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J.P. Morgan 43rd Annual Healthcare Conference January 16, 2025 Jim Clemmer, President & CEO
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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 expenditu res, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as “expects,” “reaffirm s,” “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 d iffer materially from AngioDynamics’ expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the s cale 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 effectiv ely compete against competitors that have substantially greater resources, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and gover nment 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 a nd capital market conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations an d 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 li sted 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, 2024. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason. 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 a nd review of operational performance. Management believes that these measures provide investors with useful information in comparing AngioDynamics’ performance ove r different periods. By using these non-GAAP measures, management believes that investors get a better picture of the performance of AngioDynamics’ underlying business. M anagement 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 follo w for a reconciliation of non-GAAP measures to measures prepared in accordance with GAAP.
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3 AngioDynamics Summary Our Med Tech segment operates in key markets with unique technologies that deliver proven clinical outcomes We have a strong track record in portfolio management, R&D, clinical and regulatory expansion, and customer-centric sales & marketing Our Med Device segment funds investments driving Med Tech growth We maintain a debt-free, strong balance sheet We expect to be Adj. EBITDA positive by FY2025 and cash flow positive by FY2026 Our company is positioned for sustainable revenue growth and profit for years to come
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4 AngioDynamics We are a dynamic, diversified medical technology company committed to expanding treatment options and improving patient outcomes and quality of life by focusing on cardiovascular disease and cancer. Our execution strategy is built on innovative R&D, clinical and regulatory pathway expansion, and customer centric sales performance. $271M Fiscal 2024 Pro Forma Revenue Projected positive adj. EBITDA for FY2025 2 Global Reporting Segments: Med Tech & Med Device High growth Med Tech segment has grown to more than 40% of our total revenue Med Tech segment comprises 3 innovative platform technologies Strong balance sheet Global Cardiovascular Disease Burden1 523M diagnosed in 2020 ~19 million deaths Cardiovascular Disease causes 1 in 3 deaths globally Global Cancer Burden2 Cancer causes 1 in 6 deaths globally 19.3M diagnosed in 2020 ~10 million deaths All presentation references are on the reference page at the back of the presentation
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Venous Thromboembolism (VTE) $5.3B US TAM* AngioDynamics 5 Our broad based clinically focused portfolio targets treating two of the largest global healthcare markets Cardiovascular Disease Cancer MINI STICK MAX Prostate Care $780M US TAM* Peripheral Artery Disease (PAD) $760M US TAM* Med Tech Med Device The AngioVac Cannula is indicated for use as a venous drainage cannula and for removal of fresh, soft thrombi or emboli during extracorporeal bypass for up to 6 hours. The AlphaVac cannula is indicated for the non-surgical removal of thrombi or emboli and aspiration of contrast media and other fluids from the vasculature. It is intended for use in the venous system and for the treatment of Pulmonary Embolism
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AngioDynamics 6 Our demonstrated successful execution in portfolio optimization, clinical and regulatory expansion, and product introductions… Dialysis & BioSentry Divested June 2023 PICC & Midlines Divested Feb 2024 Port Patent Settlement Apr. 2024 FY 2020 FY 2025 NAMIC Divested Jun 2019 MedTech Revenue Contribution ~15% ~45% FY2021 $3.0B FY2023 $6.0B FY2025 $8.0B FY2018 $1.3B U.S. Total Addressable Markets
