ANGIODYNAMICS INC
For the period ended Feb 28, 2025. Filed Apr 2, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Feb 28, 2025 · Filed Apr 2, 2025
ANGO$11.73-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-11-30; filed 2025-01-08.
0001275187-25-000005
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-02-28; filed 2025-04-02.
0001275187-25-000010
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 120 previous paragraphs and 137 current paragraphs.
40 unchanged; 65 reworded; 30 added; 14 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
On December 24, 2024, the Company entered into an agreement to sell the manufacturing facilities in Queensbury, NY and Glens Falls, NY for a purchase price of $5.5 million and $1.2 million, respectively, and net proceeds of $5.2 million and $1.1 million, respectively. The Company simultaneously entered into lease agreements with future lease payments of $4.6 million over seven years for the Queensbury, NY facility and $0.4 million over three years for the Glens Falls, NY facility.
Current report
•Revenue decreased by 4.2% to $72.0 million
Current report
•Gross profit increased 630 bps to 54.0%
Current report
Nine months ended February 28, 2025:
Current report
•Revenue decreased by 8.8% to $212.3 million
Current report
•Gross profit increased 450 bps to 54.4%
Current report
•Net loss decreased by $143.0 million to $27.9 million
Current report
The change in sales for the three months ended February 28, 2025 compared to the three months ended February 29, 2024, was primarily driven by:
Current report
The change in sales for thenine months ended February 28, 2025 compared to the nine months ended February 29, 2024, was primarily driven by:
Current report
•Other incentives and a prior year supplier recall, which positively impacted gross profit by $1.2 million and $1.4 million, respectively;
Current report
•The abandonment of the Syntrax product line impacted gross profit by $0.1 million and $0.2 million, respectively;
Current report
•Production volume, which positively impacted gross profit by $0.1 million and $0.1 million, respectively;
Current report
•Other incentives and costs, which negatively impacted gross profit by $0.7 million and $1.3 million, respectively;
Current report
•Inflationary costs on raw materials, labor shortages and freight costs negatively impacted gross profit by $0.3 million for the nine months ended February 28, 2025; and
Current report
•Price and product mix, which positively impacted gross profit by $0.9 million and $2.4 million, respectively;
Current report
•A prior year supplier recall, which positively impacted gross profit by $1.2 million and $1.4 million, respectively;
Current report
•Inflationary costs on raw materials, labor shortages and freight costs positively impacted gross profit by $0.5 million for the three months ended February 28, 2025 and negatively impacted gross profit by $0.7 million for the nine months ended February 28, 2025; and
Current report
R&D expense decreased $1.3 million and $5.2 million for the three and nine months ended February 28, 2025 compared to the three and nine months ended February 29, 2024, respectively. The change for both periods was primarily driven by:
Current report
•Trade shows, subscriptions and other marketing expenses, which increased $0.1 million and $0.9 million, respectively; and
Current report
•Outside consultant spend, which decreased $0.2 million for the three months ended February 28, 2025 and increased $1.1 million for the nine months ended February 28, 2025, compared to the three and nine months ended February 29, 2024, respectively; and
Current report
•Depreciation and other corporate expenses, which decreased $0.5 million and $1.6 million, respectively.
Current report
Goodwill impairment - Represents the impairment charge taken on goodwill.
Current report
•The Company recorded a non-cash goodwill impairment charge of $159.5 million for the three and nine months ended February 29, 2024 as the fair value of the Med Tech reporting unit was less than its carrying value.
Current report
•An impairment of $3.4 million on the Syntrax product technology intangible asset and an inventory write-off of $2.9 million was taken in the third quarter of fiscal year 2024 related to the abandonment of the Syntrax and RF product lines;
Current report
•Other expense, mainly severance associated with organizational changes, which increased $0.3 million for the nine months ended February 28, 2025 compared to the nine months ended February 29, 2024.
