[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","bn9qbp06ozteqpqvzgbimwvme","revision",2,"title","AngioDynamics Inc. 2026年第三季度净亏损收窄，现金流减少","originalTitle","ANGIODYNAMICS INC (0001275187) (Filer)","summary","AngioDynamics Inc. 2026年第三季度净销售额增至8.09亿美元，但净亏损为7100万美元，同比收窄3800万美元。现金及现金等价物降至3.4亿美元，公司面临产品责任索赔和专利诉讼和解费用，同时披露了股票回购计划执行情况。","reason","AngioDynamics Inc. 2026年第三季度净销售额增长6.9%，但净亏损收窄，现金流减少，面临产品责任索赔和专利诉讼和解费用。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-08T16:56:48.000Z","discoveredAt","2026-10-08T17:18:18.758Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",66,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fEOH0vLrwWSI",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","8755fd70-29a0-470f-9edd-a9d7a7067305","AngioDynamics 2026年第三季度财报发布",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表 10-Q


☒	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的季度报告

截至 2026 年 8 月 31 日的季度

或


☐	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的过渡报告

从至

委员会文件编号 0-50761

AngioDynamics, Inc.

（在章程中指定的注册人全称）

$\"angologoa23.gif\"$


特拉华州		11-3146460
（州或其他司法管辖区）的成立或组织）		（美国国税局雇主识别号码）

14 Plaza Drive, Latham, New York 12110

（主要执行办公室地址和邮政编码）

(518) 795-1400

注册人的电话号码，包括地区代码

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易代码

每种证券的注册交易所名称

面值为 0.01 美元的普通股

ANGO

纳斯达克全球精选市场

优先股购买权

纳斯达克全球精选市场

根据《法案》第 12(g) 条注册的证券：

无

（类别名称）

通过勾选方框表明注册人是否为《证券法》第 405 条中定义的知名资深发行人。是 ☐ 否 ☒

通过勾选方框表明注册人是否不需要根据《法案》第 13 条或第 15(d) 条提交报告。是 ☐ 否 ☒

通过勾选方框表明注册人：(1) 在过去 12 个月（或注册人需要提交此类报告的较短期间）内已提交了所有应提交的报告，以及 (2) 在过去 90 天内已遵守了这些提交要求。是 ☒ 否 ☐

通过勾选方框表明注册人是否已根据《S-T 规则》第 405 条在过去 12 个月（或注册人需要提交此类文件的较短期间）内提交了所有应提交的交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者还是较小的报告公司。请参见《交易法》第 12b-2 条中对“大型加速提交者”、“加速提交者”和“较小的报告公司”的定义。（勾选一个）：

大型加速报盘人

☐

加速报盘人

☒

非加速报盘人

☐

较小的报告公司

☐

新兴成长公司

☐

通过勾选方框表明注册人是否为壳公司（根据《交易法》第12b-2条定义）。是 ☐ 否 ☒

说明注册人每类普通股的已发行股份数量，以最新可行日期为准。


类别		截至2026年10月7日的已发行股份数量
普通股，面值0.01美元		42,054,450

AngioDynamics, Inc. 及其子公司


		页码
	第一部分：财务信息

项目 1。	财务报表

	合并损益表（未经审计）	3

	合并综合损失表（未经审计）	4

	合并资产负债表（未经审计）	5

	合并现金流量表（未经审计）	6

	合并股东权益表（未经审计）	7

	合并财务报表附注（未经审计）	8

项目 2。	管理层讨论与分析财务状况和经营成果	21

项目 3。	关于市场风险的定量和定性披露	27

项目 4。	控制与程序	28

	第二部分：其他信息

项目 1。	法律诉讼	29

项目 1A。	风险因素	29

项目 2。	未注册的股权证券销售及资金用途	29

项目 3。	高级证券违约	29

项目 4。	矿山安全披露	29

项目 5。	其他信息	29

项目 6。	附录	30

第一部分：财务信息

项目 1。财务报表。

AngioDynamics, Inc. 及其子公司

合并损益表

（未经审计）

（以千美元为单位，每股数据除外）


	截至
	2026年8月31日		2025年8月31日
净销售额	$	80,915			$	75,711
销售成本（不包括无形资产摊销）	32,875			33,854
毛利	48,040			41,857
运营费用：
研发	7,979			6,417
销售和营销	29,986			28,130
一般及行政	12,467			12,555
无形资产摊销	2,729			2,653


收购、重组及其他项目，净额	2,181			2,758
总运营费用	55,342			52,513

运营亏损	(7,302)			(10,656)
其他收入（支出）：
净利息支出	(88)			(4)
其他收入（支出），净额	94			(178)
其他收入（支出）总额，净额	6			(182)
税前亏损（收益）	(7,296)			(10,838)
所得税（收益）费用	(199)			65
净亏损	$	(7,097)			$	(10,903)


每股亏损
基本	$	(0.17)			$	(0.26)
稀释	$	(0.17)			$	(0.26)






加权平均流通股数
基本	42,022			41,174
稀释	42,022			41,174

附注是这些合并财务报表不可分割的一部分。

AngioDynamics, Inc. 及其子公司

合并综合损失表

(未经审计)

(千美元)


	三个月 ended
	2026年8月31日		2025年8月31日
净损失	$	(7,097)			$	(10,903)
税前其他综合收益（损失）：

外币折算收益（损失）	(2,991)			2,084
税前其他综合收益（损失）	(2,991)			2,084
与其他综合损失项目相关的所得税费用	—			—
税后其他综合收益（损失）	(2,991)			2,084
税后总综合损失	$	(10,088)			$	(8,819)

附注是这些合并财务报表不可分割的一部分。

AngioDynamics, Inc. 及其子公司

合并资产负债表

(未经审计)

(千美元，除股本数据外)


	2026年8月31日		2026年5月31日
资产
流动资产
现金	$	33,973			$	53,864

应收账款，扣除$1,739和$1,851的坏账准备	44,905			48,325
存货	54,953			52,436


预付费用和其他	9,172			8,769

流动资产合计	143,003			163,394
固定资产，净值	27,728			27,097
无形资产，净值	61,894			67,209

其他资产	9,308			9,463

资产总计	$	241,933			$	267,163
负债和股东权益
流动负债
应付账款	$	26,579			$	31,513
应计负债	28,811			38,909



其他流动负债	4,299			4,295
流动负债合计	59,689			74,717

递延所得税负债	4,680			5,316

其他长期负债	13,601			16,305
负债合计	77,970			96,338
承诺和或有事项（第14号注释）
股东权益
优先股，面值每股$0.01，授权5,000,000股；未发行和流通股为0股	—			—
普通股，面值每股$0.01，授权75,000,000股；2026年8月31日和2026年5月31日分别发行43,038,297股和42,314,266股，流通股分别为42,424,450股和41,700,419股	388			387
额外 paid-in 资本	639,308			636,083
累计亏损	(473,036)			(465,939)
库藏股，613,847股，按成本计算，2026年8月31日和2026年5月31日分别计算	(7,381)			(7,381)
累计其他综合收益	4,684			7,675
股东权益合计	163,963			170,825
负债和股东权益合计	$	241,933			$	267,163

附注是这些合并财务报表不可分割的一部分。

AngioDynamics, Inc. 及其子公司

合并现金流量表

(未经审计)

(千美元)


	三个月 ended
	2026年8月31日		2025年8月31日
经营活动产生的现金流量：
净损失	$	(7,097)			$	(10,903)
调整项目以将净损失调节为经营活动的净现金使用：
折旧和摊销	5,498			5,950
非现金租赁费用	366			445
非现金利息费用	72			70
基于股票的薪酬	4,502			4,470




递延所得税	(306)			(16)
应收账款坏账准备的变化	(57)			108
固定资产和无形资产处置	81			(27)


其他	(707)			264
经营性资产和负债变动：
应收账款	3,471			139
存货	(2,715)			(192)
预付费用和其他	(1,019)			(5,525)
应付账款、应计费用和其他负债	(17,419)			(10,697)
经营活动使用的现金	(15,330)			(15,914)
投资活动产生的现金流量：
固定资产、厂房和设备的增加	(379)			(731)
放置和评估单位的增加	(2,769)			(820)