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7 AngioDynamics …Positions us for sustained growth and profitability in our focus markets Platform Technologies Differentiated technologies Robust R&D pipeline Ongoing clinical investment Exploring new indications Dynamic Markets Strong mechanical thrombectomy market growth Focal therapy for Prostate is less than 7% penetrated Solid PAD Atherectomy market New dynamics in Percutaneous Coronary Interventions (PCI) may significantly increase use of laser atherectomy Structural heart procedure growth may open new opportunities for AngioVac Leverageable Infrastructure Current sales structure is positioned to support future growth. Margins and profits continue to expand steadily. Med Device’s synergistic portfolio & profitability Current G&A structure supports our strategic plan Manufacturing footprint restructuring estimated to save $15M in FY 2027
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Venous Thromboembolism (VTE) $5.3B US TAM* AngioDynamics 8 NanoKnife is a unique technology poised to drive change in the standard of care for focal therapy in Prostate, the most diagnosed cancer in men Cardiovascular Disease Cancer MINI STICK MAX Prostate Care $780M US TAM* Peripheral Artery Disease (PAD) $760M US TAM* Med Tech Med Device The AngioVac Cannula is indicated for use as a venous drainage cannula and for removal of fresh, soft thrombi or emboli during extracorporeal bypass for up to 6 hours. The AlphaVac cannula is indicated for the non-surgical removal of thrombi or emboli and aspiration of contrast media and other fluids from the vasculature. It is intended for use in the venous system and for the treatment of Pulmonary Embolism
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NanoKnife Prostate Care 9 Men are being forced to compromise between their quality of life or controlling their cancer USA/CAN: $925M APAC: $715M EMEA: $850M LATAM: $200M TAM $2.7B M A R K E T D Y N A M I C S Prostate Cancer is Prevalent, On the Rise & Debilitating The most diagnosed male cancer in 112 countries, including the U.S.5 Incidence projected to double by 20405 Current Standard Treatment Options Remain Suboptimal Active Surveillance3 Radical Surgery4 Radiation Therapy4 Clinical Research Favors Focal Therapy As “A Middle Ground” Focal therapy aims to destroy the index lesion while preserving the natural anatomy, continence and erectile function of the man.6 Erectile Dysfunction Erectile Dysfunction Urinary Incontinence Urinary Incontinence Treatment-free Survival Rates
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NanoKnife Technology 10 Preserves the underlying structure of tissue giving physicians a more precise tool… IRE selectively targets cell membranes Sufficient voltage permanently opens the ion channels of the cell Cell loses homeostasis leading to cell death 20 20 20 Non-Thermal Decellularization Destroys targeted tissue with precise margins, preserving vital structures and tissue integrity Probe Placement Up to 6 probes placed per procedure IRE selectively targets cell membranes7 Sufficient voltage permanently opens the ion channels of the cell7 Cell loses homeostasis leading to cell death7
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PRESERVE Pivotal Study 11 …to minimize quality of life side effects by helping to maintain both sexual and urinary function for patients IRE Radical Surgery Radiation Therapy Erectile Function (9%) (51%) (30%) Urinary Continence (1.2%) (41%) (8%) Change from baseline at 1 year8, 9 Number of Sites 17 US Sites Number of Patients 121 Follow Up 12 Months Efficacy8 84% of patients were free from clinically significant in- field disease Safety8 3.3% of patients had a device related SAE, all of which resolved NanoKnife safely & effectively treats prostate tumors while avoiding the high incidence of erectile dysfunction and incontinence associated with radical surgery and radiation
