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

●	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

●	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.