AngioDynamics develops, manufactures, and markets a broad line of products for minimally invasive surgical procedures to treat peripheral arterial disease. The company''s devices are used by interventional radiologists and vascular surgeons to treat non-coronary disease. Scope

Contains corporate strategy, value chain presence and SWOT Analysis

Provides detailed business description, segment analysis, 5-year financial trends, key products and key competitors

Includes information on suppliers/ partners, shareholding structure and key employees with biographies

Highlights

AngioDynamics'' diverse product line is classified under two product groups namely, interventional products that comprise angiographic products and accessories, dialysis products, vascular access products and oncology products that consist primarily of radio-frequency ablation products, tumor embolization products. AngioDynamics'' total revenues increased at a CAGR of 26% during 2002-2006, from $31 million to $78 million with revenues from product sales being the sole contributor.

The increase in revenues was primarily due to the continued growth from new product launches as well as the continuing market share gains of the existing product lines. AngioDynamics'' total revenues are forecasted to increase at a CAGR of 34% from $78 million in 2006 to $256 million in 2010. Apart from achieving sales growth by product innovations, AngioDynamics'' strategy is to acquire businesses and technologies that are complementary to the company. It also intends to expand its sales capabilities.

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During the first quarter of fiscal 2009 AngioDynamics began operating three business units: Peripheral Vascular, Access and Oncology/Surgery. Peripheral Vascular business unit sales were $18.4 million in the quarter, an increase of 31% from the first quarter a year ago, inclusive of the laser ablation products acquired from Diomed. Access business unit sales were $15.7 million in the quarter, an increase of 6% from the first quarter a year ago, and Oncology/Surgery sales grew 18% to $10.2 million in the first quarter.

"Fiscal 2009 is off to a very good start. The acquisition of Diomed has established AngioDynamics as the market leader in the laser ablation of varicose veins. In addition, we completed the reorganization of the Company into three market-focused business units, and we continued to develop our IRE technology. I am pleased with how rapidly we transitioned to our business unit operating structure. We have nearly completed the planned 40% expansion of our Peripheral Vascular and Access sales forces as well as made a number of other significant hires," said Eamonn P. Hobbs, President and CEO.

"During the quarter, we hired 35 former Diomed employees and integrated them into our Peripheral Vascular business unit. In addition, we immediately began implementing laser system and disposable product transition strategies. Customer demand for the EVLT(R) disposable products remained strong during the quarter. However, first quarter laser system sales were impacted by the market's uncertainty regarding Diomed during the months leading up to our acquisition. We believe we are gaining momentum in the marketplace and expect laser systems sales to grow as the year progresses," added Mr. Hobbs.

"We continue to make significant progress with NanoKnife, our first irreversible electroporation (IRE) product development program," continued Mr. Hobbs. "A key component of the NanoKnife program is the placement of systems with key thought leaders, including five of the top 10 cancer centers, in the U.S. and Europe. While our original plan was to place a total of 20 units, we have decided to increase the number to 25 due to the strong level of interest from leading specialists. To date, 12 NanoKnife IRE Systems have been installed and another 13 have been either shipped or are scheduled for shipment," added Mr. Hobbs.

"Investigator-sponsored clinical studies for liver, pancreatic, kidney, and lung lesions are expected to begin during our second and third fiscal quarters. We have had excellent results with the 17 prostate cancer patients who have been treated with NanoKnife in the U.S. In Italy, a second prostate cancer study with Italian Ministry of Health approval has begun with Professor Maurizio Brausi at the Carpi General Hospital near Bologna, Italy. In addition, we continue to pursue Australian, Canadian, and European regulatory approvals. During the quarter, we also made progress in developing pre-clinical program protocols for uterine fibroid ablation, brain, pancreatic, kidney, liver, lung, and endovascular therapies," concluded Mr. Hobbs.

The Company reported cash and investments at August 31, 2008 of $59.2 million and long term debt of $7.3 million.

Fiscal 2009 Guidance

The Company reaffirmed its outlook for fiscal 2009 of net sales in the range of $205-$210 million, GAAP operating income in the range of $21-$22 million, GAAP EPS of approximately $0.55 and EBITDA in the range of $33-35 million.

