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AngioDynamics (ANGO) Q1 FY27 earnings call: guidance and Q&A

Earnings call· Aug 2026 (Q1 FY27)· Health Care· Oct 8, 2026

Source: earnings call transcript

Executive summary

AngioDynamics Q1 FY27 — MedTech up 13.2%, margin expansion, new CEO named

A standard call that mixes a CEO succession announcement with a quarter showing the mix shift toward MedTech steadily lifting margins and narrowing losses. Management stuck with its outlook and leaned on NanoKnife disposables, Auryon share gains and AlphaVac momentum. Quality of the margin beat and cash cadence, plus execution under new leadership, are the open questions.

Highlights

5

  • Revenue $80.9M, up 6.9%; MedTech $39.9M, up 13.2%, now 49% of revenue vs 47% a year ago

  • Auryon $18.9M, up 14.7%, 21st consecutive quarter of double-digit growth

  • NanoKnife $8.3M, up 29%; probes up 24.1% and capital up 53.5%, with record prostate procedure volumes

  • Gross margin 59.4%, up 410 bps (57.8% excluding tariff refunds); adjusted EBITDA $5.0M vs $2.2M

  • Adjusted loss per share $(0.04) vs $(0.10); FY27 guidance reiterated

Concerns

5

  • Q1 operating cash use of $15.3M (seasonally largest); cash $34M

  • AngioVac revenue $7.5M, down 5.9% YoY against a tougher comp

  • Gross margin boosted by $1.2M tariff refunds; H2 margin expected below H1; tariff expense $0.9M

  • Med Device only +1.4% and guided roughly flat; GAAP net loss $7.1M ($0.17/share)

  • CEO transition: Eric Honroth succeeds Jim Clemmer Nov 2

Guidance & targets

CategoryTargetConfidence
Full-year revenue
$336M-$341M (5%-6.5% growth)
high materiality
High
MedTech net sales growth
12%-15% YoY
high materiality
High
Med Device net sales
roughly flat
medium materiality
High
Full-year gross margin
54%-55%
high materiality
High
Full-year gross margin (Q&A statement)
55%-56%
medium materiality
Low
Gross margin phasing
First half higher than second half of FY27
medium materiality
Medium
Adjusted EBITDA
$13M-$16M
high materiality
High
Adjusted loss per share
$(0.29) to $(0.24)
high materiality
High
Tariff impact
Broadly similar to FY26
medium materiality
Medium
Operating cash flow
Positive for full FY27
high materiality
High
R&D spend
approximately 10% of sales
medium materiality
High
MedTech share of revenue
Majority of revenue during FY27
medium materiality
Medium
AngioVac growth
single-digit growth; return to more normal growth as year progresses
low materiality
Medium
AlphaReturn label timing
On label early next calendar year
medium materiality
Medium
NanoKnife capital sales growth
Not expected to continue at Q1 rate (+53.5%)
low materiality
Medium

Segment performance

SegmentRevenueYoYQoQMargin
MedTech
Growth driven by Auryon, mechanical thrombectomy and NanoKnife; component platforms sum to about $39.2M, remainder other MedTech.
Share of total revenue: 49% (vs 47% a year ago)
$39.9M13.2%——
Med Device
Steady cash generator; FY27 guided roughly flat. MedTech and Med Device sum to $80.9M total.
Share of total revenue: ~51% (implied)
$41.0M1.4%——
Auryon
Share gains in hospital and OBL; international adoption after CE Mark; AmbitionVT enrolling.
Consecutive quarters of double-digit YoY growth: 21
$18.9M14.7%——
Mechanical thrombectomy (AngioVac + AlphaVac)
Combined portfolio; AlphaVac driving growth.
$12.0M6.7%——
AlphaVac
Growing hospital adoption.
$4.5M37.4%6.4%—
AngioVac
Tougher comp; underlying demand said to remain strong.
$7.5M-5.9%9.1%—
NanoKnife
Record prostate procedure volumes; capital lumpy; disposables are bellwether. John Young cited ~20% sequential disposable decline from Q4 (analyst-origin, not confirmed).
Probe sales growth: 24.1%Capital sales growth: 53.5%
$8.3M29%——

Risks & headwinds

Tariffs FY27

Q1 tariff expense $0.9M vs $1.7M; $1.2M refunds; net benefit ~$0.4M; FY27 impact similar to FY26

