Segment and Geographic Information

3 Months Ended

Aug. 31, 2025

SEGMENT AND GEOGRAPHIC INFORMATION

Segment information

The Company regularly reviews its segments and the approach used by the chief operating decision maker, the President and Chief Executive Officer ("CEO"), to evaluate performance and allocate resources. The Company manages its operations through two operating segments, Med Tech and Med Device. The CEO evaluates these two operating segments based on gross margin to, among other items, allocate resources and assess performance. The CEO uses gross margin in the budgeting and forecasting process to assess profitability and enable decision making regarding strategic initiatives, investments and personnel across the two operating segments. Executives reporting to the CEO include those responsible for commercial operations, manufacturing operations, regulatory and quality and certain corporate functions.

The Med Tech segment is comprised of our technology portfolio including Auryon, the thrombus management platform and NanoKnife. The Med Device segment is comprised of our Core, Venous, Ports and other Oncology products.

The Company manages its assets on a total company basis, not by operating segment; therefore, the CEO does not review any asset information by operating segment and, accordingly, asset information is not reported or evaluated by operating segment.

The table below summarizes net sales, cost of sales and gross margin by Med Tech and Med Device:


	Three Months Ended
(in thousands)	Aug 31, 2025			Aug 31, 2024

Med Tech Net Sales	$	35,261		$	27,969
Med Tech Cost of Sales (exclusive of intangible amortization)	13,339			10,272
Gross Margin	21,922			17,697
Gross Margin %	62.2		%	63.3		%

Med Device Net Sales	$	40,450		$	39,522
Med Device Cost of Sales (exclusive of intangible amortization)	20,515			20,495
Gross Margin	19,935			19,027
Gross Margin %	49.3		%	48.1		%

Total Net Sales	$	75,711		$	67,491
Total Cost of Sales (exclusive of intangible amortization)	33,854			30,767
Gross Margin	41,857			36,724
Gross Margin %	55.3		%	54.4		%

Operating Expenses(1)	$	52,513		$	49,822

Other income (expense), net(2)	(182)			433
Loss before income tax benefit	(10,838)			(12,665)

(1) Operating expenses include Research and development, Sales and marketing, General and administrative, Amortization of intangibles, Change in fair value of contingent consideration and Acquisition, restructuring and other items, net.

(2) Other income (expense), net includes interest income, interest expense, foreign currency impacts and bank fees.

Geographic information

The table below summarizes net sales by geographic area based on external customer location:


	Three Months Ended
(in thousands)	Aug 31, 2025		Aug 31, 2024
Net Sales
United States	$	66,456	$	59,481
International	9,255		8,010

Total	$	75,711	$	67,491

For the three months ended August 31, 2025 and 2024, international sales as a percentage of total net sales were 12.2% and 11.9%, respectively. Sales to any one country outside the U.S., as determined by shipment destination, did not comprise a material portion of net sales in any of the last three fiscal years. In addition, no one customer represents more than 10% of consolidated net sales. 63% of long-lived assets are located within the United States and 36% are located within Israel.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

ANGIODYNAMICS INC 10-Q