ANGIODYNAMICS INC
For the period ended May 31, 2026. Filed Jul 14, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Jul 14, 2026
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-K
Period ended 2025-05-31; filed 2025-07-18.
0001275187-25-000014
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-05-31; filed 2026-07-14.
0001628280-26-048138
Item 7. 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 156 previous paragraphs and 150 current paragraphs.
58 unchanged; 54 reworded; 36 added; 42 removed; 2 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 (36)
Current report
•Revenue increased by 9.5% to $320.2 million
Current report
•Med Tech and Med Device growth of 18.4% and 2.6%, respectively
Current report
•Gross margin increased by 70 bps to 54.6%
Current report
•Net loss increased by $2.7 million to $36.7 million
Current report
Our Med Tech business, comprised of Auryon, the thrombus management platform and NanoKnife grew 18.4% in fiscal year 2026, driven by growth across all product lines. Our Med Device business increased 2.6% in fiscal year 2026, driven mainly by growth in the Core and Venous product lines which was partially offset by softness in Ports and other Oncology products.
Current report
◦Enrolled the first patients in both the AMBITION BTK and RECOVER-AV trials;
Current report
◦Published the NanoKnife PRESERVE study in the journal of European Urology;
Current report
◦Received FDA IDE approval for APEX-Return study evaluating AlphaReturn Blood Management System when used with AlphaVac F1885 System;
Current report
◦Received FDA IDE approval for PAVE clinical study evaluating AngioVac System for treatment of right-sided infective endocarditis;
Current report
◦Presented the two-year follow up data from its PRESERVE pivotal trial at AUA 2026 demonstrating NanoKnife’s durable prostate cancer outcomes;
Current report
◦Finalized a local coverage determination with Palmetto covering NanoKnife IRE for qualifying Medicare patients in prostate and liver cancer, effective July 5, 2026; and
Current report
◦Received FDA IDE approval for the RELIEF BPH study evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia.
Current report
•Increased NanoKnife sales of $8.6 million which was driven by increased disposable and capital sales.
Current report
•Benefits from product lines transitioned to third-party manufacturers along with other incentives, which positively impacted gross margin by $0.9 million;
Current report
•Tariffs, which negatively impacted gross margin by $3.2 million; and
Current report
•Inflation, which negatively impacted gross margin by $1.9 million.
Current report
•Sales volume and price, which positively impacted gross margin by $16.4 million;
Current report
•Favorable purchasing price variance due to shifting to lower cost suppliers, which positively impacted gross margin by $2.7 million;
Current report
•Tariffs, which positively impacted gross margin by $0.6 million due to refunds received and lower tariff rates;
Current report
•Freight and other costs, which negatively impacted gross margin by $1.2 million;
Current report
•Product mix, which negatively impacted gross margin by $0.7 million;
Current report
•Incremental depreciation on placement units of $0.8 million.
Current report
•Price and product mix, which positively impacted gross margin by $11.5 million;
Current report
•Benefits from product lines transitioned to third-party manufacturers along with other incentives, which positively impacted gross margin by $2.1 million;
Current report
•Tariffs, which negatively impacted gross margin by $3.8 million;
Current report
•Inflation, which negatively impacted gross margin by $4.6 million; and
Current report
•A decrease in incremental depreciation on placement units of $0.8 million.
Current report
R&D expense increased $3.2 million compared to the prior year. The change from the prior year was primarily driven by:
Current report
•Amortization expense remained consistent compared to the prior year.
Current report
•Transition expenses related to the upcoming retirement of our CEO which was announced on January 6, 2026, which increased $1.6 million; and
Current report
Other income, net decreased by $2.3 million compared to the prior year. The change from the prior year was primarily driven by:
Current report
•The Company achieved the manufacturing transfer milestone related to divested products in the third quarter of fiscal year 2026 and recorded the associated revenue of $5.0 million which was paid to the Company in the third quarter of fiscal year 2026;
Current report
Income Tax Expense (Benefit)
Current report
•For the year ended May 31, 2026, working capital was favorably impacted by decreased inventory of $10.0 million. This was partially offset by a decrease in accounts payable, accrued liabilities and other liabilities of $5.8 million, along with increased accounts receivable and prepaid expenses of $5.8 million and $1.1 million, respectively.
