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    ANGO
    Earnings call· May 2026(Q4 FY26)

    ANGIODYNAMICS Q4 FY26 earnings call ANGO

    Jul 14, 2026 Source

    Executive summary

    AngioDynamics, Inc. Q4 FY26 — MedTech Growth and NanoKnife Momentum Drive Profitability

    AngioDynamics capped off FY26 with strong MedTech growth, particularly in NanoKnife and Auryon, driving improved gross margins and positive cash flow despite tariff headwinds. The company is strategically investing in clinical data and commercial execution to sustain above-market growth in its MedTech platforms, while managing profitability and maintaining a debt-free balance sheet for FY27.

    Highlights

    5

    • Full-year MedTech revenue grew over 18% to $150 million, demonstrating strong platform performance.

    • NanoKnife revenue increased 64.5% in Q4 FY26 to $11.8 million, driven by record prostate procedure volumes and CPT code effectiveness.

    • Auryon delivered its 20th consecutive quarter of double-digit year-over-year growth, with Q4 FY26 revenue of $17.8 million, up 14.4%.

    • Q4 FY26 gross margin improved by 130 basis points year-over-year to 54%, primarily due to product mix shift to higher-margin MedTech sales.

    • The company generated $3.1 million in cash from operations for FY26, ending the year with a strong debt-free balance sheet of $53.9 million in cash.

    Concerns

    3

    • Mechanical thrombectomy revenue decreased 1.1% year-over-year in Q4 FY26 to $11.1 million, primarily due to a 15.8% decrease in AngioVac sales.

    • Q4 FY26 GAAP net loss widened to $11.4 million, or $0.27 per share, compared to a net loss of $6.1 million, or $0.15 per share, in Q4 FY25.

    • Adjusted loss per share for FY27 is expected to be in the range of $0.29 to $0.24, indicating continued unprofitability on an adjusted basis.

    Guidance & targets

    14
    CategoryTargetConfidence
    Net sales
    $336 million to $341 million
    high materiality
    High
    MedTech net sales growth
    12% to 15% year-over-year
    medium materiality
    High
    Med Device sales
    roughly flat
    medium materiality
    High
    Gross margin
    54% to 55%
    high materiality
    High
    Adjusted EBITDA
    $13 million to $16 million
    high materiality
    High
    Adjusted loss per share
    $0.29 to $0.24
    high materiality
    High
    Tariff impact
    broadly similar to fiscal '26
    medium materiality
    Medium
    R&D expense as % of sales
    approximately 10%
    medium materiality
    High
    CEO transition
    during the first half of fiscal 2027
    high materiality
    High
    Mechanical thrombectomy growth
    grow faster for us
    medium materiality
    High
    Auryon growth
    mid-teens range
    medium materiality
    High
    NanoKnife capital sales
    not expect capital to grow at this rate going forward
    low materiality
    High
    NanoKnife disposables
    primary driver
    medium materiality
    High
    Cash flow from operations
    positive cash flow
    high materiality
    High

    Segment performance

    14
    SegmentRevenueYoYQoQMargin
    MedTech
    Reflects an ongoing shift in business mix, up from 45% of total revenue a year ago.
    Percentage of total revenue: 48%
    		$41.8 million16.7%——
    Auryon
    Growth supported by strategy to shift atherectomy business towards hospital side of care and international adoption.
    Consecutive quarters of double-digit year-over-year growth: 20
    		$17.8 million14.4%——
    Mechanical thrombectomy (AngioVac and AlphaVac)
    Overall segment decrease, with AlphaVac growth offset by AngioVac decline. Catalysts ahead include AlphaVac blood management system and AngioVac right-sided infective endocarditis study.
    		$11.1 million-1.1%——
    AlphaVac
    Continued strong trajectory within the mechanical thrombectomy portfolio.
    		$4.2 million38.4%——
    AngioVac
    Year-over-year decrease in Q4, but expected to return to growth against more normal comparisons in FY27.
    		$6.9 million-15.8%——
    NanoKnife
    Probe sales driven by demand for prostate care, hitting record procedure volumes. Capital sales are lumpy.
    Probe sales growth: 47%Capital sales growth: 132.5%
    		$11.8 million64.5%——
    Med Device
    This business generates consistent cash and profitability, supporting investment in MedTech platforms.
    		$44.8 million1.1%——
    MedTech (Full Year)
    Strong full-year growth for the MedTech segment.
    		$150 million18.4%——
    Auryon (Full Year)
    Consistent growth for the full fiscal year.
    		$66.9 million17.7%——
    Mechanical thrombectomy (AngioVac and AlphaVac) (Full Year)
    Solid full-year growth for the combined mechanical thrombectomy portfolio.
    		$45 million13.4%——
    AlphaVac (Full Year)
    Strong full-year performance.
    		$15.5 million44.1%——
    AngioVac (Full Year)
    Full-year growth for AngioVac.
    		$29.5 million2.1%——
    NanoKnife (Full Year)
    Strong full-year growth driven by both disposables and capital sales.
    Disposables growth: 28.7%Capital growth: 61.8%
    		$33.1 million35.2%——
    Med Device (Full Year)
    Steady full-year growth for the Med Device segment.
    		$170.2 million2.5%——

