AngioDynamics Q4 Earnings Call Highlights

AngioDynamics (NASDAQ:ANGO) reported higher fiscal fourth-quarter and full-year revenue, driven by continued growth in its med tech portfolio, while management said the company remains focused on balancing investment in clinical programs with profitability and cash generation.

On the company’s fiscal 2026 fourth-quarter and full-year earnings call, President and Chief Executive Officer Jim Clemmer said AngioDynamics ended the year with “consistent execution across the business” and that full-year med tech growth of more than 18% reflected share gains in cardiovascular and interventional oncology markets.

“We are delivering above-market profitable growth consistently,” Clemmer said. “We are taking share in the markets we set out to win, and we are doing it while expanding profitability and proving that the business can generate positive cash flow.”

Fourth-Quarter Revenue Rises 8%

Executive Vice President and Chief Financial Officer Steve Trowbridge said fourth-quarter revenue increased 8% to $86.6 million. Med tech revenue rose 16.7% to $41.8 million and represented 48% of total revenue, compared with 45% a year earlier. Med device revenue increased 1.1% to $44.8 million.

Within med tech, Auryon revenue was $17.8 million, up 14.4% from the prior year. Trowbridge said Auryon has now posted 20 consecutive quarters of double-digit year-over-year growth, supported by expanded use in hospitals, continued growth in office-based lab settings and international adoption following CE mark approval.

Mechanical thrombectomy revenue, which includes AngioVac and AlphaVac, declined 1.1% to $11.1 million in the quarter. AlphaVac revenue increased 38.4% to $4.2 million, while AngioVac revenue fell 15.8% to $6.9 million. Trowbridge described the market as attractive but competitive and still early in its development, with patient care shifting from lytic-based therapies toward mechanical interventions.

NanoKnife was a standout in the quarter. Total NanoKnife revenue increased 64.5% to $11.8 million, with probe sales up 47% and capital sales up 132.5%. Trowbridge said probe sales were primarily driven by demand in prostate care and that the company reached record procedure volumes during the quarter. He cautioned, however, that capital sales can be “lumpy quarter-to-quarter” and said disposables remain the key indicator for the business.

Margins Improve, But GAAP Loss Widens

Gross margin in the fourth quarter was 54%, up 130 basis points from the prior-year period. Trowbridge said the improvement was driven mainly by the shift toward higher-margin med tech sales, partially offset by tariffs.

Total operating expenses were $57 million, or 66% of sales, compared with $48 million, or 60% of sales, a year earlier. Research and development expense was $8.2 million, or 9% of sales, while SG expense was $41.4 million, or 48% of sales.

On a GAAP basis, AngioDynamics reported a fourth-quarter net loss of $11.4 million, or $0.27 per share, compared with a net loss of $6.1 million, or $0.15 per share, a year earlier. Adjusted net loss was $2.8 million, or $0.07 per share, compared with an adjusted net loss of $1.1 million, or $0.03 per share. Adjusted EBITDA was $3.3 million, roughly in line with $3.4 million in the prior-year quarter.

Trowbridge said tariff expense was about $500,000 in the fourth quarter, compared with $1.6 million in the prior-year quarter.

Full-Year Med Tech Growth Leads Results

For fiscal 2026, revenue increased 9.4% to $320.2 million. Med tech revenue rose 18.4% to $150 million, while med device revenue increased 2.5% to $170.2 million.

• Auryon full-year revenue increased 17.7% to $66.9 million.
• Mechanical thrombectomy revenue rose 13.4% to $45 million, including AlphaVac revenue of $15.5 million, up 44.1%, and AngioVac revenue of $29.5 million, up 2.1%.
• NanoKnife revenue increased 35.2% to $33.1 million, with disposables up 28.7% and capital sales up 61.8%.

Full-year gross margin was 54.6%, up from 53.9% a year earlier. Trowbridge said tariffs had an approximately 150-basis-point negative impact on gross margin. Full-year tariff expense was about $4.8 million, compared with $1.6 million in the prior year, within the company’s previously stated $4 million to $6 million range.

GAAP net loss for the year was $36.7 million, or $0.88 per share, compared with a net loss of $34 million, or $0.83 per share, in fiscal 2025. Adjusted net loss was $10 million, or $0.24 per share, compared with an adjusted net loss of $10.2 million, or $0.25 per share. Adjusted EBITDA improved to $13.2 million from $7.6 million.

AngioDynamics generated $17.5 million of cash from operations in the fourth quarter and $3.1 million for the full year. The company ended fiscal 2026 with $53.9 million in cash and no debt.

Fiscal 2027 Guidance Calls For Continued Med Tech Growth

For fiscal 2027, AngioDynamics expects net sales of $336 million to $341 million, representing growth of 5% to 6.5% from fiscal 2026. The company expects med tech sales to grow 12% to 15%, while med device sales are expected to be roughly flat.

Management guided for gross margin of 54% to 55%, adjusted EBITDA of $13 million to $16 million and adjusted loss per share of $0.29 to $0.24. Trowbridge said the company expects the impact from tariffs to be broadly similar to fiscal 2026, while noting that the tariff environment remains dynamic.

Trowbridge said Auryon is expected to remain a mid-teens grower, mechanical thrombectomy should grow faster in fiscal 2027, and NanoKnife should continue to benefit from prostate momentum, with disposables as the primary driver.

Management Highlights Reimbursement, Clinical Data And Leadership Transition

During the question-and-answer session, management addressed NanoKnife reimbursement following the category 1 CPT code for prostate and liver that became effective Jan. 1 and a Medicare coverage framework from Palmetto. Trowbridge said the company is seeing “consistent good anecdotes around adoption” and payer coverage, but said broader reimbursement work remains with other regional decision makers.

Clemmer said clinical interest in NanoKnife among urologists remains central, while reimbursement progress helps remove barriers for hospitals and physicians. He also discussed the company’s RELIEF feasibility study in benign prostatic hyperplasia, saying the BPH market is large but that AngioDynamics is still studying the opportunity and has not sized the market.

In mechanical thrombectomy, Clemmer said the company made commercial changes in the fourth quarter, including changes to leadership structure, sales training and additions to the team. He said pricing pressure has not been a major issue in thrombectomy or atherectomy.

Clemmer also reiterated that he intends to retire after a decade with the company. He said the board is conducting a comprehensive search with an executive search firm and expects to identify the next CEO during the first half of fiscal 2027. Until then, Clemmer said he will continue leading the company alongside Trowbridge and is committed to a seamless transition.

About AngioDynamics (NASDAQ:ANGO)

AngioDynamics, Inc is a medical technology company headquartered in Latham, New York, that develops, manufactures and markets a broad range of minimally invasive medical devices. The company's products focus on three core areas: vascular access, peripheral vascular intervention and interventional oncology. Its solutions are designed to improve procedural outcomes, reduce complications and enhance patient comfort in hospital and outpatient settings.

In the vascular access segment, AngioDynamics offers a portfolio of devices including implanted ports, peripherally inserted central catheters (PICCs), hemodialysis catheters and specialty blood management products.

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