Earnings release
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AngioDynamics Reports Fiscal Year 2027 First Quarter Financial Results; Continued Execution Drives Med Tech Growth and Profitability October 8, 2026 PDF Version Delivered its eighth consecutive quarter of double-digit Med Tech segment growth and positive adjusted EBITDA LATHAM, N.Y.--(BUSINESS WIRE)--Oct. 8, 2026-- AngioDynamics, Inc. (NASDAQ: ANGO), a leading and transformative medical technology company focused on restoring healthy blood flow in the bodyʼs vascular system, expanding cancer treatment options, and improving quality of life for patients, today announced financial results for the first quarter of fiscal year 2027, which ended August 31, 2026. Fiscal Year 2027 First Quarter Financial Highlights Quarter Ended August 31, 2026 YoY Growth Net Sales $80.9 million 6.9% Med Tech Net Sales $39.9 million 13.2% Med Device Net Sales $41.0 million 1.4% GAAP gross margin of 59.4% GAAP loss per share of $0.17 Adjusted loss per share of $0.04 Adjusted EBITDA of $5.0 million Announced the appointment of Eric Honroth as President and Chief Executive Officer, effective November 2, 2026, succeeding Jim Clemmer Received FDA IDE (Investigational Device Exemption) approval for the RELIEF study evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia "Our first quarter results reflect the continued, consistent execution we've built into this business," said Jim Clemmer, President and Chief Executive Officer of AngioDynamics. "Med Tech again led our growth, highlighted by Auryon's 21st consecutive quarter of double-digit atherectomy growth, continued performance in Mechanical Thrombectomy, and ongoing strength in our NanoKnife oncology platform. We remain focused on the fundamentals that have driven our performance over the past several years, and we're confident in our ability to deliver on the outlook we've laid out for fiscal 2027." Mr. Clemmer continued, "As I shared previously, after ten years leading this company, I have decided to retire, and the Board has completed a comprehensive search for my successor. I'm pleased to share that Eric Honroth will become our next President and Chief Executive Officer. He brings the right experience and leadership to build on the foundation we've established, and I will remain closely involved to ensure a smooth transition." Fiscal First Quarter 2027 Financial Results Net sales for the first quarter of fiscal year 2027 were $80.9 million, an increase of 6.9% compared to the prior-year quarter. Med Tech net sales were $39.9 million, a 13.2% increase from $35.3 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 $18.9 million, an increase of 14.7% compared to the prior-year quarter. In our Mechanical Thrombectomy business, AlphaVac sales grew 37.4% compared to the prior year quarter and 6.4% sequentially. AngioVac faced a tough comparison, declining 5.9% versus prior year and yet growing 9.1% sequentially. Overall, Mechanical Thrombectomy delivered sales of $12.0 million, an increase of 6.7% compared to the prior-year quarter. NanoKnife sales were $8.3 million, an increase of 29.0% compared to the prior-year quarter, driven primarily by continued demand for prostate procedures, including 24.1% growth in probes and 53.5% growth in capital sales. Med Device net sales were $41.0 million, a 1.4% increase compared to $40.4 million in the prior-year period. Gross margin for the first quarter of fiscal 2027 was 59.4%, which was 410 basis points higher compared to the first quarter of fiscal 2026, primarily driven by favorable pricing and the ongoing revenue mix shift toward Med Tech, partially offset by the manufacturing transition and global inflation all of which were in-line with the Company's expectations. Gross margin also benefited from tariff refunds received during the quarter; absent this benefit, gross margin would have been 57.8%. As previously stated, the Company expects gross margin to be lower in the second half of fiscal 2027 than in the first half. The Company recorded a GAAP net loss of $7.1 million, or a loss per share of $0.17, in the first quarter of fiscal 2027, compared to a net loss of $10.9 million, or a loss per share of $0.26, a year ago. Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss for the first quarter of fiscal 2027 was $1.8 million, or a loss per share of $0.04. This compares to an adjusted net loss during the fiscal first quarter of 2026 of $4.2 million, or a loss per share of $0.10. Adjusted EBITDA in the first quarter of fiscal 2027, excluding the items shown in the non-GAAP reconciliation table below, was $5.0 million, compared to $2.2 million in the first quarter of fiscal 2026. Tariff-related expenses were $0.9 million during the quarter, compared to $1.7 million for the prior year quarter, in line with the Company's expectations. Additionally, the Company received $1.2 million of tariff refunds during the quarter, resulting in net tariff benefit of $0.4 million. In the first quarter of fiscal 2027, the Company used $15.3 million of cash from operations, compared to $15.9 million in the first quarter of fiscal 2026. At August 31, 2026, the Company had $34.0 million in cash and maintains a debt-free balance sheet. CEO Update The Company announced earlier today that Eric Honroth has been appointed President and Chief Executive Officer, effective November 2, 2026, succeeding Jim Clemmer. The appointment follows a comprehensive search process led by the Board of Directors. Mr. Clemmer, who announced his intention to retire after ten years leading the Company, will remain with AngioDynamics as an executive advisor to support a smooth transition. Additional information is available in the Company's separate press release announcing the appointment. 1/6
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FDA IDE Approval for RELIEF BPH Study The Company received FDA approval of its IDE for the RELIEF study, a feasibility trial evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia. The study is designed to enroll 40 subjects at up to five U.S. clinical sites, with a primary endpoint measuring change in the International Prostate Symptom Score at six months. RELIEF extends the NanoKnife IRE platform beyond oncology into one of the most common conditions affecting men's health. The Company views the study as an important step in expanding the long-term addressable market for its IRE technology. Fiscal Year 2027 Financial Guidance Based on its first quarter performance and current outlook for the remainder of the fiscal year, the Company is reiterating its previously issued fiscal year 2027 guidance, as outlined below. Guidance Metric Guidance (As of October 8, 2026) Net Sales $336.0M - $341.0M Med Tech Net Sales Growth 12% – 15% Med Device Net Sales Growth Flat Gross Margin 54% – 55% Adjusted EBITDA $13.0M - $16.0M Adjusted EPS ($0.29) – ($0.24) Tariff Related Guidance Assumptions For fiscal 2027, the Company expects a tariff impact broadly similar to fiscal 2026, (excluding any tariff refunds) based on its current view of the tariff situation, which remains dynamic and subject to change. Conference Call The Companyʼs management will host a conference call at 8:00 am ET on the date of this announcement 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. 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 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 bodyʼs vascular system, expanding cancer treatment options and improving quality of life for patients. The Companyʼs 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, 2026. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason. 2/6
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ANGIODYNAMICS, INC. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (in thousands, except per share data) Three Months Ended Aug 31, 2026 Aug 31, 2025 (unaudited) (unaudited) Net sales $ 80,915 $ 75,711 Cost of sales (exclusive of intangible amortization) 32,875 33,854 Gross margin 48,040 41,857 % of net sales 59.4% 55.3% Operating expenses Research and development 7,979 6,417 Sales and marketing 29,986 28,130 General and administrative 12,467 12,555 Amortization of intangibles 2,729 2,653 Acquisition, restructuring and other items, net 2,181 2,758 Total operating expenses 55,342 52,513 Operating loss (7,302) (10,656) Interest expense, net (88) (4) Other income (expense), net 94 (178) Total other income (expense), net 6 (182) Loss before income tax (benefit) expense (7,296) (10,838) Income tax (benefit) expense (199) 65 Net loss $ (7,097) $ (10,903) Loss per share Basic $ (0.17) $ (0.26) Diluted $ (0.17) $ (0.26) Weighted average shares outstanding Basic 42,022 41,174 Diluted 42,022 41,174 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: Three Months Ended Aug 31, 2026 Aug 31, 2025 (unaudited) (unaudited) Net loss $ (7,097) $ (10,903) Amortization of intangibles 2,729 2,653 Acquisition, restructuring and other items, net (1) 2,181 2,758 Tax effect of non-GAAP items (2) 350 1,313 Adjusted net loss $ (1,837) $ (4,179) Reconciliation of Diluted Loss Per Share to non-GAAP Adjusted Diluted Loss Per Share: Three Months Ended Aug 31, 2026 Aug 31, 2025 (unaudited) (unaudited) Diluted loss per share $ (0.17) $ (0.26) Amortization of intangibles 0.06 0.06 Acquisition, restructuring and other items, net (1) 0.05 0.07 Tax effect of non-GAAP items (2) 0.02 0.03 Adjusted diluted loss per share $ (0.04) $ (0.10) Adjusted diluted sharecount (3) 42,022 41,174 3/6