Current report
Other income, net increased by $5.4 million and $5.8 million, for the three and nine months ended February 28, 2025, compared to the three and nine months ended February 29, 2024, respectively. The change for both periods was primarily driven by:
Current report
•The Company achieved the sales milestone related to divested products in the third quarter of fiscal year 2025 and recorded a receivable of $5.5 million which will be paid to the Company in the fourth quarter of fiscal year 2025;
Current report
•Interest income, which decreased $0.2 million for the three months ended February 28, 2025 compared to the three months ended February 29, 2024.
Current report
•$3.3 million of cash was used for the acquisition of exclusive licenses in the third quarter of fiscal year 2024.
Current report
•$6.3 million of proceeds from financing arrangements offset with $0.1 million of principal payments on the financing arrangements in the third quarter of fiscal year 2025;
Removed paragraphs (14)
Previous report
•Revenue decreased by 7.9% to $72.8 million
Previous report
•Gross profit increased 390 bps to 54.8%
Previous report
Six months ended November 30, 2024:
Previous report
•Revenue decreased by 11.0% to $140.3 million
Previous report
•Gross profit increased 370 bps to 54.6%
Previous report
•Net income decreased by $40.4 million to $23.5 million
Previous report
The change in sales for the three months ended November 30, 2024 compared to the same period in the prior year, was primarily driven by:
Previous report
The change in sales for thesix months ended November 30, 2024 compared to the same period in the prior year, was primarily driven by:
Previous report
•Production volume, other incentives and other costs, which negatively impacted gross profit by $1.6 million and $1.7 million, respectively;
Previous report
•Production volume, other incentives and other costs, which negatively impacted gross profit by $0.7 million and $0.4 million, respectively;
Previous report
•Inflationary costs on raw materials, labor shortages and freight costs negatively impacted gross profit by $0.2 million and $0.7 million, respectively; and
Previous report
•Price and product mix, which positively impacted gross profit by $1.4 million and $2.9 million, respectively;
Previous report
R&D expense decreased $2.2 million and $3.9 million for the three and six months ended November 30, 2024 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Previous report
•Other outside consultant spend for legal and IT, which increased $0.4 million and $1.3 million, respectively, which was partially offset by a decrease in depreciation and other corporate expenses of $1.1 million for both periods.
Reworded paragraphs (65)
Previous wording
On January 5, 2024, the Company announced a restructuring of its manufacturing footprint and a shift to an outsourced model (the "Plan"). This Plan will transfer all product manufacturing processes to third-party manufacturers. In the second quarter of fiscal year 2025, the Company announced a modification to the Plan to maintain a presence in Queensbury, NY for the manufacturing of select products, customer service, logistics, shipping, quality and regulatory operations. The restructuring activities associated with the modified Plan are still expected to be completed in the third quarter of fiscal year 2026. The modified Plan is still expected to generate $15.0 million in annual cost savings in fiscal year 2027.
Current wording
On January 5, 2024, the Company announced a restructuring of its manufacturing footprint and a shift to an outsourced model (the "Plan"). This Plan will transfer all product manufacturing processes to third-party manufacturers. In the second quarter of fiscal year 2025, the Company announced a modification to the Plan to maintain a presence in Queensbury, NY for the manufacturing of select products, customer service, logistics, shipping, quality and regulatory operations. The restructuring activities associated with the modified Plan are still expected to be completed in the third quarter of fiscal year 2026. The modified Plan is still expected to generate $15.0 million in annual cost savings starting in fiscal year 2027.
Previous wording
On July 16, 2024, the Board of Directors approved a share repurchase program (the "Repurchase Program") under which they authorized the Company the option to repurchase up to $15.0 million of its outstanding common stock. The timing and amount of any share repurchases under the authorization will be determined by management within certain parameters and based on market conditions and other considerations. During the first quarter of fiscal year 2025, the Company repurchased 72,141 shares of common stock in the open market at an aggregate cost of $0.5 million under the Repurchase Program. During the second quarter of fiscal year 2025, the Company repurchased 171,706 shares of common stock in the open market at an aggregate cost of $1.1 million under the Repurchase Program. As of November 30, 2024, $13.3 million remained available for repurchase under the Repurchase Program.
