AngioDynamics 8K Results of Operations and Financial Condition | ANGO 16 Jul 24

Exhibit 99.1

ANGIODYNAMICS, INC. AND SUBSIDIARIES

PRO FORMA CONSOLIDATED INCOME STATEMENTS

(in thousands, except per share data)

	Three Months Ended									Three Months Ended
	As Reported⁽¹⁾			Pro Forma Adjustments⁽²⁾			Pro Forma			As Reported⁽¹⁾			Pro Forma Adjustments⁽²⁾			Pro Forma
	Aug 31, 2023			Aug 31, 2023			Aug 31, 2023			Aug 31, 2022			Aug 31, 2022			Aug 31, 2022
				(unaudited)									(unaudited)

Net sales	$	78,679		$	(11,935	)	$	66,744		$	81,537		$	(19,828	)	$	61,709
Cost of sales (exclusive of intangible amortization)		38,619			(8,482	)		30,137			39,232			(11,585	)		27,647
Gross profit		40,060			(3,453	)		36,607			42,305			(8,243	)		34,062
% of net sales		50.9	%					54.8	%		51.9	%					55.2	%

Operating expenses
Research and development		7,941			(207	)		7,734			8,333			(125	)		8,208
Sales and marketing		27,368			(1,487	)		25,881			26,543			(1,416	)		25,127
General and administrative		10,856			(1	)		10,855			10,101			(101	)		10,000
Amortization of intangibles		3,625			(964	)		2,661			4,837			(1,448	)		3,389
Change in fair value of contingent consideration		(130	)		—			(130	)		211			—			211
Acquisition, restructuring and other items, net		3,212			(22	)		3,190			5,581			(17	)		5,564
Total operating expenses		52,872			(2,681	)		50,191			55,606			(3,107	)		52,499
Gain on sale of assets		47,842			(47,842	)		—			—			—			—
Operating income (loss)		35,030			(48,614	)		(13,584	)		(13,301	)		(5,136	)		(18,437	)
Interest expense, net		119			—			119			(381	)		—			(381	)
Other expense, net		(288	)		—			(288	)		(175	)		—			(175	)
Total other expense, net		(169	)		—			(169	)		(556	)		—			(556	)
Income (loss) before income tax benefit		34,861			(48,614	)		(13,753	)		(13,857	)		(5,136	)		(18,993	)
Income tax benefit		(11,023	)		—			(11,023	)		(853	)					(853	)
Net income (loss)	$	45,884		$	(48,614	)	$	(2,730	)	$	(13,004	)	$	(5,136	)	$	(18,140	)

Income (loss) per share
Basic	$	1.15					$	(0.07	)	$	(0.33	)				$	(0.46	)
Diluted	$	1.15					$	(0.07	)	$	(0.33	)				$	(0.46	)

Weighted average shares outstanding
Basic		39,842						39,842			39,302						39,302
Diluted		39,968						39,842			39,302						39,302

(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June 8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the three months ended August 31, 2023 and August 31, 2022.

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

PRO FORMA GAAP TO NON-GAAP RECONCILIATION

(in thousands, except per share data)

Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss:
	Pro Forma
	Three Months Ended
	Aug 31, 2023			Aug 31, 2022
	(unaudited)			(unaudited)

Pro forma net loss	$	(2,730	)	$	(18,140	)

Amortization of intangibles		2,661			3,389
Change in fair value of contingent consideration		(130	)		211
Acquisition, restructuring and other items, net ⁽¹⁾		3,190			5,564
Tax effect of non-GAAP items ⁽²⁾		(9,176	)		1,408
Adjusted pro forma net loss	$	(6,185	)	$	(7,568	)

Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share:
	Pro Forma
	Three Months Ended
	Aug 31, 2023			Aug 31, 2022
	(unaudited)			(unaudited)

Pro forma diluted loss per share	$	(0.07	)	$	(0.46	)

Amortization of intangibles		0.07			0.09
Change in fair value of contingent consideration		—			0.01
Acquisition, restructuring and other items, net ⁽¹⁾		0.08			0.14
Tax effect of non-GAAP items ⁽²⁾		(0.24	)		0.03
Adjusted pro forma diluted loss per share	$	(0.16	)	$	(0.19	)

Adjusted diluted sharecount ⁽³⁾		39,842			39,302

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items.