Current report
Cash used in investing activities:
Current report
•$0.7 million write-off of deferred financing fees related to the repayment of the Credit Agreement fiscal year 2025; and
Removed paragraphs (42)
Previous report
•Revenue decreased by 3.8% to $292.5 million
Previous report
•Med Tech growth of 19.0% and Med Device declined by 16.0%
Previous report
•Gross margin increased by 300 bps to 53.9%
Previous report
•Net loss decreased by $150.4 million to $34.0 million
Previous report
For the year ended May 31, 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 $33.4 million compared to the year ended May 31, 2024. Our Med Tech business, comprised of Auryon, the thrombus management platform and NanoKnife grew 19.0% in fiscal year 2025 was driven by growth in growth in Auryon and the thrombus management platform, while Nanoknife sales remained consistent year over year. Our Med Device business decreased 16.0% in 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 report
◦Received CE mark approval in Europe for Auryon;
Previous report
◦Received CPT Category I Codes for Irreversible Electroporation (IRE), the primary method of action for the NanoKnife System, for the treatment of lesions in the prostate and liver, effective January 2026;
Previous report
◦Received CPT Category I Codes for Irreversible Electroporation (IRE), the primary method of action for the NanoKnife System, for the treatment of the pancreas, effective January 2027;
Previous report
◦Published APEX-AV trial results in the Journal of the Society for Cardiovascular Angiography & Interventions demonstrating the safety and efficacy of the AlphaVac F1885 System;
Previous report
◦Initiated RECOVER-AV Clinical Trial in Europe for AlphaVac; and
Previous report
◦Initiated the AMBITION BTK RCT and Registry to generate definitive clinical evidence supporting the use of the Auryon Atherectomy System in treating below the knee lesions in patients with critical limb ischemia.
Previous report
Intangible Assets
Previous report
Intangible assets are amortized over their estimated useful lives, which range between two to eighteen years, on a straight-line basis over the expected period of benefit. The Company periodically reviews the estimated useful lives of intangible assets and reviews such assets or asset groups for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Such conditions could include significant adverse changes in the business climate, current-period operating or cash flow losses, significant declines in forecasted operations, or a current expectation that an asset group will be disposed of before the end of its useful life. When testing for impairment of definite-lived intangible assets held for use, the Company groups assets at the lowest level for which cash flows are separately identifiable. The Company operates as two reporting units and two asset groups. If a triggering event is deemed to exist, the Company performs an undiscounted operating cash flow analysis to determine if an impairment exists. If an intangible asset is considered to be impaired, the amount of the impairment will equal the excess of the carrying value over the fair value of the asset.
Previous report
•Decreased sales of Syntrax of $0.4 million due to the discontinuation of this product line as of February 29, 2024;
Previous report
•NanoKnife sales remained consistent year over year, and was comprised of increased NanoKnife disposable sales of $1.7 million offset by decreased capital sales of $1.7 million.
Previous report
•Decreased sales of PICCs and Midline products of $30.1 million which was due to the divestiture of these businesses on February 15, 2024;
Previous report
•Decreased sales of dialysis and BioSentry products of $0.7 million which was due to the divestiture of these businesses on June 8, 2023;
Previous report
•Decreased sales of RadioFrequency Ablation of $2.2 million due to the discontinuation of this product line as of February 29, 2024; and
Previous report
•The divestiture of the PICCs, Midline, dialysis and BioSentry businesses, which negatively impacted gross margin by $9.2 million;
Previous report
•Other incentives and a prior year supplier recall, which positively impacted gross profit by $1.7 million;
Previous report
•Tariffs, along with inflationary costs on raw materials, labor shortages, freight and other costs, which negatively impacted gross margin by $1.6 million and $3.6 million, respectively; and
Previous report
•Incremental depreciation on placement units of $2.6 million.
Previous report
•Tariffs, along with inflationary costs on raw materials, labor shortages and freight costs, which negatively impacted gross margin by $1.1 million and $0.4 million, respectively;
Previous report
•The abandonment of the Syntrax product line, which negatively impacted gross margin by $0.2 million; and
Previous report
•Incremental depreciation on placement units of $2.7 million.
Previous report
•The divestiture of the PICCs, Midline, dialysis and BioSentry businesses, which negatively impacted gross margin by $9.0 million;
Previous report
•Price and product mix, which positively impacted gross margin by $3.6 million;
Previous report
•Other incentives and a prior year supplier recall, which positively impacted gross profit by $2.7 million;
Previous report
•Incremental depreciation on placement units of $0.1 million.