Current wording
On July 16, 2024, the Board of Directors approved a share repurchase program (the "Repurchase Program") under which they authorized the Company the option to repurchase up to $15.0 million of its outstanding common stock. The timing and amount of any share repurchases under the authorization will be determined by management within certain parameters and based on market conditions and other considerations. There were no share repurchases during the third quarter of fiscal year 2025. During the first quarter of fiscal year 2025, the Company repurchased 72,141 shares of common stock in the open market at an aggregate cost of $0.5 million under the Repurchase Program. During the second quarter of fiscal year 2025, the Company repurchased 171,706 shares of common stock in the open market at an aggregate cost of $1.1 million under the Repurchase Program. As of February 28, 2025, $13.3 million remained available for repurchase under the Repurchase Program.
Previous wording
In evaluating the operating performance of our business, management focuses on company-wide and segment revenue and gross margin and company-wide operating income, earnings per share and cash flow from operations. A summary of these key financial metrics for the three and six months ended November 30, 2024 compared to the three and six months ended November 30, 2023 are as follows:
Current wording
In evaluating the operating performance of our business, management focuses on company-wide and segment revenue and gross margin and company-wide operating income, earnings per share and cash flow from operations. A summary of these key financial metrics for the three and nine months ended February 28, 2025 compared to the three and nine months ended February 29, 2024 are as follows:
Previous wording
•Med Tech growth of 16.2% and Med Device declined by 24.1%
Current wording
•Med Tech growth of 21.3% and Med Device declined by 17.6%
Previous wording
•Med Tech gross profit increased 130 bps to 63.7% and Med Device gross profit increased 240 bps to 47.9%
Current wording
•Med Tech gross profit increased 110 bps to 62.5% and Med Device gross profit increased 690 bps to 47.4%
Previous wording
•Net loss decreased by $18.3 million to $10.7 million
Current wording
•Net loss decreased by $183.3 million to $4.4 million
Previous wording
•Loss per share decreased by $0.46 to $0.26
Current wording
•Loss per share decreased by $4.56 to $0.11
Previous wording
•Med Tech growth of 24.4% and Med Device decrease of 23.1%
Current wording
•Med Tech growth of 17.9% and Med Device declined by 22.1%
Previous wording
•Med Tech gross profit remained consistent at 63.5% and Med Device gross profit increased 310 bps to 48.0%
Current wording
•Med Tech gross profit increased 40 bps to 63.2% and Med Device gross profit increased 430 bps to 47.8%
Previous wording
•Loss per share decreased by $1.00 to $0.58
Current wording
•Loss per share decreased by $3.58 to $0.68
Previous wording
•Cash used in operations decreased by $4.9 million to $15.8 million
Current wording
•Cash used in operations decreased by $4.2 million to $28.9 million
Previous wording
For the three and six months ended November 30, 2024, the decrease in revenue is partially due to the sale of the PICCs, Midline, dialysis and BioSentry businesses, along with the discontinuation of the RadioFrequency Ablation and Syntrax product lines, the total of which impacted sales by $12.4 million and $24.3 million compared to the same periods in the prior year, respectively. Our Med Tech revenue, comprised of Auryon, the thrombus management platform and NanoKnife, grew 24.4% in the second quarter of fiscal year 2025. Our Med Device revenue declined by 23.1% in the second quarter of fiscal year 2025 driven mainly by the sale of the PICCs, Midlines, dialysis and BioSentry businesses along with the discontinuation of the RadioFrequency Ablation product lines.