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Venous Thromboembolism (VTE) $5.3B US TAM* AngioDynamics 12 Differentiated technologies and a comprehensive portfolio enable us to be a strong competitor within high growth Cardiovascular Disease market Cardiovascular Disease Cancer MINI STICK MAX Prostate Care $780M US TAM* Peripheral Artery Disease (PAD) $760M US TAM* Med Tech Med Device The AngioVac Cannula is indicated for use as a venous drainage cannula and for removal of fresh, soft thrombi or emboli during extracorporeal bypass for up to 6 hours. The AlphaVac cannula is indicated for the non-surgical removal of thrombi or emboli and aspiration of contrast media and other fluids from the vasculature. It is intended for use in the venous system and for the treatment of Pulmonary Embolism
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Cardiovascular Venous 13 Venous Thromboembolism (VTE) represents an attractive, high growth, underpenetrated market opportunity TAM $5.2B PE $2.4B DVT $2.8B Right Heart $120M Deep Vein Thrombosis (DVT) • Mechanical Thrombectomy is estimated to have penetrated ~15% of the TAM 11, 12 • Mechanical Thrombectomy is expected to grow ~20% in 202510 M A R K E T D Y N A M I C S • Growth is driven by rising intravenous drug abuse, an aging population, and increased pacemaker prevalence • More interventionalists embrace percutaneous techniques and the structural heart market is expanding Right Heart Pulmonary Embolism (PE) • Mechanical Thrombectomy is estimated to have penetrated ~25% of the TAM 11, 12 • Mechanical Thrombectomy is expected to grow ~16% in 2025 10
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14 AngioVac Technology Only system allowing for the continuous aspiration and simultaneous reinfusion of blood allowing physicians to treat more complex cases minimally invasively Aspiration & Simultaneous Reinfusion Proprietary Funnel On-circuit aspiration provides surgical results via percutaneous access by simultaneously reinfusing blood back in the patient’s body, minimizing blood loss. Funnel tip design enables efficient clot aspiration and compression • More than 100 publications on the use of the AngioVac system13 • Use of the device has been published for caval thrombi, cardiac masses and thrombi14
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*Actual case result 15 AlphaVac Technology AlphaVac combines AngioVac cannula technology with off-circuit manual aspiration control for superior aspiration, physician control and maneuverability, uniquely positioning it for PE Advanced - Large Bore Aspiration CANNULA Proprietary FUNNEL Manual Aspiration HANDLE Complete SYSTEM
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APEX – AV Pivotal Study 16 AlphaVac received FDA clearance for PE following APEX-AV study demonstrating efficacy and significantly improved reduction in clot burden vs. competitive technologies Number of Sites 25 US Sites Number of Patients 122 Timeline Oct. 2022 – Dec 2023 Significant reduction in the RV/LV ratio15 • Significant improvement in the RV function Significant reduction in clot burden • Large funnel size (33 Fr) may aid in reducing the clot burden Procedure efficiency • Atraumatic tip provides easy and efficient navigation in the Pas • Ability to minimize blood loss APEX (AlphaVac) FLARE (FlowTriever ) EXTRACT-PE (Indigo) Reduction in Clot Burden16-18 35.1% 9.3% 11.3%
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17 Cardiovascular Arterial With over 100,000 patients treated, the Auryon Atherectomy System has surpassed $150M cumulative sales since its September 2020 launch Served $500M M A R K E T D Y N A M I C S Auryon ~10%+ ABT 38% BSX 6% PHG 15% MDT 31% ANGO 10% Treat all levels of calcification19-21 • Indicated for in-stent restenosis • Treats above and below the knee (inc. below the ankle) • Portable, 110V outlet, low noise, touch screen • Debulk in fewer passes Designed for hospital and lab19-21, 24 Protective of vessel wall21-23 • Targeted biological reactions to address risk of perforations • Built-in aspiration to address risk of embolization Ability to crack medial calcification25 • Shock waves break severe calcification, including medial arterial calcification • Contributes to plaque modification that may help improve vessel compliance
