Exhibit 99.2
ANGIODYNAMICS Fourth Quarter 2022 Earnings Presentation July 12, 2022 1
2 Forward-Looking Statement 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, 2021. 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.
Corporate Developments – Q4 and Full-Year Highlights Continued focused investment in our 3 key Med Tech platforms: Auryon, Thrombectomy & NanoKnife Macroeconomic headwinds persist Gross margin impacted by supply chain disruptions, labor shortages and inflation Manufacturing capacity enhancement drove a 40% increase in production hours exiting Q4 Backlog of $8.4 million at quarter end as response plans yielded reductions Company Q4 revenue growth of 13.2% Med Tech up 40.0%; Med Device up 6.1% $9.6 million in Auryon sales 10.0% YOY growth in Mechanical Thrombectomy (AngioVac and AlphaVac); 11.4% growth when including Unifuse 16.0% YOY growth in NanoKnife disposables Company full-year revenue growth of 8.7% Med Tech up 41.2%; Med Device up 0.9% (excluding NHS, up 3.2%) $29.1 million in Auryon sales 16.0% YOY growth in Mechanical Thrombectomy (AngioVac and AlphaVac); 12.1% growth when including Unifuse 16.7% YOY growth in NanoKnife disposables Subsequent to year end: The Company initiated the FMR of the AlphaVac F18 thrombectomy system Two new IDE clinical studies: The APEX study for the use of AlphaVac F18 to treat pulmonary embolism The PRESERVE study for the use of NanoKnife in prostate (first patients enrolled)
FY23 Guidance 4 FY23 Guidance Q4 FY2022 Revenue $342 - $348 million Gross Margin Med Tech Med Device 52.5% - 54.5% 65% - 68% 45% - 48% Adjusted EPS $0.01 - $0.06
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) 5
Fourth Quarter and Full-Year Highlights 6 Med Device Med Tech $10.5 $17.6 $59.7 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 19.6 54.4 Q4 FY21
Sales Growth Over Prior Periods Endovascular Therapies Q4 FY2022 FY2022 Auryon 110% 162% Mechanical Thrombectomy* 10% 16% Thrombolytics 21% (6%) Core Peripheral 3% 6% Venous Insufficiency 7% 2% Vascular Access Q4 FY2022 FY2022 Midlines (10%) (18%) C3 (10%) 12% PICCs 8% (3%) Ports 16% 10% Dialysis 16% (1%) Oncology Q4 FY2022 FY2022 NanoKnife® Capital 0% (10%) NanoKnife® Disposables 16% 17% Solero® Microwave 19% 0% BioSentry (2%) 5% Alatus and IsoLoc Balloons 7% 4% RadioFrequency Ablation (18%) (15%) 7 Med Tech Q4 FY2022 FY2022 Auryon* 110% 162% Thrombectomy** 11% 12% NanoKnife® Disposables 16% 17% NanoKnife® Capital 0% (10%) Med Device Q4 FY2022 FY2022 Solero® Microwave 19% 0% BioSentry (2%) 5% Core Peripheral 3% 6% Venous Insufficiency 7% 2% Alatus and IsoLoc Balloons 7% 4% RadioFrequency Ablation (18%) (15%) Midlines (10%) (18%) C3 (10%) 12% PICCs 8% (3%) Ports 16% 10% Dialysis 16% (1%) * The Auryon product was launched in Q2 of fiscal year 2021. ** Thrombectomy includes AngioVac, AlphaVac and Thrombolytics. * Mechanical thrombectomy includes AngioVac and AlphaVac.
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) 8
9 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.
10 Full-Year 2022 Cash Walk
11 FOCUSED TRANSFORMATION U.S. Total Addressable Markets FY2021 Launch of the Auryon System gives us access to the peripheral atherectomy market Planned Thrombectomy & NanoKnife System portfolio additions & new indications increase market access $3.0B 2-5% Mkt CAGR $6.0B 3-7% Mkt CAGR $8.0B 3-7% Mkt CAGR FY2023 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
12 Med Tech Platform – Expansion Opportunities Developing our Med Tech platforms potentially 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 estimates and industry sources *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. **Potential incremental TAM expansion beyond that depicted for FY 2025 on the previous slide
GAAP to Non-GAAP Reconciliation 13
Reconciliation of GAAP to Non-GAAP Net Income (Loss) and EPS Reconciliation of Net Loss to Adjusted EBITDA 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. 14 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)