Q4 2024 AngioDynamics Inc Earnings Call

Speaker Change: Good morning and welcome to the AngioDynamics Fiscal Year 2024 4th Quarter Earnings Call.

Speaker Change: At this time, all participants are on a listen-only mode.

Our question and answer session will follow the formal presentation.

Operator: Good morning and welcome to the AngioDynamics fiscal year 2024 fourth quarter earnings call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If you would like to ask a question at that time, please press star one on your telephone keypad. If you will require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference call is being recorded.

Operator: Good morning, and welcome to the AngioDynamics fiscal year 2024 fourth quarter earnings call. At this time, all participants are in a listen-only mode.

Speaker Change: If you would like to ask a question at that time, please press star 1 on your telephone keypad.

If you would require operator assistance during the conference, please press star zero on your telephone keypad.

Operator: Our question and answer session will follow the formal presentation. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If you require operator assistance during the conference, please press star zero on your telephone keypad.

As a reminder, this conference call is being recorded.

The news release detailing AngioDynamics fiscal 2024 fourth quarter and full year results crossed the wire earlier this morning and is available on the company's website.

Operator: As a reminder, this conference call is being recorded. The news release detailing AngioDynamics fiscal 2024 fourth quarter and full year results crossed the wire earlier this morning and is available on the company's website. This conference call is also being broadcast live over the Internet in the Investors section of the company's website at www.angiodynamics.com, and a webcast replay of the call will be available at the same site approximately one hour after the end of today's call.

This conference call is also being broadcast live over the Internet at the Investors section of the company's website at www.angiodynamics.com.

Operator: The news release detailing AngioDynamics' fiscal 2024 fourth quarter and full year results across the wire earlier this morning and is available on the company's website.

And a webcast replay of the call will be available at the same site approximately one hour after the end of today's call.

Operator: This conference call is also being broadcast live over the internet at the investor section of the company's website at www.AngioDynamics.com, and a webcast replay of the call will be available at the same site approximately one hour after the end of today's call.

Speaker Change: Before we begin, I would like to caution listeners that during the course of this conference call, the company will make projections or forward-looking statements regarding future events.

Speaker Change: including statements about expected revenue, adjusted earnings,

Speaker Change: and gross margins for fiscal year 2025, as well as trends that may continue.

Operator: Before we begin, I would like to caution listeners that during the course of this conference call, the company will make projections or forward-looking statements regarding future events, including statements about expected revenue, adjusted earnings, and gross margins for fiscal year 2025, as well as trends that may continue. Management encourages you to review the company's past and future filings with the SEC, including, without limitation, the company's forms 10-Q and 10-K, which identify specific factors that may cause the actual results or events to differ materially from those described in the forward-looking statements. The company will also discuss certain non-GAAP and pro-forma financial measures during this call.

Operator: Before we begin, I would like to caution listeners that during the course of this conference call, the company will make projections or forward-looking statements regarding future events, including statements about expected revenue, adjusted earnings, and gross margins for fiscal year 2025, as well as trends that may continue. Management encourages you to review the company's past and future filings with the SEC, including, without limitation, the company's Forms 10-Q and 10-K, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statement.

Speaker Change: Management encourages you to review the company's past and future filings with the SEC, including, without limitation, the company's Forms 10-Q and 10-K, which identify specific factors that may cause the actual results or events to differ materially from those described in the forward-looking statements.

Speaker Change: The company will also discuss certain non-GAAP and pro-forma financial measures during this call.

Speaker Change: Management uses these measures to establish operational goals and review operational performance and believes that these measures may assist investors in analyzing the underlying trends in the company's business over time.

Operator: The company will also discuss certain non-GAAP and pro-forma financial measures during this call. Management uses these measures to establish operational goals and review operational performance and believes that these measures may assist investors in analyzing the underlying trends in the company's business over time. Investors should consider these non-GAAP and pro-forma measures in addition to, not as a substitute for, or as superior to, financial reporting measures prepared in accordance with GAAP. A slide package offering insight into the company's financial results is also available in the Investor section of the company's website under Events and Presentations.

Speaker Change: Investors should consider these non-GAAP and pro-forma measures in addition to, not as a substitute for, or as superior to financial reporting measures prepared in accordance with GAAP.

Operator: Management uses these measures to establish operational goals and review operational performance, and believes that these measures may assist investors in analyzing the underlying trends in the company's business over time. Investors should consider these non-GAAP and pro-forma measures in addition to, not as a substitute for, or as period to financial reporting measures prepared in accordance with GAAP.

Speaker Change: A slide package offering insight into the company's financial results is also available on the Investor section of the company's website under Events and Presentations.

Speaker Change: This presentation should be read in conjunction with the press release discussing the company's operating results and financial performance during this morning's conference call.

Operator: A site package offering insight into the company's financial results is also available on the investor's section of the company's website under Events and Presentations. This presentation should be read in conjunction with the press release, discussing the company's operating results and financial performance during this morning's conference call.

Speaker Change: I'd now like to turn the call over to Jim Clemmer, AngioDynamics President and Chief Executive Officer. Mr. Clemmer?

Operator: This presentation should be read in conjunction with the press release discussing the company's operating results and financial performance during this morning's conference call. I'd now like to turn the call over to Jim Clemmer, AngioDynamics President and Chief Executive Officer. Mr. Clemmer?

James C. Clemmer: Thank you, operator. Good morning, everyone, and thank you for joining us for AngioDynamics Fiscal 2024 Fourth Quarter and Full Year Earnings Call.

James Clemmer: I now like to turn the call over to Jim Clemer, Angiodynamics, president, and chief executive officer, Mr. Clemer.

James C. Clemmer: Joining me on today's call is Steve Trowbridge, AngioDynamics Executive Vice President and Chief Financial Officer.

James C. Clemmer: Thank you, Operator. Good morning, everyone, and thank you for joining us for AngioDynamics' Fiscal 2024 4th Quarter and Full Year Earnings Call. Joining me on today's call is Steve Trowbridge, AngioDynamics Executive Vice President and Chief Financial Officer. I will begin today's call by providing an overview of our performance in the quarter, followed by an overview of the strategic transformation that we launched in July of 2021. Steve will then provide a detailed analysis of our financial performance, and I will then discuss our outlook for fiscal year 2025 before opening the line for questions.

James Clemmer: Thank you, operator. Good morning, everyone, and thank you for joining us for AngioDynamics' fiscal 2024 fourth quarter and full-year earnings call. Joining me on today's call is Steve Trobridge, AngioDynamics Executive Vice President and Chief Financial Officer. I will begin today's call by providing an overview of our performance in the quarter, followed by an overview of the strategic transformation that we've launched in July of 2021. Steve will then provide a detailed analysis of our financial performance, and I will then discuss our outlook for fiscal year 2025 before opening the line for questions. Unless otherwise noted, all financial metrics and growth rates provided during the call today with respect to our results will be on a pro-forma basis, which excludes the impact of our divested dialysis by a century pick and mid-line businesses and our discontinued radio frequency and syntax support capital products.

Speaker Change: I will begin today's call by providing an overview of our performance in the quarter, followed by an overview of the strategic transformation that we've launched in July of 2021.

Stephen A. Trowbridge: Steve will then provide a detailed analysis of our financial performance.

James C. Clemmer: Unless otherwise noted, all financial metrics and growth rates provided during the call today with respect to our results will be on a pro-forma basis, which excludes the impact of our divested dialysis, biocentury, PICC, and midline business, and our discontinued radiofrequency and Syntrax support catheter products. In the quarter, Total Performer Worldwide Graphics was $71.1 million, representing growth of approximately 2% year over year. For the second straight quarter, we delivered double-digit growth in our MedTech segment, which grew 11% on a pro forma basis, given by Ariane, which grew 12%, and NanoKnife, which grew 43%, including pro-growth of 18%. Our mechanical thrombectomy business declined approximately 2% during the fourth quarter.

Stephen A. Trowbridge: And I will then discuss our outlook for fiscal year 2025 before opening the line for questions.

Stephen A. Trowbridge: Unless otherwise noted, all financial metrics and growth rates provided during the call today with respect to our results.

Stephen A. Trowbridge: will be on a pro-forma basis, which excludes the impact of our divested dialysis, biocentury, PICC and midline businesses.

Stephen A. Trowbridge: and our discontinued radiofrequency and Syntrax support catheter products.

Stephen A. Trowbridge: In the quarter, Total Performer Worldwide Revenue was $71.1 million, representing growth of approximately 2% year-over-year.

Stephen A. Trowbridge: For the second straight quarter, we delivered double-digit growth in our MedTech segment.

James Clemmer: In the quarter, total performer worldwide revenue was $71.1 million, representing growth of approximately 2% year over year. For the second straight quarter, we delivered double-digit growth in our mate tech segment, which grew 11% on a performer basis driven by Arion, which grew 12%, and Nanonife, which grew 43%, including pro-growth of 18%. Our mechanical thrombectomy business declined approximately 2% during the fourth quarter. We are however very encouraged by the recent performance of both AngioVac and Alphabac. AngioVac sales stabilized, declining just 4% year over year, but grew 6% sequentially over the third fiscal quarter of FY 24.

Stephen A. Trowbridge: which grew 11% on a pro forma basis.

Stephen A. Trowbridge: driven by Arion which grew 12% and NanoKnife which grew 43% including pro growth of 18%.

Stephen A. Trowbridge: Our mechanical thrombectomy business declined approximately 2% during the fourth quarter.

Stephen A. Trowbridge: We are, however, very encouraged by the recent performance of both AngioVac and AlphaVac.

Stephen A. Trowbridge: AngioVac sales stabilized.

Stephen A. Trowbridge: declining just 4% year-over-year, but grew 6% sequentially over the third fiscal quarter of FY24.

James C. Clemmer: We are, however, very encouraged by the recent performance of both AngioVac and AlphaVac. AngioVac sales stabilized, declining just 4% year over year, but they grew 6% sequentially in the third fiscal quarter of FY24. Alphaback sales grew 7%, hosting revenue of $1.9 million, which benefited from the limited market release following the PE indication clearance discussed during our third quarter call. Importantly, for AlphaVac, This represents solid sequential growth of nearly 68% over the third quarter of fiscal 2024. However, revenue from our med device segment declined approximately 4%.

Stephen A. Trowbridge: Alphavac sales grew 7%, posting revenue of $1.9 million, which benefited from the limited market release following the PE indication clearance discussed during our third quarter call.

James Clemmer: Alphabac sales grew 7%, posting revenue of 1.9 million dollars, which benefited from the limited market release following the PE indication clearance discussed during our third quarter call. Importantly for Alphabac, this represents solid sequential growth of nearly 68% over the third quarter of fiscal 2024. Revenue from our mid-device segment declined approximately 4%. This decline was primarily the result of impacts from our reorganization following the pick and midline debesiture that we closed in February, as well as the anticipated headwinds stemming from our manufacturing reorganization that we launched in January. For the full year, the device revenue grew 2.4% over the prior year, in line with our long-term expectations for that business.

Stephen A. Trowbridge: Importantly for AlphaVac, this represents solid sequential growth of nearly 68% over the third quarter of fiscal 2024.

Stephen A. Trowbridge: Revenue from our MedDevice segment declined approximately 4%.

Speaker Change: This decline was primarily the result of impacts from our reorganization following the peak and midline divestiture that we closed in February .

Speaker Change: as well as the anticipated headwinds stemming from our manufacturing reorganization that we launched in January .

James C. Clemmer: This decline was primarily the result of impacts from our reorganization, following the pick and midline divestiture that we closed in February, as well as the anticipated headwind stemming from our manufacturing reorganization that we launched in January. For the full year, MedDevice revenue grew 2.4% over the prior year, in line with our long-term expectations for that business. We are very pleased with the positive impacts that our solid MedTech growth and expense management initiatives have had on our business.

Speaker Change: For the full year, MedDevice revenue grew 2.4% over the prior year.

Speaker Change: in line with our long-term expectations for that business.

Speaker Change: We are very pleased with the positive impacts that our solid medtech growth and expense management initiatives have had on our business.

Speaker Change: They allowed us to generate $5 million of excess cash flow from operations, adjusted EBITDA of $1.5 million.

James Clemmer: We are very pleased with the positive impacts that our solid mid-tech growth and expense management initiatives have had on our business. They allowed us to generate 5 million dollars of excess cash flow from operations, adjusted EBITDA of 1.5 million dollars. and an adjusted loss per share of only five cents during the fourth quarter. For the full fiscal year ended May 31, 2024, we generated revenue of $270.7 million, representing growth of 5.3%, including mid-tech growth of 10.1% and mid-device growth of 2.4%. We finished the year with cash and cash equivalence of more than $76 million. We narrowed our adjusted EBITDA loss to $3.2 million and our adjusted loss per share to $0.45.

Speaker Change: and an adjusted loss per share of only five cents during the fourth quarter.

Speaker Change: For the full fiscal year ended May 31, 2024, we generated revenue of $270.7 million, representing growth of 5.3%.

James C. Clemmer: They allowed us to generate $5 million of excess cash flow from operations, adjusted EBITDA of one and a half million dollars, and an adjusted loss per share of only $0.05 during the fourth quarter. For the full fiscal year ended May 31, 2024, we generated revenue of $270.7 million. Representing growth of 5.3%, including MedTech growth of 10.1% and MedDevice growth of 2.4%. We finished the year with cash and cash equivalents of more than $76 million. We also narrowed our adjusted EBITDA loss to $3.2 million and our adjusted loss per share.