投资活动使用的现金	(3,148)			(1,551)
筹资活动产生的现金流量：

融资安排的本金偿还	(99)			(91)




普通股发行的收益（支出）	(1,276)			234
筹资活动产生的（使用）现金	(1,375)			143
汇率变动对现金的影响	(38)			191
现金减少	(19,891)			(17,131)
期初现金余额	53,864			55,893
期末现金余额	$	33,973			$	38,762

补充披露非现金投资和筹资活动：

期间发生的资本支出的应计费用	$	(11)			$	(94)

附注是这些合并财务报表不可分割的一部分。

AngioDynamics, Inc. 及其子公司

合并股东权益表

（未经审计）

（单位：千美元，除股票数据外）


	普通股	额外支付的资本		累计亏损		累计其他综合收益		库藏股
	股份数量	金额				股份数量		金额	总计
2026年5月31日的余额	42,314,266		$	387			$	636,083		$	(465,939)	$	7,675		(613,847)	$	(7,381)	$	170,825
净亏损						(7,097)						(7,097)

限制性股票单位的发行/注销	574,595				(2,059)								(2,059)
业绩股票单位的发行/注销	68,893				—								—
通过ESPP购买的普通股	80,543		1			782								783
基于股票的薪酬				4,502								4,502


其他综合损失，税后								(2,991)				(2,991)
2026年8月31日的余额	43,038,297		$	388			$	639,308		$	(473,036)	$	4,684		(613,847)	$	(7,381)	$	163,963


	普通股	额外支付的资本		累计亏损		累计其他综合收益		库藏股
	股份数量	金额				股份数量		金额	总计
2025年5月31日的余额	41,607,877		$	385			$	621,186		$	(429,197)	$	(2,023)		(613,847)	$	(7,381)	$	182,970
净亏损						(10,903)						(10,903)

限制性股票单位的发行/注销	362,859				(478)								(478)

通过ESPP购买的普通股	89,893		1			711								712
基于股票的薪酬				4,470								4,470


其他综合收益，税后								2,084				2,084
2025年8月31日的余额	42,060,629		$	386			$	625,889		$	(440,100)	$	61		(613,847)	$	(7,381)	$	178,855

附注是这些合并财务报表不可分割的一部分。

AngioDynamics, Inc. 及其子公司

合并财务报表附注

（未经审计）

1. 合并财务报表

截至2026年8月31日及2025年8月31日的三个月内的合并损益表和合并全面亏损表，截至2026年8月31日的合并资产负债表，截至2026年8月31日及2025年8月31日的三个月内的合并现金流量表，以及截至2026年8月31日及2025年8月31日的三个月内的合并股东权益表由公司编制，未经审计。截至2026年5月31日的合并资产负债表源自经审计的合并财务报表，但未包含美国通用会计准则要求的所有披露内容。管理层认为，所有必要的调整（包括正常的经常性调整）均已作出，以公允反映截至2026年8月31日（以及所有已呈报期间）的财务状况、股东权益变动、全面收益、经营成果和现金流量。

截至2026年8月31日及2025年8月31日的三个月内的未经审计的合并财务报表包括AngioDynamics, Inc.及其全资子公司（统称为“公司”、“我们”、“我们的”或“我们”）的账户。所有内部往来余额和交易均已抵消。

2. 与客户合同的收入

收入确认

根据ASC 606，与客户合同的收入，在客户获得承诺的商品或服务控制权时确认收入，金额反映公司预期因这些商品或服务而收到的对价。为了确定安排的收入确认，公司执行以下五个步骤：(i) 识别与客户签订的合同；(ii) 识别合同中的履约义务；(iii) 确定交易价格；(iv) 将交易价格分配到合同中的履约义务；以及(v) 在实体履行履约义务时（或在履行过程中）确认收入。

公司有一个主要收入来源，即其产品的销售。

收入的分解

以下表格总结了按医疗技术、医疗设备和地理区域划分的净销售额：


	截至2026年8月31日的三个月		截至2025年8月31日的三个月
（以千为单位）	美国		国际		总计		美国	国际		总计
净销售额
医疗技术	$	35,729			$	4,187		$	39,916		$	31,374		$	3,887	$	35,261
医疗设备	35,339			5,660			40,999		35,082		5,368		40,450
总计	$	71,068			$	9,847		$	80,915		$	66,456		$	9,255	$	75,711

净产品收入

公司的产品包括专注于恢复人体血管系统健康血流的医疗技术产品，扩展癌症治疗选择并提高患者生活质量的产品。公司的产品通常用于微创、影像引导的程序。公司大部分产品旨在一次性使用后丢弃，或可能短期或长期植入。公司将其产品销售给其经销商和终端用户，如介入放射科医生、介入心脏病专家、血管外科医生、泌尿科医生、介入和外科肿瘤科医生以及重症监护护士。

合同与履约义务

公司根据客户采购订单与客户签订合同，这些采购订单在许多情况下受主采购协议约束。公司与客户的合同通常仅涉及产品，不包括其他履约义务，如服务或其他重大权利。在评估每份合同时，公司会考虑某些因素，包括客户的支付能力（或信用风险）。对于每份合同，公司认为转移产品的承诺，每个产品都是独立的，是确定的履约义务。

交易价格与履约义务分配

产品的交易价格通常基于合同价格。产品收入是指公司预期为向客户转移产品而收到的对价金额，扣除以下所述的可变对价。

如果合同包含单一履约义务，整个交易价格将分配给该单一履约义务。包含多个履约义务的合同需要根据每个履约义务所涉及的承诺产品的估计单独售价的相对比例分配交易价格。公司对其产品有标准定价，并根据该履约义务单独出售时的价格确定单独售价。

收入确认

当产品的控制权转移给客户时（即，当公司的履约义务得到履行时）确认收入，这发生在某一时间点，可能是在公司制造场所发货时或根据合同的运输条款将产品交付给客户的指定地点时。

在确定控制权是否已转移时，公司会考虑客户是否有权获得付款，以及实物占有、法律所有权和所有权的风险和收益是否已转移给客户。

公司通常在确认的履约义务得到履行后向客户开票。由于公司的标准付款期限是从开票日起30至90天，因此公司不向客户提供任何重大融资。

公司与客户签订协议，在客户现场放置和评估单元（“单元”），但公司保留单元的所有权。在这些协议期间，客户可以免费使用单元，以配合其持续采购消耗品。这类协议包含使用单元的嵌入式经营租赁。在这些安排中，由于单元的价值相对于总协议价值来说微不足道，因此消耗品销售产生的收入不会在消耗品收入和租赁收入之间进行分配。

代表第三方收取的销售税、增值税和其他税款不计入收入。

可变对价

产品销售收入在净销售价格（交易价格）下确认，该价格包括对可变对价的估计，针对合同中向客户提供的折扣、产品退货、回扣和让步，已建立了准备金。公司通常向客户提供有限的退货权。30天后的产品退货必须经公司预先批准，客户可能需要支付20%的重新上架费用。被退回的产品必须未被篡改、无损坏，并且在到期日前至少还有12个月的时间。公司估计其客户可能退货的产品销售收入，并在相关产品销售收入确认的期间将该估计作为收入的减项。公司目前通过其历史产品退货信息来估计产品退货负债，并考虑其认为可能显著影响预期退货的其他因素，包括产品召回。折扣和产品退货基于相关销售已获得或应获得的金额，并作为抵减资产进行分类。在截至2026年8月31日和2025年8月31日的三个月内，此类产品退货并不重要。公司向某些客户提供在公司合同中明确规定的回扣和让步，并在相关产品销售收入确认的期间将其作为收入的减项进行记录。公司为这些金额建立了准备金，该准备金包含在附带的合并资产负债表中的“应计负债”中。这些回扣和让步源于基于业绩的优惠，主要基于达成合同规定的销售量。公司还必须向采购组织支付管理费用。

