
Pro Forma
  
   
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 2025
    
Feb 28, 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.

11
ANGIODYNAMICS, INC. AND SUBSIDIARIES
ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET DETAIL
(in thousands)
 
   
Three Months Ended
    
Nine Months Ended
  
   
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 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.

12
ANGIODYNAMICS, INC. AND SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(in thousands)
 
   
Three Months Ended
  
         
Pro Forma
Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma
Adjustments (2)
    
Pro Forma
    
Actual
    
Pro Forma
  
   
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 2025
    
Feb 28, 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
Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma
Adjustments (2)
    
Pro Forma
    
Actual
    
Pro Forma
  
   
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 2025
    
Feb 28, 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.
 
13
ANGIODYNAMICS, INC. AND SUBSIDIARIES
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
(in thousands)
 
   
Nine Months Ended
  
         
Pro Forma
Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma
Adjustments (2)
    
Pro Forma
    
Actual
    
Pro Forma
  
   
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 2025
    
Feb 28, 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
Adjustments (2)
    
Pro Forma
    
As Reported (1)
    
Pro Forma
Adjustments (2)
    
Pro Forma
    
Actual
    
Pro Forma
  
   
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 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.
 
14
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
  

15
ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
   
Three Months Ended
    
Nine Months Ended
  
   
Feb 28, 2026
    
Feb 28, 2025
    
Feb 28, 2026
    
Feb 28, 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
  


16