Speaker Change: including MedTech growth of 10.1%

Speaker Change: and MedDevice growth of 2.4 percent.

Speaker Change: We finished the year with cash and cash equivalents of more than 76 million dollars.

Speaker Change: We narrowed our adjusted EBITDA loss.

Speaker Change: to $3.2 million and our adjusted loss per share to $0.45.

Speaker Change: This continued solid performance comes as a direct result of the tremendous effort our organization has put forth over the last three years.

Speaker Change: to execute on our vision of the business, which we outlined during our July 2021 Investor Day.

James Clemmer: This continued solid performance comes as a direct result of the tremendous effort our organization has put forth over the last three years to execute on our vision of the business, which we outlined during our July 2021 Investor Day.

James C. Clemmer: This continued solid performance comes as a direct result of the tremendous effort our organization has put forth over the last three years to execute on our vision of the business, which we outlined during our July 2021 Investor Day, given that we are at the three-year anniversary of that event. We wanted to take a step back and provide some context on the evolution of AngioDynamics and what we have accomplished over that period of time. The three primary focus areas of our strategy to transform the business we outlined during the investor day event included first, pursuing larger and faster growing medtech markets. Second,

Speaker Change: Given that we are at the three-year anniversary of that event, we wanted to take a step back and provide some context on the evolution of AngioDynamics and what we have accomplished over that period of time.

James Clemmer: Given that we are at the three-year anniversary of that event, we wanted to take a step back and provide some context on the evolution of AngioDynamics and what we have accomplished over that period of time. The three primary focus areas of our strategy to transform the business, we outlined during the investor day events, included first, pursuing larger and faster growing mid-tech markets. Second, driving portfolio optimization and third, deploying focused resource development. Starting with our pursuit of larger, faster growing mid-tech markets, at the time of our investor day, our U.S. addressable market was approximately $3 billion.

Speaker Change: The three primary focus areas of our strategy to transform the business we outlined during Investor Day Invent included. First.

James C. Clemmer: Driving Portfolio Optimization, and Third, for deploying focused resource development, starting with our pursuit of larger, faster-growing med-tech markets at the time of our Investor Day. Our U.S. addressable market was approximately $3 billion for a focused combination of M&A. Internal R&D, and Clinical and Regulatory Initiatives. We have expanded our TAM by over 200% to roughly $10 billion. One of the most significant drivers of that transformation was Ariane, our peripheral arthrectomy device, in fiscal 2021. Ariane generated approximately $11 million of revenue in just three short years.

Speaker Change: pursuing larger and faster growing medtech markets.

Speaker Change: Second.

Speaker Change: Driving Portfolio Optimization.

Speaker Change: and third, deploying focused resource development.

Speaker Change: starting with our pursuit of larger, faster-growing medtech markets.

Speaker Change: at the time of our Investor Day.

Speaker Change: Our U.S. addressable market was approximately $3 billion.

Speaker Change: for a focused combination of M&A.

Speaker Change: Internal R&D, and Clinical and Regulatory Initiatives, we have expanded our TAM by over 200% to roughly $10 billion.

James Clemmer: For a focused combination of M&A, internal R&D, and clinical and regulatory initiatives, we have expanded our TAM by over 200% to roughly $10 billion. One of the most significant drivers of that transformation was Arion. Our peripheral, afterctomy device. In fiscal 2021, Arion generated approximately $11 million of revenue. In just three short years, Arion has delivered substantial growth, with cumulative revenue now over $130 million by us taking meaningful share from competitors and by driving increased adoption and utilization across both office space, labs, and hospitals. Beyond our focus on growing our customer base, we continue to be committed to broadening the utility of the product.

Speaker Change: One of the most significant drivers of that transformation was Ariane.

Speaker Change: our peripheral arthrectomy device.

Speaker Change: In fiscal 2021, Arion generated approximately $11 million of revenue.

Speaker Change: in just three short years.

Speaker Change: Aureon has delivered substantial growth, with cumulative revenue now over $130 million.

Speaker Change: by us taking meaningful share from competitors.

Speaker Change: and by driving increased adoption and utilization across both office-based labs and hospitals.

James C. Clemmer: Aurelion has delivered substantial growth, with cumulative revenue now over $130 million, by us taking a meaningful share from competitors and by driving increased adoption and utilization across both office space labs and hospitals. Beyond our focus on growing our customer base, we continue to be committed to broadening the utility of the product. We launched ARIA on Excel earlier this year.

Speaker Change: Beyond our focus on growing our customer base, we continue to be committed to broadening the utility of the product.

Speaker Change: We launched ArianeXL earlier this year.

Speaker Change: and we just recently received FDA approval for our 1.7 millimeter capita.

Speaker Change: Turning to our mechanical thrombectomy portfolio.

James Clemmer: We launched Arion XL earlier this year, and we just recently received FDA approval for our 1.7 millimeter capital. Turning to our mechanical thrombectomy portfolio. In 2021, this business included just the AngioVAC, which was focused on the right atrium. Over the past three years, we have significantly expanded the depth and breadth of that portfolio. With years of experience with AngioVAC, we saw a gap in the market for a next generation product. In 2019, we began the development of that product. And during the second half of 2021, we launched Alphabet. In the following years, we further expanded the applicability of these products by adding incremental indications for use, as well as the introductions of new product lines, expanding our TAM for thrombus management, from just $140 million to now over $3.5 billion.

Speaker Change: In 2021, this business included just AngioVac, which was focused on the right atrium.

James C. Clemmer: And we just recently received FDA approval for our 1.7 millimeter capital, turning to our mechanical thrombectomy portfolio. (Inaudible) This business included just AngioVac, which was focused on the right atrium. Over the past three years, we have significantly expanded the depth and breadth of that portfolio. With years of experience with AngioVac, we saw a gap in the market for a next-generation product. In 2019, we began the development of that product, and during the second half of 2021, we launched AlphaVac, which, in the following years, further expanded the applicability of these products by adding incremental indications for use, as well as the introduction of new product lines, expanding our TAM, for Thrombus Management, from just $140 million to now over three and a half billion.

Speaker Change: Over the past three years, we have significantly expanded the depth and breadth of that portfolio.

Speaker Change: With years of experience with AngioVac, we saw a gap in the market for next-generation products.

Speaker Change: In 2019, we began the development of that product.

Speaker Change: And during the second half of 2021, we launched AlphaVac.

Speaker Change: in the following years.

Speaker Change: We further expanded the applicability of these products.

Speaker Change: by adding incremental indications for use, as well as the introductions of new product lines.

Speaker Change: expanding our TAM for thrombus management.

Speaker Change: from just $140 million to now over $3.5 billion.

Speaker Change: Most recently, we announced both FDA clearance and CE marketing approval for Alphavac for the treatment of pulmonary embolism, or PE.

Speaker Change: These indications represent a major step forward in enhancing patient care and safety for endovascular therapies.

James Clemmer: Most recently, we announced both FDA clearance and CE marketing approval for Alphabet for the treatment of pulmonary embolism, or PE. These indications represent a major step forward in enhancing patient care and safety for AngioVascular therapies, and allowing us to broaden our reach and provide innovative solutions to more healthcare professionals treating patients diagnosed with PE on a global scale. Up to this point, we have just been competing on the surface of this market without a PE indication that we are now in a fantastic position to drive this business forward. We have a best-in-class portfolio capable of attacking a variety of large global markets and supported by compelling clinical data and a commercial organization that is ready to fire on all cylinders and take advantage of the significant opportunity that lies ahead.

James C. Clemmer: Most recently, we announced both FDA clearance and CE marketing approval for AlphaVac for the treatment of pulmonary embolism or PE. These indications represent a major step forward in enhancing patient care and safety for endovascular therapy and allow us to broaden our reach and provide innovative solutions to more healthcare professionals treating patients diagnosed with PE on a global scale. We have just been competing on the surface of this market without a P.E. indication.

Speaker Change: allowing us to broaden our reach and provide innovative solutions to more health care professionals treating patients diagnosed with PE on a global scale.

Speaker Change: up to this point.

Speaker Change: We have just been competing on the surface of this market without a PE indication.

Speaker Change: We are now in a fantastic position to drive this business forward.

Speaker Change: We have a best-in-class portfolio capable of attacking a variety of large global markets and supported by compelling clinical data and a commercial organization that is ready to fire on all cylinders.

James C. Clemmer: We are now in a fantastic position to drive this business forward. We have a best-in-class portfolio capable of attacking a variety of large global markets, supported by compelling clinical data and a commercial organization that is ready to fire on all cylinders and take advantage of the significant opportunity that lies ahead. Lastly, turning to your Nanomyth platform, which has a broad global indication for soft tissue ablation. Nanoknife has been used by physicians to treat tumors in many organs throughout the body for a number of years.

Speaker Change: and take advantage of the significant opportunity that lies ahead.

Speaker Change: Lastly, turning to your NanoMIFE platform.

Speaker Change: with a broad global indication for soft tissue ablation.

Speaker Change: Nanoknife has been used by physicians to treat tumors in many organs throughout the body for a number of years.

James Clemmer: Lastly, turning to our Nanonife platform, with a broad global indication for soft tissue ablation, Nanonife has been used by physicians to treat tumors in many organs throughout the body for a number of years. We have been very encouraged by the performance of a Nanonife business. Each of the last three years, we have delivered double-digit year-over-year growth. We see increasing demand for new systems, and with that, utilization has continued to grow. For the fiscal year 2024, pro-gravity growth was 16 percent year-over-year. Based on the quality of the results seen, we knew that Nanonife could be an important treatment option across a variety of solid tumor types.

Speaker Change: We have been very encouraged by the performance of the Nanomite business.

Speaker Change: Each of the last three years, we have delivered double-digit year-over-year growth.

Speaker Change: We see increasing demand for new systems, and with that, utilization has continued to grow.

James C. Clemmer: We have been very encouraged by the performance of the NanoKnife business. For each of the last three years, we have delivered double-digit year-over-year growth. We see increasing demand for new systems, and with that, utilization has continued to grow. For the fiscal year 2024, pro-revenue growth was 16% year-over-year. Based on the quality of the results seen, we knew that NanoKnife could be an important treatment option across a variety of solid tumor types. Back in 2021, we set out to bring Nanolife and its unique mechanism of action to help surgeons better treat tumors in some of the most common and deadly oncology disease states. Our biggest opportunity is in prostate cancer We launched our IDE study, PRESERVE, for the Ablation of Prostate Tissue in an Intermediate Risk Population.

Speaker Change: For the fiscal year 2024, pro-revenue growth was 16% year-over-year.

Speaker Change: based on the quality of the results seen.

Speaker Change: We knew that NanoKnife could be an important treatment option across a variety of solid tumor types.

Speaker Change: Back in 2021, we set out to bring Nanolife and its unique mechanism of action to help surgeons better treat tumors.

Speaker Change: in some of the most common and deadly oncology disease states.

James Clemmer: Back in 2021, we set out to bring Nanonife into its unique mechanism of action to help surgeons better treat tumors in some of the most common and deadly oncology disease states. Our biggest opportunity is in prostate cancer, the most commonly diagnosed solid tumor for American men. In 2021, we've launched our IDE study, Preserve, for the ablation of prostate tissue in an intermediate risk population. We are very excited that this study is nearly complete, as we expect 12-month follow-up data by the end of this month. Following the collection of data in submission to the FDA, we expect to receive an FDA clearance in prostate by the end of this calendar year.

Speaker Change: Our biggest opportunity is in prostate cancer.

Speaker Change: the most commonly diagnosed solid tumor for American men.

Speaker Change: In 2021, we launched our IDE study, PRESERVE.

Speaker Change: for the Ablation of Prostate Tissue in an Intermediate Risk Population.

Speaker Change: We are very excited that this study is nearly complete, as we expect 12-month follow-up data by the end of this month.

Speaker Change: Following the collection of data and submission to the FDA, we expect to receive an FDA clearance in prostate by the end of this calendar year.

James C. Clemmer: We are very excited that this study is nearly complete, as we expect 12-month follow-up data at the end of this month, following the collection of data and submission to the FDA. We expect to receive FDA clearance and profits by the end of this calendar year. We believe there is significant upside potential for nanolife following that clearance, and we will continue to work to shore up the reimbursement pathways. The second focus of our strategic transformation is driving portfolio optimization, beyond developing a more robust medtech portfolio.

Speaker Change: We believe there is significant upside potential for nanolife following that clearance.

Speaker Change: And we will continue to work to shore up the reimbursement pathways.

Speaker Change: The second focus of our strategic transformation is driving portfolio optimization.

James Clemmer: We believe there is significant upside potential for Nanolife following that clearance, and we will continue to work to show up the reimbursement pathways.

Speaker Change: beyond developing a more robust medtech portfolio.

Speaker Change: We aimed to simplify our MedDevice portfolio in order to better utilize our resources to support our growth strategy.