    Operational metrics

    21
    Gross margin
    54%130-basis-point increase
    Q4 FY26

    Gross margin for the fourth fiscal quarter of 2026.

    Total operating expenses
    $57 million
    Q4 FY26

    Total operating expenses for the fourth fiscal quarter of 2026, compared to $48 million or 60% of sales in Q4 FY25.

    R&D expense
    $8.2 million
    Q4 FY26

    Research and development expense for the fourth fiscal quarter of 2026, compared to $6.6 million or 8% of sales a year ago.

    SG&A expense
    $41.4 million
    Q4 FY26

    Selling, general and administrative expense for the fourth fiscal quarter of 2026, compared to $36.7 million or 46% of sales a year ago.

    GAAP net loss
    $11.4 million
    Q4 FY26

    GAAP net loss for the fourth fiscal quarter of 2026, compared to $6.1 million in Q4 FY25.

    GAAP loss per share
    $0.27
    Q4 FY26

    GAAP loss per share for the fourth fiscal quarter of 2026, compared to $0.15 in Q4 FY25.

    Adjusted net loss
    $2.8 million
    Q4 FY26

    Adjusted net loss for the fourth fiscal quarter of 2026, compared to $1.1 million in Q4 FY25.

    Adjusted loss per share
    $0.07
    Q4 FY26

    Adjusted loss per share for the fourth fiscal quarter of 2026, compared to $0.03 in Q4 FY25.

    Adjusted EBITDA
    $3.3 million
    Q4 FY26

    Adjusted EBITDA for the fourth fiscal quarter of 2026, compared to $3.4 million in Q4 FY25.

    Tariff expense
    $500,000
    Q4 FY26

    Tariff expense for the fourth fiscal quarter of 2026, compared to $1.6 million in Q4 FY25.

    Revenue growth
    9.4%
    FY26

    Full-year revenue growth for fiscal 2026, reaching $320.2 million.

    Gross margin
    54.6%70-basis-point increase
    FY26

    Gross margin for fiscal 2026, up from 53.9% in the prior year.

    Gross margin negative impact from tariffs
    150-basis-point
    FY26

    Approximate negative impact on total gross margins for fiscal 2026 due to tariffs.

    Total operating expenses
    $214.8 million
    FY26

    Total operating expenses for fiscal 2026, compared to $197.8 million or 68% of sales a year ago.

    Adjusted net loss
    $10 million
    FY26

    Adjusted net loss for fiscal 2026, compared to $10.2 million in FY25.

    Adjusted loss per share
    $0.24
    FY26

    Adjusted loss per share for fiscal 2026, compared to $0.25 in FY25.

    GAAP net loss
    $36.7 million
    FY26

    GAAP net loss for fiscal 2026, compared to $34 million in FY25.

    GAAP loss per share
    $0.88
    FY26

    GAAP loss per share for fiscal 2026, compared to $0.83 in FY25.

    Adjusted EBITDA
    $13.2 million
    FY26

    Adjusted EBITDA for fiscal 2026, compared to $7.6 million in FY25.

    Tariff expense
    $4.8 million
    FY26

    Tariff expense for fiscal 2026, compared to $1.6 million in FY25. This was in line with the $4 million to $6 million guided range.

    Cash balance
    $53.9 million
    End of FY26

    Cash balance at the end of fiscal 2026, with a debt-free balance sheet.