与客户的合同余额

通常在公司发货的期间确认应收账款。发票金额的付款条款基于与每个客户的合同条款，通常与收入确认一致。因此，公司没有与未来向客户开票的权利相关的合同资产。在某些情况下，如果产品的控制权尚未转移给客户，或者客户的付款时间早于公司履行履约义务的时间，公司会确认一项合同负债，该负债包含在附带的合并资产负债表中的“应计负债”下的递延收入中。

下表列示了公司与客户之间的应收账款、合同资产和合同负债的变化：


（以千为单位）	2026年8月31日		2026年5月31日
应收账款	$	44,905		$	48,325
合同资产	$	—		$	—
合同负债	$	343		$	360

在截至2026年8月31日的三个月内，公司合同负债增加了0.1百万美元。这被截至2026年8月31日的三个月内确认的0.1百万美元收入所抵消。

获得或履行客户合同的成本

根据ASC 606，如果公司预计能够收回这些成本，则可能将获得客户合同的增量成本确认为资产。公司的销售激励薪酬计划符合资本化条件，因为这些计划与特定时间段内实现的销售直接相关。然而，公司根据ASC 340-40-25-4选择了实务做法，将这些成本作为销售和营销费用在发生时费用化，因为摊销期少于一年。

公司将与客户合同相关的运输和处理活动作为履行转移相关产品的承诺的成本进行核算。与将成品运送给客户相关的运输和处理成本记录在销售成本中，并在相关成品运送给客户时确认。向客户收取的运输和处理费用记录在净销售额中。

3. 存货

存货按成本与可变现净值（采用先进先出法）孰低计量。存货包括以下内容：


（以千为单位）	2026年8月31日		2026年5月31日
原材料	$	24,419			$	19,307
在制品	5,114			5,711
产成品	25,420			27,418
存货	$	54,953			$	52,436

公司定期审查存货的过时和价值损失情况。公司对存货的未来需求和市场价值做出假设。根据这些假设，公司估计过时、到期和滞销存货的金额。2026年8月31日和2026年5月31日的存货准备金总额分别为640万美元和570万美元。

4. 无形资产

有限使用寿命的无形资产

无形资产按直线法在其预计使用寿命内进行摊销。使用寿命从二年至十八年不等。公司定期审查并根据需要调整其无形资产的预计使用寿命，并在发生事件或情况变化表明资产或资产组的账面价值可能无法收回时，对这些资产或资产组进行减值测试。如果一项无形资产或资产组被认为发生减值，减值金额将等于账面价值超过该资产公允价值的差额。

无形资产包括以下内容：


	2026年8月31日
（以千为单位）	账面价值		累计摊销		净账面价值
产品技术	$	189,127			$	(129,729)		$	59,398
客户关系	7,749			(5,369)			2,380
商标	2,100			(2,100)			—
许可	3,837			(3,721)			116


	$	202,813			$	(140,919)		$	61,894


	2026年5月31日
（以千为单位）	账面价值		累计摊销		净账面价值
产品技术	$	193,784			$	(129,188)		$	64,596
客户关系	7,749			(5,255)			2,494
商标	2,100			(2,100)			—
许可	3,837			(3,718)			119


	$	207,470			$	(140,261)		$	67,209

截至2026年8月31日和2025年8月31日的三个月内，摊销费用分别为270万美元和270万美元。

与无形资产相关的未来摊销费用预计在以下各财政年度分别为：


（以千为单位）
2027年剩余期间	$	8,181
2028	10,860
2029	10,762
2030	10,748
2031	4,996
2032 及以后	16,347
	$	61,894

5. 应计负债

应计负债包括以下内容：


（以千为单位）	2026年8月31日		2026年5月31日
工资及相关费用	$	14,399			$	24,869
外部服务	4,004			3,057
研究与开发	1,953			1,597
特许权使用费	1,451			2,699
销售和特许经营税	393			476
延期保修	236			288

折扣	500			423
应计运费	1,025			1,200
应计解雇补偿	1,889			1,843

其他	2,961			2,457

	$	28,811			$	38,909

6. 长期债务

2025年5月28日，公司与子公司RITA Medical Systems, LLC（“RITA”，以及公司，统称为“贷款方”）及其贷款人以及JPMorgan Chase Bank, N.A.（单独及作为管理人、承兑行和循环贷款行）签订了一份新的信贷协议（“信贷协议”）。

信贷协议提供了一项2500万美元的担保循环信用额度（“循环额度”），该额度受公司某些营运资本资产的借款基数限制。此外，在公司证明其固定费用覆盖率超过1.10:1.00之前，循环额度将进一步减少500万美元（该期间称为“可用性限制期”）。在公司提出请求的情况下，并受某些常规限制的约束，贷款人将向公司发放循环贷款，承兑行将为公司开立信用证，每次的总金额不得超过循环额度下的可用额度。循环额度下开立的信用证还将受到开立上限的限制，该上限在交割日设定为200万美元。循环额度的资金可用于安科诊断及其子公司的营运资金和一般企业需求。

信贷协议的期限为两年。循环额度的利息根据公司的选择，基于以下利率：(i) 有担保隔夜融资利率（“SOFR”）加0.1%（受0%下限约束）（“调整后的期限SOFR”），或(ii) 替代基准利率（受0%下限约束）（“ABR”），并且对于调整后的期限SOFR贷款的利差为2.0%，对于ABR贷款的利差为1.0%。循环额度还将对未使用的部分收取每年0.2%的承诺费。循环额度包含常规的基准利率替代和利率回落条款。

公司根据信贷协议的义务由公司的主要直接和间接国内子公司（“担保人”）无条件地、连带和分别担保。交割日唯一的担保人是RITA。公司和担保人在循环额度下的所有义务均以贷款方和担保人的几乎所有资产的优先担保权益为担保。

信用协议包含常规的陈述、保证和契约，以及加速、赔偿和违约事件条款，包括但不限于一项财务契约，要求公司在每个日历月结束时（自可用期结束后的第一个日历月开始）维持固定费用覆盖比率，即EBITDA*减去未融资的资本支出与合并现金支付或应付的利息费用加上根据信用协议项下债务的计划本金支付额的比率不低于1.05比1.00。

* 总债务、EBITDA、资本支出和利息费用的定义在作为8-K表格附件的信用协议中具体定义，该表格于2025年5月28日提交。

截至2026年8月31日，循环额度设施项下没有未偿还金额。截至2026年8月31日，长期债务的账面价值近似于其公允市场价值。

7. 所得税

公司根据全年预计的有效税率调整任何单独事件，在每个中期期末计提所得税。在单独事项之前，2027财年第一财季的预计年度有效税率为2.7%，而2026财年同期为(0.6)%。在2027财年，公司的有效税率与美国法定税率不同，主要是由于估值准备金、外国税款和其他不可扣除的永久性项目（如不可扣除的餐饮费用、第162(m)条超额薪酬和不可扣除的基于股票的薪酬）的影响。

公司定期评估其实现递延税资产的能力。评估递延税资产的实现需要管理层的重大判断。在确定其递延税资产很可能实现时，公司评估了所有可用的正面和负面证据，并根据其客观性对证据进行加权。

根据对所有可用证据的审查，公司确定其尚未达到持续盈利水平，且客观可验证的负面证据超过了正面证据。因此，截至2026年8月31日，公司对其联邦和州的净经营亏损结转、联邦和州研发（\"R&D\"）抵税额结转及其他净递延税资产提供了估值准备金。公司将继续评估所需估值准备金的水平。如果未来期间存在足够的正面证据以支持部分或全部估值准备金的释放，此类释放可能会对公司的经营成果产生重大影响。

2025年7月4日，《一个宏伟美丽法案》（“OBBBA”）正式成为法律，使《减税与就业法案》中的某些条款永久化，包括100%的附加折旧、国内研究成本费用化以及业务利息费用限制。根据ASC 740，公司在法案颁布期间已确认了新税法的影响。由于公司对美国递延税资产保持全额减值准备，该立法对我们截至2026年8月31日止季度的合并财务报表没有重大影响。