Conference Call

AngioDynamics management will host a conference call to discuss its first quarter results today beginning at 4:30 p.m. Eastern Time. To participate in the live call by telephone, please dial 1 (800) 218-0204 from the U.S. or for international callers, please dial +1 (303) 262-2053.

In addition, individuals can listen to the call on the Internet by visiting the investor relations portion of the Company's Web site at http://investor.angiodynamics.com. To listen to the live call, please go to the website 15 minutes prior to its start to register, download, and install the necessary audio software.

A replay will be available on the website. A telephone replay will be available from 6:30 p.m. Eastern time on October 2, 2008 through 11:59 p.m. Eastern time on October 9, 2008 by dialing 1 (800) 405-2236 (domestic) or +1 (303) 590-3000 (international) and entering the passcode: 11119718#.

Use of Non-GAAP Measures

Management uses non-GAAP measures to establish operational goals, and believes that non-GAAP measures may assist investors in analyzing the underlying trends in the Company's business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for or as superior to, financial reporting measures prepared in accordance with GAAP. In this news release, the Company has reported non-GAAP EBITDA, (earnings before interest, taxes, depreciation and amortization), and EBITDA per share. Management uses these measures in its internal analysis and review of operational performance. Management believes that these measures provide investors with useful information in comparing the Company's performance over different periods, particularly when comparing this period to periods in which the Company did not incur any expenses relating to these activities or items. By using these non-GAAP measures, management believes that investors get a better picture of the performance of the Company's underlying business. Management encourages investors to review the Company's financial results prepared in accordance with GAAP to understand the Company's performance taking into account all relevant factors, including those that may only occur from time to time but have a material impact on the Company's financial results. Please see the tables that follow for a reconciliation of GAAP to non-GAAP measures.

About AngioDynamics

AngioDynamics, Inc. is a leading provider of innovative medical devices used by interventional radiologists, surgeons, and other physicians for the minimally invasive treatment of cancer and peripheral vascular disease. The Company's diverse product line includes market-leading radiofrequency ablation and irreversible electroporation resection systems, vascular access products, angiographic products and accessories, dialysis products, angioplasty products, drainage products, thrombolytic products, embolization products and venous products. More information is available at www.angiodynamics.com.

Safe Harbor

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as "expects," "reaffirms" "intends," "anticipates," "plans," "believes," "seeks," "estimates," or variations of such words and similar expressions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ from the Company's expectations. Factors that may affect the actual results achieved by the Company include, without limitation, the ability of the Company to develop its existing and new products, future actions by the FDA or other regulatory agencies, results of pending or future clinical trials, overall economic conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of the Company to integrate the purchased Diomed businesses as well as the risk factors listed from time to time in the SEC filings of AngioDynamics, Inc., including but not limited to its Annual Report on Form 10-K for the year ended May 31, 2008. The Company does not assume any obligation to publicly update or revise any forward-looking statements for any reason.

ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
                                            Three months ended
                                            August 31,             August 31,
                                            2008                   2007
                                            (unaudited)
Net sales                                   $    44,323            $    37,526
Cost of sales                                    16,866                 15,025
         Gross profit                            27,457                 22,501
         % of net sales                          61.9    %              60.0    %
Operating expenses
Research and development                         3,962                  2,711
Sales and marketing                              13,091                 10,549
General and administrative                       4,331                  4,132
Amortization of intangibles                      2,251                  1,588
         Total operating expenses                23,635                 18,980
         Operating income                        3,822                  3,521
Other income (expense), net                      (251    )              288
         Income before income taxes              3,571                  3,809
Provision for income taxes                       1,360                  1,429
         Net income                         $    2,211             $    2,380
Earnings per common share
         Basic                              $    0.09              $    0.10
         Diluted                            $    0.09              $    0.10
Weighted average common shares
         Basic                                   24,298                 23,969
         Diluted                                 24,474                 24,244

ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
Reconciliation of Operating Income to non-GAAP EBITDA:
                                           Three months ended
                                           August 31,            August 31,
                                           2008                  2007
                                           (unaudited)
Operating income                           $      3,822          $      3,521
Amortization of intangibles                       2,252                 1,588
Depreciation                                      653                   504
         EBITDA                            $      6,727          $      5,613
EBITDA per common share
         Basic                             $      0.28           $      0.23
         Diluted                           $      0.27           $      0.23
Weighted average common shares
         Basic                                    24,298                23,969
         Diluted                                  24,474                24,244