Current wording
For the three and nine months ended February 28, 2025, the decrease in revenue is due to the divestiture of the PICCs, Midline, dialysis and BioSentry businesses, along with the discontinuation of the RadioFrequency Ablation and Syntrax product lines, the total of which impacted sales by $9.2 million and $33.5 million compared to the three and nine months ended February 29, 2024, respectively. Our Med Tech revenue, comprised of Auryon, the thrombus management platform and NanoKnife, grew 21.3% in the third quarter of fiscal year 2025. Our Med Device revenue declined by 17.6% in the third quarter of fiscal year 2025 driven mainly by the divestiture of the PICCs, Midlines, dialysis and BioSentry businesses along with the discontinuation of the RadioFrequency Ablation product lines.
Previous wording
For the three months ended November 30, 2024, the Company reported net loss of $10.7 million, or diluted loss per share of $0.26, on net sales of $72.8 million, compared with a net loss of $29.0 million, or diluted loss per share of $0.72, on net sales of $79.1 million during the same quarter of the prior year. For the six months ended November 30, 2024, the Company reported net loss of $23.5 million, or diluted loss per share of $0.58, on net sales of $140.3 million, compared with a net income of $16.8 million, or diluted earnings per share of $0.42, on net sales of $157.8 million during the same quarter of the prior year.
Current wording
For the three months ended February 28, 2025, the Company reported net loss of $4.4 million, or diluted loss per share of $0.11, on net sales of $72.0 million, compared with a net loss of $187.7 million, or diluted loss per share of $4.67, on net sales of $75.2 million during the same quarter of the prior year. For the nine months ended February 28, 2025, the Company reported net loss of $27.9 million, or diluted loss per share of $0.68, on net sales of $212.3 million, compared with a net loss of $170.9 million, or diluted loss per share of $4.26, on net sales of $232.9 million during the same quarter of the prior year.
Previous wording
For the three months ended November 30, 2024, net sales decreased $6.2 million to $72.8 million compared to the same period in the prior year. For the six months ended November 30, 2024, net sales decreased $17.4 million to $140.3 million compared to the same period in the prior year. At November 30, 2024, the Company had a sales order backlog of $0.7 million.
Current wording
For the three months ended February 28, 2025, net sales decreased $3.2 million to $72.0 million compared to the three months ended February 29, 2024. For the nine months ended February 28, 2025, net sales decreased $20.6 million to $212.3 million compared to the nine months ended February 29, 2024. At February 28, 2025, the Company had a sales order backlog of $0.5 million.
Previous wording
The Med Tech segment net sales increased $6.2 million and $8.3 million for the three and six months ended November 30, 2024 compared to the same period in the prior year, respectively. The change in sales for both periods was primarily driven by:
Current wording
The Med Tech segment net sales increased $5.5 million and $13.8 million for the three and nine months ended February 28, 2025 compared to the three and nine months ended February 29, 2024, respectively. The change in sales for both periods was primarily driven by:
Previous wording
•Increased Auryon sales of $2.5 million and $5.2 million compared to the same period in the prior year, respectively;
Current wording
•Increased Auryon sales of $2.0 million and $7.2 million compared to the same period in the prior year, respectively;
Previous wording
•Decreased sales of Syntrax of $0.1 million and $0.3 million, respectively, due to the discontinuation of this product line as of February 29, 2024;
Current wording
•Decreased sales of Syntrax of $0.2 million and $0.4 million, respectively, due to the discontinuation of this product line as of February 29, 2024;
Previous wording
•Increased sales of the thrombus management platform of $3.6 million and $3.5 million compared to the same period in the prior year, respectively. This was driven by an increase in AngioVac and AlphaVac sales of $3.3 million and $3.2 million compared to the same periods in the prior year, respectively, and an increase in thrombolytic sales of $0.2 million for both periods compared to the same periods in the prior year; and
Current wording
•Increased sales of the thrombus management platform of $3.3 million and $6.8 million compared to the same period in the prior year, respectively. This was driven by an increase in AngioVac and AlphaVac sales of $3.1 million and $6.3 million compared to the same periods in the prior year, respectively, and an increase in thrombolytic sales of $0.2 million and $0.5 million compared to the same periods in the prior year, respectively; and
Previous wording
•Increased NanoKnife sales of $0.3 million for the three months ended November 30, 2024, compared to the same period in the prior year, which was driven by increased disposable sales offset by decreased capital sales. Decreased NanoKnife sales of $0.1 million for the six months ended November 30, 2024, compared to the same period in the prior year, which was driven by decreased capital sales partially offset by increased disposable sales.