James Clemmer: The second focus of our strategic transformation is driving portfolio optimization. John, developing a more robust mid-tech portfolio, we aimed to simplify our mid-device portfolio in order to better utilize our resources to support our growth strategy. In fiscal 2024, we sold our dialysis product portfolio, and by a century, lung biopsy product businesses to Merit Medical. Later in the year, we sold our pick and mid-line portfolios to Structure Vascular, which coincided with the discontinuation of a couple of non-core products. In addition to the benefits of a more streamlined portfolio, the financial benefits of our portfolio optimization efforts were meaningful.

Speaker Change: in fiscal 2024.

Speaker Change: We sold our dialysis product portfolio.

James C. Clemmer: We aimed to simplify our med device portfolio in order to better utilize our resources to support our growth strategy. In fiscal 2024, we sold our dialysis product portfolio and Biocentury Lung Biopsy Product Business to Merit Medical. Later in the year, we sold our pick and midline portfolios to Spectrum Vascular, which coincided with the discontinuation of a couple of non-core products, in addition to the benefits of a more streamlined portfolio.

Speaker Change: and BioSentry lung biopsy product businesses to Merit Medical.

Speaker Change: Later in the year, we sold our pick and midline portfolios to Spectrum Vascular.

Speaker Change: which coincided with the discontinuation of a couple of non-core products.

Speaker Change: in addition to the benefits of a more streamlined portfolio.

Speaker Change: The financial benefits of our portfolio optimization efforts were meaningful.

Speaker Change: and looking at the combined divestitures to spectrum and merit.

Speaker Change: We received approximately two times sales for those assets.

James C. Clemmer: The financial benefits of our portfolio optimization efforts were meaningful, and looking at the combined divestitures to Spectrum and Merit, we received approximately two times the sales price for those assets, giving us the ability to retire our outstanding debt, and strengthened our balance sheet significantly, with roughly $76 million in cash on the balance sheet as of the end of this fiscal year. We are well capitalized to support our growth strategy moving forward, with the extensive work done on both our medtech and meddevice businesses. We are very happy with where our portfolio sits today.

Speaker Change: giving us the ability to retire our outstanding debt.

Speaker Change: and strengthened our balance sheet significantly.

James Clemmer: And looking at the combined vestitures to strengthen the merit, we received approximately two times sales for those assets, giving us the ability to retire our outstanding debt and strengthen our balance sheet significantly. With roughly $76 million in cash on the balance sheet as of the end of this fiscal year, we are well capitalized to support our growth strategy moving forward. With the extensive work done on both our mid-tech and mid-device businesses, we are very happy with where our portfolio sits today. In fact, we have nearly doubled the revenue contribution from our mid-tech portfolio, which has increased from less than 20% of total sales in 2021 to now approximately 39% of total revenue for 2024.

Speaker Change: with roughly $76 million in cash on the balance sheet as of the end of this fiscal year.

Speaker Change: We are well capitalized to support our growth strategy moving forward.

Speaker Change: With the extensive work done on both our medtech and meddevice businesses, we are very happy with where our portfolio sits today.

Speaker Change: In fact, we have nearly doubled the revenue contribution from our MedTech portfolio, which has increased from less than 20% of total sales in 2021.

Speaker Change: to now approximately 39% of total revenue for 2024.

James C. Clemmer: [inaudible] We have nearly doubled the revenue contribution from our MedTech portfolio, which increased from less than 20% of total sales in 2021 to now approximately 39% of total revenue for 2024. This was driven by both the optimization of our med device business, as well as significant growth. You know, I may check this, which has increased to $106 million, up from 56 million in 2021. And lastly... We are deploying focused resource development. In January of this year, we announced our intention to transition our manufacturing operations to a fully outsourced model.

Speaker Change: This was driven by both the optimization of our med device business

Speaker Change: as well as the significant growth in our Maytech business.

Speaker Change: which has increased to $106 million.

James Clemmer: This was driven by both the optimization of our mid-device business, as well as the significant growth in our mid-tech business, which has increased to $106 million, up from $56 million in 2021.

Speaker Change: up from 56 million in 2021.

Speaker Change: And lastly,

Speaker Change: We are deploying focused resource development.

Speaker Change: In January of this year, we announced our intention to transition our manufacturing operations to a fully outsourced model.

James Clemmer: And lastly, we are deploying focused resource development. Inc. In January of this year, we announced our intention to transition our manufacturing operations through a fully outsourced model. So why was this an important strategic decision for AngioDynamics? With the variety of products that we manufacture, there is significant complexity and risk to manage throughout that process. Beyond that, our future growth was going to be constrained by the size of our facility and the staffing requirements needed for us to be successful. Ultimately, the decision to shift our manufacturing models was to ensure that we serve our customers as efficiently and effectively as possible, while also taking out costs that do not add value to our products.

Speaker Change: So why was this an important strategic decision for AngioDynamics?

Speaker Change: With the variety of products that we manufacture, there is significant complexity and risk to manage throughout that process.

Speaker Change: Beyond that, our future growth was going to be constrained by the size of our facility and the staffing requirements needed for us to be successful.

James C. Clemmer: So why was this an important strategic decision for AngioDynamics? With the variety of products that we manufacture, there is significant complexity and risk to manage throughout that process. Beyond that, our future growth was going to be constrained by the size of our facility and the staffing requirements needed for us to be successful.

Speaker Change: Ultimately, the decision to shift our manufacturing models was to ensure that we serve our customers as efficiently and effectively as possible.

Speaker Change: while also taking out costs that do not add value to our products.

James C. Clemmer: Ultimately, the decision to shift our manufacturing models was to ensure that we serve our customers as efficiently and effectively as possible, while also taking out costs that do not add value to our products. As I mentioned before, our focus as a company is to drive the growth of our medtech business while continuing to maintain the solid performance of our med device business. Part of the reason for focusing on the growth of the medtech business is the fact that these are higher-margin products with significant growth potential, while we have nearly doubled our revenue contribution from the medtech business.

Speaker Change: As I mentioned before...

Speaker Change: Our focus as a company is to drive the growth of our medtech business while continuing to maintain the solid performance of our med device business.

James Clemmer: As I mentioned before, our focus as a company is to drive the growth of our MedTech business while continuing to maintain the solid performance of our MedDevice business. Part of the reason for focusing on the growth of the MedTech business is the fact that these are higher-margin products with significant growth potential. While we have nearly doubled our revenue contribution from the MedTech business, we have not been able to capture the full benefit to our overall growth margin as a result of the operations within our MedDevice business. This shift to an outsourced manufacturing will allow us to fundamentally change our manufacturing overhead structure and take out those overhead costs, which will ultimately flow through to our bottom line.

Speaker Change: part of the reason for focusing on the growth of the medtech business.

Speaker Change: is the fact that these are higher margin products with significant growth potential.

Speaker Change: While we have nearly doubled our revenue contribution from the medtech business, we have not been able to capture the full benefit to our overall gross margin as a result of the operations within our meddevice business.

Speaker Change: This shift to an outsourced manufacturing will allow us to fundamentally change our manufacturing overhead structure and take out those overhead costs.

James C. Clemmer: We have not been able to capture the full benefit to our overall gross margin as a result of the operations within our med device business. This shift to outsourced manufacturing will allow us to fundamentally change our manufacturing overhead structure and take out those overhead costs, which will ultimately flow through to our bottom line, as noted on prior calls. We expect this transition to generate approximately $15 million in annualized savings by Fiscal 2027.

Speaker Change: which will ultimately flow through to our bottom line.

Speaker Change: As noted on prior calls, we expect this transition to generate approximately $15 million in annualized savings.

Speaker Change: by fiscal 2027.

Speaker Change: This initiative is now well underway and is tracking in line with our expectations.

James Clemmer: As noted on prior calls, we expect this transition to generate approximately $15 million in annualized savings by fiscal 2027. This initiative is now well underway and is tracking in line with our expectations.

Speaker Change: Outside of the key achievements within the focus areas discussed, we also achieved a number of key milestones in other areas of our business.

James C. Clemmer: This initiative is now well underway, and is tracking in line with our expectations, outside of the key achievements within the focus areas discussed. We also achieved a number of key milestones in other areas of our business in April of this year. For example, we reached settlement of more than a decade-long IP litigation dispute with C.R. Bard, an affiliate of Beck & Dickens.

Speaker Change: In April of this year, we reached settlement.

James Clemmer: Outside of the key achievements within the focus areas discussed, we also achieved a number of key milestones in other areas of our business. In April of this year, we reached settlement of more than a decade-long IP litigation dispute with CR Bard and an affiliate of Beckton Dickinson. This settlement provided us with additional clarity and certainty, which has enabled our team to focus exclusively on driving innovation and profitable growth. I would also like to take a moment to call out our regulatory and R&D teams for their tremendous work they have done over the past number of years and continue to do in connection with the changing regulatory landscape in the EU driven by the MBR process.

Speaker Change: of more than a decade-long IP litigation dispute with C.R. Bard, an affiliate of Beckman Dickinson.

Speaker Change: This settlement provided us with additional clarity and certainty, which has enabled our team to focus exclusively on driving innovation and profitable growth.

James C. Clemmer: This settlement provided us with additional clarity and certainty, which has enabled our team to focus exclusively on driving innovation and profitable growth. I would also like to take a moment to call out our regulatory and R&D team for the tremendous work they have done over the past number of years and continue to do in connection with the changing regulatory landscape in the EU, driven by the MDR process. International expansion has been and will continue to be a driver of our business.

Speaker Change: I would also like to take a moment...

Speaker Change: to call out our regulatory and R&D teams.

Speaker Change: for their tremendous work they have done over the past number of years and continue to do in connection with the changing regulatory landscape in the EU driven by the MDR process.

Speaker Change: International expansion has been and will continue to be a driver of our business.

Speaker Change: Over the last few years, we have invested to ensure our portfolio is fully compliant within the new EU MDR framework.

James Clemmer: International expansion has been and will continue to be a driver of our business. Over the last few years, we have invested to ensure our portfolio was fully compliant within the new EU MBR framework. Today. nearly all of our products have received the updated MDR approval well ahead of many other companies in our industry. This includes a recently announced CE marks for Alphabac PE and Nanonife. This is the result of exceptional planning and execution, and it sets us up well, moving into FY25 by allowing us to reallocate resources to other areas and help drive growth.

Speaker Change: today.

Speaker Change: Nearly all of our products have received the updated MDR approval, well ahead of many other companies in our industry.

James C. Clemmer: Over the last few years, we have invested to ensure our portfolio is fully compliant within the new EU MDR framework. Nearly all of our products have received the updated MDR approval, well ahead of many other companies in our industry.

Speaker Change: This includes our recently announced CE marks for AlphaVac PE and NanoKnife.

Speaker Change: This is the result of exceptional planning and execution, and it sets us up well.

Speaker Change: moving into FY25 by allowing us to reallocate resources to other areas.

James C. Clemmer: This includes our recently announced CE marks for AlphaVac PE. [inaudible] This is the result of exceptional planning and execution, and it sets us up well moving into FY25 by allowing us to reallocate resources to other areas and help drive growth. We have a similar story in the development of our clinical capabilities as we have moved through our strategic transformation. One example of our clinical expertise was the PE 510K clearance we secured in April. Our team was able to develop, initiate, and complete a study to support an expanded PE indication in record time. In addition...

Speaker Change: and help drive growth.

Speaker Change: We have a similar story in the development of our clinical capabilities.

Speaker Change: as we have moved through our strategic transformation.

Speaker Change: One example of our clinical expertise was the PE 510K clearance we secured in April .

James Clemmer: We have a similar story in the development of our clinical capabilities as we have moved through our strategic transformation. One example of our clinical expertise was the PE 510(k) clearance we secured in April. Our team was able to develop, initiate, and complete a study to support an expanded PE indication in record time. In addition, the work we have done in connection with our preserve study for Nanonife in prostate has poised us to facilitate exciting Nanonife growth for sustained periods to come. We will continue to execute on our clinical initiatives to support the growth of each of our Medtech platforms. We are extremely proud of the work this organization has done over the last three years to transform this business.

Speaker Change: Our team was able to develop, initiate, and complete a study to support an expanded P.E. indication in record time.

Speaker Change: In addition...

Speaker Change: The work we have done in connection with our PRESERVE study for nanolife in prostate has poised us to facilitate exciting nanolife growth for a sustained period to come.

Speaker Change: we will continue to execute on our clinical initiatives.

James C. Clemmer: The work we have done in connection with our PRESERVE study for nanolife in prostate cancer has poised us to facilitate exciting nanolife growth for sustained periods to come. We will continue to execute on our clinical initiatives to support the growth of each of our medtech platforms. We are extremely proud of the work this organization has done over the last three years to transform this business. We are in a tremendous position to now shift into execution mode and work to accelerate adoption and utilization within our medtech businesses while maintaining solid performance in our med device business. With that, I'll turn the call over to Steve Trowbridge, our Executive Vice President and Chief Financial Officer, to review the quarter in more detail.

Speaker Change: to support the growth of each of our medtech platforms.

Speaker Change: We are extremely proud of the work this organization has done over the last three years to transform this business.

Speaker Change: We are in a tremendous position to now shift into execution mode and work to drive accelerating adoption and utilization within our medtech businesses.

Speaker Change: and maintaining solid performance of our med device business.

James Clemmer: We are in a tremendous position to now shift into execution mode and work to drive accelerating adoption and utilization within our Medtech businesses and maintaining solid performance of our MedDevice business.

