Exhibit 99.1


PRESS RELEASE
Investor Contact:

AngioDynamics, Inc.
Michael C. Greiner, Executive Vice President & CFO
(518) 795-1821

AngioDynamics Reports Fiscal 2019 Third Quarter
Financial Results
Fiscal 2019 Third Quarter Highlights
Net sales of $86.3 million, an increase of 3.0% year over year
Gross margin declined 10 basis points year over year to 54.1%
GAAP EPS of $0.02 per share; adjusted EPS of $0.19 per share
Cash provided by operations of $8.3 million; capital expenditures of $0.9 million
Received unconditional IDE approval from the FDA to initiate NanoKnife® DIRECT Clinical Study
Won patent infringement dispute with Bard

Latham, New York, April 2, 2019  AngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, peripheral vascular disease, and oncology, today announced financial results for the third quarter of fiscal year 2019, which ended February 28, 2019.
 
“While we had pockets of softness in our financial performance during the third quarter, our overall performance remains strong, and we are confident that we will achieve our full-year guidance. We saw strong growth contributions during the quarter from AngioVac and Solero, as well as from Fluid Management,” commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. “Additionally, I am very excited that the FDA has approved the IDE for our NanoKnife® DIRECT Clinical Study, which is the next step toward this incredible technology improving the standard of care for patients afflicted with Stage III pancreatic cancer. The IDE approval also represents a milestone for AngioDynamics as we transform into an evidence-based Company focused on therapies and outcomes facilitated by our unique technologies.”


Third Quarter 2019 Financial Results
 
Net sales for the third quarter of fiscal 2019 were $86.3 million, an increase of 3.0%, compared to $83.9 million a year ago. Foreign currency translation did not have a significant impact on the Company’s sales in the quarter.

Oncology net sales were $13.9 million, an increase of 15.1% from $12.1 million a year ago, as strong sales of Solero, as well as the recent BioSentry and RadiaDyne acquisitions, more than offset weaker than anticipated NanoKnife capital sales during the quarter.
   
Vascular Interventions and Therapies net sales in the third quarter of fiscal 2019 were $50.1 million, an increase of 3.3%, compared to $48.5 million a year ago, as strong growth in AngioVac was partially offset by a decelerating decline in the Venous Insufficiency business.
   
Vascular Access net sales were $22.3 million, a decrease of 4.0% from $23.3 million a year ago, as lower sales of midlines, PICCs, and ports were somewhat offset by strong dialysis sales.

U.S. net sales in the third quarter of fiscal 2019 were $68.3 million, an increase of 3.9% from $65.8 million a year ago, and International net sales were $18.0 million, a decrease of 0.3% from $18.1 million a year ago.
Gross margin for the third quarter of fiscal 2019 declined 10 basis points to 54.1% from 54.2% a year ago. This reflects temporary headwinds related to FX and a one-time positive impact from plant closures recognized last year. The Company continues to see gains in gross margin related to operational and supply-chain improvements.
The Company recorded net income of $0.8 million, or $0.02 per share, in the third quarter of fiscal 2019. This compares to net income of approximately $14.0 million, or $0.37 per share, a year ago.
Excluding the items shown in the non-GAAP reconciliation table below, adjusted net income for the third quarter of fiscal 2019 was $7.4 million, or $0.19 per share, compared to adjusted net income of $8.7 million, or $0.23 per share, in the third quarter of fiscal 2018.
Adjusted EBITDAS in the third quarter of fiscal 2019, excluding the items shown in the reconciliation table below, was $14.9 million, compared to $16.8 million in the third quarter of fiscal 2018.
In the third quarter of fiscal 2019, the Company generated $8.3 million in operating cash flow and had capital expenditures of $0.9 million. As of February 28, 2019, the Company
 


had $41.7 million in cash and cash equivalents and $133.8 million in debt, excluding the impact of deferred financing costs.
 
Nine Months Financial Results

For the nine months ended February 28, 2019:

Net sales were $263.2 million, an increase of 2.8%, compared to $256.0 million for the same period a year ago.
   
