AngioDynamics (ANGO) Investor Update summary

Strategic transformation and business overview

• Shifted focus to high-growth, high-margin med tech markets, optimizing the portfolio over five years.

• Fiscal 2024 pro forma revenue reached $271M, with a strong, debt-free balance sheet and two global reporting segments: Med Tech and Med Device.

• Med Tech segment projected to triple revenue to over $120 million by FY25, with a 25% CAGR, and is expected to be Adj. EBITDA positive by FY2025 and cash flow positive by FY2026.

• Addressable markets expanded to over $10 billion, driven by comprehensive cardiovascular offerings.

• Med device segment provides cash flow to support med tech growth initiatives.

Cardiovascular portfolio and market dynamics

• Comprehensive cardiovascular portfolio includes Auryon (arterial), AngioVac, and AlphaVac (venous), targeting high-growth markets like VTE ($5.3B US TAM), PAD ($760M), and prostate care ($780M).

• Med Tech revenue has grown at a 25% CAGR over five years, with total addressable markets expanding from $1.3B in FY2018 to an estimated $10B by FY2025.

• Venous Thromboembolism (VTE) and Pulmonary Embolism (PE) markets remain underpenetrated, with mechanical thrombectomy expected to grow 16-20% in 2025.

• Company is a strong third competitor in the thrombectomy market, expanding hospital adoption and account penetration.

• Strategic focus on expanding into new disease states and future coronary applications.

Product innovation and clinical differentiation

• Auryon platform uses unique 355-nm wavelength and short pulse width for safe, effective atherectomy, treating over 100,000 patients and projected to exceed $180M in cumulative sales by FY25 since its 2020 launch.

• Clinical data shows zero flow-limiting dissections and minimal perforations, with studies confirming safety and efficacy.

• System features include no calibration, minimal warm-up, portability, and built-in aspiration to reduce embolization risk.

• Dual mechanism of action: removes intimal plaque and cracks medial arterial calcification, restoring vessel compliance.

• Ongoing product enhancements include new catheter sizes and radial access designs.