(2) 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 August 31, 2023 and August 31, 2022.

(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued)

(in thousands, except per share data)

Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA:
	Pro Forma
	Three Months Ended
	Aug 31, 2023			Aug 31, 2022
	(unaudited)			(unaudited)

Pro forma net loss	$	(2,730	)	$	(18,140	)

Income tax benefit		(11,023	)		(853	)
Interest expense, net		(119	)		381
Depreciation and amortization		5,682			6,124
Change in fair value of contingent consideration		(130	)		211
Stock based compensation		4,058			2,937
Acquisition, restructuring and other items, net ⁽¹⁾		3,190			5,564
Pro forma adjusted EBITDA	$	(1,072	)	$	(3,776	)

Per diluted share:
Adjusted EBITDA	$	(0.03	)	$	(0.10	)

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY

(in thousands)

	Three Months Ended							Three Months Ended
	Actual ⁽¹⁾		Pro Forma Adj. ⁽²⁾			Pro Forma		As Reported ⁽¹⁾		Pro Forma Adj. ⁽²⁾			Pro Forma		Actual									Pro Forma
	Aug 31, 2023		Aug 31, 2023			Aug 31, 2023		Aug 31, 2022		Aug 31, 2022			Aug 31, 2022		% Growth			Currency Impact			Constant Currency Growth			% Growth			Currency Impact			Constant Currency Growth
			(unaudited)							(unaudited)
Net Sales
Med Tech	$	25,860	$	(131	)	$	25,729	$	22,817	$	(76	)	$	22,741		13.3	%								13.1	%
Med Device		52,819		(11,804	)		41,015		58,720		(19,752	)		38,968		(10.0	)%								5.3	%
	$	78,679	$	(11,935	)	$	66,744	$	81,537	$	(19,828	)	$	61,709		(3.5	)%		0.0	%		(3.5	)%		8.2	%		0.0	%		8.2	%

Net Sales
United States	$	64,399	$	(8,395	)	$	56,004	$	69,023	$	(15,150	)	$	53,873		(6.7	)%								4.0	%
International		14,280		(3,540	)		10,740		12,514		(4,678	)		7,836		14.1	%		0.0	%		14.1	%		37.1	%
	$	78,679	$	(11,935	)	$	66,744	$	81,537	$	(19,828	)	$	61,709		(3.5	)%		0.0	%		(3.5	)%		8.2	%		0.0	%		8.2	%

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

GROSS PROFIT BY PRODUCT CATEGORY

(in thousands)

	Three Months Ended									Three Months Ended
	Actual⁽¹⁾			Pro Forma Adj. ⁽²⁾			Pro Forma			As Reported ⁽¹⁾			Pro Forma Adj. ⁽²⁾			Pro Forma			Actual			Pro Forma
	Aug 31, 2023			Aug 31, 2023			Aug 31, 2023			Aug 31, 2022			Aug 31, 2022			Aug 31, 2022			% Change			% Change
	(unaudited)									(unaudited)
Med Tech	$	16,727		$	(39	)	$	16,688		$	14,429		$	(20	)	$	14,409			15.9	%		15.8	%
Gross profit % of sales		64.7	%					64.9	%		63.2	%					63.4	%

Med Device	$	23,333		$	(3,414	)	$	19,919		$	27,876		$	(8,223	)	$	19,653			(16.3	)%		1.4	%
Gross profit % of sales		44.2	%					48.6	%		47.5	%					50.4	%

Total	$	40,060		$	(3,453	)	$	36,607		$	42,305		$	(8,243	)	$	34,062			(5.3	)%		7.5	%
Gross profit % of sales		50.9	%					54.8	%		51.9	%					55.2	%

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

PRO FORMA CONSOLIDATED INCOME STATEMENTS

(in thousands, except per share data)

