UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 2022
(Exact Name of Registrant as Specified in Charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 – Regulation FD Disclosure.
On August 10, 2022, Stephen A. Trowbridge, Executive Vice President and Chief Financial Officer of AngioDynamics, Inc.
(“AngioDynamics”), will present at the Canaccord Genuity 42nd Annual Growth Conference. The presentation slides are furnished herewith as Exhibit 99.1.
The presentation slides furnished pursuant to Item 7.01 of this Form 8-K (including Exhibit 99.1) shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. Furthermore, the presentation slides shall not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Forward-Looking Statements
This document and its attachments contain 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, 2022. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.
Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No.
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Description
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Presentation slides for the Canaccord Genuity 42nd Annual Growth Conference, dated August 10, 2022.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.
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ANGIODYNAMICS, INC.
(Registrant)
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Date: August 10, 2022
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By:
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/s/ Richard C. Rosenzweig | |
| Name: Richard C. Rosenzweig | |||
| Title: Senior Vice President, General Counsel and Secretary | |||
Exhibit 99.1
08 | 10 | 2022 ANGIODYNAMICS Canaccord Growth Conference Stephen Trowbridge, EVP & CFO 1
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.
3 FOCUSED TRANSFORMATION U.S. Total Addressable Markets FY2021 Launch of the Auryon System gives us
access to the peripheral atherectomy market $3.0B 2-5% Mkt CAGR $6.0B 3-7% Mkt CAGR $8.0B 3-7% Mkt CAGR FY2023 Planned Thrombectomy & NanoKnife System portfolio additions & new indications increase market access The planned
portfolio additions and new indications 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. FY2025 Planned Thrombectomy & PE portfolio additions & new indications increase market access FY2018 Began our strategic initiative to become a growth company $1.3B 0-3% Mkt CAGR
4 MED DEVICE Maintain Positioning Solid Tumor Irreversible Electroporation Peripheral Arterial
Disease MED TECH Invest for Growth Thrombus Management
THROMBUS MANAGEMENT MED TECH
$80M $2.1B $1.8B Deep Vein Thrombosis Pulmonary Embolism PE A blood clot that forms in a deep
vein, usually the leg, groin or arm A DVT breaks free from a vein wall and travels to the lungs blocking some or all of the blood supply Stages of Clot Clot in Transit (traveling through the heart) Clot in Pulmonary Arteries
(PE) Plovanic, W. J., & Furlong, C. (2020, June). Inari Medical Biomedical Devices and Services. Canaccord Genuity Capital Markets. “Venous Thromboembolism (VTE).” World Thrombosis Day, www.worldthrombosisday.org/issue/vte. Illustrations
and Images not Produced by AngioDynamics Include: https://www.vascularmedcure.com/disease-background DVT (Blood Clot In the Leg): 7 Warning Signs and Symptoms (emedicinehealth.com) 6 PULMONARY EMBOLISM* RIGHT ATRIUM $3.9B DEEP VEIN
THROMBOSIS 2022 Market TAM Source: Management estimate & industry sources. *Includes Clot in Transit DVT + = VTE DVT and PE are collectively referred to as VTE Venous Thromboembolism 100,000 VTE-Related Deaths in the USA Annually2
The Difference The AngioVac System allows for the continuous aspiration of embolic material such as
fresh, soft thrombi or vegetation from the venous system Utilizing a self-expanding, nitinol reinforced funnel tip Simultaneously reinfusing the patient’s own filtered blood to limit procedural blood loss Waste Collection
System Filter Saline AngioVac Cannula Reinfusion Cannula AngioVac Circuit 7 Centrifugal Pump Console Individual experience may not be indicative of all procedure results.