Stephen A. Trowbridge: With that, I'll turn the call over to Steve Trowbridge, our Executive Vice President and Chief Financial Officer, to review the quarter in more detail.

Stephen A. Trowbridge: Thanks, Jim.

Stephen A. Trowbridge: Good morning, everybody. Before I begin, I'd like to direct everyone to the presentation on our investor relations website, summarizing the key items from our quarterly results.

Stephen Trowbridge: With that, I'll turn the call over to Steve Trilbridge, our Executive Vice President and Chief Financial Officer, to review the quarter in more detail.

Stephen A. Trowbridge: As Jim mentioned, unless otherwise noted, all metrics and growth rates mentioned during today's call are on a pro forma basis.

Stephen Trowbridge: Thanks, Jim.

Stephen A. Trowbridge: Good morning, everybody. Before I begin, I'd like to direct everyone to the presentation on our Investor Relations website summarizing the key items from our quarterly results. As Jim mentioned, unless otherwise noted, all metrics and growth rates mentioned during today's call are on a pro forma basis, which excludes the results of the dialysis and biocentry businesses that we divested in June 2023, the PICN midline products that we divested in February 2024, and the radiofrequency and Syntrex support catheter products that we discontinued in February 2024.

Stephen Trowbridge: Good morning, everybody. Before I begin, I'd like to direct everyone to the presentation on our Investor Relations website, summarizing the key items from our quarterly results. As Jim mentioned, and less otherwise noted, while metrics and growth rates mentioned during today's call are on a pro forma basis, which excludes the results of the dialysis and Biosentry businesses that we divested in June 2023, the pick in midline products that we divested in February 2024, and the radio frequency and Syntax support catheter products that we discontinued in February 24. Our revenue for the fourth quarter of FY24 increased 1.9% year-over-year to 71.1 million, driven by growth in our Medtech platforms. Medtech revenue was 29.3 million and an 11.3% year-over-year increase, while MedDevice revenue was 41.8 million, a decline of 3.8% compared to the fourth quarter of FY23.

Stephen A. Trowbridge: which exclude the results of the dialysis and biocentury businesses that we divested in June 2023, the PICN midline products that we divested in February 2024, and the radiofrequency and Syntrex support catheter products that we discontinued in February 2024.

Stephen A. Trowbridge: Our revenue for the fourth quarter of FY24 increased 1.9% year-over-year to $71.1 million, driven by growth in our MedTech platform. MedTech revenue was $29.3 million, an 11.3% year-over-year increase, while MedDevice revenue was $41.8 million, a decline of 3.8% compared to the fourth quarter of FY23. For the full year, total corporate revenue was $270.7 million, up 5.3% year-over-year, with our medtech segment up 10.1% and our meddevice segment up 2.4%. For the fourth fiscal quarter, our MedTech platforms comprised 41% of our total revenue, compared to 38% of total revenue a year ago.

Stephen A. Trowbridge: Our revenue for the fourth quarter of FY24 increased 1.9% year-over-year to $71.1 million, driven by growth in our MedTech platforms.

Stephen A. Trowbridge: MedTech revenue was $29.3 million, an 11.3% year-over-year increase, while MedDevice revenue was $41.8 million, a decline of 3.8% compared to the fourth quarter of FY23.

Stephen A. Trowbridge: For the full year, total corporate revenue was $270.7 million, up 5.3% year-over-year, with our medtech segment up 10.1% and our meddevice segment up 2.4%.

Stephen Trowbridge: For the full year, total corporate revenue was 270.7 million of 5.3% year-over-year, with our Medtech segment of 10.1% and our MedDevice segment of 2.4%. For the fourth fiscal quarter, our Medtech platforms comprised 41% of our total revenue compared to 38% of total revenue a year ago. For the full year, our MedTech segment comprises 39% of our total revenue base versus 37% as of one year ago. Our Arion platform contributed $13 million in revenue during the fourth quarter, growing 12% compared to last year. For the full year, our Arion platform is up 15.8% year over year. Mechanical thrombectomy revenue, which includes Angiobac and Alphabac sales, declined 1.7% over the fourth quarter of FY 23, but this represents a substantial improvement in the trajectory for this business.

Stephen A. Trowbridge: For the fourth fiscal quarter, our MedTech platforms comprised 41% of our total revenue compared to 38% of total revenue a year ago.

Stephen A. Trowbridge: For the full year, our MedTech segment comprised 39% of our total revenue base versus 37% as of one year ago.

Stephen A. Trowbridge: Our ARIAN platform contributed $13 million in revenue during the fourth quarter, growing 12% compared to last year. For the full year, our ARIAN platform is up 15.8% year over year.

Stephen A. Trowbridge: For the full year, our MedTech segment comprised 39% of our total revenue base versus 37% as of one year ago. Our Arion platform contributed $13 million in revenue during the fourth quarter, growing 12% compared to last year. For the full year, our Ariane platform is up 15.8% year over year.

Stephen A. Trowbridge: Mechanical thrombectomy revenue, which includes AngioVac and AlphaVac sales, declined 1.7% over the fourth quarter of FY23, but this represents a substantial improvement in the trajectory for this business.

Speaker Change: AngioVac revenue was $5.9 million in the quarter, a slight decrease compared to prior year sales, and a 6% increase sequentially over the third fiscal quarter of FY24.

Stephen A. Trowbridge: Mechanical thrombectomy revenue, which includes AngioVac and AlphaVac sales, declined 1.7% over the fourth quarter of FY23, but this represents a substantial improvement in the trajectory for this business. AngioVac revenue was $5.9 million in the quarter, a slight decrease compared to prior year sales and a 6% increase sequentially over the third fiscal quarter of FY24. We're pleased to see the stabilization in AngioVac revenue during the quarter and the back half of the year.

Speaker Change: We're pleased to see the stabilization in AngioVac revenue during the quarter and the back half of the year.

Stephen Trowbridge: Angiobac revenue was 5.9 million in the quarter, a slight decrease compared to prior year sales, and a 6% increase sequentially over the third fiscal quarter of FY 24. We're pleased to see the stabilization in Angiobac revenue during the quarter and the back half of the year. Alphabac revenue for the fourth quarter was 1.9 million. Alphabac performance was facilitated by the expanded indication for Alphabac to treat pulmonary embolism that we announced in April and our subsequent limited market release during the last month of the fourth fiscal quarter. Alphabac revenue was up 6.8% over the prior year quarter.

Speaker Change: Alphavac revenue for the fourth quarter was $1.9 million. Alphavac performance was facilitated by the expanded indication for Alphavac to treat pulmonary embolism that we announced in April and our subsequent limited market release during the last month of the fourth fiscal quarter.

Stephen A. Trowbridge: Alphavac revenue for the fourth quarter was $1.9 million. Alphavac performance was facilitated by the expanded indication for Alphavac to treat pulmonary embolism that we announced in April and our subsequent limited market release during the last month of the fourth fiscal quarter. AlphaVac revenue was up 6.8% over the prior year quarter, during which we saw strong performance related to the enrollment of patients in our APEX study, and is up 68% sequentially from the third fiscal quarter of FY24. We are very excited about our mechanical thrombectomy platform heading into FY25 with our full market release related to the PE expanded indication as well as our planned new product introductions and clinical initiatives.

Speaker Change: AlphaVac revenue was up 6.8% over the prior year quarter, during which we saw strong performance related to the enrollment of patients in our APEC study and is up 68% sequentially from the third fiscal quarter of FY 24.

Speaker Change: We are very excited about our mechanical thrombectomy platform heading into FY25 with our full market release related to the PE expanded indication as well as our planned new product introductions and clinical initiatives.

Stephen Trowbridge: During which we saw strong performance related to the enrollment of patients in our apex study and is up 68% sequentially from the third fiscal quarter of FY 24. We are very excited about our Mechanical thrombectomy platform heading into FY 25 with our full market release related to the PE expanded indication as well as our planned new product introduction and clinical initiatives. Nanonite disposable revenue during the quarter increased 18% year over year. Capo sales were robust in the quarter, growing 247.8%, and our strong driver of future disposable sales. For the full year, nanonite disposable sales are up 16%, and total nanonite sales are up 30.5%.

Speaker Change: Nanodynamics' disposable revenue during the quarter increased 18% year-over-year. Capital sales were robust in the quarter, growing 247.8%, and are a strong driver of future disposable sales.

Speaker Change: For the full year, NanoKnife disposable sales are up 16% and total NanoKnife sales are up 30.5%.

Stephen A. Trowbridge: Nanomax disposable revenue during the quarter increased 18% year-over-year. However, capital sales were robust in the quarter, growing 247.8%, and are a strong driver of future disposable sales. For the full year, NanoKnife disposable sales are up 16%, and total NanoKnife sales are up 30.5%. In addition, as a reminder, earlier this year we announced that enrollment in Preserve is 100% complete, and we expect to complete the 12-month follow-up this month. As this data starts to be made public over the course of this calendar year, we look forward to sharing it with you.

Speaker Change: In addition, as a reminder, earlier this year we announced that enrollment in preserve is 100% complete and we expect to complete the 12-month follow-up this month.

Speaker Change: As this data starts to be made public over the course of this calendar year, we look forward to sharing it with you.

Stephen Trowbridge: In addition, as a reminder, earlier this year we announced that enrollment in Preserve is 100% complete and we expect to complete the 12-month follow-up this month. As this data starts to be made public over the course of this calendar year, we look forward to sharing it with you. In the fourth quarter, our med device segment declined 3.8% year over year. As Jim mentioned, this decline was primarily the result of impacts stemming from our reorganization following the pick and midline divester that we closed in February, as well as anticipated fluctuations stemming from our manufacturing reorganization that we launched in January.

Speaker Change: In the fourth quarter, our med device segment declined 3.8% year over year.

Speaker Change: As Jim mentioned, this decline was primarily the result of impacts stemming from our reorganization following the pick and midline divestiture that we closed in February , as well as anticipated fluctuations stemming from our manufacturing reorganization that we launched in January .

Stephen A. Trowbridge: In the fourth quarter, our med device segment declined 3.8% year over year. As Jim mentioned, this decline was primarily the result of impacts stemming from our reorganization following the PIC and midline divestiture that we closed in February, as well as anticipated fluctuations stemming from our manufacturing reorganization that we launched in January. For the full year, med device revenue grew 2.4% over the prior year, in line with our long-term expectations. Moving down the income statement, our gross margin for the fourth quarter of FY 2024 was 54.3%, flat compared to the year-ago period.

James C. Clemmer: For the full year, med device revenue grew 2.4% over the prior year, in line with our long-term expectations.

James C. Clemmer: Moving down the income statement, our gross margin for the fourth quarter of FY 2024 was 54.3%, flat compared to the year ago period.

Stephen Trowbridge: For the full year, med device revenue grew 2.4% over the prior year in line with our long-term expectations. Moving down to the income statement, our gross margin for the fourth quarter of FY2024 was 54.3%, flat compared to the year-ago period. For the fourth fiscal quarter, med tech gross margin was 64.1%, a decrease of 70 basis points, and med device gross margin was 47.4%, a decrease of 60 basis points, each when compared to the fourth quarter of last year. In the quarter, gross margin was positively impacted by price and product mix, offset by retained manufacturing overhead costs associated with the divestitures and discontinuances we completed during the fiscal year, and our transition to an outsourced manufacturing model.

James C. Clemmer: For the fourth fiscal quarter, MedTech gross margin was 64.1%, a decrease of 70 basis points, and MedDevice gross margin was 47.4%, a decrease of 60 basis points, each when compared to the fourth quarter of last year.

Stephen A. Trowbridge: For the fourth fiscal quarter, MedTech's gross margin was 64.1%, a decrease of 70 basis points, and MedDevice's gross margin was 47.4%, a decrease of 60 basis points, both when compared to the fourth quarter of last year. In the quarter, gross margin was positively impacted by price and product mix, offset by retained manufacturing overhead costs associated with the divestitures and discontinuances we completed during the fiscal year and our transition to an outsourced manufacturing model.

Speaker Change: In the quarter, gross margin was positively impacted by price and product mix, offset by retained manufacturing overhead costs associated with the divestitures and discontinuances we completed during the fiscal year, and our transition to an outsourced manufacturing model.

Speaker Change: Medtech gross margins were impacted by increased depreciation associated with our increasing Ariane installed base.

Speaker Change: mid-device margins were impacted by the manufacturing overhead dynamics I just mentioned.

Stephen Trowbridge: MedTech gross margins were impacted by increased depreciation associated with our increasing Arion installed base. MedDevice margins were impacted by the manufacturing overhead dynamics I just mentioned. Earlier gross margin was 53.8% at decrease of 110 basis points versus prior year, with MedTech gross margin of 63.3% and MedDevice gross margin of 47.7%. Full year gross margins included a 75 basis point headwind stemming from the manufacturing dynamics discussed previously, and a 35 basis point headwind from a supplier recall we discussed in Q3. Turning to R&D, our research and development expense during the fourth quarter of FY 2024 was $6.7 million or 9.5% of sales compared to $7.6 million or 10.9% of sales a year ago.

Speaker Change: Full year gross margin was 53.8%, a decrease of 110 basis points versus prior year, with med tech gross margin of 63.3% and med device gross margin of 47.7%.