8. 股权激励

2020年10月13日，公司股东批准了2020年股票与激励奖励计划（“2020计划”）。2020计划允许向公司员工、董事和其他服务提供者授予激励性股票期权、非法定股票期权、限制性股票、限制性股票单位、股票增值权、业绩股票单位、业绩股票和其他激励奖励。截至2026年8月31日，2020计划下可用于未来授予的普通股最多为210万股。

在2020计划实施之前，股权奖励是根据2004年股票与激励奖励计划（“2004计划”）授予的。2020计划的实施不影响根据2004计划授予的股权奖励的管理，但2020计划实施后，不再根据2004计划授予股权奖励。

公司还有一项员工股票购买计划。截至2026年8月31日，该员工股票购买计划下可用于未来授予的普通股最多为240万股。

截至2026年8月31日和2025年8月31日的三个月内，股权激励费用分别为450万美元和450万美元。

截至2026年8月31日和2025年8月31日的三个月内，公司根据2020计划向某些员工和董事会成员授予了股票期权和限制性股票单位。股票期权奖励使用Black-Scholes期权定价模型进行估值，然后按直线法在奖励的必要服务期内进行摊销。通常，限制性股票单位奖励根据授予日公司普通股的收盘交易价值进行估值，然后按直线法在奖励的必要服务期内进行摊销。2023年7月，董事会批准了对非员工董事授予的限制性股票单位条款的修改，以在奖励授予时立即归属。

截至2026年8月31日和2025年8月31日的三个月内，公司根据2020计划向某些员工授予了业绩股票单位。这些奖励需在必要服务期内达到特定的业绩水平才能获得。业绩标准基于达到特定业绩目标以及公司普通股的总股东回报（“TSR”）相对于预定义行业同行组普通股的TSR。这些奖励的公允价值基于蒙特卡洛模拟模型。

截至2026年8月31日，与基于股票的薪酬安排相关的未确认薪酬费用为2820万美元。这些费用预计将在大约三年的加权平均期限内确认。公司有足够的股份来满足预期的基于股票的薪酬安排。

9. 股东权益

2024年7月16日，董事会批准了一项股票回购计划（“回购计划”），根据该计划，董事会授权公司有权回购最多1500万美元的流通普通股。根据授权进行的任何股票回购的时间和金额将由管理层在特定参数内根据市场状况和其他因素决定。在2027财年第一季度没有回购任何股票。在2026财年也没有回购任何股票。截至2026年8月31日，回购计划下仍有1330万美元可供回购。

10. 每股收益

基本每股收益基于加权平均流通普通股数量，不考虑潜在普通股。稀释每股收益包括潜在普通股的稀释效应，这些潜在普通股包括股票期权、限制性股票单位和业绩股票单位，前提是此类证券的纳入不会产生反稀释效果。在净亏损期间，股票期权和限制性股票单位不包含在稀释每股亏损的计算中，因为其影响将是反稀释的。

下表将基本加权平均流通股数与稀释加权平均流通股数进行调节：


	三个月 ended
（以千为单位）	2026年8月31日	2025年8月31日
基本	42,022		41,174
稀释性证券的影响	—		—
稀释	42,022		41,174

未纳入的证券，因为其纳入将产生反稀释效果	5,623		6,183

11. 分部和地理信息

分部信息

公司定期审查其分部以及首席运营决策者（总裁兼首席执行官（“CEO”））用于评估业绩和分配资源的方法。公司通过两个运营分部（医疗科技和医疗设备）管理其运营。CEO根据毛利来评估这两个运营分部，以分配资源和评估业绩。CEO在预算和预测过程中使用毛利来评估盈利能力，并就两个运营分部的战略举措、投资和人员做出决策。向CEO汇报的高管包括负责商业运营、制造运营、监管和质量以及某些公司职能的人员。

医疗科技分部包括我们的技术组合，包括Auryon、血栓管理平台和NanoKnife。医疗设备分部包括我们的核心、静脉、导管和其他肿瘤产品。

公司以整个公司的基础管理其资产，而不是按运营分部；因此，CEO不按运营分部审查任何资产信息，因此，资产信息不按运营分部报告或评估。

下表总结了医疗技术（Med Tech）和医疗设备（Med Device）的净销售额、销售成本和毛利：


	截至三个月末
（以千为单位）	2026年8月31日		2025年8月31日

医疗技术净销售额	$	39,916			$	35,261
医疗技术销售成本（不包括无形资产摊销）	13,492			13,339
毛利	26,424			21,922
毛利百分比	66.2	%		62.2	%

医疗设备净销售额	$	40,999			$	40,450
医疗设备销售成本（不包括无形资产摊销）	19,383			20,515
毛利	21,616			19,935
毛利百分比	52.7	%		49.3	%

总净销售额	$	80,915			$	75,711
总销售成本（不包括无形资产摊销）	32,875			33,854
毛利	48,040			41,857
毛利百分比	59.4	%		55.3	%

运营费用(1)	$	55,342			$	52,513

其他收入（支出），净额(2)	6			(182)
税前亏损	(7,296)			(10,838)

(1) 运营费用包括研发、销售和营销、一般及行政费用、无形资产摊销以及收购、重组和其他项目，净额。

(2) 其他收入（支出），净额包括利息收入、利息支出、外汇影响和银行费用。

地理信息

下表总结了根据外部客户所在地划分的各地区净销售额：


	截至三个月末
（以千为单位）	2026年8月31日		2025年8月31日
净销售额
美国	$	71,068			$	66,456
国际	9,847			9,255

总计	$	80,915			$	75,711

对于2026年8月31日和2025年8月31日的三个月，国际销售额占总净销售额的比例分别为12.2%和12.2%。根据发货目的地，任何一家美国以外的国家的销售额在最近三个财政年度中均未占净销售额的重要部分。此外，没有任何一个客户占合并净销售额的10%以上。60%的长期资产位于美国，40%位于以色列。

12. 公允价值

在持续基础上，公司根据可获得的市场价格确定某些金融资产和金融负债的公允价值。当无法获得市场价格或其他可观察输入时，公司会应用估值技术来估算公允价值。FASB ASC主题820，公允价值计量和披露，建立了三层估值体系，用于披露公允价值计量。根据对公允价值计量具有重要意义的最低层级输入，将金融资产和金融负债归类到该估值体系中。该体系的三个层级定义如下：

•第一层级 - 估值方法的输入是相同资产或负债的市场价格。

•第二层级 - 估值方法的输入是其他可观察输入，包括类似资产或负债的市场价格和市场验证的输入。

•第三层级 - 估值方法的输入是基于管理层对市场参与者在计量日对资产或负债定价时会使用输入的最好估计的显著不可观察输入，包括对风险的假设。

公司的金融工具包括现金及现金等价物、应收账款和应付账款。由于这些项目的到期日很短或立即到期，其账面金额近似于公允价值。公司没有需要使用重大不可观察输入值（第三级）进行持续公允价值计量的资产或负债。

13. 租赁

公司在合同开始时确定一项安排是否为租赁。公司有用于建筑物的经营租赁，主要用于办公室、研发、制造和仓储。公司有用于制造和分销的融资安排。

融资安排

2024年12月24日，公司签订协议，以550万美元和120万美元的价格分别出售位于纽约州昆斯伯里和格伦斯费尔的制造设施，净收益分别为520万美元和110万美元。公司同时与对方签订租赁协议，未来七年内对昆斯伯里工厂的租赁付款总额为460万美元，对格伦斯费尔工厂的租赁付款总额为40万美元，租赁期为三年。

根据某些标准，该交易被记为融资安排，因为它不符合销售-租赁回的条件。因此，这些资产仍以历史账面价值列示在合并资产负债表的“固定资产净额”中，并在租赁协议期限内进行折旧。公司记录了收到的净收益金额作为融资安排。公司将每月租金作为融资安排的减少和利息费用进行确认，采用有效利率法。截至2026年8月31日的三个月内，与融资安排相关的损益未被确认。

