AngioDynamics, Inc.

What they do

AngioDynamics designs, manufactures and sells medical, surgical and diagnostic devices used by professional healthcare providers for vascular access, treatment of peripheral vascular disease, and oncology and surgical settings. Products are generally used in minimally invasive, image-guided procedures, are often single-use or temporarily implanted, and include the Auryon atherectomy system, the AlphaVac and AngioVac thrombectomy portfolio, and the NanoKnife ablation system. Manufacturing is primarily out of the Queensbury, New York facility, and the company reports in two segments: Med Tech and Med Device. It has been publicly traded on NASDAQ under the symbol ANGO since its founding in 1988.

Revenue drivers

• Med Device — The larger segment, with fiscal 2026 net sales of $170.2 million, or roughly 53% of total revenue, growing 2.5% on a pro forma basis. It covers the broader portfolio of vascular access, drainage and other devices outside the growth platforms.
• Med Tech — Fiscal 2026 net sales of $150.0 million, about 47% of total revenue, and the growth engine with 18.4% pro forma growth. It includes Auryon, the thrombectomy portfolio (AlphaVac, AngioVac, Uni-Fuse) and NanoKnife.
• Auryon atherectomy — Management said Auryon delivered its 20th consecutive quarter of double-digit growth, making it a core contributor within Med Tech.
• NanoKnife — Irreversible electroporation system for tumor ablation; adoption accelerated following the effective date of a Category I CPT code for prostate, and two-year PRESERVE trial data were presented in 2026.

Recent performance

Fiscal 2026 fourth quarter net sales were $86.6 million, up 8.0% pro forma year over year, with Med Tech up 16.7% to $41.8 million and Med Device up 1.1% to $44.8 million. Full fiscal year 2026 net sales were $320.2 million, up 9.4% pro forma, with Med Tech up 18.4% to $150.0 million and Med Device up 2.5% to $170.2 million. GAAP gross margin was 54.6% for the year, GAAP loss per share was $0.88, adjusted loss per share was $0.24, and adjusted EBITDA was $13.2 million. The company ended fiscal 2026 with $53.9 million in cash. Annual net income has been negative in each of the last five fiscal years, including a $36.7 million loss in fiscal 2026.

Strategy

Management describes an execution strategy built on innovative R&D, clinical and regulatory pathway expansion, and customer-centric sales performance. The company is shifting mix toward higher-growth, higher-margin Med Tech platforms, which rose from roughly 39% of revenue at the start of the transformation in 2020 to 47% in fiscal 2026. Clinical and regulatory milestones cited include FDA IDE approvals for the APEX-Return study of AlphaReturn with AlphaVac F18 85, the PAVE study of AngioVac for right-sided infective endocarditis, the RELIEF study of NanoKnife for benign prostatic hyperplasia, and the AMBITION BTK and RECOVER-AV trials. It also secured a Palmetto GBA local coverage determination for NanoKnife IRE in prostate and liver cancer effective July 5, 2026. Management highlights a debt-free balance sheet and positive cash generation as supports for continued investment.

Risks

• Intense competition and consolidation — The medical device markets are highly competitive with increasing consolidation, and many competitors have substantially greater financial, marketing and other resources.
• Technological obsolescence — Competitors may adapt faster, introduce products earlier, obtain patent protection or regulatory clearance earlier, or develop superior technologies that render AngioDynamics products obsolete or noncompetitive.
• Tariff and supply chain costs — Management said fiscal 2026 profitability was achieved even as the company absorbed tariff-related headwinds, and risk factors cite inflation, tariffs, labor shortages and raw material cost and availability.
• Regulatory and reimbursement uncertainty — Future actions by the FDA, domestic and foreign health care reforms, and results of pending or future clinical trials could affect the company's ability to obtain clearances or approvals.

Outlook

Management said it expects fiscal 2027 growth to be led by the Med Tech segment and that revenue mix should continue shifting toward higher-growth, higher-margin platforms. It pointed to a differentiated technology portfolio, multiple growth catalysts and a debt-free balance sheet with positive cash generation. The company did not provide specific numerical guidance in the excerpted materials.