The Company’s net income was $2.5 million, or $0.06 per share, compared to net income of $14.2 million, or $0.38 per share, a year ago.
   
Gross margin improved 270 basis points to 53.3% from 50.6% a year ago.
   
Excluding the items shown in the non-GAAP reconciliation table below, adjusted net income was $22.0 million, or $0.57 per share, compared to adjusted net income of $19.9 million, or $0.53 per share, a year ago.
   
Adjusted EBITDAS, excluding the items shown in the reconciliation table below, was $43.9 million, compared to $41.5 million for the same period a year ago.

Fiscal Year 2019 Financial Guidance
 
The Company reiterates its previously announced financial guidance, continuing to expect fiscal year 2019 net sales in the range of $354 to $359 million and free cash flow in the range of $26 to $31 million. Additionally, the Company continues to expect adjusted earnings per share in the range of $0.82 to $0.86.
 
Conference Call
 
The Company’s management will host a conference call today at 8:00 a.m. ET to discuss its third quarter 2019 results.
To participate in the conference call, dial 1-877-407-0784 (domestic) or 1-201-689-8560 (international) and refer to the passcode 13688664.
This conference call will also be webcast and can be accessed from the “Investors” section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.
A recording of the call will also be available from 11:00 a.m. ET on Tuesday, April 2, 2019, until 11:59 p.m. ET on Tuesday, April 9, 2019. To hear this recording, dial 1-844-


512-2921 (domestic) or 1-412-317-6671 (international) and enter the passcode 13688664.

Use of Non-GAAP 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 news release, AngioDynamics has reported adjusted EBITDAS, adjusted net income, adjusted earnings per share and free cash flow. 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.
 
About AngioDynamics, Inc.
 
AngioDynamics, Inc. is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, peripheral vascular disease, and oncology. AngioDynamics’ diverse product lines include market-leading ablation systems, fluid management systems, vascular access products, angiographic products and accessories, drainage products, thrombolytic products and venous products. For more information, visit www.angiodynamics.com.
 
Safe Harbor
 
This release 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,” “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 from AngioDynamics’ expectations. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, 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 fourth 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, the results of on-going litigation, challenges with respect to fourth-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 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, 2018. 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.



ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)



   
Three months ended
   
Nine months ended
 
   
February 28,
2019
   
February 28,
2018
   
February 28,
2019
   
February 28,
2018
 
   
(unaudited)
   
(unaudited)
 
 
Net sales
 
 
$
86,341
   
$
83,851
   
$
263,184
   
$
255,968
 
 
Cost of sales (exclusive of intangible amortization)
 
   
39,650
     
38,403
     
122,917
     
126,560
 
 
Gross profit
 
   
46,691
     
45,448
     
140,267
     
129,408
 
 
% of net sales
 
   
54.1
%
   
54.2
%
   
53.3
%
   
50.6
%
 
Operating expenses
 
                               
 
Research and development
 
   
7,210
     
6,457
     
22,235
     
19,005
 
 
Sales and marketing
 
   
19,413
     
18,009
     
59,115
     
56,378
 
 
General and administrative
 
   
8,780
     
7,723
     
26,612
     
23,319
 
 
Amortization of intangibles
 
   
5,342
     
4,191
     
14,646
     
12,433
 
 
Change in fair value of contingent consideration
 
   
609
     
31
     
865
     
218
 
 
Acquisition, restructuring and other items, net
 
   
2,550
     
4,177
     
9,700
     
11,932
 
 
Total operating expenses
 
   
43,904
     
40,588
     
133,173
     
123,285
 
 
Operating income
 
   
2,787
     
4,860
     
7,094
     
6,123
 
 
Interest expense, net
 
   
(1,442
)
   
(740
)
   
(3,689
)
   
(2,223
)
 
Other income (expense), net
 
   
(266
)
   
(49
)
   
(72
)
   
238
 
 
Total other expense, net
 
   
(1,708
)
   
(789
)
   
(3,761
)
   
(1,985
)
 
Income before income taxes
 
   
1,079
     
4,071
     
3,333
     
4,138
 
 
Income tax expense (benefit)
 