	Three Months Ended									Three Months Ended
	As Reported⁽¹⁾			Pro Forma Adjustments⁽²⁾			Pro Forma			As Reported⁽¹⁾			Pro Forma Adjustments⁽²⁾			Pro Forma
	Nov 30, 2023			Nov 30, 2023			Nov 30, 2023			Nov 30, 2022			Nov 30, 2022			Nov 30, 2022
				(unaudited)									(unaudited)

Net sales	$	79,073		$	(12,190	)	$	66,883		$	85,429		$	(20,810	)	$	64,619
Cost of sales (exclusive of intangible amortization)		38,811			(8,600	)		30,211			40,351			(12,023	)		28,328
Gross profit		40,262			(3,590	)		36,672			45,078			(8,787	)		36,291
% of net sales		50.9	%					54.8	%		52.8	%					56.2	%

Operating expenses
Research and development		8,658			(323	)		8,335			6,838			(127	)		6,711
Sales and marketing		25,464			(1,469	)		23,995			26,007			(1,485	)		24,522
General and administrative		9,289			(74	)		9,215			10,835			(831	)		10,004
Amortization of intangibles		3,562			(964	)		2,598			4,808			(1,448	)		3,360
Change in fair value of contingent consideration		221			—			221			1,646			—			1,646
Acquisition, restructuring and other items, net		6,188			(106	)		6,082			3,059			—			3,059
Total operating expenses		53,382			(2,936	)		50,446			53,193			(3,891	)		49,302
Operating loss		(13,120	)		(654	)		(13,774	)		(8,115	)		(4,896	)		(13,011	)
Interest expense, net		534			—			534			(684	)		—			(684	)
Other expense, net		(32	)		—			(32	)		(252	)		—			(252	)
Total other expense, net		502			—			502			(936	)		—			(936	)
Loss before income tax benefit		(12,618	)		(654	)		(13,272	)		(9,051	)		(4,896	)		(13,947	)
Income tax (benefit) expense		16,430			—			16,430			(565	)					(565	)
Net loss	$	(29,048	)	$	(654	)	$	(29,702	)	$	(8,486	)	$	(4,896	)	$	(13,382	)

Loss per share
Basic	$	(0.72	)				$	(0.74	)	$	(0.21	)				$	(0.34	)
Diluted	$	(0.72	)				$	(0.74	)	$	(0.21	)				$	(0.34	)

Weighted average shares outstanding
Basic		40,219						40,219			39,490						39,490
Diluted		40,219						40,219			39,490						39,490

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

PRO FORMA GAAP TO NON-GAAP RECONCILIATION

(in thousands, except per share data)

Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss:
	Pro Forma
	Three Months Ended
	Nov 30, 2023			Nov 30, 2022
	(unaudited)			(unaudited)

Pro forma net loss	$	(29,702	)	$	(13,382	)

Amortization of intangibles		2,598			3,360
Change in fair value of contingent consideration		221			1,646
Acquisition, restructuring and other items, net ⁽¹⁾		6,082			3,059
Tax effect of non-GAAP items ⁽²⁾		17,435			788
Adjusted pro forma net loss	$	(3,366	)	$	(4,529	)

Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share:
	Pro Forma
	Three Months Ended
	Nov 30, 2023			Nov 30, 2022
	(unaudited)			(unaudited)

Pro forma diluted loss per share	$	(0.74	)	$	(0.34	)

Amortization of intangibles		0.06			0.09
Change in fair value of contingent consideration		0.01			0.04
Acquisition, restructuring and other items, net ⁽¹⁾		0.15			0.08
Tax effect of non-GAAP items ⁽²⁾		0.44			0.02
Adjusted pro forma diluted loss per share	$	(0.08	)	$	(0.11	)

Adjusted diluted sharecount ⁽³⁾		40,219			39,490

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items.