Current wording
•Increased NanoKnife sales of $0.3 million and $0.2 million compared to the same period in the prior year, respectively, which was driven by increased disposable sales offset by decreased capital sales.
Previous wording
The Med Device segment net sales decreased $12.4 million and $25.7 million for the three and six months ended November 30, 2024 compared to the same period in the prior year, respectively. The backlog, which primarily impacted sales of Core products, was$0.7 million.
Current wording
The Med Device segment net sales decreased $8.7 million and $34.4 million for the three and nine months ended February 28, 2025 compared to the three and nine months ended February 29, 2024, respectively. The backlog, which primarily impacted sales of Core and Oncology products, was$0.5 million.
Previous wording
•Decreased sales of PICCs and Midline products of $11.4 million, which was due to the divestiture of these businesses on February 15, 2024;
Current wording
•Decreased sales of PICCs and Midline products of $8.6 million, which was due to the divestiture of these businesses on February 15, 2024;
Previous wording
•Decreased sales of RadioFrequency Ablation of $0.9 million due to the discontinuation of this product line as of February 29, 2024; and
Current wording
•Decreased sales of RadioFrequency Ablation of $0.4 million due to the discontinuation of this product line as of February 29, 2024; and
Previous wording
•Decreased sales of Core and Ports of $0.2 million and $0.2 million, respectively, which was partially offset by increased sales of Venous and Microwave products of $0.1 million and $0.1 million, respectively.
Current wording
•Increased sales of Core and Microwave products of $0.7 million and $0.4 million, respectively, which was partially offset by decreased sales of Venous, Ports and Oncology products of $0.2 million, $0.2 million and $0.3 million, respectively.
Previous wording
•Decreased sales of PICCs and Midline products of $21.6 million, which was due to the divestiture of these businesses on February 15, 2024;
Current wording
•Decreased sales of PICCs and Midline products of $30.2 million, which was due to the divestiture of these businesses on February 15, 2024;
Previous wording
•Decreased sales of RadioFrequency Ablation of $1.8 million due to the discontinuation of this product line as of February 29, 2024; and
Current wording
•Decreased sales of RadioFrequency Ablation of $2.2 million due to the discontinuation of this product line as of February 29, 2024; and
Previous wording
•Decreased sales of Microwave, Core and Oncology products of $1.4 million, $0.4 million and $0.3 million, respectively, which was partially offset by increased sales of Venous and Ports of $0.2 million and $0.2 million, respectively.
Current wording
•Decreased sales of Microwave and Oncology products of $1.0 million and $0.6 million, respectively, which was partially offset by increased sales of Core and Ports of $0.3 million and $0.1 million, respectively.