截至2026年8月31日，融资安排的账面价值为570万美元，其中40万美元被归类为“其他流动负债”，530万美元被归类为“其他长期负债”，列示在合并资产负债表中。与融资安排相关的利息费用为10万美元，截至2026年8月31日的三个月。

截至2026年8月31日，与融资安排相关的剩余未来现金支付额，按以下财年分别如下：


（以千为单位）	2026年8月31日
2027年剩余期间	$	603
2028	745
2029	660
2030	660
2031年及以后	1,045

总最低负债支付额	$	3,713
减：计算利息	(1,501)
总计	$	2,212

经营租赁

经营租赁的使用权（“ROU”）资产和经营租赁负债是根据租赁开始日租赁期限内未来最低租赁付款额的现值确认的。许多租赁协议包含续约或终止条款，如果合理确定会行使这些选择权，这些条款将纳入租赁期限的确定中。公司按直线法在租赁期限内确认这些租赁的租赁费用。

2025年6月，该公司将位于纽约州拉瑟姆的公司总部租赁合同延长至2031年6月；2025年8月，该公司将位于马萨诸塞州马尔伯勒的研发设施租赁面积扩大至2030年9月。

下表列示了与租赁相关的补充资产负债表信息：


（以千为单位）	资产负债表项目	2026年8月31日		2026年5月31日
资产
经营租赁右权资产	其他资产	$	4,920			$	5,053
负债
经营租赁流动负债	其他流动负债	1,404			1,296
非流动经营租赁负债	其他长期负债	3,635			3,860
总租赁负债		$	5,039			$	5,156

租赁协议中的隐含利率通常难以确定，因此公司根据租赁开始时可获得的信息使用了增量借款利率来确定未来付款的现值。增量借款利率定义为公司以抵押方式借款时应支付的利率，考虑因素包括租赁期限等。下表列示了加权平均剩余租赁期限和贴现率：


	2026年8月31日
加权平均剩余期限（年）	3.76
加权平均贴现率	5.7	%

以下财政年度的租赁负债到期情况如下：


（以千为单位）	2026年8月31日
2027年余下期间	$	1,238
2028	1,610
2029	1,288
2030	778
2031年及以后	697

总租赁付款额	$	5,611
减：融资费用	572
总租赁义务	$	5,039
减：租赁义务的流动部分	1,404
长期租赁义务	$	3,635

在截至2026年8月31日和2025年8月31日的三个月内，公司分别确认了0.6百万美元和0.6百万美元的经营租赁费用，其中包括不重要的短期租赁。在合并利润表中的费用分类如下：


	三个月结束日期
（以千为单位）	2026年8月31日		2025年8月31日
销售成本	$	164			$	201
研究与开发	154			92
销售与营销	40			32
一般及行政	184			289
收购、重组及其他项目，净额	16			24
	$	558			$	638

下表列示了与租赁相关的补充现金流及其他信息：


	三个月结束日期
（以千为单位）	2026年8月31日		2025年8月31日
支付的包含在租赁负债计量中的金额
经营租赁的经营现金流	$	403		$	497
以租赁负债换取的右权资产
经营租赁	$	232		$	—

14. 承诺与或有事项

该公司涉及各种法律诉讼，包括商业、知识产权、产品责任和监管事项，这些事项在其业务中属于正常情况。如果很可能已产生负债，并且可以合理估计金额，该公司会对此类事项进行计提。当存在至少合理可能性已产生重大损失时，该公司会披露此类事项。然而，该公司无法预测任何诉讼的结果或未来诉讼的可能性。

C.R. Bard, Inc. v. AngioDynamics, Inc.

2012年1月11日，C.R. Bard, Inc.（“Bard”）在美国犹他州地区法院提起诉讼，声称该公司的一些可植入导管产品侵犯了Bard持有的三项美国专利（美国专利号7,785,302（“302”）、7,959,615（“615”）和7,947,022（“022”））。

2015年3月10日，Bard和Bard Peripheral Vascular在特拉华州地区法院提起诉讼，声称该公司的一些可植入导管产品侵犯了Bard持有的三项美国专利（美国专利号8,475,417、8,545,460、8,805,478）。法院于2023年6月1日作出有利于该公司的判决。

2021年3月8日，Bard在特拉华州地区法院提起诉讼，声称该公司的某些导管产品（包括某些相关输注装置）侵犯了美国专利号8,025,639、9,603,992和9,603,993。该公司提出了反诉，声称Bard的某些导管产品侵犯了美国专利号8,377,011、10,729,881和8,454,574。

2024年3月31日，公司与Bard的母公司Becton, Dickinson and Company（以下简称“BD”）达成和解协议（“和解协议”），以解决正在进行的诉讼。双方均未承认任何责任，和解协议包含互不提起诉讼的承诺和免责条款。根据和解协议条款，BD授予公司某些BD的导管专利许可，而AngioDynamics授予BD某些公司导管专利的许可。公司一次性向BD支付了700万美元的款项，其中300万美元在签署和解协议后5个工作日内支付，其余款项将在2025年3月31日结束的12个月内分期支付。公司还将向BD支付六次最低年度付款，每次250万美元，从2025财年开始，如果公司导管产品的年度净销售额的6%超过最低付款额，还可能产生额外付款。公司在2026年8月31日止的季度内向BD支付了与最低年度付款相关的250万美元。双方还参与了对2015年3月10日提交的案件在联邦巡回法院的上诉，并且在2025年12月15日，联邦巡回法院确认了地区法院关于无效性的裁定，并作出有利于AngioDynamics的判决。尽管公司将继续根据和解协议向BD支付年度付款，但因联邦巡回法院的确认，不再有额外的或有付款。截至2026年8月31日，公司其他流动负债中记录了应付BD的240万美元，其他长期负债中记录了450万美元。

专利侵权

2026年4月23日，公司在美国特拉华州地区法院对Endovascular Engineering, Inc.（“E2”）提起专利侵权诉讼。起诉书指控E2的Hēlo血栓切除系统非法使用了公司持有的多项注册专利所保护的特征，包括公司专有的自扩张漏斗技术及相关功能，这些功能可提高从体内清除血栓和栓塞物的效果。起诉书要求赔偿和衡平救济。公司认为，对知识产权的有力保护有助于持续创新和改善患者护理。

导管产品索赔

截至2026年8月31日，公司正在应对约430起涉及公司导管产品的侵权索赔（统称为“导管产品索赔”）。导管产品索赔在美国加利福尼亚州南区地区法院合并进行庭前程序。导管产品索赔通常要求因使用产品导致人身伤害而获得赔偿。公司对某些导管产品索赔的性质和数量了解有限。公司持续收到索赔和诉讼，并可能在未来期间了解到其他未提交或未知的索赔或其他诉讼，这可能对公司的索赔或诉讼数量估计产生重大影响。

15. 收购、重组及其他项目，净额

收购、重组及其他项目

收购、重组及其他项目，净额，包括：


	截至
（千美元）	2026年8月31日		2025年8月31日
法律 (1)	$	406			$	213


工厂关闭 (2)	617			2,345

过渡服务协议 (3)	—			(302)

首席执行官过渡(4)	770			—
其他	388			502
总计	$	2,181			$	2,758

(1) Legal expenses related to litigation that is outside the normal course of business.

(2) Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024.

(3) Transition services agreements that were entered into with Merit and Spectrum.

(4) CEO retirement and transition expenses related to the CEO search and retention agreements with the Company's executive leadership team.

Table of Content

Restructuring

The Company evaluates its performance and looks for opportunities to improve the overall operations of the Company on an ongoing basis. As a result of this evaluation, certain restructuring initiatives are taken to enhance the Company’s overall operations. On January 5, 2024, the Company announced a restructuring to optimize its manufacturing efficiency, capabilities and footprint (the \"Plan\").

In the second quarter of fiscal year 2025, the Company announced a modification to the Plan to maintain a presence in Queensbury, NY for the manufacturing of select products, customer service, logistics, shipping, quality and regulatory operations. The restructuring activities associated with the modified Plan are still expected to be completed in the second quarter of fiscal year 2027.

