Exhibit 99.2
AngioDynamics Fourth Quarter and Full Year Earnings Presentation July 16, 2024
Forward-Looking Statements 2 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, 2023. 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 pro forma results, 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.
FY Q4 and Full Year 2024 Key Takeaways 3 COMMERCIAL EXECUTION +5.3% YoY Pro Forma FY 2024 revenue growth Second consecutive quarter of double-digit YoY Med Tech growth 68% sequential increase in AlphaVac sales in Q4 2024 ACHIEVED KEY CLINICAL & REGULATORY MILESTONES Received FDA 510(k) & CE Mark for AlphaVac in Pulmonary Embolism (PE) OPTIMIZED BUSINESS TO SUPPORT LONG-TERM GROWTH STRATEGY Sold and discontinued multiple non-core Med Device businesses Eliminated $50 million of long-term debt and bolstered balance sheet Settled patent litigation suit with C.R. Bard INITIATED SHIFT TO OUTSOURCED MANUFACTURING Process expected to generate $15 million in annual cost savings by FY 2027 Commercial and operational execution in combination with the benefits of our strategic transformation positions AngioDynamics to drive accelerated, profitable growth moving forward
4 (3.8)% Pro Forma Growth +11.3% Pro Forma Growth Segment Revenue Contribution Segment Gross Margin 47.4% 64.1% Med Device Med Tech Q4 FY 2024 Financial Snapshot
5 2.4% Pro Forma Growth +10.1% Pro Forma Growth Segment Revenue Contribution Segment Gross Margin 47.7% 63.3% Med Device Med Tech FY 2024 Financial Snapshot
3 Year Strategic Transformation 6 Pursue Larger, Faster Growing Markets Significantly expanded applicability of Med Tech portfolio through R&D, M&A, and clinical / regulatory initiatives Drive Portfolio Transformation Exited and/or divested non-core Med Device businesses to focus resources on growth opportunities Improve Financial Profile and Capital Structure Through strategic business development efforts, litigation settlement, and initiation of outsourced manufacturing model, the Company has overhauled its balance sheet and future margin profile Zero Debt (from $50M)1 $76.1M in cash 1 $15M in Annualized Cost Savings by FY 2027 +233% 1. At May 31, 2024
Med Tech - Auryon 7 Cumulative sales of over $130M since launch in Sept 2020 Launched Auryon XL Radial Catheter in FY24 CE Mark approval expected in Q1 FY25 Period Sales YoY Growth Q4 2024 $13.0M 12% FY 2024 $47.1M 16%
Med Tech - Thrombus Management 8 AlphaVac Completed APEX-AV IDE study in Pulmonary Embolism (PE) in Q3 FY24 Received FDA 510(k) & CE Mark for PE in Q4 FY24 Delivered sequential growth of 68% in Q4 FY24 over Q3 FY24 Q4 2024 Sales YoY Growth AngioVac $5.9M (4%) AlphaVac $1.9M 7% Total $7.8M (2%) FY 2024 Sales YoY Growth AngioVac $23.1M (6%) AlphaVac $6.7M (6%) Total $29.8M (6%)
Med Tech - NanoKnife 9 Completed enrollment of PRESERVE trial in July of 2023, designed to prove that NanoKnife is a safe and effective treatment for men diagnosed with intermediate risk prostate cancer Currently conducting 12-month patient follow up Expect to receive an expanded indication for use in the treatment of prostate tissue by the end of calendar 2024 Q4 2024 Sales YoY Growth Disposables $5.4M 18% Capital $2.0M 248% Total $7.4M 43% FY 2024 Sales YoY Growth Disposables $18.0M 16% Capital $6.5M 100% Total $24.5M 30%
Med Device 10 Q4 2024 Sales YoY Growth Core Peripheral $19.8M 2% Venous / EVLT $6.4M (11%) Ports $9.4M 0% Solero Microwave $4.6M (14%) Alatus and Isoloc Balloons $1.1M (6%) Habib $0.5M (55%) Total $41.8M (3.8)% Sold Dialysis and BioSentry businesses in June 2023 Sold PICC and Midline product portfolios in February 2024 Discontinued RadioFrequency products in February 2024 Net proceeds from divestitures of over $145 million Proceeds used to retire all $50 million of outstanding debt and bolster balance sheet FY 2024 Sales YoY Growth Core Peripheral $76.4M 3% Venous / EVLT $26.6M 4% Ports $36.3M 7% Solero Microwave $19.1M (2%) Alatus and Isoloc Balloons $4.4M (3%) Habib $2.0M (33%) Total $164.8M 2.4%
Key Operational Milestones 11 C.R. Bard Patent Litigation Settlement In April of 2024, the Company reached a settlement agreement with Becton, Dickinson and Company (BD) and C. R. Bard, Inc. (Bard), putting an end to a decade-long intellectual property litigation. With this resolution, the Company can now fully dedicate its resources to delivering innovative medical technology solutions and improving patient outcomes. Initiated Outsourced Manufacturing Transition Process In January 2024, the Company announced its intention to shift manufacturing operations from a company-owned facility in upstate New York to a fully outsourced model over the next two years As a result of the shift, the Company expects to realize an approximate $15 million annualized cost savings by fiscal year 2027
Fiscal Year 2025 Guidance 12 Metric Guidance Full Year Net Sales $282 - $288 million Med Tech Net Sales 10 – 12% YoY growth Med Device Net Sales 1 – 3% YoY growth Gross Margin 52 - 53% Adjusted EBITDA ($2.5) - $0 million Adjusted EPS ($0.38) – ($0.42)
13 Auryon Pursuing international expansion following our CE Mark Increased penetration in the hospital setting in the U.S. AlphaVac Full commercial launch of PE indication in U.S. and CE Marked countries Launch new products to refine and enhance usability NanoKnife Expect FDA approval for prostate by end of calendar year 2024 Commercial launch for prostate following approval Pursuing a specific prostate CPT code to add clarity to the reimbursement pathway Fiscal Year 2025 Catalysts Announced a share repurchase program for up to $15 million of its outstanding common shares.
Appendix 14
Reconciliation of GAAP to Non-GAAP Pro Forma Results for the Consolidated Income Statements 15 (in thousands, except per share data) (in thousands, except per share data)
Reconciliation of GAAP to Non-GAAP Adjusted Net Loss and EPS 16 Reconciliation of Net Loss to Adjusted EBITDA (in thousands, except per share data) (in thousands, except per share data)
Reconciliation of Non-GAAP Pro Forma Net Loss to Adjusted Pro Forma Net Loss and EPS 17 Reconciliation of Non-GAAP Pro Forma Net Loss to Adjusted Pro Forma EBITDA (in thousands, except per share data) (in thousands, except per share data)
18 Detail of “Acquisition, Restructuring and Other Items, net”
19 Reconciliation of GAAP to Non-GAAP Pro Forma Results for Sales and Gross Margin by Product Category (in thousands) (in thousands)