(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued)

(in thousands, except per share data)

Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA:
	Pro Forma
	Three Months Ended
	Nov 30, 2023			Nov 30, 2022
	(unaudited)			(unaudited)

Pro forma net loss	$	(29,702	)	$	(13,382	)

Income tax benefit		16,430			(565	)
Interest expense, net		(534	)		684
Depreciation and amortization		5,691			6,268
Change in fair value of contingent consideration		221			1,646
Stock based compensation		1,802			3,287
Acquisition, restructuring and other items, net ⁽¹⁾		6,082			3,059
Pro forma adjusted EBITDA	$	(10	)	$	997

Per diluted share:
Adjusted EBITDA	$	—		$	0.02

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY

(in thousands)

	Three Months Ended							Three Months Ended
	Actual ⁽¹⁾		Pro Forma Adj. ⁽²⁾			Pro Forma		As Reported ⁽¹⁾		Pro Forma Adj. ⁽²⁾			Pro Forma		Actual									Pro Forma
	Nov 30, 2023		Nov 30, 2023			Nov 30, 2023		Nov 30, 2022		Nov 30, 2022			Nov 30, 2022		% Growth			Currency Impact			Constant Currency Growth			% Growth			Currency Impact			Constant Currency Growth
			(unaudited)							(unaudited)
Net Sales
Med Tech	$	25,363	$	(122	)	$	25,241	$	24,502	$	(135	)	$	24,367		3.5	%								3.6	%
Med Device		53,710		(12,068	)		41,642		60,927		(20,675	)		40,252		(11.8	)%								3.5	%
	$	79,073	$	(12,190	)	$	66,883	$	85,429	$	(20,810	)	$	64,619		(7.4	)%		0.0	%		(7.4	)%		3.5	%		0.0	%		3.5	%

Net Sales
United States	$	64,002	$	(8,182	)	$	55,820	$	71,631	$	(16,413	)	$	55,218		(10.7	)%								1.1	%
International		15,071		(4,008	)		11,063		13,798		(4,397	)		9,401		9.2	%		0.0	%		9.2	%		17.7	%
	$	79,073	$	(12,190	)	$	66,883	$	85,429	$	(20,810	)	$	64,619		(7.4	)%		0.0	%		(7.4	)%		3.5	%		0.0	%		3.5	%

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

GROSS PROFIT BY PRODUCT CATEGORY

(in thousands)

	Three Months Ended									Three Months Ended
	Actual⁽¹⁾			Pro Forma Adj. ⁽²⁾			Pro Forma			As Reported ⁽¹⁾			Pro Forma Adj. ⁽²⁾			Pro Forma			Actual			Pro Forma
	Nov 30, 2023			Nov 30, 2023			Nov 30, 2023			Nov 30, 2022			Nov 30, 2022			Nov 30, 2022			% Change			% Change
	(unaudited)									(unaudited)
Med Tech	$	15,816		$	(33	)	$	15,783		$	15,614		$	(50	)	$	15,564			1.3	%		1.4	%
Gross profit % of sales		62.4	%					62.5	%		63.7	%					63.9	%

Med Device	$	24,446		$	(3,557	)	$	20,889		$	29,464		$	(8,737	)	$	20,727			(17.0	)%		0.8	%
Gross profit % of sales		45.5	%					50.2	%		48.4	%					51.5	%

Total	$	40,262		$	(3,590	)	$	36,672		$	45,078		$	(8,787	)	$	36,291			(10.7	)%		1.0	%
Gross profit % of sales		50.9	%					54.8	%		52.8	%					56.2	%

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

PRO FORMA CONSOLIDATED INCOME STATEMENTS

(in thousands, except per share data)

	Three Months Ended									Three Months Ended
	As Reported⁽¹⁾			Pro Forma Adjustments⁽²⁾			Pro Forma			As Reported⁽¹⁾			Pro Forma Adjustments⁽²⁾			Pro Forma
	Feb 29, 2024			Feb 29, 2024			Feb 29, 2024			Feb 28, 2023			Feb 28, 2023			Feb 28, 2023
				(unaudited)									(unaudited)