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(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. (2) 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 August 31, 2026 and 2025. (3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss. ANGIODYNAMICS, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION (Continued) (in thousands, except per share data) Reconciliation of Net Loss to Adjusted EBITDA: Three Months Ended Aug 31, 2026 Aug 31, 2025 (unaudited) (unaudited) Net loss $ (7,097) $ (10,903) Income tax (benefit) expense (199) 65 Interest expense, net 88 4 Depreciation and amortization 5,498 5,950 Stock based compensation 4,502 4,470 Acquisition, restructuring and other items, net (1) 2,181 2,574 Adjusted EBITDA $ 4,973 $ 2,160 (1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items. ANGIODYNAMICS, INC. AND SUBSIDIARIES ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET DETAIL (in thousands) Three Months Ended Aug 31, 2026 Aug 31, 2025 (unaudited) (unaudited) Legal (1) $ 406 $ 213 Plant closure (2) 617 2,345 Transition service agreement (3) — (302) CEO transition (4) 770 — Other 388 502 Total $ 2,181 $ 2,758 (1) Legal expenses related to litigation that is outside the normal course of business. (2) Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024. (3) Transition services agreements that were entered into with Merit and Spectrum. (4) CEO retirement and transition expenses related to the CEO search and retention agreements with the Company's executive leadership team. ANGIODYNAMICS, INC. AND SUBSIDIARIES NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY (in thousands) Three Months Ended Aug 31, 2026 Aug 31, 2025 % Growth (unaudited) (unaudited) Net Sales Med Tech $ 39,916 $ 35,261 13.2% Med Device 40,999 40,450 1.4% $ 80,915 $ 75,711 6.9% Net Sales United States $ 71,068 $ 66,456 6.9% International 9,847 9,255 6.4% $ 80,915 $ 75,711 6.9% 4/6
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GROSS MARGIN BY PRODUCT CATEGORY (in thousands) Three Months Ended Aug 31, 2026 Aug 31, 2025 % Change (unaudited) (unaudited) Med Tech $ 26,424 $ 21,922 20.5% Gross margin % of sales 66.2% 62.2% Med Device $ 21,616 $ 19,935 8.4% Gross margin % of sales 52.7% 49.3% Total $ 48,040 $ 41,857 14.8% Gross margin % of sales 59.4% 55.3% ANGIODYNAMICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands) Aug 31, 2026 May 31, 2026 (unaudited) (audited) Assets Current assets: Cash $ 33,973 $ 53,864 Accounts receivable, net 44,905 48,325 Inventories 54,953 52,436 Prepaid expenses and other 9,172 8,769 Total current assets 143,003 163,394 Property, plant and equipment, net 27,728 27,097 Other assets 9,308 9,463 Intangible assets, net 61,894 67,209 Total assets $ 241,933 $ 267,163 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 26,579 $ 31,513 Accrued liabilities 28,811 38,909 Other current liabilities 4,299 4,295 Total current liabilities 59,689 74,717 Deferred income taxes 4,680 5,316 Other long-term liabilities 13,601 16,305 Total liabilities 77,970 96,338 Stockholders' equity 163,963 170,825 Total Liabilities and Stockholders' Equity $ 241,933 $ 267,163 5/6
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ANGIODYNAMICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended Aug 31, 2026 Aug 31, 2025 (unaudited) (unaudited) Cash flows from operating activities: Net loss $ (7,097) $ (10,903) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 5,498 5,950 Non-cash lease expense 366 445 Non-cash interest expense 72 70 Stock based compensation 4,502 4,470 Deferred income taxes (306) (16) Change in accounts receivable allowances (57) 108 Fixed and intangible asset disposals 81 (27) Other (707) 264 Changes in operating assets and liabilities: Accounts receivable 3,471 139 Inventories (2,715) (192) Prepaid expenses and other (1,019) (5,525) Accounts payable, accrued and other liabilities (17,419) (10,697) Net cash used in operating activities (15,330) (15,914) Cash flows from investing activities: Additions to property, plant and equipment (379) (731) Additions to placement and evaluation units (2,769) (820) Net cash used in investing activities (3,148) (1,551) Cash flows from financing activities: Principal payments on finance arrangements (99) (91) Proceeds (outlays) from issuances of shares of common stock (1,276) 234 Net cash (used in) provided by financing activities (1,375) 143 Effect of exchange rate changes on cash and cash equivalents (38) 191 Decrease in cash (19,891) (17,131) Cash at beginning of period 53,864 55,893 Cash at end of period $ 33,973 $ 38,762 6/6