ango-20251130

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 0-50761

AngioDynamics, Inc.

(Exact name of registrant as specified in its charter)


Delaware						11-3146460
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

14 Plaza Drive, Latham, New York 12110

(Address of principal executive offices and zip code)

(518) 795-1400

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, par value $.01

ANGO

NASDAQ Global Select Market

Preferred Stock Purchase Rights

NASDAQ Global Select Market

Securities registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date.


Class						Outstanding as of January 2, 2026
Common Stock, par value $.01						41,217,386

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AngioDynamics, Inc. and Subsidiaries

TABLE OF CONTENTS


		Page
	Part I: Financial Information

Item 1.	Financial Statements

	Consolidated Statements of Operations (unaudited)	3

	Consolidated Statements of Comprehensive Loss (unaudited)	4

	Consolidated Balance Sheets (unaudited)	5

	Consolidated Statements of Cash Flows (unaudited)	6

	Consolidated Statements of Stockholders’ Equity (unaudited)	7

	Notes to Consolidated Financial Statements (unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29

Item 4.	Controls and Procedures	30

	Part II: Other Information

Item 1.	Legal Proceedings	31

Item 1A.	Risk Factors	31

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

Item 3.	Defaults on Senior Securities	31

Item 4.	Mine Safety Disclosures	31

Item 5.	Other Information	31

Item 6.	Exhibits	32

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PART 1. FINANCIAL INFORMATION

Item 1. Financial Statements.

AngioDynamics, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands of dollars, except per share data)


	Three Months Ended				Six Months Ended
	Nov 30, 2025		Nov 30, 2024		Nov 30, 2025		Nov 30, 2024
Net sales	$	79,433	$	72,845	$	155,144	$	140,336
Cost of sales (exclusive of intangible amortization)	34,650		32,939		68,504		63,706
Gross margin	44,783		39,906		86,640		76,630
Operating expenses:
Research and development	7,768		6,434		14,185		12,719
Sales and marketing	26,711		25,589		54,841		51,194
General and administrative	10,151		10,391		22,706		21,366
Amortization of intangibles	2,643		2,562		5,296		5,132

Change in fair value of contingent consideration	—		156		—		232
Acquisition, restructuring and other items, net	3,635		5,868		6,393		10,179
Total operating expenses	50,908		51,000		103,421		100,822

Operating loss	(6,125)		(11,094)		(16,781)		(24,192)
Other expense:
Interest income (expense), net	(102)		234		(106)		840
Other income (expense), net	(128)		12		(306)		(161)
Total other income (expense), net	(230)		246		(412)		679
Loss before income tax benefit	(6,355)		(10,848)		(17,193)		(23,513)
Income tax (benefit) expense	(5)		(110)		60		23
Net loss	$	(6,350)	$	(10,738)	$	(17,253)	$	(23,536)


Loss per share
Basic	$	(0.15)	$	(0.26)	$	(0.42)	$	(0.58)
Diluted	$	(0.15)	$	(0.26)	$	(0.42)	$	(0.58)






Weighted average shares outstanding
Basic	41,542		40,922		41,404		40,787
Diluted	41,542		40,922		41,404		40,787

The accompanying notes are an integral part of these consolidated financial statements.

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AngioDynamics, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited)

(in thousands of dollars)


	Three Months Ended				Six Months Ended
	Nov 30, 2025		Nov 30, 2024		Nov 30, 2025		Nov 30, 2024
Net loss	$	(6,350)	$	(10,738)	$	(17,253)	$	(23,536)
Other comprehensive income (loss), before tax:

Foreign currency translation gain	937		(481)		3,021		617
Other comprehensive income (loss), before tax	937		(481)		3,021		617
Income tax expense related to items of other comprehensive loss	—		—		—		—
Other comprehensive income (loss), net of tax	937		(481)		3,021		617
Total comprehensive loss, net of tax	$	(5,413)	$	(11,219)	$	(14,232)	$	(22,919)

The accompanying notes are an integral part of these consolidated financial statements.

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AngioDynamics, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands of dollars, except share data)


	Nov 30, 2025		May 31, 2025
Assets
Current assets
Cash and cash equivalents	$	41,638	$	55,893

Accounts receivable, net of allowances of $1,807 and $2,215 respectively	44,434		42,890
Inventories	65,569		62,006


Prepaid expenses and other	9,708		7,535

Total current assets	161,349		168,324
Property, plant and equipment, net	30,527		32,300
Intangible assets, net	66,732		69,116

Other assets	11,073		10,404

Total assets	$	269,681	$	280,144
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	35,390	$	33,291
Accrued liabilities	29,853		35,518



Other current liabilities	6,720		7,388
Total current liabilities	71,963		76,197

Deferred income taxes	4,331		4,073

Other long-term liabilities	17,054		16,904
Total liabilities	93,348		97,174
Commitments and contingencies (Note 14)
Stockholders' equity
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized; no shares issued and outstanding	—		—
Common stock, par value $0.01 per share, 75,000,000 shares authorized; 42,188,059 and 41,607,877 shares issued and 41,574,212 and 40,994,030 shares outstanding at November 30, 2025 and May 31, 2025, respectively	386		385
Additional paid-in capital	628,780		621,186
Accumulated deficit	(446,450)		(429,197)
Treasury stock, 613,847 shares, at cost at November 30, 2025 and May 31, 2025, respectively	(7,381)		(7,381)
Accumulated other comprehensive income (loss)	998		(2,023)
Total Stockholders’ Equity	176,333		182,970
Total Liabilities and Stockholders' Equity	$	269,681	$	280,144

The accompanying notes are an integral part of these consolidated financial statements.

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AngioDynamics, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands of dollars)


	Six Months Ended
	Nov 30, 2025		Nov 30, 2024
Cash flows from operating activities:
Net loss	$	(17,253)	$	(23,536)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11,767		13,648
Non-cash lease expense	850		993
Non-cash interest expense	145		—
Stock based compensation	7,361		5,733


Change in fair value of contingent consideration	—		232

Deferred income taxes	(64)		(588)
Change in accounts receivable allowances	(127)		388
Fixed and intangible asset disposals	280		59


Other	502		119
Changes in operating assets and liabilities:
Accounts receivable	(1,429)		50
Inventories	(3,473)		(5,303)
Prepaid expenses and other	(2,295)		(72)
Accounts payable, accrued and other liabilities	(7,517)		(7,503)
Net cash used in operating activities	(11,253)		(15,780)
Cash flows from investing activities:
Additions to property, plant and equipment	(1,153)		(1,889)
Additions to placement and evaluation units	(2,019)		(2,477)





Net cash used in investing activities	(3,172)		(4,366)
Cash flows from financing activities:

Principal payments on financing arrangement	(183)		—



Repurchase of common stock	—		(1,670)
Proceeds from exercise of stock options and employee stock purchase plan	234		38
Net cash provided by (used in) financing activities	51		(1,632)
Effect of exchange rate changes on cash and cash equivalents	119		(189)
Decrease in cash and cash equivalents	(14,255)		(21,967)
Cash and cash equivalents at beginning of period	55,893		76,056

SEC Form 10-Q filed by AngioDynamics Inc.