Mitigation:Pursuing additional refunds (timing unknown); situation described as dynamic

Gross margin phasing and inflation H2 FY27

Q1 59.4% (57.8% ex refunds) vs FY guide 54%-55%; H2 below H1

Mitigation:Pricing, MedTech mix, Costa Rica savings

Cash consumption seasonality FY27

Q1 operating cash used $15.3M; cash $34M

Mitigation:Positive FY operating cash flow expected, debt-free

AngioVac weakness FY27

$7.5M, -5.9% YoY

Mitigation:Expected return to normal (single-digit) growth; AlphaVac driving

NanoKnife lumpy capital and uneven reimbursement Ongoing

Capital +53.5% not repeatable; coverage not yet nationwide

Mitigation:Alternative placement models; work with additional MAC regions

Leadership transition Near term

New CEO effective Nov 2, 2026

Mitigation:Clemmer remains closely involved

Competitive intensity in atherectomy and thrombectomy Ongoing

Five other players in atherectomy; competitor disruption noted

Mitigation:Product differentiation, sales force additions, AlphaReturn

What to watch in Q2 FY27

NanoKnife probe growth and capital normalization

Q2 FY27
Current Probes +24.1%; capital +53.5%
Target Probe growth sustained with Q2 seasonal step-up; capital growth moderating

Why it matters

Disposables are the bellwether for NanoKnife thesis

We continue to view disposables as the bellwether for this business.

Find out whether ANGO delivers this. Inve re-checks your case every morning.

Q&A highlights

How long until newly placed systems meaningfully lift disposables?

Trowbridge said disposables are the better gauge; utilization varies by system, prior NanoKnife experience and local reimbursement. Multiple placement models avoid capital being a governor; no timeline given.

“we don't want access to capital to be a governor on whether or not a urologist chooses NanoKnife for their practice.”

asked by Frank Takkinen · answered by Stephen Trowbridge

2 min read 6 chapters

Detailed narrative

Leadership transition

The board completed its CEO search; Eric Honroth joins as President and CEO effective November 2. He most recently was Global President, Life Science at a company transcribed as "Getting" (likely garbled), and previously led its $1.2B North American business, with prior roles at Abbott Vascular, Becton Dickinson, Care Fusion and Boston Scientific.

Jim Clemmer, after 10 years leading the company, will stay closely involved to ensure a smooth transition.

Top-line and mix shift

Revenue grew 6.9% to $80.9M, led by MedTech at $39.9M (+13.2%), lifting MedTech to 49% of sales from 47%. Med Device at $41M grew 1.4% and is positioned as the cash engine funding MedTech investment. Management says MedTech will become a majority of revenue within FY27.

Auryon and mechanical thrombectomy

Auryon grew 14.7% to $18.9M, with share gains in both hospital and office-based labs and growing international adoption after CE Mark. Mechanical thrombectomy was $12.0M (+6.7%): AlphaVac $4.5M (+37.4% YoY, +6.4% QoQ), AngioVac $7.5M (-5.9% YoY, +9.1% QoQ). AlphaVac and AngioVac right-sided infective endocarditis IDEs and the AlphaReturn IDE are enrolling strongly.

NanoKnife and reimbursement

NanoKnife revenue was $8.3M (+29%), with probes +24.1% and capital +53.5%; prostate is now the dominant organ treated, mostly in regional hospitals rather than universities. Record procedure volumes were reported, reimbursement progress includes the positive MAC decision last quarter and work with additional regions, and the FDA approved the RELIEF BPH study. Management expects seasonality: Q4 highest, Q1 slightly down, Q2 up, Q3 softest.

Margins and expenses

Gross margin was 59.4% (+410 bps) on pricing and mix, partly offset by the manufacturing transition and inflation; $1.2M tariff refunds lifted it, with 57.8% as baseline. Opex was $55.3M (68.4% of sales vs 69.4%); R&D $8.0M (9.9%) and SG&A $42.5M (52.5%). Costa Rica cost savings have been accelerated and are building into the base.

Cash and balance sheet

The company used $15.3M of operating cash in Q1, in line with expectations, driven by incentive and sales compensation payouts and tariffs. It ended with $34M cash and no debt. Cadence: Q1 largest use, Q2/Q3 around flat, Q4 largest generation, for positive full-year operating cash flow.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.