Net sales	$	75,182		$	(9,211	)	$	65,971		$	80,712		$	(19,622	)	$	61,090
Cost of sales (exclusive of intangible amortization)		39,321			(7,038	)		32,283			40,208			(12,096	)		28,112
Gross profit		35,861			(2,173	)		33,688			40,504			(7,526	)		32,978
% of net sales		47.7	%					51.1	%		50.2	%					54.0	%

Operating expenses
Research and development		8,189			(117	)		8,072			6,852			(139	)		6,713
Sales and marketing		25,405			(1,758	)		23,647			25,406			(1,404	)		24,002
General and administrative		10,578			22			10,600			8,839			(306	)		8,533
Amortization of intangibles		3,287			(643	)		2,644			4,739			(1,448	)		3,291
Goodwill impairment		159,476			—			159,476			—			—			—
Change in fair value of contingent consideration		112			—			112			227			—			227
Acquisition, restructuring and other items, net		35,367			(6,266	)		29,101			3,369			—			3,369
Total operating expenses		242,414			(8,762	)		233,652			49,432			(3,297	)		46,135
Gain on sale of assets		6,657			(6,657	)		—			—			—			—
Operating loss		(199,896	)		(68	)		(199,964	)		(8,928	)		(4,229	)		(13,157	)
Interest expense, net		394			—			394			(736	)		—			(736	)
Other expense, net		(238	)		—			(238	)		—			—			—
Total other expense, net		156			—			156			(736	)		—			(736	)
Loss before income tax benefit		(199,740	)		(68	)		(199,808	)		(9,664	)		(4,229	)		(13,893	)
Income tax benefit		(12,004	)		—			(12,004	)		(179	)					(179	)
Net loss	$	(187,736	)	$	(68	)	$	(187,804	)	$	(9,485	)	$	(4,229	)	$	(13,714	)

Loss per share
Basic	$	(4.67	)				$	(4.67	)	$	(0.24	)				$	(0.35	)
Diluted	$	(4.67	)				$	(4.67	)	$	(0.24	)				$	(0.35	)

Weighted average shares outstanding
Basic		40,234						40,234			39,509						39,509
Diluted		40,234						40,234			39,509						39,509

(1) Reflects the Company's US GAAP consolidated financial statements before pro forma adjustments related to the sale of the Dialysis and BioSentry Businesses on June8, 2023, the sale of the PICCs and Midlines Businesses on February 15, 2024 and the discontinuation of the RadioFrequency Ablation and Syntrax products ("the Businesses") as of February 29, 2024, for the three months ended February 29, 2024 and February 28, 2023.

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

PRO FORMA GAAP TO NON-GAAP RECONCILIATION

(in thousands, except per share data)

Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted Net Loss:
	Pro Forma
	Three Months Ended
	Feb 29, 2024			Feb 28, 2023
	(unaudited)			(unaudited)

Pro forma net loss	$	(187,804	)	$	(13,714	)

Amortization of intangibles		2,644			3,291
Change in fair value of contingent consideration		112			227
Acquisition, restructuring and other items, net ⁽¹⁾		29,101			3,369
Goodwill impairment		159,476			—
Tax effect of non-GAAP items ⁽²⁾		(10,055	)		1,432
Adjusted pro forma net loss	$	(6,526	)	$	(5,395	)

Reconciliation of Pro Forma Diluted Loss Per Share to Pro Forma Adjusted Diluted Loss Per Share:
	Pro Forma
	Three Months Ended
	Feb 29, 2024			Feb 28, 2023
	(unaudited)			(unaudited)

Pro forma diluted loss per share	$	(4.67	)	$	(0.35	)

Amortization of intangibles		0.07			0.08
Change in fair value of contingent consideration		—			0.01
Acquisition, restructuring and other items, net ⁽¹⁾		0.72			0.08
Goodwill impairment		3.97			—
Tax effect of non-GAAP items ⁽²⁾		(0.25	)		0.04
Adjusted pro forma diluted loss per share	$	(0.16	)	$	(0.14	)

Adjusted diluted sharecount ⁽³⁾		40,234			39,509

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items.