   
283
     
(9,948
)
   
866
     
(10,095
)
 
Net Income
 
 
$
796
   
$
14,019
   
$
2,467
   
$
14,233
 
                                 
 
Earnings per share
 
                               
 
Basic
 
 
$
0.02
   
$
0.38
   
$
0.07
   
$
0.38
 
 
Diluted
 
 
$
0.02
   
$
0.37
   
$
0.06
   
$
0.38
 
                                 
 
Weighted average shares outstanding
 
                               
 
Basic
 
   
37,518
     
37,122
     
37,446
     
37,031
 
 
Diluted
 
   
38,338
     
37,442
     
38,350
     
37,358
 




ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)


 Reconciliation of Net Income to non-GAAP Adjusted Net Income:            
             
   
Three months ended
   
Nine months ended
 
   
February 28,
2019
   
February 28,
2018
   
February 28,
2019
   
February 28,
2018
 
   
(unaudited)
   
(unaudited)
 
                         
Net Income
 
$
796
   
$
14,019
   
$
2,467
   
$
14,233
 
Amortization of intangibles
   
5,342
     
4,191
     
14,646
     
12,433
 
Change in fair value of contingent consideration
   
609
     
31
     
865
     
218
 
Acquisition, restructuring and other items, net (1)
   
2,550
     
4,177
     
9,700
     
11,932
 
 
Tax effect of non-GAAP items (2)
 
   
(1,920
)
   
(13,766
)
   
(5,699
)
   
(18,889
)
Adjusted net income
 
$
7,377
   
$
8,652
   
$
21,979
   
$
19,927
 

Reconciliation of Diluted Earnings Per Share to non-GAAP Adjusted Diluted Earnings Per Share:
           
             
   
 
Three months ended
 
   
 
Nine months ended
 
 
   
 
February 28,
2019
 
   
 
February 28,
2018
 
   
 
February 28,
2019
 
   
 
February 28,
2018
 
 
   
 
(unaudited)
 
   
 
(unaudited)
 
 
                         
Diluted earnings per share
 
$
0.02
   
$
0.37
   
$
0.06
   
$
0.38
 
Amortization of intangibles
   
0.14
     
0.11
     
0.38
     
0.33
 
Change in fair value of contingent consideration
   
0.02
     
0.00
     
0.02
     
0.01
 
Acquisition, restructuring and other items, net (1)
   
0.07
     
0.11
     
0.25
     
0.32
 
 
Tax effect of non-GAAP items (2)
 
   
(0.06
)
   
(0.36
)
   
(0.14
)
   
(0.51
)
Adjusted diluted earnings per share
 
$
0.19
   
$
0.23
   
$
0.57
   
$
0.53
 
                                 
Adjusted diluted share count
    38,338
      37,442
      38,350
      37,358
 

(1)  Includes costs related to merger and acquisition activities, restructurings, 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 February 28, 2019. For February 28, 2018, the effective tax rate i) has been calculated using a blended rate of 30.62% for the year ended May 31, 2018 due to the enactment of the Tax Cuts and Jobs Act (the “Act”) that reduced the federal corporate tax rate to 21%;  ii) excludes the benefit recorded in Q3 fiscal 2018 resulting from remeasurement of the Company’s deferred tax assets from the Act; iii) tax effects the non-GAAP adjustment shown above and iv) assumes the Company does not have a valuation allowance on its U.S deferred tax assets


ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION (Continued)
(in thousands, except per share data)


Reconciliation of Net Income to EBITDAS and Adjusted EBITDAS:
           
             
   
 
Three months ended
 
   
 
Nine months ended
 
 
   
 
February 28,
2019
 
   
 
February 28,
2018
 
   
 
February 28,
2019
 
   
 
February 28,
2018
 
 
   
 
(unaudited)
 
   
 
(unaudited)
 
 
                         
Net Income
 
$
796
   
$
14,019
   
$
2,467
   
$
14,233
 
Income tax expense (benefit)
   