Previous report
R&D expense decreased $5.3 million compared to the prior year. The change from the prior year was primarily driven by:
Previous report
•Amortization expense decreased $2.7 million compared to the prior year. The decrease is due to assets being included in the sale of the dialysis, BioSentry, PICCs and Midlines businesses and the abandonment of the Syntrax product line.
Previous report
Goodwill impairment - Represents the impairment charge taken on goodwill.
Previous report
•The Company recorded a non-cash goodwill impairment charge of $159.5 million for the year ended May 31, 2024 as the fair value of the Med Tech reporting unit was less than its carrying value.
Previous report
•An impairment of $3.4 million on the Syntrax product technology intangible and fixed assets 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;
Previous report
•Manufacturing relocation expense related to the move of certain manufacturing lines from Queensbury, New York to a third party, which decreased $0.6 million; and
Previous report
Other income, net increased by $5.1 million compared to the prior year. The change from the prior year was primarily driven by:
Previous report
Income Tax Benefit
Previous report
•For the year ended May 31, 2024, working capital was unfavorably impacted by increased prepaid expenses and inventory on hand of $11.6 million and $9.4 million, respectively. This was partially offset by decreased accounts receivable and increased accounts payable and accrued liabilities of $7.9 million and $27.5 million, respectively.
Previous report
Cash (used in) provided by investing activities:
Previous report
•$134.5 million of cash was received for the divestiture of the PICCs, Midline, dialysis and BioSentry businesses in fiscal year 2024; and
Showing the first 40 of 42 passages. Open the source sections for the rest.
Reworded paragraphs (54)
Previous wording
On January 5, 2024, the Company announced a restructuring to optimize its manufacturing efficiency, capabilities and footprint (the "Plan"). 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.
Current wording
On January 5, 2024, the Company announced a restructuring to optimize its manufacturing efficiency, capabilities and footprint (the "Plan"). 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 expected to be completed in the first quarter of fiscal year 2027. 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 year ended May 31, 2025, the Company repurchased 243,847 shares of common stock in the open market at an aggregate cost of $1.7 million under the Repurchase Program. As of May 31, 2025, $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 shares repurchased during the twelve months ended May 31, 2026. During fiscal year 2025, the Company repurchased 243,847 shares of common stock in the open market at an aggregate cost of $1.7 million under the Repurchase Program. As of May 31, 2026, $13.3 million remained available for repurchase under the Repurchase Program.
Previous wording
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
Current wording
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.
Previous wording
•Loss per share decreased by $3.76 to a loss of $0.83
Current wording
•Loss per share increased by $0.05 to a loss of $0.88
Previous wording
•Cash flow from operations increased by $18.0 million resulting in cash used in operations of $10.1 million
Current wording
•Cash flow from operations increased by $13.2 million resulting in cash provided by operations of $3.1 million
Previous wording
◦Received FDA 510(k) clearance for NanoKnife Prostate Tissue Ablation;
Current wording
◦Received FDA 510(k) clearance for modified AlphaVac F1885 System with expanded indication for use;
Previous wording
◦The announcement to restructure the manufacturing footprint, which includes maintaining a presence in Queensbury, NY for select products, customer service, logistics, shipping, quality and regulatory operations, and shifting all other products to an outsourced model utilizing third-party manufacturers to allow the Company to more effectively compete in chosen markets and fundamentally change its corporate gross margin profile. The restructuring activities are expected to be completed in the third quarter of fiscal year 2026 and are expected to generate $15.0 million in annual cost savings starting in fiscal year 2027.
Current wording
◦The announcement to restructure the manufacturing footprint, which includes maintaining a presence in Queensbury, NY for select products, customer service, logistics, shipping, quality and regulatory operations, and shifting all other products to an outsourced model utilizing third-party manufacturers to allow the Company to more effectively compete in chosen markets and fundamentally change its corporate gross margin profile. The restructuring activities are expected to be completed in the first quarter of fiscal year 2027 and are expected to generate $15.0 million in annual cost savings starting in fiscal year 2027.
Previous wording
Under ASC 606, Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.
Current wording
Under ASC 606, Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for such arrangements, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.
Previous wording
Reserves: Revenue from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established for discounts, product returns, rebates and allowances that are offered within contracts between the Company and its customers.
Current wording
Revenue from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established for discounts, product returns, rebates and allowances that are offered within contracts between the Company and its customers.