Stephen A. Trowbridge: MedTech gross margins were impacted by increased depreciation associated with our increasing ARION install base. Medical device margins were impacted by the manufacturing overhead dynamics I just mentioned. Full-year gross margin was 53.8%, a decrease of 110 basis points versus the prior year, with MedTech gross margin of 63.3% and MedDevice gross margin of 47.7%. Full-year gross margins included a 75 basis point headwind stemming from the manufacturing dynamics discussed previously, and a 35 basis point headwind from a supplier recall we discussed in Q3.

Speaker Change: Full-year gross margins included a 75 basis point headwind stemming from the manufacturing dynamics discussed previously and a 35 basis point headwind from a supplier recall we discussed in Q3.

Speaker Change: Turning to R&D, our research and development expense during the fourth quarter of FY 2024 was 6.7 million or 9.5% of sales compared to 7.6 million or 10.9% of sales a year ago.

Stephen A. Trowbridge: Turning to R&D, our research and development expense during the fourth quarter of FY 2024 was $6.7 million, or 9.5% of sales, compared to $7.6 million, or 10.9% of sales, a year ago. SG&A expense for the fourth quarter of FY24 was $35 million, representing 49.2% of sales compared to $34.8 million, or 49.8% of sales, a year ago.

Speaker Change: SG&A expense for the fourth quarter of FY24 was $35 million, representing 49.2% of sales compared to $34.8 million, or 49.8% of sales, a year ago.

Speaker Change: Our adjusted net loss for the fourth quarter of FY24 was $2.2 million or an adjusted loss per share of $0.05 compared to an adjusted net loss of $4.3 million or an adjusted loss per share of $0.11 in the fourth quarter of last year.

Stephen Trowbridge: SGNA expense for the fourth quarter of FY 24 was 35 million, representing 49.2% of sales, compared to 34.8 million or 49.8% of sales a year ago. Our adjusted net loss for the fourth quarter of FY 24 was 2.2 million, or an adjusted loss per share of 5 cents, compared to an adjusted net loss of 4.3 million, or an adjusted loss per share of 11 cents in the fourth quarter of last year. This year-over-year improvement is largely attributable to our revenue growth and the success of our expense management initiatives, coupled with an improved capital structure. On a gap basis, we recorded a gap net loss of 13.4 million or a loss per share of 33 cents in the fourth quarter of fiscal 24, compared to a gap net loss of 21.5 million and a loss per share of 54 cents in the prior year quarter.

Stephen A. Trowbridge: Our adjusted net loss for the fourth quarter of FY24 was $2.2 million, or an adjusted loss per share of $0.05, compared to an adjusted net loss of $4.3 million, or an adjusted loss per share of $0.11, in the fourth quarter of last year. This year-over-year improvement is largely attributable to revenue growth and the success of our expense management initiatives, coupled with an improved capital structure. On a gap basis, we recorded a gap net loss of $13.4 million, or a loss per share of $0.33, in the fourth quarter of fiscal 24, compared to a gap net loss of $21.5 million and a loss per share of $0.54 in the prior year quarter.

Speaker Change: This year-over-year improvement is largely attributable to our revenue growth and the success of our expense management initiatives coupled with an improved capital structure.

Speaker Change: On a GAAP basis, we recorded a GAAP net loss of $13.4 million or a loss per share of $0.33 in the fourth quarter of fiscal 24 compared to a GAAP net loss of $21.5 million and a loss per share of $0.54 in the prior year quarter.

Speaker Change: Adjusted EBITDA in the fourth quarter of FY24 was $1.5 million compared to an adjusted EBITDA of $1.3 million in the fourth quarter of FY23.

Speaker Change: Now, part of our pathway to profitable growth is disciplined expense management, and being in the midst of our strategic transformation requires us to balance investments in our MedTech portfolio to drive sustained long-term growth while managing expenses in the current macro environment and being good stewards of a strong balance sheet.

Stephen A. Trowbridge: Adjusted EBITDA in the fourth quarter of FY24 was $1.5 million, compared to an adjusted EBITDA of $1.3 million in the fourth quarter of 2023. Part of our pathway to profitable growth is disciplined expense management, and being in the midst of our strategic transformation requires us to balance investments in our MedTech portfolio to drive sustained long-term growth while managing expenses in the current macro environment and being good stewards of a strong balance sheet.

Stephen Trowbridge: Adjusted EBITDA on the fourth quarter of FY 24 was 1.5 million compared to an adjusted EBITDA of 1.3 million in the fourth quarter of 23. A part of our pathway to profitable growth is discipline to expense management, and being in the midst of our strategic transformation requires us to balance investments in our Medtech portfolio to drive sustained long-term growth while managing expenses in the current macro environment and being good stewards of a strong balance sheet. Our fourth quarter results, particularly with respect to generating 1.5 million of adjusted EBITDA and significantly narrowing our adjusted EPS laws, are indicative of the success of that strategy.

Speaker Change: Our fourth quarter results, particularly with respect to generating 1.5 million of adjusted EBITDA and significantly narrowing our adjusted EPS loss, are indicative of the success of that strategy.

Speaker Change: And we will continue to manage our business prudently as we move ahead.

Stephen A. Trowbridge: Our fourth-quarter results, particularly with respect to generating 1.5 million of adjusted EBITDA and significantly narrowing our adjusted EPS loss, are indicative of the success of that strategy. We will continue to manage our business prudently as we move ahead. At May 31st, 2024, we had $76.1 million in cash and cash equivalents, compared to $44.6 million in cash and cash equivalents at May 31, 2023. As a reminder, we currently have zero debt compared to $50 million in debt a year ago.

Speaker Change: At May 31st, 2024, we had $76.1 million in cash and cash equivalents compared to $44.6 million in cash and cash equivalents at May 31st, 2023. As a reminder, we currently have zero debt compared to $50 million of debt a year ago.

Stephen Trowbridge: We will continue to manage our business prudently as we move ahead. At May 31, 2024, we had 76.1 million in cash and cash equivalents compared to 44.6 million in cash and cash equivalents at May 31, 2023. As a reminder, we currently have zero debt compared to 50 million a year ago. In the fourth quarter of FY 24, we generated 5 million in operating cash, had capital expenditures of 0.6 million, and additions to Ariane placement and evaluation units of 1.8 million. We expect Q1 to exhibit higher use of cash than other quarters, which is typically the case.

Speaker Change: In the fourth quarter of fiscal 24, we generated $5 million in operating cash, had capital expenditures of $0.6 million, and additions to Ariane placement and evaluation units of $1.8 million.

Speaker Change: We expect Q1 to exhibit higher use of cash than other quarters, which is typically the case.

Stephen A. Trowbridge: In the fourth quarter of fiscal 24, we generated $5 million in operating cash, had capital expenditures of $0.6 million, and additions to Ariane placement and evaluation units of $1.8 million. We expect Q1 to exhibit higher use of cash than other quarters, which is typically the case. We are confident that the strength of our balance sheet, in combination with our capital allocation strategy, provides us with the flexibility to fund investments necessary to drive growth in our medtech segment and execute on our strategic manufacturing plan.

Speaker Change: And we are confident that the strength of our balance sheet, in combination with our capital allocation strategy, provides us with the flexibility to fund investments necessary to drive growth in our medtech segment and execute on our strategic manufacturing transfer.

Stephen Trowbridge: We are confident that the strength of our balance sheet, in combination with our capital allocation strategy, provides us with the flexibility to fund investments necessary to drive growth in our mid-tech segment and execute on our strategic manufacturing transfer.

Speaker Change: As announced earlier today, the company approved a stock repurchase program authorizing purchases of up to $15 million of our outstanding common shares.

Speaker Change: Our decisions on repurchases and the timing of those repurchases will be based on a number of factors including market conditions as well as the need to balance investment in our growth strategy.

Stephen Trowbridge: As announced earlier today, the company approved a stock repurchase program authorizing purchases of up to $15 million of our outstanding common shares. Our decisions on repurchases and the timing of those repurchases will be based on a number of factors, including market conditions as well as the need to balance investment in our growth strategy. This approval underscores the confidence that our board and management team have in the future of AngioDynamics, and it allows us to leverage the strength of our balance sheet to create value for our shareholders.

Stephen A. Trowbridge: As announced earlier today, the company approved a stock repurchase program authorizing purchases of up to $15 million of our outstanding common shares. Our decisions on repurchases and the timing of those repurchases will be based on a number of factors, including market conditions, as well as the need to balance investment in our growth strategy. This approval underscores the confidence that our board and management team have in the future of AngioDynamics, and it allows us to leverage the strength of our balance sheet to create value for our shareholders.

Speaker Change: This approval underscores the confidence that our board and management team have in the future of AngioDynamics and it allows us to leverage the strength of our balance sheet to create value for our shareholders.

Speaker Change: Turning now to guidance. For the fiscal year 2025, we anticipate revenue will be in the range of $282 million to $288 million, representing growth of between 4.2 and 6.4 percent over fiscal year 2024.

Stephen Trowbridge: Turning now to guidance, for the fiscal year 2025, we anticipate revenue will be in the range of 282 million to 288 million, representing growth of between 4.2 and 6.4% over fiscal year 2024. Within each of our businesses, we expect Med Tech net sales to grow in the range of 10 to 12%, and we expect Med Device net sales to grow in the range of 1 to 3%. For fiscal 2025, we expect growth margins to be in the range of 52 to 53%. During the year, we expect to see some ebbs and flows in our reported growth margins as a result of the underabsorption of overhead from our Queensberry manufacturing plant and the build-up of inventory to facilitate our outsourcing.

Stephen A. Trowbridge: For the fiscal year 2025, we anticipate revenue will be in the range of $282 million to $288 million, representing growth of between 4.2 and 6.4 percent over fiscal year 2024. Within each of our businesses, we expect MedTechNet sales to grow in the range of 10-12%, and we expect MedDeviceNet sales to grow in the range of 1-3%. For fiscal 2025, we expect gross margin to be in the range of 52 to 53%.

Speaker Change: Within each of our businesses, we expect MedTechNet sales to grow in the range of 10 to 12 percent, and we expect MedDeviceNet sales to grow in the range of 1 to 3 percent.

Speaker Change: For fiscal 2025, we expect gross margin to be in the range of 52 to 53 percent.

Speaker Change: During the year we expect to see some ebbs and flows in our reported gross margins as a result of the under absorption of overhead from our Queensberry manufacturing plant and the buildup of inventory to facilitate our outsourcing.

Speaker Change: We're committed to our strategy to drive long-term efficiencies in our operating footprint and maximize the gross margin expansion that will result from growing the percentage of our MedTech revenue base.

Stephen A. Trowbridge: During the year, we expect to see some ebbs and flows in our reported gross margins as a result of the under-absorption of overhead from our Queensberry manufacturing plant and the buildup of inventory to facilitate our outsourcing. We're committed to our strategy to drive long-term efficiencies in our operating footprint and maximize the gross margin expansion that will result from growing the percentage of our MedTech revenue base. We expect adjusted EBITDA in the range of a loss of $2.5 million to $0.

Speaker Change: We expect adjusted EBITDA in the range of a loss of $2.5 million to $0.00. And finally, we expect an adjusted loss per share in the range of $0.38 to $0.42.

Stephen Trowbridge: We're committed to our strategy to drive long-term efficiencies in our operating footprint and maximize the growth margin expansion that will result from growing the percentage of our med tech revenue base. We expect adjusted EBITDA in the range of a loss of 2.5 million to zero, and finally, we expect an adjusted loss per share in the range of 38 to 42 cents. One final note on cadence and pacing during the year: our fiscal year this year includes two less selling days than last year, one of which is in Q1 and one of which is in Q4.

Speaker Change: One final note on cadence and pacing during the year. Our fiscal year this year includes two less selling days than last year, one of which is in Q1 and one of which is in Q4. Selling days for Q2 and Q3 are exactly the same as last year.

Stephen A. Trowbridge: And finally, we expect an adjusted loss per share in the range of $0.38 to $0.42. One final note on cadence and pacing during the year. Our fiscal year this year includes two less selling days than last year, one of which is in Q1 and one of which is in Q4. Selling days for Q2 and Q3 are exactly the same as last year.

Speaker Change: With that, I'll turn it back to Jim.

James C. Clemmer: Thanks Steve. As outlined earlier, we have made tremendous progress over the last three years. We have made significant investments across the organization to get us to where we are today.

Stephen Trowbridge: Selling days for Q2 and Q3 are exactly the same as last year.

James C. Clemmer: With that, I'll turn it back to Jim.

James Clemmer: With that, I'll turn it back to Jim.

James Clemmer: Thanks, Steve. As outlined earlier, we have made tremendous progress over the last three years. We have made significant investments across the organization to get us to where we are today. Our med-device business has been optimized to deliver consistent, predictable growth and provide cash to support our growth initiatives. Our med tech business consists of three highly innovative platform technologies with the ability to service large global markets and deliver strong growth. We are in a unique position to be able to leverage a number of material catalysts over the near term to take advantage of the huge opportunities within our med tech markets.

Speaker Change: Our MedDevice business has been optimized to deliver consistent, predictable growth and provide cash to support our growth initiatives.

