AngioDynamics Inc at UBS Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Danielle Antalffy - UBS AG - Analyst : Well, great. Maybe, well, you promised me you would tell us how the quarter's going. No, I'm kidding. Okay, well, so maybe let's talk a little bit about the transformation, sort of what inning you guys are in at this point with the transformation and sort of what's still to come.

Question: Danielle Antalffy - UBS AG - Analyst : Right. And that's a big key in MedTech, it's all about getting your weighted average, your [whamger] up into up into the right. So I guess I would ask, are you guys, do you feel like you have the portfolio now in place in the MedTech business that will continue that trajectory? And I guess in, three years, what percentage do you think the MedTech business will be of sales?

Question: Danielle Antalffy - UBS AG - Analyst : Okay. Got you. And maybe let's dig into the MedTech business and the total addressable markets that you're addressing or participating in there and what you see as the most critical growth drivers?

Question: Danielle Antalffy - UBS AG - Analyst : Yeah. And I want to dig into that a little bit more. But maybe we can talk a little bit about how you see -- I don't think you guys have given sort of long-term guidance or any of that. But maybe you mentioned you're just ending almost close ending your second fiscal quarter. How you feel the year has started. I'd love your just sort of high-level views on where you think health care is going -- I'm asking this question in the context of we've got one big beautiful bill and what's going to happen from the capital purchasing perspective, hospital budgets, things like that, procedure volume trends have been healthy, but how you guys are thinking about, since you are an off-cycle and so you are guiding for a little bit of 2026, what's going to happen?

Question: Danielle Antalffy - UBS AG - Analyst : Okay. Got you. Well, let's actually talk about some of the key businesses here. So you mentioned BTE thrown this management. I mean that's a great market, very underpenetrated. Maybe you can talk about you grew 40% from your mechanical thrombectomy systems in Q1, I believe. Help us understand some of the drivers here of growth? Is it share gains? Is it market growth, a combination of both? And how you're helping -- there's been a building body of clinical evidence in this market and sort of what Angio is doing to contribute to that?

Question: Danielle Antalffy - UBS AG - Analyst : Yeah. And I mean we've had a lot of clinical data over the last few weeks here actually on PE. Just curious about what you're seeing hearing in the real world as far as adoption of mechanical thrombectomy to me. It sounds like docs are pretty excited.

Question: Danielle Antalffy - UBS AG - Analyst : Class effect --?

Question: Danielle Antalffy - UBS AG - Analyst : Okay. Got you. What about from a pricing perspective, are you guys at parity? And what are you seeing in this market from a price side of things?

Question: Danielle Antalffy - UBS AG - Analyst : Yeah. What do you think the barriers to adoption still are at this point? I mean, we've talked about PRET teams, for example, and it's shocking that that's not more widely implemented. I mean, how are you guys doing on the ground sort of helping hospitals build these -- the infrastructure to really focus on mechanical thrombectomy?

Question: Danielle Antalffy - UBS AG - Analyst : Do you think that the body of clinical evidence is there yet that this market should start to inflect? Or do you think there's still ways to go? Like I'm just curious.

Question: Danielle Antalffy - UBS AG - Analyst : Yes. Okay. agree with all of that. So maybe let's talk about Auryon, So solid 20% growth exiting Q1. And -- can you maybe talk a little bit about where Auryon stacks up versus other atherectomy modalities and how is specifically BTK penetration trended as you scale randomized and registry evidence there?

Question: Danielle Antalffy - UBS AG - Analyst : Okay. What is the mix right now of Auryon revenue in the OBL versus hospital?

Question: Danielle Antalffy - UBS AG - Analyst : Yeah. Sure.

Question: Danielle Antalffy - UBS AG - Analyst : And pricing in this market, you mentioned there are five very big competitors here, right? And reimbursement has been volatile over the last few years in this market. How durable do you think pricing is here? Is this a market, where you do think you're going to have a little bit more pricing pressure?

Question: Danielle Antalffy - UBS AG - Analyst : Which is it's wild how many amputations are still done?

Question: Danielle Antalffy - UBS AG - Analyst : Right. And so I was -- I wanted to ask as well, like what do you think at this point, the below the knee intervention market is growing. And one of the -- not issues, I guess, but 5 to 10 years ago, what -- lack of clinical evidence, right? There's a little bit of Wild Wild West. How you think it's evolved? Are we there yet where this can really be the standard of care?

Question: Danielle Antalffy - UBS AG - Analyst : Are the majority of these sponsors doing these procedures still vascular surgeons or interventional cardiologists as well? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 10, 2025 / 1:00PM, ANGO.OQ - AngioDynamics Inc at UBS Global Healthcare Conference

Question: Danielle Antalffy - UBS AG - Analyst : Okay. So it's still the same call point that's doing the amputation as well?

Question: Danielle Antalffy - UBS AG - Analyst : Is it just a matter of getting these like the patients diagnosed earlier? You think earlier intervention like stop the progress, don't let them get critical limb ischemia.

Question: Danielle Antalffy - UBS AG - Analyst : Yeah. Okay. And I want to make sure we touch on NanoKnife here. So maybe some of the momentum in prostate following the FDA clearance in 2024. You're now a year into this and how market adoption has progressed? Maybe let's start there.

Question: Danielle Antalffy - UBS AG - Analyst : Yeah.

Question: Danielle Antalffy - UBS AG - Analyst : Yes. So is this one looks like you're really growing the intervention market here versus really competing because it sounds like it's all about earlier intervention? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 10, 2025 / 1:00PM, ANGO.OQ - AngioDynamics Inc at UBS Global Healthcare Conference

Question: Danielle Antalffy - UBS AG - Analyst : Okay. And last question on NanoKnife. As far as innovation in the quarter, you talked about a lot of your products and platforms. I mean, what would innovation look like here?

Question: Danielle Antalffy - UBS AG - Analyst : Right, leveraging the existing platform technology.

Question: Danielle Antalffy - UBS AG - Analyst : Got you. Well, we didn't really talk about the medical device, med devices business, but maybe let's touch on that a little bit. You mentioned basically flat-ish growth there sort of walk us through what's going on there. Will that ever return to growth? Or how do you look at the sort of midterm outlook for that business?

Question: Danielle Antalffy - UBS AG - Analyst : Well, and Steve, I wanted to ask you or Jim as well. So you did talk about the -- a very healthy balance sheet, no debt. Maybe talk a little bit about capital allocation and how you're thinking about that over the next few years?

Question: Danielle Antalffy - UBS AG - Analyst : I would say, sounds like you don't need to? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 10, 2025 / 1:00PM, ANGO.OQ - AngioDynamics Inc at UBS Global Healthcare Conference

Question: Danielle Antalffy - UBS AG - Analyst : Yeah. That makes sense to me. Okay. Maybe let's touch more specifically on the fiscal '26 guide the midst was 5% to 7% sales growth. Can you talk about some of the puts and takes. We have a minute here, but maybe wrap this up and sort of what are the puts and takes to the guide? And I always like to ask this question, where do you think there is a disconnect from an investor perception perspective versus what you think AngioDynamics?

Question: Danielle Antalffy - UBS AG - Analyst : Yeah. Well, sorry, I didn't give more time for that question because I think it's an important one. There's a lot of disconnect. Yes, great. But listen, guys, thanks so much for being here. Really appreciate it. Honored to kick off with you guys.