ANGIODYNAMICS INC

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 nine months ended February 28, 2026 compared to the three and nine months ended February 28, 2025 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 months ended August 31, 2026 compared to the three months ended August 31, 2025 are as follows:

Previous wording

•Med Tech and Med Device growth of 19.0% and 1.2%, respectively

Current wording

•Med Tech and Med Device growth of 13.2% and 1.4%, respectively

Previous wording

•Med Tech gross margin increased 10 bps to 63.3% and Med Device gross margin decreased 20 bps to 47.6%

Current wording

•Med Tech gross margin increased 400 bps to 66.2% and Med Device gross margin increased 340 bps to 52.7%

Previous wording

•Net loss decreased by $2.6 million to a loss of $25.3 million

Current wording

•Net loss decreased by $3.8 million to $7.1 million

Previous wording

•Loss per share decreased by $0.07 to $0.61

Current wording

•Loss per share decreased by $0.09 to $0.17

Previous wording

Our Med Tech revenue, comprised of Auryon, the thrombus management platform and NanoKnife, grew 19.0% in the third quarter of fiscal year 2026 driven by growth across all product lines. Our Med Device revenue grew by 1.2% in the third quarter of fiscal year 2026 driven by growth in the Core and Venous product lines which was partially offset by softness in the Ports.

Current wording

Our Med Tech revenue, comprised of Auryon, NanoKnife and the thrombus management platform, grew 13.2% in the first quarter of fiscal year 2027 driven by increased sales in Auryon, NanoKnife and the thrombus management products. Our Med Device revenue grew by 1.4% in the first quarter of fiscal year 2027 driven by growth in the Core and Microwave product lines which was partially offset by softness in the Venous, Ports and other Oncology product lines.

Previous wording

For the three months ended February 28, 2026, the Company reported net loss of $8.1 million, or diluted loss per share of $0.19, on net sales of $78.4 million, compared with a net loss of $4.4 million, or diluted loss per share of $0.11, on net sales of $72.0 million during the same quarter of the prior year. For the nine months ended February 28, 2026, the Company reported net loss of $25.3 million, or diluted loss per share of $0.61, on net sales of $233.6 million, compared with a net loss of $27.9 million, or diluted loss per share of $0.68, on net sales of $212.3 million during the same quarter of the prior year.

Current wording

For the three months ended August 31, 2026, the Company reported net loss of $7.1 million, or diluted loss per share of $0.17, on net sales of $80.9 million, compared with a net loss of $10.9 million, or diluted loss per share of $0.26, on net sales of $75.7 million during the same quarter of the prior year.

Previous wording

For the three months ended February 28, 2026, net sales increased $6.4 million to $78.4 million compared to the same period in the prior year. For the nine months ended February 28, 2026, net sales increased $21.2 million to $233.6 million compared to the same period in the prior year. At February 28, 2026, the Company had a backlog of $0.3 million.

Current wording

For the three months ended August 31, 2026, net sales increased $5.2 million to $80.9 million compared to the same period in the prior year. At August 31, 2026, the Company had a backlog of $2.7 million.

Previous wording

The Med Tech segment net sales increased $5.9 million and $17.3 million for the three and nine months ended February 28, 2026 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 net sales increased $4.7 million for the three months ended August 31, 2026 compared to the same period in the prior year. The change in sales from the prior year was primarily driven by:

Previous wording

•Increased Auryon sales of $2.5 million and $7.8 million, respectively;

Current wording

•Increased Auryon sales of $2.4 million;

Previous wording

•Increased NanoKnife sales of $1.3 million and $4.0 million, respectively, which was driven by increased disposable and capital sales.

Current wording

•Increased NanoKnife sales of $1.9 million, which was driven by increased disposable and capital sales.

Previous wording

The Med Device segment net sales increased $0.5 million and $3.9 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively. The backlog, which primarily impacted sales of Core products, was$0.3 million. The change for both periods was primarily driven by:

Current wording

The Med Device segment net sales increased $0.5 million for the three months ended August 31, 2026 compared to the same period in the prior year. The backlog, which primarily impacted sales of Core and Port products, was$2.7 million. The change in sales from the prior year was primarily driven by:

Previous wording

•Increased sales of Core, Venous and Microwave products of $0.5 million, $0.6 million and $0.1 million, respectively, which was partially offset by decreased sales of Ports and other Oncology products of $0.6 million and $0.2 million for the three months ended February 28, 2026.

Current wording

•Increased sales of Core and Microwave products of $1.6 million and $0.5 million, respectively, which was partially offset by decreased sales of other Oncology products, Ports and Venous products of $0.7 million, $0.6 million and $0.3 million, respectively.

Previous wording

Total Company gross margin increased by $2.6 million and $12.6 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:

Current wording

Total Company gross margin increased by $6.2 million for the three months ended August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

Previous wording

The Med Tech segment gross margin increased by $3.7 million and $11.1 million for the three and nine months ended February 28, 2026 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 margin increased by $4.5 million for the three months ended August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

Previous wording

•Increased sales of the thrombus management platform of $2.1 million and $5.5 million compared to the same period in the prior year, respectively. This was driven by an increase in AlphaVac and AngioVac sales of $1.7 million and $5.5 million compared to the same period in the prior year, respectively and an increase in thrombolytic sales of $0.4 million and $0.1 million compared to the same period in the prior year, respectively; and

Current wording

•A decrease in incremental depreciation on placement units of $0.4 million.