James C. Clemmer: As outlined earlier, we have made tremendous progress over the last three years. We have made significant investments across the organization to get us to where we are today. Our MedDevice business has been optimized to deliver consistent, predictable growth and provide cash to support our growth initiatives. Our medtech business consists of three highly innovative platform technologies with the ability to service large global markets and deliver strong growth. We are in a unique position to be able to leverage a number of material catalysts over the near term to take advantage of the huge opportunities within our medtech markets.

Speaker Change: Our medtech business consists of three highly innovative platform technologies with the ability to service large global markets and deliver strong growth.

James C. Clemmer: We are in a unique position to be able to leverage a number of material catalysts over the near term to take advantage of the huge opportunities within our medtech markets.

James C. Clemmer: Starting with Ariane, in 2025 we expect to continue solid growth and drive our top line through increased penetration in the hospital setting in the U.S.

James Clemmer: Starting with Arion in 2025, we expect to continue solid growth and drive our top line through increased penetration in the hospital setting in the U.S. Through pursuing international expansion, following our CE mark, which we expect to receive by the end of our Q1, and supporting data collection and launching product line extensions. With Alphabet, we are currently in full commercial launch for our PE indication in the U.S. and CE Mark countries. And we also expect to launch new products over the course of the year to refine and enhance usability.

James C. Clemmer: Starting with Ariane, in 2025, we expect to continue solid growth and drive our top line through increased penetration in the hospital setting in the U.S., pursuing international expansion following our CE mark, which we expect to receive by the end of our Q1, and supporting data collection and launching product line extensions. With Alphaback, we are currently in full commercial launch for our P.E. indication in the U.S. and C.E.M.R.

James C. Clemmer: through pursuing international expansion following our CE mark, which we expect to receive by the end of our Q1.

James C. Clemmer: and supporting data collection and launching product line extensions.

Speaker Change: With Alphaback, we are currently in full commercial launch for our P.E. indication in the U.S. and C.E.M.R. countries.

Speaker Change: And we also expect to launch new products over the course of the year to refine and enhance usability.

Speaker Change: and lastly with NanoKnife.

Speaker Change: We expect FDA approval by the end of calendar year 2024, after which we will push to drive increased adoption in the U.S. for prostate treatment.

James C. Clemmer: And we also expect to launch new products over the course of the year to refine and enhance usability. We expect FDA approval by the end of calendar year 2024, after which we will push to drive increased adoption in the U.S. for prostate treatment, and we are pursuing a specific CPT code to add clarity to the reimbursement pathway for the procedure. We are really excited about the future here at AngioDynamics.

James Clemmer: And lastly, with men and wife, we expect FDA approval by the end of calendar year 2024. After which we will push to drive increased adoption in the U.S. for prostate treatment. And we are pursuing a specific CPT code to add clarity to the reimbursement pathway for the procedure. We are really excited about the future here at AngioDynamics. We are in a great position to transition into a growth story supported by the initiatives that we have put in place over the last three years. I want to thank everyone involved throughout our organization for the continued dedication and tireless work towards our goals.

Speaker Change: And we are pursuing a specific CPT code to add clarity to the reimbursement pathway for the procedure.

Speaker Change: We are really excited about the future here at AngioDynamics. We are in a great position to transition into a growth story supported by the initiatives that we have put in place over the last three years.

James C. Clemmer: We are in a great position to transition into a growth story supported by the initiatives that we have put in place over the last three years. I want to thank everyone involved throughout our organization for the continued dedication and tireless work toward our goals. With that, I will now open the line for questions.

Speaker Change: With that, I will now open the line for questions.

Speaker Change: Thank you. Ladies and gentlemen, the floor is now open for questions. You may press star 1 on your telephone keypad if you would like to ask a question at this time. You may press star 2 if you would like to remove your question from the queue. Today's first question is coming from John Young of Canaccord. Please go ahead.

Operator: With that, I will now open the line for questions.

Operator: Thank you, ladies and gentlemen. The floor is now open for questions. You may press star 1 on your telephone keypad if you would like to ask a question at this time. You may press star 2 if you would like to remove your question from the queue.

Operator: Thank you. Ladies and gentlemen, the floor is now open for questions. You may press star 1 on your telephone keypad if you would like to ask a question at this time. You may press star 2 if you would like to remove your question from the queue. Today's first question is from John Young of Canacord. Please go ahead.

Speaker Change: Hi, Jim and Steve. Good morning and thanks for taking the question and congratulations on the quarter. I think I'd like to start on the guiding piece.

John Edward Young: you put out for next year, especially on the med tech, with the 10 to 12% growth. I'd be interested to hear about the methodology you came up with that, especially when it comes to the prostate indication. Have you baked in any, you know, benefits in that prostate indication for the second half of fiscal 25?

John Newman: Please go ahead. Hi, Genesis.

John Edward Young: Hi Jim and Steve. Good morning and thanks for taking the question and congratulations on the quarter. I think I'd like to start with the guidance you put out for next year, especially on med tech with the 10 to 12% growth. I'd be interested to hear about the methodology you came up with for that, especially when it comes to the prostate indication. Have you baked in any benefits from that prostate indication for the second half of fiscal 25?

John Newman: Good morning, and thanks to the question, and congratulations on the quarter. I think I was the star on the guiding key to put out for next year, especially on the med tech with the 10 to 12 percent growth. I have the interest in this year about the methodology you came up with that, especially when it comes to the prostate indication. Have you been based on any benefits in that prostate indication for the second half of the fiscal 25?

Stephen A. Trowbridge: Good morning, John. This is Steve. Thanks for the question.

Stephen A. Trowbridge: With respect to NanoKnife, there's a little bit baked in in terms of our expectations. We've been talking about the clinical initiatives that we've had in completing enrollment in the prostate trial last year, finishing up the 12-month follow-up this year, and then expecting to get the FDA indication by the end of the calendar year. But I think importantly, when you think about NanoKnife,

James Clemmer: Hey, good morning, John. This is Steve. Thanks for the question. With respect to man on life, there's a little bit of debate in terms of our expectations. We've been talking about the clinical initiatives that we've had in completing enrollment in the prostate trial last year, finishing up the 12-month follow-up this year, and then expecting to get the FDA indication by the end of the calendar year. But I think importantly, when you think about man on life, we've been talking about the ability to really parallel path a lot of our actions with man on life over the last couple of years.

Stephen A. Trowbridge: Hey, good morning, John. This is Steve.

Stephen A. Trowbridge: Thanks for the question. With respect to NanoKnife, there's a little bit baked in terms of our expectations. We've been talking about the clinical initiatives that we have had in completing enrollment in the prostate trial last year, finishing up the 12-month follow-up this year, and then expecting to get the FDA indication by the end of the calendar year. But I think importantly, when you think about NanoKnife, we've been talking about the ability to really parallel path a lot of our actions with NanoKnife over the last couple of years. And so you've seen double-digit, almost 20% probe growth over the last couple of years. We expect that to continue. I wouldn't expect a huge hockey stick coming post-indication.

Stephen A. Trowbridge: We've been talking about the ability to really parallel path a lot of our actions with NanoKnife over the last couple of years. So you've seen double-digit, almost 20% probe growth over the last couple of years. We expect that to continue. I wouldn't expect a huge hockey stick coming post-indication. I would expect more of that same trajectory that we've seen.

Stephen A. Trowbridge: You know, the other dynamic I would talk about with NanoKnife, particularly as it relates to the guidance...

Stephen Trowbridge: So you've seen double digital, almost 20 percent pro growth over the last couple of years. We expect that to continue. I wouldn't expect a huge hockey stick coming post indication. I would expect more of that same trajectory that we've seen. You know, the other dynamic I would talk about with man on life, particularly as it relates to the guidance. We had a strong capital year this year. And we expect that to turn into pro growth over the year, but we don't think we're going to have the same level of capital sales in FY 25 that we hadn't 24.

Speaker Change: We had a strong capital year this year, and we expect that to turn into pro growth over the year. But we don't think we're going to have the same level of capital sales in FY25 that we had in 24. It might be something that you see in Q1, particularly as a comp.

Stephen A. Trowbridge: I would expect more of the same trajectory that we've seen. The other dynamic I would talk about with NanoKnife, particularly as it relates to the guidance, we had a strong capital year this year, and we expect that to turn into probe growth over the year. But we don't think we're going to have the same level of capital sales in FY25 that we had in 24. It might be something that you see in Q1, particularly as a comparison.

Speaker Change: So when you think about the guidance, yes, nanoknife growth, but I don't think I would say it's really a hockey stick coming from the prostate indication.

Speaker Change: Really what you're going to see this year is a story of mechanical thrombectomy and the growth that we expect to see in that business throughout the course of the year, primarily coming from that PE indication that we got for AlphaVac and moving into that full launch.

Stephen Trowbridge: It might be something that you see in Q1, particularly as a comp. So when you think about the guidance, yes, man on life growth, but I don't think I would say it's really a hockey stick coming from the prostate indication.

Stephen A. Trowbridge: So when you think about the guidance, yes, NanoKnife growth, but I don't think I would say it's really a hockey stick coming from the prostate indication. Really, what you're going to see this year is a story of mechanical thrombectomy and the growth that we expect to see in that business throughout the course of the year, primarily coming from that PE indication that we got for AlphaVac and moving into that full launch for all of FY25. If you think about what we've seen with Ariane over the last couple of years, double-digit growth, expect that to continue. Same thing as what we talked about with NanoKnife.

Speaker Change: for all of FY25. If you think about what we've seen with Ariane over the last couple years, double-digit growth, expect that to continue. Same thing with what we talked about with NanoKnife. But now you're going to have thrombectomy, kind of joining the growth party, particularly with some of the benefits that we saw at the end of Q4 with AlphaVac.

Stephen Trowbridge: Really, what you're going to see this year is a story of mechanical thrombectomy and the growth that we expect to see in that business throughout the course of the year. Primarily coming from that PE indication that we got for AlphaVac and moving into that full launch for all of FY 25. If you think about what we've seen with Aryan over the last couple of years, double-digit growth. I would expect that to continue. Same thing with what we talked about with Nanonife, but now you're going to have to run back to me, kind of joining the growth party, particularly with some of the benefits that we saw at the end of Q4 with AlphaVac.

Speaker Change: On Cadence, though, I would say expect Q1 to be the lowest month. There's a little bit of a comp dynamic.

Stephen A. Trowbridge: But now you're going to have thrombectomy joining the growth party, particularly with some of the benefits that we saw at the end of Q4 with AlphaVac. On cadence, though, I would say expect Q1 to be the lowest month. There's a little bit of a competition dynamic. You still had some angio-vac performance in Q1 last year before we really saw the change in Q2 and Q3. And we were also still enrolling patients in our AlphaVac APEX trial in Q1 of last year. So expect Q1 to be a little bit lower, particularly in terms of med-tech growth, and then you'll get into that double-digit growth as you get into Q2, Q3, and Q4.

Speaker Change: some AngioVac performance in Q1 last year before we really saw the change in Q2 and Q3.

Stephen Trowbridge: You know, on cadence, though, I would say, you know, expect Q1 to be the lowest month, right? There's a little bit of a, of a confynamic. You still had, you know, some angioVac performance in Q1 last year before we really saw the change in Q2 Q3, and we were also still at rolling patients in our AlphaVac A to A text trial in Q1 of last year. So, expect Q1 to be a little bit lower, particularly in terms of mid tech growth, and then getting into the double-digit growth as you get into Q2, 3, and 4.

Speaker Change: And we were also still enrolling patients in our AlphaVac APEX trial in Q1 of last year. So expect Q1 to be a little bit lower, particularly in terms of med tech growth, and then getting into that double digit growth as you get into Q2, Q3, and Q4.

Beth: I appreciate all that, Colette. That's very helpful. And maybe just turning towards from Beth to me, you know, especially as we talk about next year to the new product initiatives that you mentioned on the call, are these more ancillary products?

Beth: [inaudible]

John Newman: I appreciate all that call; that's a very helpful.

John Edward Young: I appreciate all that, Colette. That's very helpful, and maybe just turning back to me, you know, especially as we talk about next year, too, the new product initiatives that you mentioned on the call, are these more ancillary products or are these improvements to the existing AlphaVac products? And then also, with some of the IT litigation that's popped up in this space over the past few months, what is your comfort level around freedom to operate with the current AlphaVac?

John Newman: And maybe just trying to work from back to me, you know, especially as we talk about next year too, the new product initiatives that you mentioned on the call are these more ancillary products, or these improvements to the existing AlphaVac products, and then also just with the, some of the IP litigation that's caught up in this face of the past few months. What is your comfort around freedom to operate with the current AlphaVac? Thank you again.

Speaker Change: Yeah, thanks, John . So, two points on that. When you talk about the line extensions, yeah, we expect those to be line extensions within the Alphavac family. It's not going to be like a whole brand-new product, but there are things that are important to add to the next generations of Alphavac. You know, one of the things to remember is we're still on Gen 1 of our Alphavac when we launched it a couple years ago, so expect that we're going to refresh that and things that are coming from us, listening to our customers and going through our R&D process.

Stephen A. Trowbridge: Thank you again. Yeah, thanks, John. So, two points on that.

Stephen A. Trowbridge: Yeah, thanks, John. So, two points on that.

Stephen Trowbridge: Yes, thanks, John. So, two points on that when you talk about the line extensions. Yeah, we expect those to be line extensions within the AlphaVac family. It's not going to be like a brand new product, but there are things that are important to add to the next generations of AlphaVac.