Previous wording
Total Company gross profit decreased by $0.4 million and $3.7 million for the three and six months ended November 30, 2024 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Current wording
Total Company gross profit increased by $3.0 million and decreased by $0.7 million for the three and nine months ended February 28, 2025 compared to the three and nine months ended February 29, 2024, respectively. The change for both periods was primarily driven by:
Previous wording
•The sale of the PICCs, Midline, dialysis and BioSentry businesses contributed $3.6 million and $7.0 million of gross profit, respectively;
Current wording
•The divestiture of the PICCs, Midline, dialysis and BioSentry businesses and abandonment of the Syntrax and RF product lines contributed $2.2 million and $9.2 million of gross profit, respectively;
Previous wording
•Sales volume, price and product mix, which positively impacted gross profit by $6.7 million and $9.1 million, respectively;
Current wording
•Sales volume, price and product mix, which positively impacted gross profit by $5.4 million and $12.9 million, respectively;
Previous wording
•Inflationary costs on raw materials, labor shortages and freight costs negatively impacted gross profit by $1.2 million and $2.7 million, respectively; and
Current wording
•Production volume and other costs, which negatively impacted gross profit by $1.2 million and $2.7 million, respectively;
Previous wording
•Inflationary costs on raw materials, labor shortages and freight costs negatively impacted gross profit by $1.0 million and $2.0 million, respectively; and
Current wording
•Inflationary costs on raw materials, labor shortages and freight costs, which positively impacted gross profit by $0.5 million for the three months ended February 28, 2025 and which negatively impacted gross profit by $1.0 million for the nine months ended February 28, 2025; and
Previous wording
The Med Tech segment gross profit increased by $4.3 million and $5.3 million for the three and six months ended November 30, 2024 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Current wording
The Med Tech segment gross profit increased by $3.7 million and $9.0 million for the three and nine months ended February 28, 2025 compared to the three and nine months ended February 29, 2024, respectively. The change for both periods was primarily driven by:
Previous wording
•Sales volume, price and product mix, which positively impacted gross profit by $5.9 million and $7.6 million, respectively;
Current wording
•Sales volume, price and product mix, which positively impacted gross profit by $4.9 million and $12.6 million, respectively;
Previous wording
•Incremental depreciation and other expense on placement units of $0.6 million and $1.2 million, respectively.
Current wording
•Incremental depreciation and other expense on placement units of $0.6 million and $1.9 million, respectively.
Previous wording
The Med Device segment gross profit decreased by $4.7 million and $9.0 million for the three and six months ended November 30, 2024 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Current wording
The Med Device segment gross profit decreased by $0.7 million and $9.7 million for the three and nine months ended February 28, 2025 compared to the three and nine months ended February 29, 2024, respectively. The change for both periods was primarily driven by:
Previous wording
•The sale of the PICCs, Midline, dialysis and BioSentry businesses contributed $3.6 million and $7.0 million of gross profit, respectively;
Current wording
•The divestiture of the PICCs, Midline, dialysis and BioSentry businesses and abandonment of the RF product line contributed $2.1 million and $9.1 million of gross profit, respectively;
Previous wording
•Sales volume, production volume, other incentives and other costs, which negatively impacted gross profit by $1.4 million and $2.9 million, respectively;
Current wording
•Sales volume, production volume and other incentives and costs, which negatively impacted gross profit by $1.1 million and $3.5 million, respectively;
Previous wording
•Incremental depreciation and other expense on placement units of $0.1 million and $0.1 million, respectively.
Current wording
•Incremental depreciation and other expense on placement units of $0.1 million for the nine months ended February 28, 2025 compared to the nine months ended February 29, 2024.
Previous wording
•The timing of certain projects and clinical spend associated with the ongoing clinical trials, which decreased R&D expense by $2.8 million and $4.2 million, respectively; and
Current wording
•The timing of certain projects and clinical spend associated with the ongoing clinical trials, which decreased R&D expense by $1.6 million and $5.8 million, respectively; and
Previous wording
•Compensation and benefits expenses, which increased $0.5 million and $0.2 million, respectively.
Current wording
•Compensation and benefits expenses, which increased $0.3 million and $0.5 million, respectively.
Showing the first 40 of 65 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•Incremental depreciation and other expense on placement units of $0.7 million and $2.0 million, respectively.
Current report — wording carried from elsewhere
•$34.5 million of cash was received for the divestiture of the PICCs and Midline businesses in the third quarter of fiscal year 2024; and
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Incremental depreciation and other expense on placement units of $0.7 million and $1.3 million, respectively.