Previous wording
For the fiscal year ended May 31, 2025, the Company reported a net loss of $34.0 million, or a loss of $0.83 per diluted share, on net sales of $292.5 million compared to a net loss of $184.3 million, or a loss of $4.59 per diluted share, on net sales of $303.9 million in fiscal year 2024.
Current wording
For the fiscal year ended May 31, 2026, the Company reported a net loss of $36.7 million, or a loss of $0.88 per diluted share, on net sales of $320.2 million compared to a net loss of $34.0 million, or a loss of $0.83 per diluted share, on net sales of $292.5 million in fiscal year 2025.
Previous wording
For the year ended May 31, 2025, net sales decreased $11.4 million to $292.5 million compared to the year ended May 31, 2024. At May 31, 2025, the Company had a backlog of $0.3 million compared to $1.3 million at the end of May 31, 2024.
Current wording
For the year ended May 31, 2026, net sales increased $27.7 million to $320.2 million compared to the year ended May 31, 2025. At May 31, 2026, the Company had a backlog of $0.3 million compared to $0.3 million at the end of May 31, 2025.
Previous wording
The Med Tech business net sales increased $20.3 million for the year ended May 31, 2025 compared to the prior year. The change in sales from the prior year was primarily driven by:
Current wording
The Med Tech business net sales increased $23.3 million for the year ended May 31, 2026 compared to the prior year. The change in sales from the prior year was primarily driven by:
Previous wording
•Increased Auryon sales of $9.8 million;
Current wording
•Increased Auryon sales of $10.0 million;
Previous wording
•Increased sales of the thrombus management platform of $10.9 million, which was driven by increases in AngioVac, AlphaVac and thrombolytic sales of $5.8 million, $4.0 million and $1.1 million, respectively; and
Current wording
•Increased sales of the thrombus management platform of $4.6 million, which was driven by increases in AngioVac and AlphaVac sales of $0.6 million and $4.7 million, respectfully, which was partially offset by a decrease in thrombolytic sales of $0.7 million; and
Previous wording
The Med Device business net sales decreased $31.7 million for the year ended May 31, 2025 compared to the prior year. The backlog, which primarily impacted sales of Core and Vascular Access products, was $0.3 million at May 31, 2025 compared to $1.3 million at May 31, 2024. The change in sales from the prior year was primarily driven by:
Current wording
The Med Device business net sales increased $4.4 million for the year ended May 31, 2026 compared to the prior year. The backlog, which primarily impacted sales of Core and Vascular Access products, was $0.3 million at May 31, 2026 compared to $0.3 million at May 31, 2025. The change in sales from the prior year was primarily driven by:
Previous wording
•Increased sales of Core and Venous of $1.9 million and $0.9 million, respectively. This increase was partially offset by decreased sales of Ports, Microwave and other Oncology products of $0.3 million, $0.8 million and $0.5 million, respectively.
Current wording
•Increased sales of Core and Venous of $3.6 million and $2.2 million, respectively. This increase was partially offset by decreased sales of Ports, Microwave and other Oncology products of $1.2 million, $0.1 million and $0.3 million, respectively.
Previous wording
Total Company gross margin increased by $3.0 million compared to the prior year. The change from the prior year was primarily driven by:
Current wording
Total Company gross margin increased by $17.2 million compared to the prior year. The change from the prior year was primarily driven by:
Previous wording
•Sales volume, price and product mix, which positively impacted gross margin by $19.9 million;
Current wording
•Sales volume, price and product mix, which positively impacted gross margin by $26.6 million;
Previous wording
•Production volume and other costs which negatively impacted gross margin by $1.5 million;
Current wording
•Production volume and other operations costs, which negatively impacted gross margin by $5.2 million;
Previous wording
The Med Tech segment gross margin increased by $11.3 million compared to the prior year. The change from the prior year was primarily driven by:
Current wording
The Med Tech segment gross margin increased by $16.8 million compared to the prior year. The change from the prior year was primarily driven by:
Previous wording
•Sales volume and production volume which negatively impacted gross margin by $1.4 million;
Current wording
•Production volume, which negatively impacted gross margin by $0.1 million; and
Previous wording
The Med Device segment gross margin decreased by $8.3 million compared to the prior year. The change from the prior year was primarily driven by:
Current wording
The Med Device segment gross margin increased by $0.3 million compared to the prior year. The change from the prior year was primarily driven by:
Previous wording
•Tariffs, along with inflationary costs on raw materials, labor shortages and freight and other costs, which negatively impacted gross margin by $0.5 million and $3.7 million, respectively; and
Current wording
•Sales volume, which negatively impacted gross margin by $0.5 million;
Previous wording
•Production volume and other incentives which negatively impacted gross margin by $1.5 million;
Current wording
•Production volume and other operations costs, which negatively impacted gross margin by $5.1 million;
Previous wording
•The timing of certain projects, clinical spend and other costs associated with the ongoing clinical trials, which decreased R&D expense by $5.1 million; and
Current wording
•The timing of certain projects and clinical spend associated with the ongoing clinical trials, which increased R&D expense by $2.0 million; and
Previous wording
•Compensation and benefits expenses, which decreased $0.2 million.