Stephen A. Trowbridge: When you talked about the line extensions, yeah, we expect those to be line extensions within the Alphavac family. It's not going to be like a whole brand new product, but there are things that are important to add to the next generations of Alphavac. One of the things to remember is that we're still on Gen 1 of our Alphavac when we launched it a couple of years ago. So expect that we're going to refresh that and other things that are coming from us listening to our customers and going through our R&D process. On the IP side, there are always two elements of IP, right? There's the sword and the shield.

Speaker Change: On the IP side, there's always two elements of IP, there's the sword and the shield. When it comes to freedom to operate, we've got a very robust IP portfolio that came from the initial AngioVac.

Stephen Trowbridge: You know, one of the things to remember is we're still on Gen 1 of our AlphaVac when we launched it a couple of years ago. So, expect that we're going to refresh that and things that are coming from listening to our customers and going through our R&D process.

Speaker Change: That's the acquisition we did a few years ago and the work our IP team has done to build up that picket fence around our technology. We feel very strong about our position in terms of the freedom to operate. We also feel very strong about the fact that we've got good IP and we're going to make sure that we're going to...

Stephen Trowbridge: On the IP side, there's always two elements of IP, right? There's the sword and the shield. When it comes to freedom to operate, we've got a very robust IP portfolio that came from the initial Angiovac acquisition that we did a few years ago when the work that our IP team has done to build up that pick expense around our technology. We feel very strong about our position in terms of the freedom to operate.

Stephen A. Trowbridge: When it comes to freedom to operate, we've got a very robust IP portfolio that came from the initial AngioVac acquisition that we did a few years ago and the work that our IP team has done to build up that picket fence around our technology. We feel very strong about our position in terms of freedom to operate. We also feel very strong about the fact that we've got good IP, and we're going to make sure that we keep an eye on other companies and protect our IP as necessary as we go through the course of the next couple of years and the growth trajectory that we expect to see in Thrombus.

Speaker Change: Keep an eye on other companies and protect our IP as necessary as we go through the course of the next couple of years and the growth trajectory that we expect to see in Thrombus.

Stephen Trowbridge: We also feel very strong about the fact that we've got good IP, and we're going to make sure that we're going to keep an eye on other companies and protect our IP as necessary as we go through the course of the next couple of years and the growth trajectory that we expect to see in coming from Steve Lickman of Oppenheimer. Please go ahead. Thank you. Good morning, guys. I guess also on mechanical from back to me, you've great to see the Angiovac stability. Can you talk a little bit more about what's driving that? What's some of the efforts you've been putting for us to keep that stable while off of the VAC ramps, and what's your visibility like on maintaining that stability here in FY25?

Speaker Change: Great, thank you again.

Speaker Change: Thank you. The next question is coming from Steve Lichtman of Oppenheimer. Please go ahead.

Steven Michael Lichtman: Thank you. Good morning, guys. I guess also on mechanical thrombectomy, great to see the angiovac stability. Can you talk a little bit more about what's driving that, what some of the efforts you've

Steven Michael Lichtman: Thank you. The next question is coming from Steve Lichtman of Oppenheimer. Please go ahead.

Steven Michael Lichtman: You've been putting forth to kind of keep that stable while AlphaVac ramps And what's your visibility like on maintaining that stability here in FY25?

James C. Clemmer: Thank you. Good morning, guys. I guess also on mechanical thrombectomy, it's great to see the angio-vac stability. Can you talk a little bit more about what's driving that, what some of the efforts you've been putting forth to kind of keep that stable while alpha-vac ramps, and what's your visibility like on maintaining that stability here in FY25?

Speaker Change: I see, thanks. So a couple things. AngioVac is really, really well designed to play in that right atrium space, and we do a really good job in that space. The product's unique. We don't think anything else can perform as it does.

Steven Michael Lichtman: But there's also other areas we think we can play in. We've been led by our physicians who think that there's other avenues we can utilize the product in. So our R&D teams and clinical teams are always pursuing other opportunities.

Stephen Trowbridge: I see, thanks. A couple of things. Angiovac is really really well designed to play in that right-age from space and we do a really good job in that space and products unique. We don't think anything else can perform as it does. But there's also other areas we think we can play in. We've been led by our physicians who think that there's other avenues we can utilize a product in. So our R&D teams and clinical teams are always for doing other opportunities. At the same time as that's happening, we've trained ourselves for differently.

James C. Clemmer: Hi Steve, thanks. So a couple of things. AngioVac is really, really well designed to play in that right atrium space, and we do a really good job in that space. The product's unique. We don't think anything else can perform as well as it does.

Steven Michael Lichtman: At the same time as that's happening, we've trained our sales force differently. We've aligned our new Thymbectomy sales force here in the U.S. to just sell AngioVac and AlphaVac. As you may remember in the past, they had other products in the bag. Today, they're highly trained and specialized to serve these two products in these unique markets.

James C. Clemmer: But there's also other areas we think we can play in. We've been led by our physicians, who think that there are other avenues we can utilize a product in. So our R&D teams and clinical teams are always pursuing other opportunities. And at the same time as that's happening, we've trained our sales force differently. We've aligned our new thrombectomy sales force here in the US to just sell AngioVac and AlphaVac. As you may remember, in the past, they had other products in the bag.

Steven Michael Lichtman: So we feel real good about it. Again, the market size today where we have the space to compete for AngioVac

Stephen Trowbridge: We've aligned our new time back to me Salesforce here in the US to just sell Angiovac. and AlphaVac. As you may remember, in the past, they had other products in the bag. Today, they're highly trained, specialized to serve these two products in these unique markets. So we feel really good about it. Again, the market size today, when we have this space to compete for angioVac, is small compared to AlphaVac PE. We're really excited by the PE market opportunity. We're out of the back and go over time, but at the same time, Steve, we've done what you would expect, is make sure we keep the clinical work in the back end.

Steven Michael Lichtman: is small compared to AlphaVac P.E. We're really excited by the P.E. market opportunity, where AlphaVac can go over time. But in the meantime, Steve, we've done what you would expect.

James C. Clemmer: Today, they're highly trained and specialized to serve these two products in these unique markets. So we feel really good about it. Again, the market size today where we have the space to compete for AngioVac is small compared to AlphaVac PE. We're really excited by the PE market opportunity AlphaVac can go into over time. But in the meantime, Steve, we've done what you would expect, made sure we keep the clinical work on the back end, the R&D work to keep the product unique and special. While we've retrained and re-educated our sales and clinical teams to support that growth, we think that will stabilize the business and help support it.

Speaker Change: is make sure we keep the clinical work in the back end, the R&D work to keep the product unique and special. While we've retrained and re-educated our sales and clinical teams to support that growth, we think that'll stabilize the business and help support it.

Steve: Great, and then just on AlphaVac PE, have you moved into full launch yet or can you talk a little bit more about sort of the ramp of the full launch here this year?

Stephen Trowbridge: The R&D worked to keep the product unique and special. While we've retrained to reeducate our sales and clinical teams to support that growth, we think that will stabilize the business and help support it.

Steve: We have, Steve. So in the April call at the end of Q3, we announced that we had just received the PE approval from the FDA. We talked about what we would do over the next couple months. We're finishing our limited launch work, getting our people validated and trained to be ready for the FY25 rollout, which we've done.

Steven Michael Lichtman: Great, and then just on AlphaVac PE, have you moved into full launch yet, or can you talk a little bit more about sort of the ramp to full launch here?

Stephen Trowbridge: Great. And then just on AlphaVac PE, have you moved into full launch yet, or can you talk a little bit more about sort of the ramp of the full launch here this year? We have Steve.

James C. Clemmer: We have, Steve. So, in the April call at the end of Q3, we announced that we had just received PE approval from the FDA. We talked about what we would do over the next couple of months. We're finishing our limited launch work, getting our people validated and trained to be ready for the FY25 rollout, which we have done. So just a month ago, in June, we went to the full market release here in the U.S.

Stephen Trowbridge: So in the April call at the end of Q3, we announced that we had just received the PE approval from the FDA. We talked about what we would do in the next couple of months. We're finishing our limited launch work, getting our people validated and trained to be ready for the FY25 rollout, which we've done. So just a month ago in June, we went to the full market release here in the US. So all of our reps are trained and validated. Our clinical team is ready. We've targeted the right customers who've shown interest to willingness to try the product.

Steve: So just a month ago in June , we went to the full market release here in the U.S.

Steve: So all of our reps are trained and validated. Our clinical team is ready. We've targeted the right customers who've shown interest or willingness to try the product.

Steve: And we're really excited, the initial feedback we've heard, Steve, aligns with some of the data that we presented in the APEC study.

James C. Clemmer: So all of our reps are trained and validated. Our clinical team is ready. We've targeted the right customers who've shown interest or willingness to try the product. And we're really excited.

Steve: The data was really compelling. If you look at the efficacy of the product, you look at how much colloid we can remove, how fast the procedures were done. I've talked to a lot of physicians myself in the last couple months, and really the efficiency of the product, the way it's designed to be wireless, which is unique and innovative in this space, as you know.

James C. Clemmer: The initial feedback we've heard, Steve, aligns with some of the data that we presented in the APEC study. The data was really compelling. If you look at the efficacy of the product, you look at how much clot we can remove and how fast the procedures are done. I've talked to a lot of physicians myself in the last couple months, and really, the efficiency of the product, the way it's designed to be wireless, which is unique and innovative in this space, allows them to really go from the left to the right, PA, move in a safe and rapid fashion and really So we're excited that the initial feedback aligns with what the study showed. So we're doing our work here to support the great design and development of the product and compete in a really great marketplace.

Stephen Trowbridge: And we're really excited to initial feedback. We've heard Steve aligns with some of the data that we presented in the Apex study. If the data was really compelling, if you look at the efficacy of the product, if you look at how much collaborative to remove, how fast the procedures were done, I've talked to a lot of physicians myself for the last couple of months. And really be efficiency of the product, the way it's designed to be wireless, which is unique and innovative in the space, as you know. It allows them to really go from the left to the right PA, move in a safe and rapid fashion, and really treat that patient quickly and safely remove a lot of cloth.

Steve: It allows them to really go from the left to the right PA, move in safe and rapid fashion, and really treat that patient quickly and safely and remove a lot of clot. So we're excited that the initial feedback aligns with what the study showed. So we're doing our work here to support the great design and development of the product.

Steve: and compete in a really great marketplace.

Speaker Change: Got it. And then, just shifting to Nano Knife, can you talk...

Stephen Trowbridge: So we're excited that the initial feedback aligns with what the study showed. So we're doing our work here to support the great design and development of the product and compete in a really great marketplace.

Speaker Change: a bit more about the reimbursement efforts around Price Day that you mentioned.

Speaker Change: What are you looking to achieve there and when could that happen potentially? It sounds like you think the benefits of the preserved data and label can certainly start before any of that on the reimbursement front, correct?

James C. Clemmer: Got it. And then, just shifting to NanoKnife, can you talk a bit more about the reimbursement efforts around PROS-AID that you mentioned? What are you looking to achieve there, and when could that happen, potentially? And it sounds like you think the benefits of the preserved data and label can certainly start before any of that on the reimbursement front, correct?

Stephen Trowbridge: And then just shifting to Nano knife.

Stephen Trowbridge: Can you talk a bit more about the reimbursement efforts around prostate that you mentioned. What do you look and achieve there, and when could that happen potentially? And it sounds like you think the benefits of preserve data and label can certainly start before any of that on the reimbursement front, correct. That's right, Steve.

Steve: That's right, Steve. So I'll harken back to the conversation we had about being able to parallel path a lot of the activities related to Nanoknife. So Nanoknife is currently on the market. It's got a 510k indication, so we're able to sell it and that's what's been driving some of the growth that you've seen.

Steve: But we're also working very diligently to make sure that we really shore up the reimbursement pathway. As you know, reimbursement is a very complex process. You have to go through a number of steps. There's a lot of things that we've been doing in the background, a lot of conversations we've been having both on the ICD-10 process as well as on the CPT side of things when you're working with the physician societies.

Stephen A. Trowbridge: That's right, Steve. So I'll harken back to the conversation we had about being able to parallel path a lot of the activities related to NanoKnife. So NanoKnife is currently on the market. It's got a 510k indication, so we're able to sell it, and that's what's been driving some of the growth that you've seen. But we're also working very diligently to make sure that we really shore up the reimbursement pathway. As you know, reimbursement is a very complex process.

Stephen Trowbridge: So I'll welcome back to the conversation we had about being able to parallel path a lot of the activities related to nano knife. So nano knife is currently on the market; it's got a 5.5K indication, so we're able to sell it, and that's what's been driving some of the growth that you've seen. But we're also working very diligently to make sure that we really shore up the reimbursement pathway. As you know, reimbursement is a very complex process. You have to go through a number of steps. There's a lot of things that we've been doing in the background, a lot of conversations we've been having both on the ICD 10 process.

Speaker Change: So, what Jim was referring to a lot of the work that we were doing is really to try to make sure that we tie a bow around that CPT side of things.

Stephen A. Trowbridge: You have to go through a number of steps. There are a lot of things that we've been doing in the background, a lot of conversations we've been having both on the ICD-10 process as well as on the CPT side of things when you're working with the physician societies. So what Jim was referring to a lot of the work that we were doing is really trying to make sure that we tie a bow around that CPT side of things.