Previous wording

The Med Device segment gross margin decreased by $1.1 million and increased $1.5 million for the three and nine months ended February 28, 2026 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 margin increased by $1.7 million for the three months ended August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

Previous wording

•Benefits from product lines transitioned to third-party manufacturers, which positively impacted gross margin by $0.7 million and $3.4 million, respectively;

Current wording

•Price, which positively impacted gross margin by $0.7 million;

Previous wording

R&D expense increased $0.2 million and $1.6 million for the three andnine months ended February 28, 2026 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:

Current wording

R&D expense increased $1.6 million for thethree months ended August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

Previous wording

•The timing of certain projects and clinical spend associated with ongoing clinical trials, which increased by $0.3 million and $1.6 million, respectively; and

Current wording

•The timing of certain projects and clinical spend associated with ongoing clinical trials, which increased R&D expense by $1.2 million; and

Previous wording

•Compensation and benefits expenses, which decreased $0.1 million for the three months ended February 28, 2026.

Current wording

•Compensation and benefits expenses, which increased $0.3 million.

Previous wording

S&M expense increased $1.9 million and $5.6 million for the three and nine months ending February 28, 2026 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:

Current wording

S&M expense increased $1.9 million for the three months ending August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

Previous wording

•Compensation and benefits expense, which increased by $1.0 million and $3.1 million, respectively;

Current wording

•Compensation and benefits expense, which increased by $1.0 million;

Previous wording

•Consulting, travel and other selling expenses, which increased $0.5 million and $1.4 million, respectively; and

Current wording

•Consulting, travel and other selling expenses, which increased $0.6 million; and

Previous wording

•Trade shows, subscriptions and other marketing expenses, which increased $0.5 million and $1.0 million, respectively.

Current wording

•Trade shows, subscriptions and other marketing expenses, which increased $0.3 million.

Previous wording

•Other outside consultant spend, which decreased $0.4 million and $1.8 million, respectively; and

Current wording

•Other outside consultant spend, which increased $0.6 million;

Previous wording

•Compensation and benefits expenses, which increased $0.7 million and $3.9 million, respectively;

Current wording

•Compensation and benefits expenses, which decreased $0.7 million; and

Previous wording

•Depreciation and other corporate expenses, which decreased $0.1 million and $0.6 million, respectively.

Current wording

•Depreciation and other corporate expenses, which decreased $0.2 million.

Previous wording

•Amortization expense remained consistent for the three and nine months ended February 28, 2026 compared to the same period in the prior year.

Current wording

•Amortization expense remained consistent with the same period in the prior year.

Previous wording

Acquisition, restructuring and other items, net, increased by $3.2 million and decreased by $0.6 million for the three and nine months ended February 28, 2026, compared to the same period in the prior year. The change for both periods was primarily driven by:

Current wording

Acquisition, restructuring and other items, net, decreased by $0.6 million for the three months ended August 31, 2026, compared to the same period in 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 increased $0.1 million and $1.4 million, respectively;

Current wording

•Legal expense, related to litigation that is outside of the normal course of business, which increased $0.2 million;

Previous wording

•Transition expenses related to the upcoming retirement of our CEO which was announced on January 6, 2026, which increased $0.9 million for both periods; and

Current wording

•Transition expenses related to the upcoming retirement of our CEO which was announced on January 6, 2026, which increased $0.8 million;

Previous wording

•Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024, which increased $2.1 million for the three months ended February 28, 2026 and decreased $1.9 million for the nine months ended February 28, 2026;

Current wording

•Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024, which decreased $1.7 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 $0.1 million for both periods;

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; and

Previous wording

•Other expenses, mainly severance associated with organizational changes, increased $0.2 million for the three months ended February 28, 2026 and decreased $0.1 million for the nine months ended February 28, 2026.

Current wording

•Other expenses, mainly severance associated with organizational changes, which decreased $0.1 million.

Previous wording

Other income, net - Other expenses include interest expense, foreign currency impacts and bank fees.

Current wording

Other income (expense), net - Other expenses include interest expense, foreign currency impacts and bank fees.

Previous wording

Our effective tax rate including discrete items for the three months ended February 28, 2026 and February 28, 2025 was (0.1)% and 0.0%, respectively. Our effective tax rate including discrete items for the nine months ended February 28, 2026 and February 28, 2025 was (0.3)% and (0.1)%, respectively. In fiscal year 2026, the Company’s effective tax rate differs from the U.S. statutory rate primarily due to the impact of the valuation allowance, foreign taxes, and other non-deductible permanent items (such as non-deductible meals and entertainment, Section 162(m) excess compensation and non-deductible stock-based compensation).

Current wording

Our effective tax rate including discrete items for the three months ended August 31, 2026 and August 31, 2025 was 2.7% and (0.6)%, respectively. In fiscal year 2027, the Company’s effective tax rate differs from the U.S. statutory rate primarily due to the impact of the valuation allowance, foreign taxes, and other non-deductible permanent items (such as non-deductible meals and entertainment, Section 162(m) excess compensation and non-deductible stock-based compensation).

Previous wording

Our cash and cash equivalents totaled $37.8 million as of February 28, 2026, compared with $55.9 million as of May 31, 2025. As of February 28, 2026 and May 31, 2025 the Company did not have any outstanding debt.

Current wording

Our cash and cash equivalents totaled $34.0 million as of August 31, 2026, compared with $53.9 million as of May 31, 2026. As of August 31, 2026 and May 31, 2026 the Company did not have any outstanding debt.

Previous wording

During the nine months ended February 28, 2026 and 2025, cash flows consisted of the following:

Current wording

During the quarters ended August 31, 2026 and 2025, cash flows consisted of the following:

Previous wording

•Net loss of $25.3 million and $27.9 million, respectively, 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 used in operations of $14.4 million and $28.9 million, respectively, for these periods.

Current wording

•Net loss of $7.1 million and $10.9 million, respectively, 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 used in operations of $15.3 million and $15.9 million, respectively, for these periods.