    Industry KPIs

    11
    MetricValueDetails
    Pricing realized pricenot an issue
    Market growth outgrowthattractive market in its early stage
    New product launch rampIDE approval and active pivotal trial
    Procedure volume growthrecordvolumes
    FCF conversion leverage guidance$3.1 millionUSD
    Installed base system placements132.5%%
    Segment franchise organic growth18.4%%
    Consumables recurring revenue mix47%%
    Sales force commercial capacity buildchanged commercial approach, new leadership structure, training
    Indicated addressable patient populationdwarfs the prostate market
    Pivotal trial clinical evidence milestones100% negative biopsy rate%

    Risks & headwinds

    4
    Tariff impactQ4 FY26, FY26, FY27

    $500,000 in Q4 FY26, $4.8 million for FY26

    Mitigation: Company has demonstrated ability to forecast and manage these costs; expected to be broadly similar in FY27.

    Competitive market in mechanical thrombectomyOngoing

    Mechanical thrombectomy revenue decreased 1.1% year-over-year in Q4 FY26

    Mitigation: Sharpened commercial execution, new leadership structure, enhanced sales force training, and focus on product differentiation.

    Lumpy capital sales for NanoKnifeOngoing

    NanoKnife capital sales grew 132.5% in Q4 FY26, but are inherently lumpy

    Mitigation: Focus on disposables as the primary driver, which are viewed as the bellwether for the business.

    CEO leadership transitionFirst half of fiscal 2027

    Jim Clemmer intends to retire

    Mitigation: Board is running a comprehensive search with a leading executive search firm; Jim Clemmer is committed to a seamless handoff.

    Q&A highlights

    8

    What changes in neurologist adoption or account additions have been seen since the Palmetto LCD went live, what's the timeline for benefit, and the pathway to broader national coverage?

    The Palmetto decision is important, but the CPT code alone wasn't a "hockey stick." Consistent positive anecdotes and payer coverage are emerging. The company will follow the same playbook to secure consistent reimbursement across the country, building on the first positive LCD.

    “Palmetto is a very important piece of that and making sure that we got now the first positive LCD out there is going to be an important element for us to grow on and continue to drive adoption.”

    asked by John Young · answered by Stephen Trowbridge

    2 min read6 chapters

    Detailed Narrative

    01

    Strategic Transformation & MedTech Focus

    AngioDynamics has successfully transformed into a fast-growing, profitable company, with its MedTech segment now comprising 47% of total revenue in FY26, up from 22% in FY20. This segment has grown at a 24% CAGR over the past six years, driven by innovation in large global markets. The company emphasizes consistent execution and disciplined investment in high-growth platforms, aiming for above-market profitable growth consistently.

    02

    NanoKnife Momentum & Reimbursement

    NanoKnife demonstrated exceptional performance, especially in prostate care, with record procedure volumes in Q4 FY26. Key drivers include strong 2-year data from the PRESERVE study, effective Category 1 CPT code since January 1, and a new Medicare coverage framework from Palmetto, which is expected to further support patient access and drive increased probe utilization. The company plans to pursue consistent reimbursement across the country, building on this initial success.

    03

    Cardiovascular Platform Performance

    Auryon achieved its 20th consecutive quarter of double-digit year-over-year growth, expanding its presence in both hospital and OBL settings, and gaining international adoption. Mechanical thrombectomy, including AlphaVac and AngioVac, grew 13.4% for the full year, despite a Q4 decline in AngioVac. The company is investing in catalysts like the AlphaVac blood management system (IDE approval, pivotal trial) and AngioVac right heart program, expecting faster growth in FY27.

    04

    Clinical Data Investment & Pipeline

    AngioDynamics is committed to prudently investing in high-quality clinical data to drive adoption and expand markets. This includes the AMBITION BTK study expansion, the RELIEF feasibility study for BPH (with FDA IDE approval), and the ARTIRE study for prostate cancer combining IRE with reduced radiation, which showed promising results (100% negative biopsy rate at 12 months, 90% PSA reduction at 3 months). These efforts aim to build one of the strongest data engines in their space.

    05

    Financial Discipline & Cash Generation

    The Med Device segment provides consistent cash and profitability, enabling investment in higher-growth MedTech platforms. Despite absorbing $4.8 million in tariffs and managing working capital actions, the company generated $3.1 million in cash from operations for FY26 and maintains a strong, debt-free balance sheet with $53.9 million in cash. This demonstrates the underlying cash generation profile of the business model, with positive cash flow expected in FY27.

    06

    Commercial Execution & Leadership Transition

    The company has sharpened its commercial execution, particularly in mechanical thrombectomy, with new leadership and enhanced sales force training to capture more market share. CEO Jim Clemmer announced his retirement, with a successor expected in H1 FY27, ensuring a seamless transition. The company is focused on strengthening its commercial teams with experienced personnel to drive continued market share gains.

    AI-generated summary of the company’s earnings call. Not investment advice.