Control Features for Handle & Cannula SYRINGE BARREL Aspirate between 10 & 30cc / pull VOLUME
LIMITING SWITCH Allows tailored aspiration volume VACUUM LOCK Allows for continuous aspiration When engaged in clot MANUAL ASPIRATION HANDLE Controlled, single-hand design MULTIPLE TIP ANGLES 00, 200, 850, 1800 PROPRIETARY FUNNEL
DESIGN Allows for Massive Clot Removal | En Bloc RADIOPAQUE MARKERS Better Tip Visibility LARGE END HOLE ASPIRATION 42FR & 30FR Opening COMPLETE CONTROL INTUITIVELY SIMPLE EFFICIENTLY POWERFUL
9 Addressable Markets Pulmonary Embolism (PE) $1.6B TAM AlphaVac F18 Isolated Inferior Vena Cava
(IVC) Thrombus $400M TAM AlphaVac F22, F18 Iliofemoral Deep Vein Thrombosis (DVT) $1.7B TAM AlphaVac F14 TAMs: Management estimate & industry sources *AlphaVac F1420 is not cleared by the Food and Drug Administration (FDA). These
statements and the subject products have not been evaluated by the FDA. These devices are not currently being marketed, nor are they available for sale in any country. AlphaVac and AngioVac are not indicated for PE. Funnel Tip Opening FR
Size Cannula Angle Degree Cannula FR Size Modality
Type F2220 F22180 F1885 F1420 F1885 PE 42FR 42FR 33FR ~21FR 33FR 20º 180º 85º 20º 85º 22FR 22FR 18FR ~14FR 18FR Cannula Cannula Cannula Cannula Cannula 25FR 25FR 22FR ~16FR 22FR Sheath Sheath Sheath Sheath Sheath Deliberate
Attention to Key Technology Elements Shapes, Sizes and Angles will be available in both on/off circuit options (AlphaVac/AngioVac) Availability IN CURRENTLY DEVELOPMENT ENROLLING Right Atrium $80M TAM AngioVac F22, F18 LAUNCHED LAUNCHED
LAUNCHED Clot in Transit $170M TAM AngioVac F22, F18
PERIPHERAL ATHERECTOMY MED TECH
63% 37% $760M Over 8 Million1 Americans Suffer from P AD Over 150,000 Limbs2 are Lost Every
Year because of PAD 50% Mortality Rate2 Associated with PAD after Limb Loss PERIPHERAL ATHERECTOMY US Addressable Markets & Competitive Landscape 3. Peripheral Vascular Devices Medtech 360 Market Analysis US December, 2021. Millennium
Research Group, Inc. 11 2022 Served Market https://www.nhlbi.nih.gov/health/peripheral-artery-disease https:// www.cookmedical.com/peripheral-intervention/10-facts-about- peripheral-arterial-disease/ Above the Knee (ATK) Below the Knee
(BTK) 14% 86% Mechanical Laser 62% 38% Office Based Lab (OBL) Hospital
2.35 mm Aspiration and Off-Center capabilities and indicated for Peripheral Atherectomy and In-Stent
Restenosis (ISR) 2.0 mm Aspiration capability and indicated for Peripheral Atherectomy and ISR 1.5 mm Indicated for Peripheral Atherectomy Why wavelength matters Each type of tissue interacts differently with a given wavelength Why pulse
width and amplitude matter Greater amplitude is achieved with shorter pulses, which can deposit energy before thermal diffusion occurs. The Auryon System produces a photon energy of 3.5 eV, which is low enough to be nonreactive to vessel
endothelium, but high enough to vaporize calcium.1,2 The Auryon System has a pulse width of 10 to 25 ns, ensuring enough power to target the lesion and spare the vessel.3 0.9 mm Indicated for Peripheral Atherectomy Herzog A, Bogdan S,
Glikson M, I s h a a y a AA, Love C. Selective t issue ablation u s in g laser radiation at 355 nm in lead extraction by a hybrid catheter; a preliminary report. Lasers Surg Med. 2016;48(3):281-287. Spectranetics Corporation. CVX-300 Excimer
Laser System: Operator’s Manual. Version 28. 2019:1-56. Auryon. Instructions for use. AngioDynamics; 2019. 12
IRREVERSIBLE ELECTROPORATION MED TECH 13
INNOVATION DOCTORS NEED Expands treatment options and help preserve patient's quality of
life 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 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 Guidance for Selection of NanoKnife Probe Array Configuration and Ablation parameters for the Treatment of Stage III Pancreatic Cancer. Scheltema MJ, Chang JI, van den Bos W, Gielchinsky I, Nguyen TV, Reijke TM,
Siriwardana AR, Böhm 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. 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. 14
$1.6B 15 21%1,2 9%1,2 PROSTATE 70%1,2 2022 Total Addressable Market (TAM) PANCREAS LIVER THE
NANOKNIFE SYSTEM Estimated # of US Patients Diagnosed in 20221 Liver 41,260 Pancreas 62,210 Prostate 268,490
Prostate cancer (PCa) is the only solid tumor without a standardized local treatment
option1 Advances in genetics, imaging, and methodology support a local treatment option for PCa2 But existing technology has less than ideal outcomes for cancer control and quality of life3,4 16 Approximately 100,000 men are
estimated to be candidates for focal therapy each year8 PROSTATE INITIATIVE Effectively destroys targeted tissue with precise treatment margins5 Spares vital structures within the ablation zone6 Enables treatment to be performed in
all segments of an organ7 Bridge the gap between an active surveillance strategy and whole-gland treatment NCCN Guidelines for Patients Early Stage Prostate Cancer.
https://www.nccn.org/patients/guidelines/content/PDF/prostate-early-patient.pdf. Lee, Byron H., et al. “Changing Landscape of Prostate Cancer Favoring Low-Risk Prostate Cancer: Implications for Active Surveillance Versus Focal Therapy.”