Speaker Change: As there's more details when that process goes through, we will continue to update you. But we think that, yes, getting to, you know, really...

Stephen Trowbridge: As well on the CPT side of things, when you're working with those, the physician societies. So what Jim was referring to a lot of the work that we were doing, it's really to try to make sure that we tie a bow around that CPT side of things. As there's more details when that process goes through, we will continue to update you. But we think that yes, getting to you know really fully achieving the value of nano knife is going to be coming from showing up the reimbursement as well as getting that indication pathway. And then continuing to have our sales force out there educate the urologist of the options that are out there in the options that nano.

Steve: fully achieving the value of NanoKnife is going to be coming from shoring up the reimbursement as well as getting that indication pathway and then continuing to have our sales force out there educate the urologists of the options that are out there and the options that NanoKnife gives patients that they don't have otherwise.

Stephen A. Trowbridge: As there are more details when that process goes through, we will continue to update you. But we think that, yes, getting to really fully achieving the value of NanoKnife is going to come from shoring up the reimbursement as well as getting that indication pathway and then continuing to have our sales force out there educate the urologists about the options that are out there and the options that NanoKnife gives patients that they don't have otherwise.

Speaker Change: And Steve, I'll remind you of one other piece as well. We worked hard in the last couple of years to globalize our structure.

Speaker Change: are selling and marketing teams outside of the U.S. For years, we've really focused on our med device portfolio.

Stephen Trowbridge: and I give patients that they don't have otherwise.

Speaker Change: You know, we do bids and tenders for some of those products, and our team has really shifted. They've done a great job becoming much more clinically focused, preparing to support the global sales increase that we'll expect in our tech products. You've seen some of that recently.

Steven Michael Lichtman: And Steve, I'll remind you of one other piece as well. We have worked hard over the last couple of years to globalize our structure. Our selling and marketing teams outside of the U.S. have really been focused on our medical device portfolio. You know, we do bids and tenders for some of those products, and our team has really shifted. They've done a great job becoming much more clinically focused, preparing to support the global sales increase that we'll expect in our tech products, and you've seen some of that recently.

Stephen Trowbridge: And to Steve, I'll remind you one of the pieces well. We were a target in the last couple of years to globalize our structure. Our selling and marketing teams outside of the US for years, we're really focused on our mid-to-vice portfolio. You know, we do bits and tenders for some of those products. And our team has really shifted. They've done a great job becoming much more clinically focused, preparing to support the global sales increase that we'll expect in our tech products. You've seen some of that recently. The work they've done a year ago, we talked about nice in NHS and the UK, upgrading our status for nanoprostate.

Speaker Change: The work they've done a year ago, we talked to you about NICE and NHS in the UK, upgrading our status for nanoprostate. That was really important. You're going to see growth coming from that.

Speaker Change: You look at now getting AlphaVac PE CE mark approved in the past fiscal quarter. Then again, we mentioned we think the Ariane approval may happen during this fiscal quarter, getting our CE mark. So our teams, the regulatory and clinical teams, both here in the U.S. and overseas, have done a really good job preparing our companies.

Steven Michael Lichtman: The work they did a year ago, we talked to you about NICE and the NHS in the U.K., upgrading our status for nanoprostate. That was really important. You're going to see growth coming from that. You look at now getting the AlphaVac PE CE mark approved in the past fiscal quarter, and again, we mentioned we think the Ariane approval may happen during this fiscal quarter. So, our teams, the regulatory and clinical teams, both here in the U.S. and overseas,

Stephen Trowbridge: That was really important in the C-growth coming from that. You look at now getting half of that PE, C-Mark approved in the past, us, or quarter. Then again, we mentioned, we think the Ariana approval may happen during this fiscal quarter, getting our C-mark. So our teams, the regulatory, clinical teams, both here in the US and overseas, have done a really good job preparing our company's shift to a more tech-based approach and how we serve those customers over time.

Speaker Change: to a more tech-based approach and how we serve those customers over time.

Speaker Change: That's great. Thanks, guys.

Speaker Change: Thank you. The next question is coming from Yi Chen of HC Wainwright. Please go ahead.

Yi Chen: Thank you for taking my questions. Could you comment on if there is any difference in commercial strategies between the U.S. and Europe for Alphabet for the PE education and what is the expected impact on operating expenses? Thank you.

Yi Chen: That's great. Thanks, guys. Thank you. The next question is coming from Yi Chen of HC Wainwright. Please go ahead.

Stephen Trowbridge: That's great. Thanks, guys.

Operator: Thank you.

Yi Chen: The next question is coming from you, Chen. Of H.C.

Yi Chen: Wayne Wright, please go ahead. Thank you for taking my questions. Could you come in if there is any difference in commercial strategies between the US and Europe or off-of-effects for the PE indication? And what is the expected impact on operating expenses? Thank you.

James C. Clemmer: Thank you for taking my questions.

Speaker Change: Hi Yi, thanks for the question.

Speaker Change: You know, the base fundamentals of treating PE is the same here in the U.S. as it is in Europe . The market development has been different. The U.S. market has gone a little faster towards catheter-based approach adoption.

James C. Clemmer: Hi Yi, thanks for the question. You know, the basic fundamentals of treating PE are the same here in the U.S. as it is in Europe. The market development has been different. The U.S. market has gone a little faster towards the catheter-based approach adoption with some of the other companies and us that have entered this market. So we're working, really, our European team just went through extensive training, our own team, and even some of our clinical partners that we utilize across Europe to support the use of the product.

Stephen Trowbridge: Hi, y'all. Thanks for the question. You know, the base fundamentals of treating PE are the same here in the US as it is in Europe.

Speaker Change: with some of the other companies and us that have entered this market. So we're working really, our European team just went through extensive training.

Speaker Change: our direct team and even some of our clinical partners that we utilize across Europe to support the use of the product. So we're really excited by the clinical training they've gone through. They're ready to support products and I've heard some really good results from the procedures that we've already been able to complete recently.

Stephen Trowbridge: The market development has been different. The US market has gone a little faster towards catheter-based approach and adoption, with some of the other companies that have entered this market. So, we're working really hard. You're a team just with the extensive training. Our direct team and even some of our clinical partners that we utilize across your support, the use of the product. So, we're really excited by the clinical training they've gone through. The ready to support products and I've heard some really good results from the procedures that we've already been able to complete recently.

Speaker Change: So it's going to take a really good approach. What we've done to prepare for this is aligning ourselves, our direct team, with some really good clinical-based partners to support the growth of AlphaVac treating PE outside of the U.S. in the format that makes the most sense to us.

James C. Clemmer: So we're really excited by the clinical training they've gone through. They're ready to support products, and I've heard some really good results from the procedures that we've already been able to complete recently. So it's going to take a really good approach. What we've done to prepare for this is aligning ourselves, our direct team, with some really good clinically-based partners to support the growth of AlphaVac treating PE outside of the U.S. in the format that makes the most sense to us.

Stephen Trowbridge: So, it's going to take a really good approach. What we've done to prepare for this is aligning ourselves, our direct team, with some really good clinical-based partners, to support the growth of alphabet training PE outside of the US in the format that makes the most sense to us. So, it's economically feasible for us. And it also gives our people the clinical region they need to support patient care.

Steve: So it's economically feasible for us, and it also gives our people the clinical reach that they need to support patient care. Over time, built into the projections we gave this morning for our FY25 projections, you've got really those investments in the U.S. and outside of the U.S. to support the product growth already built into our P&L that Steve gave guidance on.

James C. Clemmer: So it's economically feasible for us, and it also gives our people the clinical reach that they need to support patient care. Over time, built into the projections we gave this morning for our FY25 projections, you've got those investments in the U.S. and outside of the U.S. to support the product growth already built into our P&L that Steve gave.

Stephen Trowbridge: Over time, built into the projections we gave this morning for our FY-25 projections. You've got really those investments in the US and outside of the US to support the product growth. Already built into our therapy analysis. Got it.

Speaker Change: Got it. And could you also give us some specifics on the prostate patient population that are suitable to receive ventilator treatment? Thank you.

Speaker Change: Sure Yi, thanks for the question.

Yi Chen: So, we think that the perfect opportunity for us to start with this initiative was to go after the intermediate risk patients. So, those are the patients that have been diagnosed with prostate cancer, but they're right on the cusp in terms of what treatment option they're going to get. Right now, they've got two options that are on either end of a very diverse spectrum. Either they go to a radical prostatectomy and have surgery, very good overall survival results.

Yi Chen: And could you also give us some specifics on the prostate patient population that are suitable to receive that online treatment? Thank you. Sure, thanks for the question.

Yi Chen: Sure Yi, thanks for the question. So we think that the perfect opportunity for us to start this initiative was to go after the intermediate risk patients. So those are the patients that have been diagnosed with prostate cancer, but they're right on the cusp in terms of what treatment option they're going to get. Right now, they've got two options that are on either end of a very diverse spectrum.

Stephen Trowbridge: So, we think that the perfect opportunity for us to start with this initiative was to go after the intermediate risk patients. So, those are the patients that have been diagnosed with prostate cancer. But right on the cost, in terms of what treatment options they're going to get. Right now, they've got two options that are on either end of a very diverse spectrum. Either they go to a radical prostatectomy and have surgery. Very good overall survival results. Terrible in terms of the amount of side effects of those patients typically suffer in terms of evidence or incontinence.

Yi Chen: Terrible in terms of the amount of side effects that those patients typically suffer in terms of impotence or incontinence. The other end of the spectrum is watchful waiting or active surveillance. It really means no treatment.

Stephen A. Trowbridge: Either they go to a radical prostatectomy and have surgery, very good overall survival results, terrible in terms of the amount of side effects that those patients typically suffer in terms of impotence or incontinence. The other end of the spectrum is watchful waiting or active surveillance, which really means no treatment. And so we think that the NanoKnife opportunity really fits well for those intermediate-risk patients where we can go in, treat the condition that they have, preserve future treatment options, and importantly, preserve those quality of life impacts so that they don't suffer those side effects.

Yi Chen: And so we think that the NanoKnife opportunity really fits well for those intermediate risk patients where we can go in, we can treat the condition that they have.

Yi Chen: preserve future treatment options, and importantly, preserve those quality of life impacts so that they don't suffer those side effects.

Stephen Trowbridge: The other end of the spectrum is watchful waiting or active surveillance. Really mean. and no treatment. And so we think that the nanonife opportunity really fits well for those intermediate risk patients where we can go in, we can treat the condition that they have, preserve future treatment options, and importantly preserve those quality of life impacts so that they don't suffer those side effects.

Yi Chen: A lot of all that information is what we're looking forward to talking about when we come out with the preserved data to show that it's an option that just men don't have today for that very large intermediate risk population.

Stephen A. Trowbridge: A lot of that information is what we're looking forward to talking about when we come out with the preserved data to show that it's an option that just men don't have today for that very large intermediate risk population.

Speaker Change: Got it. Thank you.

Stephen Trowbridge: A lot of all that information is what we're looking forward to talking about when we come out with the preserved data to show that it's an option that just men don't have today for that very large intermediate risk population.

Speaker Change: Thank you. This brings us to the end of the question and answer session. I would like to turn the floor back over to Mr. Clemmer for closing comments.

James C. Clemmer: Thank you, operator. I'd like to thank our team here at AngioDynamics that's worked with us.

Yi Chen: Got it. Thank you.

James C. Clemmer: to support our goal and our direction change to become a medical technology company. It's much easier to say that than to actually do it. The work we've done on the R&D basis, listening to the customers, giving us their feedback on how to design and develop really unique, innovative products that can improve patient safety and physician efficacy.

Operator: Thank you. This brings us to the end of the question and answer session. I would like to turn the floor back over to Mr. Clemmer for closing comments.

James Clemmer: This brings us to the end of the question and answer session. I would like to turn the floor back over to Mr. Clemmer for closing comments.

James C. Clemmer: Thank you, operator. I'd like to thank our team here at AngioDynamics that's worked with us to support our goal and our direction change to become a medical technology company. It's much easier to say that than to actually do it.

James Clemmer: Thank you, operator. I'd like to thank our team here at AngioDynamics. That's worked with us to support our goals in our direction change to become a medical technology company.

James C. Clemmer: Well, we're doing that transformation along that journey. We hope to create value for our investors So thank you for joining us today, and thanks to our team here at AngioDynamics

James Clemmer: It's much easier to say that to actually do it. The work we've done on the R&D basis, listening to the customers, giving us their feedback and how to design and develop really unique, innovative products that can improve patient safety and physician efficacy. What we're doing that transformation along that journey, we hope to create value for our investors. So thank you for joining us today. Thanks to our team here at AngioDynamics.

James C. Clemmer: The work we've done in R&D, listening to customers, giving us their feedback on how to design and develop really unique, innovative products that can improve patient safety and physician efficacy. Well, we're doing that transformation along that journey, and we hope to create value for our investors.

Speaker Change: Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your line to log off the webcast at this time and enjoy the rest of your day.

Operator: Ladies and gentlemen, thank you for your participation.

Operator: This concludes today's event. You may disconnect your launch.

I'll log off the webcast at this time and enjoy the rest of your day.