283
      (9,948
)
    866
      (10,095
)
Interest expense, net
   
1,442
      740
      3,689
      2,223
 
Depreciation and amortization
   
6,867
      5,718
      19,158
      17,395
 
Stock based compensation
     2,378     $
 2,058     $
 7,119     $
 5,821  
EBITDAS
 
$
11,766
   
$
12,587
   
$
33,299
   
$
29,577
 
                                 
Change in fair value of contingent consideration
  $
609
    $
31
    $
865
    $
218
 
Acquisition, restructuring and other items, net (1)
   
 2,550        4,216        9,700        11,656  
Adjusted EBITDAS
  $
 14,925     $
 16,834     $
 43,864     $
 41,451  
                                 
Per diluted share:
   

   

     

   

 
EBITDAS
  $
 0.31     $
 0.34     $
0.87     $
0.79  
Adjusted EBITDAS
  $
 0.39     $
 0.45     $
 1.14     $
 1.11  

(1)  Includes costs related to merger and acquisition activities, restructurings, 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
   
Nine months ended
 
   
Feb 28,
2019
   
Feb 28,
2018
   
%
Growth
   
Currency
Impact
   
Constant
Currency
Growth
   
Feb 28,
2019
   
Feb 28,
2018
   
%
Growth
   
Currency
Impact
   
Constant
Currency
Growth
 
                                                             
Net Sales by Product Category
                                                           
Vascular Interventions & Therapies
 
$
50,115
   
$
48,517
     
3.3
%
             
$
152,603
   
$
149,751
     
1.9
%
           
Vascular Access
   
22,348
     
23,279
     
(4.0)
%
               
69,861
     
69,091
     
1.1
%
           
Oncology
   
13,878
     
12,055
     
15.1
%
               
40,720
     
37,126
     
9.7
%
           
Total
 
$
86,341
   
$
83,851
     
3.0
%
   
0.0
%
   
3.4
%
 
$
263,184
   
$
255,968
     
2.8
%
   
0.0
%
   
3.1
%
                                                                                 
Net Sales by Geography
                                                                               
United States
 
$
68,331
   
$
65,787
     
3.9
%
   
0.0
%
   
3.9
%
 
$
207,898
   
$
203,020
     
2.4
%
   
0.0
%
   
2.4
%
International
   
18,010
     
18,064
     
(0.3)
%
   
2.0
%
   
1.9
%
   
55,286
     
52,948
     
4.4
%
   
2.0
%
   
5.6
%
Total
 
$
86,341
   
$
83,851
     
3.0
%
   
0.0
%
   
3.4
%
 
$
263,184
   
$
255,968
     
2.8
%
   
0.0
%
   
3.1
%


ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)

    
February 28, 2019
   
May 31, 2018
 
    
(unaudited)
   
(audited)
 
Assets
           
Current Assets
           
Cash and cash equivalents
 
$
41,704
   
$
74,096
 
Marketable securities
   
     
1,317
 
   Total cash and investments
   
41,704
     
75,413
 
                 
Accounts receivable, net
   
44,208
     
39,401
 
Inventories
   
52,388
     
48,916
 
Prepaid expenses and other
   
4,440
     
4,302
 
   Total current assets
   
142,740
     
168,032
 
                 
Property, plant and equipment, net
   
41,207
     
42,461
 
Other assets
   
3,610
     
3,417
 
Intangible assets, net
   
166,564
     
130,310
 
Goodwill
   
423,674
     
361,252
 
   Total Assets
 
$
777,795
   
$
705,472
 
                 
Liabilities and Stockholders’ Equity
               
Current Liabilities
               
Accounts payable
 
$
18,443
   
$
15,775
 
Accrued liabilities
   
21,929
     
34,426
 
Current portion of long-term debt
   
6,250
     
5,000
 
Current portion of contingent consideration
   
6,673
     
2,100
 
   Total current liabilities
   
53,295
     
57,301
 
                 
Long-term debt, net of current portion
   
126,837
     
86,621
 
Deferred income taxes
   
17,834
     
17,173
 
Contingent consideration, net of current portion
   
20,454
     
1,161
 
Other long-term liabilities
   
5,296
     
621
 
   Total Liabilities
   
223,716
     
162,877
 
                 
Stockholders’ equity
   
554,079
     
542,595
 
   Total Liabilities and Stockholders’ Equity
 
$
777,795
   
$
705,472
 


ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

 