Imaging and Focal Therapy of Early Prostate Cancer, 2012, pp. 17–36., doi:10.1007/978-1-62703-182-0_2. 3). Worrell Design. Next Gen Voice of Customer, 2020. Sivaraman A, Barret E. Focal Therapy for Prostate Cancer: An "À la Carte"
Approach. Eur Urol. 2016;69(6):973-975. doi:10.1016/j.eururo.2015.12.015 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 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. 7). Scheltema MJ, Chang JI, van den Bos W,
Gielchinsky I, Nguyen TV, Reijke TM, Siriwardana AR, Böhm 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.
Prostate cancer (PCa) is the only solid tumor without a standardized local treatment option1 Advances in
genetics, imaging, and methodology support a local treatment option for PCa2 But existing technology has less than ideal outcomes for cancer control and quality of life3,4 16 Approximately 100,000 men are estimated to be candidates for
focal therapy each year8 PROSTATE INITIATIVE Effectively destroys targeted tissue with precise treatment margins5 Spares vital structures within the ablation zone6 Enables treatment to be performed in all segments of an organ7 Bridge the
gap between an active surveillance strategy and whole-gland treatment NCCN Guidelines for Patients Early Stage Prostate Cancer. https://www.nccn.org/patients/guidelines/content/PDF/prostate-early-patient.pdf. Lee, Byron H., et al. “Changing
Landscape of Prostate Cancer Favoring Low-Risk Prostate Cancer: Implications for Active Surveillance Versus Focal Therapy.” Imaging and Focal Therapy of Early Prostate Cancer, 2012, pp. 17–36., doi:10.1007/978-1-62703-182-0_2. 3). Worrell
Design. Next Gen Voice of Customer, 2020. Sivaraman A, Barret E. Focal Therapy for Prostate Cancer: An "À la Carte" Approach. Eur Urol. 2016;69(6):973-975. doi:10.1016/j.eururo.2015.12.015 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 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. 7). Scheltema MJ, Chang JI, van den Bos W, Gielchinsky I, Nguyen TV, Reijke TM, Siriwardana AR, Böhm 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.
17 PRESERVE Prostate IDE 37 SUO-CTC US sites responded to Call for Sites 20 Sites selected, focused
on geographic and demographic diversity, high-volume focal therapy institutions 118 Intermediate-risk patients to be enrolled through 1-year follow up SUO-CTC is a clinical research investigator network of 500+ members from more than 250
clinical sites in the US and Canada. Primary Endpoint: Rate of negative in-field biopsy at 1 year First Patient Enrolled: April 2022 Enrollment Period: 12 months Date of last update: April 7, 2022
18 TECHNOLOGY PLATFORM PIPELINE
Med Tech Platform Expansions Developing our Med Tech platforms exponentially expands our TAMs FY2023
TAM $6B Portfolio Expansion Pulmonary Embolism Left Atrium Coronary Atherectomy* Arterial Thrombectomy European MedTech Platform Expansion* DVT Atherectomy Right Atrium Prostate Med Device Chronic DVT* Future
TAM >$10B Source: Management estimate & industry sources Note: The planned portfolio additions are not guarantees of future performance and are subject to risks and uncertainties, including clearance by the FDA. Investors are
cautioned that actual events or results may differ from AngioDynamics’ expectations. *Facilitates incremental TAM expansion beyond that depicted for FY 2025 on the previous slide 19
20 Peripheral Arterial Disease (PAD) Atherectomy Arterial Thrombectomy Venous
Thrombectomy Coronary Expansion Opportunity ~$1B TAM Medial Calcification Treatment Claims Expansion Opportunity Coronary Artery Disease (CAD) Atherectomy PAD Interoperative Thrombus NEW Indication Received $50M TAM Acute Limb
Ischemia (ALI) Indication Expansion Opportunity $850M TAM In Stent Restenosis (BTK) Above the Knee (ATK) Below the Knee (BTK) Current Indications $760M Served Medial Calcification Treatment Claims Expansion Opportunity ~$1B
TAM Iliofemoral DVT Chronic Clot In Development $1.7B TAM Procedural Hub at all Sites of Service OBL/ASC/Hospital Technology and Platform Expansion Pipeline Funded Development Project Commercially Available TAMs: Management estimate
& industry sources