ANGIODYNAMICS, INC. AND SUBSIDIARIES
NET SALES BY BUSINESS UNIT AND BY GEOGRAPHY
(in thousands)
                                          Three months ended
                                          August 31,          August 31,
                                          2008                2007
                                          (unaudited)
Net Sales by Business Unit
        Peripheral Vascular               $      18,434       $      14,087
        Access                                   15,686              14,782
        Oncology/Surgery                         10,203              8,657
                Total                     $      44,323       $      37,526
Net Sales by Geography
        United States                     $      39,261       $      34,007
        International                            5,062               3,519
                Total                     $      44,323       $      37,526

ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
                                                                    August 31,           May 31,
                                                                    2008                 2008
                                                                    (unaudited)          (2)
Assets
Current Assets
         Cash and cash equivalents                                  $      18,518        $    32,040
         Restricted cash                                                   -                  68
         Marketable securities                                             40,731             46,182
         Total cash and investments                                        59,249             78,290
         Receivables, net                                                  24,375             26,642
         Inventories, net                                                  28,199             22,901
         Deferred income taxes                                             8,450              10,902
         Prepaid expenses and other                                        5,162              3,147
         Total current assets                                              125,435            141,882
Property, plant and equipment, net                                         22,253             21,163
Intangible assets, net                                                     72,759             71,311
Goodwill                                                                   164,522            162,707
Deferred income taxes                                                      7,199              6,860
Other non-current assets                                                   3,802              4,824
         Total Assets                                               $      395,970       $    408,747
Liabilities and Stockholders' Equity
Current portion of long-term debt                                   $      340           $    10,040
Contractual payments on acquisition of business, net                       9,688              9,625
Other current liabilities                                                  19,005             19,537
Litigation provision                                                       -                  6,757
Long-term debt, net of current portion                                     6,990              7,075
         Total Liabilities                                                 36,023             53,034
Stockholders' equity                                                       359,947            355,713
         Total Liabilities and Stockholders' Equity                 $      395,970       $    408,747
Shares outstanding                                                         24,362             24,268
         (2) Derived from audited financial statements

ANGIODYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
                                                                                                                 Three months ended
                                                                                                                 August 31,              August 31,
                                                                                                                 2008                    2007
                                                                                                                 (unaudited)
Cash flows from operating activities:
           Net income                                                                                            $    2,211              $    2,380
           Depreciation and amortization                                                                              2,905                   2,092
           Tax effect of exercise of stock options                                                                    (74      )              76
           Deferred income taxes                                                                                      2,278                   981
           Stock-based compensation                                                                                   1,200                   1,211
           Other                                                                                                      173                     69
           Changes in operating assets and liabilities
                                 Receivables                                                                          3,544                   965
                                 Inventories                                                                          (2,114   )              (2,693  )
                                 Accounts payable and accrued liabilities                                             387                     (2,829  )
                                 Litigation provision                                                                 (6,757   )              120
                                 Other                                                                                (2,081   )              (1,868  )
                                                       Net cash provided by operating activities                      1,672                   504
Cash flows from investing activities:
           Additions to property, plant and equipment                                                                 (1,286   )              (2,604  )
           Acquisition of intangible assets and business                                                              (10,597  )              (1,193  )
           Change in restricted cash                                                                                  68                      502
           Purchases, sales and maturities of marketable securities, net                                              5,369                   (2,768  )
                                                       Net cash used in investing activities                          (6,446   )              (6,063  )
Cash flows from financing activities:
           Repayment of long-term debt                                                                                (9,785   )              (70     )
           Proceeds from exercise of stock options and ESPP                                                           1,140                   738
           Other                                                                                                      -                       4
                                                       Net cash (used in) provided by financing activities            (8,645   )              672
                                                       Effect of exchange rate changes on cash                        (103     )              -
                                                       Decrease in cash and cash equivalents                          (13,522  )              (4,887  )
Cash and cash equivalents
                                                       Beginning of period                                            32,040                  28,313
                                                       End of period                                             $    18,518             $    23,426

SOURCE: AngioDynamics, Inc.