The following table provides a summary of our estimated costs associated with the plan:


Type of cost (in thousands)	Total modified estimated amount expected to be incurred
Facilities closeout fees (1)		$	16,000		to	$	17,000
Termination benefits		6,200		to	7,200
Outside consultants		7,500		to	8,500
Validation expenses		3,400		to	4,400
Regulatory filings		150		to	650
Other		150		to	650
		$	33,400		to	$	38,400

(1) Included in the original and modified estimate is approximately $13.6 million and $13.3 million of non-cash charges for accelerated depreciation and building impairment.

The Company recorded restructuring charges related to the plan during the three months ended August 31, 2026 of $0.6 million. Total restructuring charges recorded to date are $37.0 million. Termination benefits are only earned if an employee stays until their termination date; therefore, the expenses related to termination benefits are being recorded ratably over the service period.

The table below presents the restructuring reserve:


	Three Months Ended Aug 31, 2026
	Termination Benefits		Outside Consultants		Validation Expenses		Facilities Closeout Fees	Regulatory Filings		Other	Total
(in thousands)
Balance at May 31, 2026	$	584			$	594		$	93		$	—		$	—		$	1,055	$	2,326
Charges	—			359			79		—		21		158			617
Non-cash adjustments	—			—			—		—		—		—			—
Cash payments	(455)			(796)			(167)		—		(12)		(1,185)			(2,615)
Balance at August 31, 2026	$	129			$	157		$	5		$	—		$	9		$	28	$	328

16. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Recently Issued Accounting Pronouncements - Adopted

Table of Content


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements

ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets	This ASU addresses challenges encountered when applying the guidance to current account receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers.	June 1, 2026	The Company elected the practical expedient for accounts receivable and there were no impacts to the consolidated financial statements as a result.

Recently Issued Accounting Pronouncements - Not Yet Applicable or Adopted


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements
ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-04): Disaggregation of Income Statement Expenses	This ASU improves the disclosures about a public business entity's costs and expenses by requiring the Company to disclose more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization and depletion) included in each relevant income statement caption.	June 1, 2027	The Company plans to adopt the new standard for the fiscal year 2028 and is assessing the impact to the consolidated financial statements.
ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements	This ASU improves the guidance in Topic 270 by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods and adds to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.	June 1, 2028	The Company plans to adopt the new standard for the fiscal year 2029 and is assessing the impact to the consolidated financial statements.

There have been no material changes to our critical accounting policies since our Annual Report on Form 10-K for fiscal year ended May 31, 2026.

17. SUBSEQUENT EVENTS

On October 8, 2026, the Company announced the appointment of Eric Honroth as President and Chief Executive Officer and a member of the Board of Directors, effective November 2, 2026. Mr. Honroth will succeed Jim Clemmer, who will depart the Board on November 2, 2026. In connection with Mr. Honroth’s appointment as President and Chief Executive Officer and in order to support continuity and a smooth transition, on October 5, 2026, Mr. Clemmer entered into a consulting agreement with the Company, pursuant to which Mr. Clemmer will retire and his employment with the Company will terminate as of November 2, 2026, and Mr. Clemmer will provide consulting services to the Company until the first anniversary of the effective date, unless earlier terminated.

Table of Content

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

The following information should be read together with the consolidated financial statements and the notes thereto and other information included elsewhere in this quarterly report on Form 10-Q. The following discussion should be read in conjunction with the Company's 2026 Annual Report on Form 10-K, and the consolidated financial statements and notes thereto included elsewhere in the Form 10-Q.

Disclosure Regarding Forward-Looking Statements

This quarterly report on Form 10-Q, including the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” 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,\" \"projects,\" \"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 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, tariffs, 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. Other risks and uncertainties include, but are not limited to, the factors described from time to time in our reports filed with the Securities and Exchange Commission (the \"SEC\").

Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this quarterly report on Form 10-Q will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, investors are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of the date of this report. AngioDynamics disclaims any obligation to update the forward-looking statements.

Disclosure Regarding Trademarks

This report includes trademarks, tradenames and service marks that are our property or the property of other third parties. Solely for convenience, such trademarks and tradenames sometimes appear without any “™” or “®” symbol. However, failure to include such symbols is not intended to suggest, in any way, that we will not assert our rights or the rights of any applicable licensor, to these trademarks and tradenames. For a complete listing of all our trademarks, tradenames and service marks please visit www.angiodynamics.com/IP. Information on our website or connected to our website is not incorporated by reference into this Quarterly Report on Form 10-Q.

Executive Overview

AngioDynamics is 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. We design, manufacture and sell a wide range of medical, surgical and diagnostic devices used by professional healthcare providers for vascular access, for the treatment of peripheral vascular disease and for use in oncology and surgical settings. Our devices are generally used in minimally invasive, image-guided procedures. Many of our products are intended to be used once and then discarded, or they may be temporarily implanted for short- or long-term use.

Table of Content

Our business operations cross a variety of markets. Our financial performance is impacted by changing market dynamics, which have included an emergence of value-based purchasing by healthcare providers, consolidation of healthcare providers, the increased role of the consumer in health care decision-making and an aging population, among others. In addition, our growth is impacted by changes within our sector, such as the merging of competitors to gain scale and influence; changes in the regulatory environment for medical devices; and fluctuations in the global economy.

Our sales and profitability growth also depends, in part, on the introduction of new and innovative products, together with ongoing enhancements to our existing products. Expansions of our product offerings are created through internal and external product development, technology licensing and strategic alliances. We recognize the importance of, and intend to continue to make investments in research and development activities and selective business development opportunities to provide growth opportunities.

We sell our products in the United States primarily through a direct sales force, and outside the U.S. mainly through distributor relationships. Our end users include interventional radiologists, interventional cardiologists, vascular surgeons, urologists, interventional and surgical oncologists and critical care nurses. We expect our businesses to grow in both sales and profitability by expanding geographically, penetrating new markets, introducing new products and increasing our presence internationally.

The current macroeconomic environment continues to impact our business and may continue to pose future risks. The Company's ability to manufacture products, the reliability of our supply chain, labor shortages, backlog, inflation (including the cost and availability of raw materials, direct labor and shipping) and tariffs have impacted our business, trends that may continue. Accordingly, management continues to evaluate the Company’s liquidity position, communicate with and monitor the actions of our customers and suppliers, and review our near-term financial performance.

In evaluating the operating performance of our business, management focuses on company-wide and segment revenue and gross margin and company-wide operating income, earnings per share and cash flow from operations. A summary of these key financial metrics for the three months ended August 31, 2026 compared to the three months ended August 31, 2025 are as follows:

Three months ended August 31, 2026:

•Revenue increased by 6.9% to $80.9 million

•Med Tech and Med Device growth of 13.2% and 1.4%, respectively

•Gross margin increased 410 bps to 59.4%

•Med Tech gross margin increased 400 bps to 66.2% and Med Device gross margin increased 340 bps to 52.7%

•Net loss decreased by $3.8 million to $7.1 million

•Loss per share decreased by $0.09 to $0.17

Our Med Tech revenue, comprised of Auryon, NanoKnife and the thrombus management platform, grew 13.2% in the first quarter of fiscal year 2027 driven by increased sales in Auryon, NanoKnife and the thrombus management products. Our Med Device revenue grew by 1.4% in the first quarter of fiscal year 2027 driven by growth in the Core and Microwave product lines which was partially offset by softness in the Venous, Ports and other Oncology product lines.

Results of Operations

For the three months ended August 31, 2026, the Company reported net loss of $7.1 million, or diluted loss per share of $0.17, on net sales of $80.9 million, compared with a net loss of $10.9 million, or diluted loss per share of $0.26, on net sales of $75.7 million during the same quarter of the prior year.

Net sales - Net sales are derived from the sale of products and related freight charges, less discounts, rebates and returns.