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AMBITION BTK Enrollment Begins Q1 2025 • RCT: 200 Patients • Registry: ~1,500 Patients Initial European Experience in Coronary Artery Disease 18 Auryon Platform Technology The Auryon System's technology has demonstrated safety and efficacy in PAD and presents an opportunity to expand into additional disease states MicroCT Pre-Clinical Study Published Dec. 2023 Established Secondary Mechanism of Action Auryon w/ Angioplasty vs. Angioplasty alone Below The Knee (BTK) • PATHFINDER Registry 12 Mo Published Sept 2023 • Auryon BTK Prospective Study Published May 2024 Promising Initial Study Results Safety, Efficacy & Versatility ~$900M US TAM* PMA Consideration P E R I P H E R A L A R T E R Y D I S E A S E (P A D) C O R O N A R Y A R T E R Y D I S E A S E (C A D)
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Venous Thromboembolism (VTE) $5.3B US TAM* AngioDynamics 19 Med Device segment includes trusted brands serving both Cardiovascular and Cancer while providing stable earnings and cash flow enabling Med Tech investment Cardiovascular Disease Cancer MINI STICK MAX Prostate Care $780M US TAM* Peripheral Artery Disease (PAD) $760M US TAM* Med Tech Med Device The AngioVac Cannula is indicated for use as a venous drainage cannula and for removal of fresh, soft thrombi or emboli during extracorporeal bypass for up to 6 hours. The AlphaVac cannula is indicated for the non-surgical removal of thrombi or emboli and aspiration of contrast media and other fluids from the vasculature. It is intended for use in the venous system and for the treatment of Pulmonary Embolism
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20 Fiscal Year 2025 Results and Guidance Metric Q2 2025 YTD 2025 Full Year FY2025 Guidance Net Sales $73.0 million $140.5 million $282 - $288 million Med Tech Net Sales Med Tech Growth $31.5 million 25% $59.5 million 16.8% 12 – 15% YoY growth Med Device Net Sales Med Device Growth $41.5 million (0.4%) $81.0 (2.0%) Flat Gross Margin 54.7% 54.6% 52 - 53% Adjusted EBITDA $3.1 million $2.9 million $1.0 - $3.0 million Adjusted EPS ($0.04) ($0.15) ($0.34) – ($0.38)
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21 AngioDynamics Summary Our Med Tech segment operates in key markets with unique technologies that deliver proven clinical outcomes We have a strong track record in portfolio management, R&D, clinical and regulatory expansion, and customer-centric sales & marketing Our Med Device segment funds investments driving Med Tech growth We maintain a debt-free, strong balance sheet We expect to be Adj. EBITDA positive by FY2025 and cash flow positive by FY2026 Our company is positioned for sustainable revenue growth and profit for years to come
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J.P. Morgan 43rd Annual Healthcare Conference January 16, 2025 Jim Clemmer, President & CEO
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References 23 * Management estimates & industry sources 1. https://professional.heart.org/-/media/PHD-Files-2/Science-News/2/2022-Heart-and-Stroke-Stat-Update/2022-Stat-Update-factsheet-GIobal-Burden-of-Disease.pdf; https://www.cdc.gov/pcd/issues/2022/22_0347.htm 2. https://acsjournals.onlinelibrary.wiley.com/doi/10.3322/caac.21660#:~:text=Worldwide%2C%20an%20estimated%2019.3%20million,skin%20cancer)%20occurred%20in%202020. 3. Timilshina, N et al. “Long-term Outcomes Following Active Surveillance of Low-grade Prostate Cancer: A Population-based Study Using a Landmark Approach.” The Journal of urology vol. 209,3 (2023): 540-548. doi:10.1097/JU.0000000000003097 4. Donovan JL, Hamdy FC, Lane JA, et al. Patient-Reported Outcomes 12 Years after Localized Prostate Cancer Treatment. Supplemental Table S1A-D [published correction appears in NEJM Evid. 2023 Jun;2(6):EVIDx2300122. doi:10.1056/EVIDx2300122].NEJM Evid. 2023;2(4):EVIDoa2300018. doi:10.1056/EVIDoa2300018 5. The Lancet Commission on prostate cancer: planning for the surge in cases James, Nicholas D et al. The Lancet, Volume 403, Issue 10437, 1683 – 1722 6. Bedi N, Reddy D, Ahmed HU. Targeting the cancer lesion, not the whole prostate. Transl Androl Urol. 2020 Jun;9(3):1518-1525. doi: 10.21037/tau.2019.09.12. PMID: 32676439; PMCID: PMC7354301. 