(3) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP loss.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

PRO FORMA GAAP TO NON-GAAP RECONCILIATION (Continued)

(in thousands, except per share data)

Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA:
	Pro Forma
	Three Months Ended
	Feb 29, 2024			Feb 28, 2023
	(unaudited)			(unaudited)

Pro forma net loss	$	(187,804	)	$	(13,714	)

Income tax benefit		(12,004	)		(179	)
Interest expense, net		(394	)		736
Depreciation and amortization		6,861			6,288
Goodwill impairment		159,476			—
Change in fair value of contingent consideration		112			227
Stock based compensation		2,141			1,728
Acquisition, restructuring and other items, net ⁽¹⁾		27,966			3,369
Pro forma adjusted EBITDA	$	(3,646	)	$	(1,545	)

Per diluted share:
Adjusted EBITDA	$	(0.09	)	$	(0.04	)

(1) Includes costs related to merger and acquisition activities, restructuring, and unusual items, including asset impairments and write-offs, certain litigation, and other items.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY

(in thousands)

	Three Months Ended							Three Months Ended
	Actual ⁽¹⁾		Pro Forma Adj. ⁽²⁾			Pro Forma		As Reported ⁽¹⁾		Pro Forma Adj. ⁽²⁾			Pro Forma		Actual									Pro Forma
	Feb 29, 2024		Feb 29, 2024			Feb 29, 2024		Feb 28, 2023		Feb 28, 2023			Feb 28, 2023		% Growth			Currency Impact			Constant Currency Growth			% Growth			Currency Impact			Constant Currency Growth
			(unaudited)							(unaudited)
Net Sales
Med Tech	$	25,844	$	(190	)	$	25,654	$	22,874	$	(91	)	$	22,783		13.0	%								12.6	%
Med Device		49,338		(9,021	)		40,317		57,838		(19,531	)		38,307		(14.7	)%								5.2	%
	$	75,182	$	(9,211	)	$	65,971	$	80,712	$	(19,622	)	$	61,090		(6.9	)%		0.0	%		(6.9	)%		8.0	%		0.0	%		8.0	%

Net Sales
United States	$	62,342	$	(6,521	)	$	55,821	$	67,620	$	(14,932	)	$	52,688		(7.8	)%								5.9	%
International		12,840		(2,690	)		10,150		13,092		(4,690	)		8,402		(1.9	)%		0.0	%		(1.9	)%		20.8	%
	$	75,182	$	(9,211	)	$	65,971	$	80,712	$	(19,622	)	$	61,090		(6.9	)%		0.0	%		(6.9	)%		8.0	%		0.0	%		8.0	%

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

GROSS PROFIT BY PRODUCT CATEGORY

(in thousands)

	Three Months Ended									Three Months Ended
	Actual⁽¹⁾			Pro Forma Adj. ⁽²⁾			Pro Forma			As Reported ⁽¹⁾			Pro Forma Adj. ⁽²⁾			Pro Forma			Actual			Pro Forma
	Feb 29, 2024			Feb 29, 2024			Feb 29, 2024			Feb 28, 2023			Feb 28, 2023			Feb 28, 2023			% Change			% Change
	(unaudited)									(unaudited)
Med Tech	$	15,857		$	(83	)	$	15,774		$	14,774		$	(93	)	$	14,681			7.3	%		7.4	%
Gross profit % of sales		61.4	%					61.5	%		64.6	%					64.4	%

Med Device	$	20,004		$	(2,090	)	$	17,914		$	25,730		$	(7,433	)	$	18,297			(22.3	)%		(2.1	)%
Gross profit % of sales		40.5	%					44.4	%		44.5	%					47.8	%

Total	$	35,861		$	(2,173	)	$	33,688		$	40,504		$	(7,526	)	$	32,978			(11.5	)%		2.2	%
Gross profit % of sales		47.7	%					51.1	%		50.2	%					54.0	%

(2) Reflects the elimination of revenues and expenses representing the operating results from the sales and discontinuation of the Businesses.

AngioDynamics (ANGO) 8-KResults of Operations and Financial Condition