	Three Months Ended
(in thousands)	Aug 31, 2026		Aug 31, 2025		$ Change
Net Sales
Med Tech	$	39,916			$	35,261			$	4,655
Med Device	40,999			40,450			$	549
Total	$	80,915			$	75,711			$	5,204

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	Three Months Ended
(in thousands)	Aug 31, 2026		Aug 31, 2025		$ Change
Net Sales
United States	$	71,068			$	66,456			$	4,612
International	9,847			9,255			$	592
Total	$	80,915			$	75,711			$	5,204

For the three months ended August 31, 2026, net sales increased $5.2 million to $80.9 million compared to the same period in the prior year. At August 31, 2026, the Company had a backlog of $2.7 million.

The Med Tech segment net sales increased $4.7 million for the three months ended August 31, 2026 compared to the same period in the prior year. The change in sales from the prior year was primarily driven by:

•Increased Auryon sales of $2.4 million;

•Increased sales of the thrombus management platform of $0.4 million, which was driven by an increase in AlphaVac sales of $1.2 million and was partially offset by a decrease in AngioVac and thrombolytic sales of $0.5 and $0.4 million, respectively; and

•Increased NanoKnife sales of $1.9 million, which was driven by increased disposable and capital sales.

The Med Device segment net sales increased $0.5 million for the three months ended August 31, 2026 compared to the same period in the prior year. The backlog, which primarily impacted sales of Core and Port products, was $2.7 million. The change in sales from the prior year was primarily driven by:

•Increased sales of Core and Microwave products of $1.6 million and $0.5 million, respectively, which was partially offset by decreased sales of other Oncology products, Ports and Venous products of $0.7 million, $0.6 million and $0.3 million, respectively.

Gross Margin


	Three Months Ended
(in thousands)	Aug 31, 2026		Aug 31, 2025		$ Change
Med Tech	$	26,424			$	21,922	$	4,502
Gross margin % of sales	66.2	%		62.2	%

Med Device	$	21,616			$	19,935	$	1,681
Gross margin % of sales	52.7	%		49.3	%

Total	$	48,040			$	41,857	$	6,183
Gross margin % of sales	59.4	%		55.3	%

Gross margin - Gross margin consists of net sales less the cost of goods sold, which includes the costs of materials, products purchased from third parties and sold by us, manufacturing personnel, royalties, freight, business insurance, depreciation of property and equipment and other manufacturing overhead, exclusive of intangible amortization.

Total Company gross margin increased by $6.2 million for the three months ended August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

•Sales volume, price and product mix, which positively impacted gross margin by $3.7 million;

•Tariffs, which positively impacted gross margin by $2.1 million as a result of refunds received of $1.2 million;

•Benefits from product lines transitioned to third-party manufacturing and other operational costs, which positively impacted gross margin by $2.9 million;

•Production volume and inflation, which negatively impacted gross margin by $2.5 million and $0.4 million, respectively; and

•A decrease in incremental depreciation on placement units of $0.5 million.

The Med Tech segment gross margin increased by $4.5 million for the three months ended August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

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•Sales volume, price and product mix, which positively impacted gross margin by $3.7 million;

•Tariffs, which positively impacted gross margin by $0.8 million as a result of refunds received of $0.3 million;

•Benefits from product lines transitioned to third-party manufacturing, which positively impacted gross margin by $0.2 million;

•Production volume and other operational costs, which negatively impacted gross margin by $0.6 million; and

•A decrease in incremental depreciation on placement units of $0.4 million.

The Med Device segment gross margin increased by $1.7 million for the three months ended August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

•Benefits from product lines transitioned to third-party manufacturing and other operational costs, which positively impacted gross margin by $3.2 million;

•Tariffs, which positively impacted gross margin by $1.3 million as a result of refunds received of $0.9 million;

•Price, which positively impacted gross margin by $0.7 million;

•Production volume and inflation, which negatively impacted gross margin by $2.4 million and $0.5 million, respectively;

•Sales volume and product mix, which negatively impacted gross margin by $0.7 million; and

•A decrease in incremental depreciation on placement units of $0.1 million.

Operating Expenses and Other Income (Expense)


	Three Months Ended
(in thousands)	Aug 31, 2026		Aug 31, 2025		$ Change
Research and development	$	7,979			$	6,417	$	1,562
% of sales	9.9	%		8.5	%
Selling and marketing	$	29,986			$	28,130	$	1,856
% of sales	37.1	%		37.2	%
General and administrative	$	12,467			$	12,555	$	(88)
% of sales	15.4	%		16.6	%

Research and development expense - R&D expense includes internal and external costs to develop new products, enhance existing products, validate new and enhanced products, and manage clinical, regulatory and medical affairs.

R&D expense increased $1.6 million for the three months ended August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

•The timing of certain projects and clinical spend associated with ongoing clinical trials, which increased R&D expense by $1.2 million; and

•Compensation and benefits expenses, which increased $0.3 million.

Sales and marketing expense - Sales and marketing (“S&M”) expense consists primarily of salaries, commissions, travel and related business expenses, attendance at medical society meetings, product promotions and marketing activities.

S&M expense increased $1.9 million for the three months ending August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

•Compensation and benefits expense, which increased by $1.0 million;

•Consulting, travel and other selling expenses, which increased $0.6 million; and

•Trade shows, subscriptions and other marketing expenses, which increased $0.3 million.

General and administrative expense - General and administrative (“G&A”) expense includes executive management, finance, information technology, human resources, business development, legal, and the administrative and professional costs associated with those activities.

G&A expense decreased $0.1 million for the three months ended August 31, 2026 compared to the same period in the prior year. The change from the prior year was primarily driven by:

•Other outside consultant spend, which increased $0.6 million;

•Compensation and benefits expenses, which decreased $0.7 million; and

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•Depreciation and other corporate expenses, which decreased $0.2 million.


	Three Months Ended
(in thousands)	Aug 31, 2026		Aug 31, 2025	$ Change
Amortization of intangibles	$	2,729		$	2,653	$	76


Acquisition, restructuring and other items, net	$	2,181		$	2,758	$	(577)
Other expense, net	$	6		$	(182)	$	188

Amortization of intangibles - Represents the amount of amortization expense that was taken on intangibles assets held by the Company.

•Amortization expense remained consistent with the same period in the prior year.

Acquisition, restructuring and other items, net - Represents costs associated with mergers and acquisitions, restructuring expenses, legal costs that are related to litigation that is not in the ordinary course of business, legal settlements and other one-time items.

Acquisition, restructuring and other items, net, decreased by $0.6 million for the three months ended August 31, 2026, compared to the same period in the prior year. The change from the prior year was primarily driven by:

•Legal expense, related to litigation that is outside of the normal course of business, which increased $0.2 million;

•Transition expenses related to the upcoming retirement of our CEO which was announced on January 6, 2026, which increased $0.8 million;

•Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024, which decreased $1.7 million;

•Transaction services agreements that were entered into as a result of the divestiture of the PICCs, Midline, dialysis and BioSentry businesses. The decrease in the fees invoiced was $0.3 million; and

•Other expenses, mainly severance associated with organizational changes, which decreased $0.1 million.

Other income (expense), net - Other expenses include interest expense, foreign currency impacts and bank fees.

Other income (expense), net decreased by $0.2 million compared to the same period in the prior year. The change from the prior year was primarily driven by increased interest expense, net of $0.1 million partially offset by unrealized foreign currency fluctuations, which decreased by $0.3 million.

Income Tax (Benefit) Expense


	Three Months Ended
(in thousands)	Aug 31, 2026		Aug 31, 2025
Income tax (benefit) expense	$	(0.2)			$	0.1
Effective tax rate including discrete items	2.7	%		(0.6)	%

Our effective tax rate including discrete items for the three months ended August 31, 2026 and August 31, 2025 was 2.7% and (0.6)%, respectively. In fiscal year 2027, the Company’s effective tax rate differs from the U.S. statutory rate primarily due to the impact of the valuation allowance, foreign taxes, and other non-deductible permanent items (such as non-deductible meals and entertainment, Section 162(m) excess compensation and non-deductible stock-based compensation).

Liquidity and Capital Resources

We regularly review our liquidity and anticipated capital requirements and we believe that our current cash on hand provides sufficient liquidity to meet our anticipated needs for capital for at least the next 12 months.