7. Geboers, B., Scheffer, H. J., Graybill, P. M., Ruarus, A. H., Nieuwenhuizen, S., Puijk, R. S., van denTol, P. M., Davalos, R. V., Rubinsky, B., de Gruijl, T. D., Miklavčič, D., & Meijerink, M. R. (2020). High-Voltage Electrical Pulses in Oncology: Irreversible Electroporation, Electrochemotherapy, Gene Electrotransfer, Electrofusion, and Electroimmunotherapy. Radiology, 295(2), 254–272. https://doi.org/10.1148/radiol.2020192190 8. Data on file - Pivotal Study of the NanoKnife System for the Ablation of Prostate Tissue (PRESERVE) 9. Donovan JL, Hamdy FC, Lane JA, et al. Patient-Reported Outcomes 12 Years after Localized Prostate Cancer Treatment. Supplemental Table S1A-D [published correction appears in NEJM Evid. 2023 Jun;2(6):EVIDx2300122. doi:10.1056/EVIDx2300122]. NEJM Evid. 2023;2(4):EVIDoa2300018. doi:10.1056/EVIDoa2300018 10. Equity Research, Med Tech Cardiovascular, Multi Company Note – January 25, 2024 11. Truist, Penumbra, Inc. September 12, 2021 12. Company estimates 13. As of Jan 2024. Source: https://pubmed.ncbi.nlm.nih.gov/ (Search term: “AngioVac”). 14. The AngioVac system is NOT indicated (off-label) for use in the Pulmonary arteries, Left heart and treatment of Endocarditis 15. Ende-Verhaar YM, Kroft LJM, Mos ICM, Huisman MV, Klok FA. Accuracy and reproducibility of CT right-to-left ventricular diameter measurement in patients with acute pulmonary embolism. PLoS One. 2017 Nov 28;12(11):e0188862. 16. Tu T, Toma C, Tapson VF, Adams C, Jaber WA, Silver M, Khandhar S, Amin R, Weinberg M, Engelhardt T, Hunter M, Holmes D, Hoots G, Hamdalla H, Maholic RL, Lilly SM, Ouriel K, Rosenfield K; FLARE Investigators. A Prospective, Single-Arm, Multicenter Trial of Catheter-Directed Mechanical Thrombectomy for Intermediate-Risk Acute Pulmonary Embolism: The FLARE Study. JACC Cardiovasc Interv. 2019 May 13;12(9):859-869. 17. Bashir R, Foster M, Iskander A, Darki A, Jaber W, Rali PM, Lakhter V, Gandhi R, Klein A, Bhatheja R, Ross C, Natarajan K, Nanjundappa A, Angle JF, Ouriel K, Amoroso NE, Firth BG, Comerota AJ, Piazza G, Rosenfield K, Sista AK. Pharmacomechanical Catheter-Directed Thrombolysis With the Bashir Endovascular Catheter for Acute Pulmonary Embolism: The RESCUE Study. JACC Cardiovasc Interv. 2022 Dec 12;15(23):2427-2436. 18. Sista AK, Horowitz JM, Tapson VF, Rosenberg M, Elder MD, Schiro BJ, Dohad S, Amoroso NE, Dexter DJ, Loh CT, Leung DA, Bieneman BK, Perkowski PE, Chuang ML, Benenati JF; EXTRACT-PE Investigators. Indigo Aspiration System for Treatment of Pulmonary Embolism: Results of the EXTRACT-PE Trial. JACC Cardiovasc Interv. 2021 Feb 8;14(3):319-329. 19. Rundback J, Chandra P, Brodmann M, Weinstock B, Sedillo G, Cawich I, et al. Novel laser-based catheter for peripheral atherectomy: 6-month results from the Eximo Medical B-Laser™ IDE study. Catheter Cardiovasc Interv. 2019;1-8. 20. Shammas NW, Chandra P, Brodmann M, Weinstock B, Sedillo G, Cawich I, et al. Acute and 30-day safety and effectiveness evaluation of Eximo Medical’s B-Laser™, a novel atherectomy device, in subjects affected with infrainguinal peripheral arterial disease: Results of the EX-PAD-03 trial. Cardiovas Revasc Med. 2020;21(1):86-92. 21. Auryon. Instructions for use. AngioDynamics; 2019. 22. Herzog A, Bogdan S, Glikson M, Ishaaya AA, Love C. Selective tissue ablation using laser radiation at 355 nm in lead extraction by a hybrid catheter; a preliminary report. Lasers Surg Med. 2016;48(3):281-287. 23. Herzog A, Steinberg I, Gaisenberg E, Nomberg R, Ishaaya AA. A route to laser angioplasty in the presence of fluoroscopy contrast media, using a nanosecond-pulsed 355-nm laser. IEEE J Sel Top Quantum Electron. 2016;22(3):342-347. 24. Kuczmik W, Kruszyna L, Stanisic MG, Dzieciuchowicz L, Ziaja K, Zelawski W, et al. Laser atherectomy using the novel B-Laser™ catheter, for the treatment of femoropopliteal lesions: twelve-month results from the EX-PAD-01 study. Not yet published. 25. Rundback et al. Treatment effect of medial arterial calcification in below-knee after Auryon laser atherectomy using micro-CT and histologic evaluation. Cardiovasc Revasc Med. 2023 Jun 28;S1553-8389(23)00674-7.