AngioDynamics, Inc. 
D. Joseph Gersuk, CFO, 800-772-6446 ext. 1608 
jgersuk@AngioDynamics.com 
or 
EVC Group, Inc. 
Doug Sherk, 415-896-6820 (Investor Relations) 
dsherk@evcgroup.com 
Jenifer Kirtland, 415-896-6820 (Investor Relations) 
kirtland@evcgroup.com 
Steve DiMattia, 646-201-5445 (Media) 
sdimattia@evcgroup.com

"We are in the process of providing 20 NanoKnife(TM) systems to thought leaders in the surgical resection field," Mr. Hobbs continued. "As additional clinical trials progress and more data is obtained, we believe it is important to add a proven leader who can help manage the unique capabilities and growth potential of both NanoKnife(TM) and IRE. Given Agustin's strong working relationships with leading medical clinicians, governmental agencies and industry executives, we believe that he is the right person to lead the international operational initiatives of IRE, with expected commercial rollout beginning in the second fiscal quarter of 2009."

Mr. Gago joins AngioDynamics from E-Z-EM Inc., a provider of barium contrast media and devices for radiology, which was acquired by Bracco Diagnostics, Inc. in April 2008. Mr. Gago most recently served as Vice President, Global GI Business Unit, a position he assumed in 2002. In this role, he led the global GI marketing and international sales, managed a multi-tiered staff of 47, and grew international revenues to approximately 35% of total company sales. From 1998 until 2002, Mr. Gago served as Vice President, International Operations, where he established a sales distribution network in more than 80 countries.

Prior to joining E-Z-EM in 1998, Mr. Gago spent four years as Vice President, International Sales, at AngioDynamics. In this role, he led the Company's international sales efforts with a focus on rolling out the Company's interventional cardiology line. Mr. Gago received his Bachelor of Science degree in Business Management from Hofstra University.

About Irreversible Electroporation

Irreversible Electroporation (IRE) is a surgical resection technique in which electrical fields are used to create nano-scale defects in a cell's membrane, which causes cell death only in the targeted tissue, without destroying critical structures such as ducts, blood vessels and nerves. A research team headed by Boris Rubinsky, Distinguished Professor of Bioengineering at the University of California, Berkeley, invented the IRE technology used in the ongoing trials. The technology was exclusively licensed by the University of California to Oncobionic for commercial development. With the close of the acquisition of Oncobionic in April 2008, AngioDynamics has taken ownership of the exclusive license along with a developing portfolio of Intellectual Property in the area of IRE.

About AngioDynamics

AngioDynamics, Inc. is a leading provider of innovative medical devices used by interventional radiologists, surgeons, and other physicians for the minimally invasive treatment of cancer and peripheral vascular disease. The Company's diverse product line includes market-leading radiofrequency ablation systems, vascular access products, angiographic products and accessories, dialysis products, angioplasty products, drainage products, thrombolytic products, embolization products, venous products and the new IRE platform technology. More information is available at www.angiodynamics.com.

Safe Harbor

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as "expects," "reaffirms" "intends," "anticipates," "plans," "believes," "seeks," "estimates," or variations of such words and similar expressions, are forward-looking statements. These forward looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ from the Company's expectations. Factors that may affect the actual results achieved by the Company include, without limitation, the ability of the Company to develop its existing and new products, future actions by the FDA or other regulatory agencies, results of pending or future clinical trials, overall economic conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of the Company to integrate the purchased Diomed businesses as well as the risk factors listed from time to time in the SEC filings of AngioDynamics, Inc., including but not limited to its Annual Report on Form 10-K for the year ended June 2, 2007. The Company does not assume any obligation to publicly update or revise any forward-looking statements for any reason.

SOURCE: AngioDynamics, Inc.

AngioDynamics, Inc.
D. Joseph Gersuk, CFO, 800-772-6446 ext. 1608
jgersuk@AngioDynamics.com
or
EVC Group, Inc.
Investor Relations:
Doug Sherk, 415-896-6820
dsherk@evcgroup.com
Donald Takaya, 415-896-6820
dtakaya@evcgroup.com
Media:
Chris Gale, 646-201-5431
cgale@evcgroup.com