 

Three months ended

   

Nine months ended

 

 

 

February 28,
2019

   

February 28,
2019

   

February 28,
2019

   

February 28,
2018

 

 

 

(unaudited)

   

(unaudited)

 

Cash flows from operating activities:

                       

Net Income

 

$

796

   

$

14,019

   

$

2,467

   

$

14,233

 

Adjustments to reconcile net income to net cash provided by operating activities:

                               

Depreciation and amortization

   

6,867

     

5,718

     

19,158

     

17,395

 

Stock based compensation

   

2,378

     

2,058

     

7,119

     

5,821

 

Change in fair value of contingent consideration

   

609

     

31

     

865

     

218

 

Deferred income taxes

   

138

     

(10,044

)

   

633

     

(10,150

)

Change in accounts receivable allowances

   

(24

)

   

(315

)

   

(99

)

   

(35

)

Fixed and intangible asset impairments and disposals

   

677

     

22

     

689


   

30

 

Other

   

12

     

(78

)

   

(5

)

   

(635

)

Changes in operating assets and liabilities, net of acquisitions:

                               

Accounts receivable

   

(785

)

   

598

     

(3,853

)

   

2,897

 

Inventories

   

(1,747

)

   

(2,511

)

   

(2,702

)

   

(1,913

)

Prepaid expenses and other

   

(325

)

   

155

     

(1,508

)

   

(548

)

Accounts payable, accrued and other liabilities

   

(254

)

   

(5,338

)

   

(10,336

)

   

(9,797

)

Net cash provided by operating activities

   

8,342

     

4,315

     

12,428

     

17,516

 

Cash flows from investing activities:

                               

Additions to property, plant and equipment

   

(887

)

   

(425

)

   

(2,303

)

   

(1,647

)

Acquisition of intangibles

   

     

(1,265

)

   

     

(1,265

)

Cash paid in acquisition

   

     

     

(84,920

)

   

 

Proceeds from sale of marketable securities

   

1,350

     

     

1,350

     

 

Net cash used in investing activities

   

463

     

(1,690

)

   

(85,873

)

   

(2,912

)

Cash flows from financing activities:

                               

Proceeds from issuance of long-term debt

   

     

     

55,000

     

 

Repayment of long-term debt

   

(11,250

)

   

(1,250

)

   

(13,750

)

   

(3,750

)

Payment of contingent consideration previously established in purchase accounting

   

     

     

(2,100

)

   

(9,500

)

Proceeds from exercise of stock options and employee stock purchase plan

   

1,169

     

822

     

2,023

     

2,560

 

Net cash provided by (used) in financing activities

   

(10,081

)

   

(428

)

   

41,173

     

(10,690

)

Effect of exchange rate changes on cash and cash equivalents

   

160

     

239

     

(120

)

   

834

 

Increase (decrease) in cash and cash equivalents

   

(1,116

)

   

2,436

     

(32,392

)

   

4,748

 

Cash and cash equivalents at beginning of period

   

42,820

     

49,856

     

74,096

     

47,544

 

Cash and cash equivalents at end of period

 

$

41,704

   

$

52,292

   

$

41,704

   

$

52,292

 





ANGIODYNAMICS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(in thousands)

Reconciliation of Free Cash Flows:
             
   
Three months ended
   
Nine months ended
 
   
February 28,
2019
   
February 28,
2018
   
February 28,
2019
   
February 28,
2018
 
   
(unaudited)
   
(unaudited)
 
                         
Net cash provided by operating activities
 
$
8,342
   
$
4,315
   
$
12,428
   
$
17,516
 
Additions to property, plant and equipment
   
(887
)
   
(425
)
   
(2,303
)
   
(1,647
)
     Free Cash Flow
 
$
7,455
   
$
3,890
   
$
10,125
   
$
15,869
 








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