Our cash and cash equivalents totaled $34.0 million as of August 31, 2026, compared with $53.9 million as of May 31, 2026. As of August 31, 2026 and May 31, 2026 the Company did not have any outstanding debt.

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The table below summarizes our cash flows:


	Three Months Ended
(in thousands)	Aug 31, 2026		Aug 31, 2025
Cash (used in) provided by:
Operating activities	$	(15,330)			$	(15,914)
Investing activities	(3,148)			(1,551)
Financing activities	(1,375)			143
Effect of exchange rate changes on cash and cash equivalents	(38)			191
Net change in cash and cash equivalents	$	(19,891)			$	(17,131)

During the quarters ended August 31, 2026 and 2025, cash flows consisted of the following:

Cash used in operating activities

Three months ended August 31, 2026 and 2025:

•Net loss of $7.1 million and $10.9 million, respectively, plus the non-cash items, primarily driven by depreciation and amortization and stock based compensation, along with the changes in working capital below, contributed to cash used in operations of $15.3 million and $15.9 million, respectively, for these periods.

•For the period ended August 31, 2026, working capital was unfavorably impacted by decreased accounts payable, accrued liabilities and other liabilities of $17.4 million, along with increased inventory and prepaid expenses of $2.7 million and $1.0 million, respectively. This was partially offset by decreased accounts receivable of $3.5 million.

•For the period ended August 31, 2025, working capital was unfavorably impacted by decreased accounts payable, accrued liabilities and other liabilities of $10.7 million, along with increased inventory and prepaid expenses of $0.2 million and $5.5 million, respectively. This was partially offset by decreased accounts receivable of $0.1 million.

Cash used in investing activities

Three months ended August 31, 2026 and 2025:

•$0.4 million and $0.7 million, respectively, of cash was used for fixed asset additions; and

•$2.8 million and $0.8 million, respectively, of cash was used for Auryon placement and evaluation unit additions.

Cash (used in) provided by financing activities

Three months ended August 31, 2026 and 2025:

•$0.1 million of principal payments on the financing arrangements in the first quarter of fiscal year 2027 and 2026;

•$1.3 million of outlays from issuances of shares of common stock in the first quarter of fiscal year 2027; and

•$0.2 million of proceeds from issuances of shares of common stock in the first quarter of fiscal year 2026.

We believe that our current cash balance, together with cash generated from operations and the Revolving Facility will provide sufficient liquidity to meet our anticipated needs for capital for at least the next 12 months. If we seek to make acquisitions of other businesses or technologies in the future for cash, we may require external financing.

New Accounting Pronouncements

Information regarding new accounting pronouncements is included in Note 16 to our consolidated financial statements in this Quarterly Report on Form 10-Q.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Foreign Currency Exchange Rate Risk

We are exposed to market risk from changes in currency exchange rates and investments that could impact our results of operations and financial position.

We transact sales in currencies other than the U.S. Dollar, particularly the Euro, British Pound and Canadian Dollar. For the three months ended August 31, 2026, approximately 2.3% of our sales were denominated in foreign currencies. We do not have expenses denominated in foreign currencies at the level of our sales and as a result, our profitability is exposed to currency fluctuations. When the U.S. Dollar strengthens, our sales and gross margin will be negatively impacted. In addition, we have assets and liabilities denominated in non-functional currencies which are remeasured at each reporting period, with the offset to changes presented as a component of Other Income (Expense). Significant non-functional balances include accounts receivable due from a sub-section of our international customers.

Interest Rate Risk

The risk associated with fluctuating interest rates is primarily limited to indebtedness. As of August 31, 2026, the Company did not have any outstanding debt (see Note 6, \"Long-Term Debt\" set forth in the Notes in the consolidated financial statements included in this Annual Report on Form 10-K).

The Credit Agreement provides for a $25.0 million secured revolving credit facility. Interest on the Revolving Facility will be based, at the Company's option, on a rate equal to (i) the Secured Overnight Financing Rate (\"SOFR\") plus 0.1% (subject to a floor of 0%) (\"Adjusted Term SOFR\"), or (ii) the alternate base rate (subject to a floor of 0%) (\"ABR\"), and in each case with a margin for Adjusted Term SOFR loans of 2.0% and for ABR loans of 1.0%. The Revolving Facility will also carry a commitment fee of 0.2% per annum. As of August 31, 2026 there were no amounts outstanding on the Revolving Facility.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents and trade accounts receivable.

The Company maintains cash and cash equivalents at various institutions and performs periodic evaluations of the relative credit standings of these financial institutions to ensure their credit worthiness.

Concentration of credit risk with respect to trade accounts receivable is limited due to the large number of customers that purchase products from the Company. No single customer represents more than 10% of total sales. The Company monitors the creditworthiness of its customers. As the Company’s standard payment terms are 30 to 90 days from invoicing, the Company does not provide any significant financing to its customers. Although the Company does not currently foresee a significant credit risk associated with the outstanding accounts receivable, repayment is dependent upon the financial stability of our customers.

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Item 4. Controls and Procedures.

Evaluation of disclosure controls and procedures

As of the end of the period covered by this report, our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective to provide reasonable assurance that the information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting for the fiscal quarter ended August 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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AngioDynamics, Inc. and Subsidiaries

PART II: OTHER INFORMATION

Item 1. Legal Proceedings.

See Note 14 \"Commitments and Contingencies\" set forth in the notes to our consolidated financial statements included in Part I, Item I of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors.

In addition to information set forth in this report, you should carefully consider the factors discussed in “Part I, Item 1A. Risk Factors” of our annual report on Form 10-K for our fiscal year ended May 31, 2026 which set forth information relating to important risks and uncertainties that could materially adversely affect our business, financial condition or operating results. You should review and consider such Risk Factors in making any investment decision with respect to our securities. An investment in our securities continues to involve a high degree of risk. There have been no material changes to the risk factors previously disclosed in our annual report on Form 10-K.

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

The following table provides information with respect to the shares of the Company’s common stock repurchased during the three months ended August 31, 2026:


	Issuer Purchases of Equity Securities
	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs (2)	Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under Plans or Programs (2)
June 1, 2026 - June 30, 2026	—		$	12.23		—	$	—
July 1, 2026 - July 31, 2026	149,135		$	13.62		—	$	—
August 1, 2026 - August 31, 2026	—		$	15.67		—	$	—
Total	149,135		$	13.62		—	—

(1)These shares were purchased from employees to satisfy tax withholding requirements on the vesting of restricted shares/units from equity-based awards.

(2)The Repurchase Program that was approved by the Board of Directors and announced on July 16, 2024 permits the Company to repurchase up to $15.0 million of its outstanding common stock. The timing and amount of any share repurchases under the authorization will be determined by management within certain parameters and based on market conditions and other considerations.

Item 3. Defaults on Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

Insider Trading Arrangements

During the quarter ended August 31, 2026, none of our directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended) or the Company adopted or terminated a \"Rule 10b5-1 trading arrangement\" or a \"non-Rule 10b5-1 trading arrangement\" (each as defined in Item 408(a) and (c), respectively, of Regulation S-K).

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Item 6

EXHIBIT INDEX

Incorporated by Reference

No.

Description

Form

Exhibit

Filing Date

31.1

Certification pursuant to Rule 13a-14(a) or 15d-14 under the Securities Exchange Act of 1934

31.2

Certification pursuant to Rule 13a-14(a) or 15d-14 under the Securities Exchange Act of 1934

32.1

Certification of Chief Executive Officer pursuant to Title 18, United States Code, Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of Chief Financial Officer pursuant to Title 18, United States Code, Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ANGIODYNAMICS, INC.

(Registrant)

Date:

October 8, 2026

/ S / JAMES C. CLEMMER

James C. Clemmer, President,

Chief Executive Officer

(Principal Executive Officer)

Date:

October 8, 2026

/ S / STEPHEN A. TROWBRIDGE

Stephen A. Trowbridge, Executive Vice President,
Chief Financial Officer
(Principal Financial and Accounting Officer)

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