21 Right Atrium Venous Thrombectomy Pulmonary Embolism Left Atrium Infective Endocarditis
(IE) Current Indications $80M TAM Clot in Transit $170M TAM Isolated IVC Current Indications $400M TAM Iliofemoral DVT Current Indication, Optimized 14F w/ retractor in development $1.7B TAM Pulmonary Embolism IDE Currently
Enrolling $1.6B TAM Infective Endocarditis (IE) Left Atrial Appendage Thrombus (LAA) In Development $430M TAM Funded Development Project Commercially Available Technology and Platform Expansion Pipeline TAMs: Management estimate &
industry sources
22 Prostate Pancreas Liver Salvage FIRE Trial* $119M TAM Intermediate PRESERVE Trial $585M
TAM Stage IIB & III Breakthrough Designation & DIRECT Study $60M TAM Tumor Ablation META Data Analysis $114M TAM Funded Development Project Commercially Available Technology and Platform Expansion Pipeline TAMs: Management
estimate & industry sources * Focal Irreversible Electroporation as salvage treatment in radio-recurrent prostate cancer, Investigator initiated trial
FINANCIALS 23
Fourth Quarter and Full-Year Highlights Q4 FY2022 Q4
FY2021 Change FY2022 FY2021 Change Revenue $86,998 $76,842 13.2% $316,219 $291,010 8.7% Gross Margin 53.4% 55.1% (170 bps) 52.4% 53.9% (150 bps) Net Loss ($6,266) ($19,468) $13,202 ($26,547) ($31,548) $5,001 GAAP
EPS ($0.16) ($0.51) $0.35 ($0.68) ($0.82) $0.14 Adjusted EPS $0.01 $0.00 $0.01 $0.00 $0.05 ($0.05) Adjusted EBITDA $6,192 $4,512 $1,680 $20,879 $19,516 1,363 Financial Performance $ in thousands (except per share
data) 24
FY21 FY22 235.3 237.5 55.7 78.7 Fourth Quarter and Full-Year Highlights 25 Med Device Med
Tech 40.0% growth 6.1% growth Q4 Revenue Growth Q4 FY21 Q4 FY22 Full-Year Revenue Contribution Med Device Med Tech FY21 FY22 41.2% growth 0.9% growth Q4 Revenue Contribution Full-Year Revenue
Growth 21% 79% 26% 74% 60.7 64.4 16.2 22.6 Q4 FY22 Q4 FY21 19% 81% 25% 75%
Fourth Quarter and Full-Year 2022 Results (unaudited) $ in thousands (except per share data) Q4
FY2022 Q4 FY2021 Change FY2022 FY2021 Change Revenue $86,998 $76,842 13.2% $316,219 $291,010 8.7% Med Tech Med
Device $22,611 $64,387 $16,150 $60,692 40.0% 6.1% $78,717 $237,502 $55,731 $235,279 41.2% 0.9% Endovascular Therapies Vascular Access
Oncology $45,126 $26,734 $15,138 $38,071 $24,462 $14,309 18.5% 9.3% 5.8% $160,925 $100,193 $55,101 $135,079 $101,310 $54,621 19.1% (1.1%) 0.9% United States
International $73,704 $13,294 $63,597 $13,245 15.9% 0.4% $265,963 $50,256 $237,043 $53,967 12.2% (6.9%) Net Loss Non-GAAP Adjusted Net Income
(Loss) ($6,266) $253 ($19,468) ($67) $13,202 $320 ($26,547) ($182) ($31,548) $1,852 $5,001 ($2,034) GAAP EPS Non-GAAP Adjusted
EPS ($0.16) $0.01 ($0.51) $0.00 $0.35 $0.01 ($0.68) $0.00 ($0.82) $0.05 $0.14 ($0.05) Gross Margin 53.4% 55.1% (170 bps) 52.4% 53.9% (150 bps) Adjusted EBITDA $6,192 $4,512 $1,680 $20,879 $19,516 $1,363 $ in
thousands Q4 FY2022 Q4 FY2021 Change Cash $28,825 $48,161 ($19,336) Debt $25,000 $20,000 $5,000 Net (Debt) Cash $3,825 $28,161 ($24,336) 26
27 Fourth Quarter and Full-Year 2022 Gross Margin Walk Full-Year Fourth Quarter * Start-up costs
include installation costs related to the Auryon lasers and costs related to transitioning the manufacturing of AlphaVac to AngioDynamics.
28 Full-Year 2022 Cash Walk
APPENDIX 29
GAAP to Non-GAAP Reconciliation 30
Reconciliation of GAAP to Non-GAAP Net Income (Loss) and EPS Reconciliation of Net Loss to Adjusted
EBITDA (1) (2) (3) Includes costs related to merger and acquisition activities, restructurings, and unusual items, including asset impairments and write- offs, certain litigation, and other items. Fiscal year 2021 results include a $14.0
million write-off of OARtrac intangible assets. 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 May 31, 2022 and May 31, 2021. Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss. 31 (1) Includes costs related to merger and acquisition activities, restructurings, and unusual
items, including asset impairments and write-offs, certain litigation, and other items. Fiscal year 2021 results include a $14.0 million write-off of OARtrac intangible assets. (in thousands, except per share data) (in thousands)