Current wording
•Compensation and benefits expenses, which increased $1.2 million.
Previous wording
S&M expense increased by $0.3 million compared to the prior year. The change from the prior year was primarily driven by:
Current wording
S&M expense increased by $10.3 million compared to the prior year. The change from the prior year was primarily driven by:
Previous wording
•Compensation and benefits expense, which decreased by $2.0 million.
Current wording
•Compensation and benefits expense, which increased by $7.6 million;
Previous wording
•Consulting and other selling expenses, which increased $0.7 million; and
Current wording
•Consulting, travel and other selling expenses, which increased $1.7 million; and
Previous wording
•Trade shows, subscriptions and other marketing expenses, which increased $1.5 million;
Current wording
•Trade shows, subscriptions and other marketing expenses, which increased $1.0 million.
Previous wording
G&A expense increased by $0.9 million compared to the prior year. The change from the prior year was primarily driven by:
Current wording
G&A expense increased by $1.6 million compared to the prior year. The change from the prior year was primarily driven by:
Previous wording
•Compensation and benefits expense, which increased $2.1 million;
Current wording
•Compensation and benefits expense, which increased $5.6 million;
Previous wording
•Other outside consultant spend, which increased $0.8 million; and
Current wording
•Other outside consultant spend, which decreased $3.2 million; and
Previous wording
•Depreciation and other corporate expenses, which decreased $2.0 million.
Current wording
•Depreciation and other corporate expenses, which decreased $0.8 million.
Previous wording
•The change in the fair value for the year ended May 31, 2025 is related to the Eximo contingent consideration and the increased probability of achieving the revenue milestones. The final milestone associated with the contingent consideration was reached during the third quarter of fiscal year 2025 and was paid during the fourth quarter of fiscal year 2025.
Current wording
•The change in the fair value for the year ended May 31, 2026 is related to the Eximo contingent consideration. The final milestone associated with the contingent consideration was reached during the third quarter of fiscal year 2025 and was paid during the fourth quarter of fiscal year 2025.
Previous wording
Acquisition, restructuring and other items, net decreased by $37.6 million compared to the prior year. The change from the prior year was primarily driven by:
Current wording
Acquisition, restructuring and other items, net increased by $2.0 million compared to the prior year. The change from the prior year was primarily driven by:
Previous wording
•Legal expense, related to litigation that is outside of the normal course of business, which decreased $34.2 million and was driven by the $19.3 million settlement between the Company and BD in the prior year;
Current wording
•Legal expense, related to litigation that is outside of the normal course of business, which increased $1.3 million;
Previous wording
•Mergers and acquisitions expense, which increased $0.3 million;
Current wording
•Mergers and acquisitions expense, which decreased $0.7 million;
Previous wording
•Transaction services agreements that were entered into as a result of the divestiture of the PICCs, Midline, dialysis and BioSentry businesses. The increase in the fees invoiced was $0.7 million;
Current wording
•Transaction services agreements that were entered into as a result of the divestiture of the PICCs, Midline, dialysis and BioSentry businesses. The decrease in the fees invoiced was $0.3 million;
Previous wording
•Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024, which increased $4.3 million;
Current wording
•Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024, which decreased $0.6 million;
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•Net loss of $36.7 million plus the non-cash items, primarily driven by depreciation and amortization and stock-based compensation, along with the changes in working capital below, contributed to cash provided by operations of $3.1 million for the year ended May 31, 2026.
Current report — wording carried from elsewhere
•$0.4 million and $0.1 million, respectively, of principal payments on the financing arrangements;
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
$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.
Previous report — wording carried elsewhere
•Sales volume, price and product mix, which positively impacted gross margin by $17.2 million;