AngioDynamics(ANGO) - 2026 Q1 - Quarterly Results

Fiscal Year 2026 First Quarter Overview Executive Summary and Key Highlights AngioDynamics reported strong Q1 FY26 results with significant Med Tech growth, improved Adjusted EBITDA, and raised full-year guidance, while expecting positive cash flow Quarter Ended August 31, 2025 | Metric | Quarter Ended August 31, 2025 | Pro Forma* YoY Growth | | :--- | :--- | :--- | | Net Sales | $75.7 million | 12.2% | | Med Tech Net Sales | $35.3 million | 26.1% | | Med Device Net Sales | $40.4 million | 2.3% | - Med Tech segment delivered its fourth consecutive quarter of over 20% revenue growth[4] Metric | Metric | Value | | :--- | :--- | | Reported Adjusted EBITDA | $2.2 million (compared to ($0.2) million in prior year) | | GAAP loss per share | $0.26 | | Adjusted loss per share | $0.10 | | Cash and cash equivalents (end of Q1 FY26) | $38.8 million | - Raised full year FY 2026 guidance for net sales, Med Tech net sales growth, Adjusted EBITDA, and Adjusted EPS[4] - Continues to expect to be cash flow positive for the full fiscal year 2026[4][5] CEO Commentary CEO Jim Clemmer attributed Q1 success to strategic platform technologies and operational excellence, driving consistent profitable growth - Strategy to bring unique platform technologies to large, fast-growing global markets has paid off, resulting in four consecutive quarters of MedTech growth over 20%[3] - Continued performance combined with disciplined focus on operational excellence is driving sustained profitable growth[3] - Company is well-positioned to drive consistent, profitable growth and deliver sustained value creation during the balance of 2026 and beyond, supported by superior technologies, clinical investments, and balance sheet strength[6] Detailed Fiscal Year 2026 First Quarter Financial Results Net Sales Performance Q1 FY26 net sales grew 12.2% to $75.7 million, driven by 26.1% Med Tech growth, with Med Device sales up 2.3% Net Sales Performance (Pro Forma YoY Growth) | Category | Q1 FY26 Net Sales | YoY Growth | | :--- | :--- | :--- | | Total Net Sales | $75.7 million | 12.2% | | Med Tech Net Sales | $35.3 million | 26.1% | | Med Device Net Sales | $40.4 million | 2.3% | Med Tech Segment Sales Performance | Med Tech Platform | Q1 FY26 Sales | Increase | | :--- | :--- | :--- | | Auryon | $16.5 million | 20.1% | | Mechanical Thrombectomy (AngioVac, AlphaVac) | $11.3 million | 41.2% | | NanoKnife | $6.4 million | 26.7% (including 31.3% growth in probes) | Gross Margin Analysis Q1 FY26 GAAP gross margin improved to 55.3%, up 90 basis points year-over-year, due to Med Tech revenue and efficiency Gross Margin Performance | Metric | Q1 FY26 | Q1 FY25 | | :--- | :--- | :--- | | GAAP Gross Margin | 55.3% | 54.4% | | Sequential Gross Margin (Q4 FY25) | 55.3% | 52.7% | | Tariff Expense | $1.7 million | N/A | - Gross margin improvement primarily due to increased Med Tech revenue and operational efficiencies[9] Net Loss and Adjusted Net Loss Q1 FY26 GAAP net loss was $10.9 million ($0.26 per share), adjusted net loss improved to $4.2 million Net Loss and Adjusted Net Loss (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 | Q1 FY25 (Pro Forma) | | :--- | :--- | :--- | | GAAP Net Loss | $(10.9) million | $(12.9) million | | GAAP Loss per share | $(0.26) | $(0.32) | | Adjusted Net Loss | $(4.2) million | $(4.4) million | | Adjusted Loss per share | $(0.10) | $(0.11) | Adjusted EBITDA Q1 FY26 Adjusted EBITDA significantly improved to $2.2 million, a positive shift from $(0.2) million in Q1 FY25 Adjusted EBITDA Performance | Metric | Q1 FY26 | Q1 FY25 (Pro Forma) | | :--- | :--- | :--- | | Adjusted EBITDA | $2.2 million | $(0.2) million | Cash Flow and Balance Sheet Q1 FY26 cash utilization was $17.1 million, ending with $38.8 million cash and a debt-free balance sheet, expecting positive full-year cash flow - Company used $17.1 million of cash in Q1 FY26, which was better than expectations for the historically highest cash utilization quarter[13] Cash and Cash Equivalents | Date | Cash and Cash Equivalents | | :--- | :--- | | August 31, 2025 | $38.8 million | | May 31, 2025 | $55.9 million | - The Company maintains a debt-free balance sheet[14] - Continues to expect to be cash flow positive for the full year fiscal 2026[13] Clinical and Research Achievements AMBITION BTK Trial Enrollment First patient enrolled in AMBITION BTK trial, assessing Auryon Atherectomy System for critical limb ischemia - First patient enrolled in the AMBITION BTK trial, a prospective, multicenter, randomized controlled trial[15] - Trial investigates the Auryon Atherectomy System for treating challenging below-the-knee lesions in patients with Critical Limb Ischemia[15] - The trial will include up to 224 patients at up to 30 sites, with a companion registry enrolling up to 1,500 additional patients[15] RECOVER-AV Clinical Trial Enrollment First patient enrolled in RECOVER-AV trial, evaluating AlphaVac F1885 System for acute pulmonary embolism - First patient enrolled in the RECOVER-AV clinical trial[16] - The study evaluates the AlphaVac F1885 System for the treatment of acute, intermediate-risk pulmonary embolism[16] - Multi-center, multi-national study across Europe, Canada, and Hong Kong, following patients for 12 months to assess functional and quality-of-life outcomes[16] NanoKnife PRESERVE Study Publication PRESERVE study results published, showing NanoKnife System's effectiveness for prostate cancer with 84.0% disease-free rate and preserved quality of life - Results from the PRESERVE study published in European Urology, a leading journal in urologic research[18] - The study assessed the safety and effectiveness of irreversible electroporation with the NanoKnife System to ablate prostate tissue in patients with intermediate-risk prostate cancer[18] - Met primary effectiveness endpoint with 84.0% of men free from in-field, clinically significant disease at 12 months post-procedure, and demonstrated strong quality-of-life outcomes (96% urinary continence, 84% good sexual function)[18] Fiscal Year 2026 Financial Guidance Updated Guidance Metrics AngioDynamics raised its full-year FY26 guidance for net sales, Med Tech net sales growth, Adjusted EBITDA, and Adjusted EPS, reflecting increased confidence Fiscal Year 2026 Financial Guidance Update | Guidance Metric | Guidance Action | Current Guidance (as of Oct 2, 2025) | Previous Guidance (as of July 15, 2025) | | :--- | :--- | :--- | :--- | | Net Sales | Increased | $308 - $313 million | $305 - $310 million | | Med Tech Net Sales Growth | Increased | 14% - 16% | 12% - 15% | | Med Device Net Sales Growth | Unchanged | Flat | Flat | | Gross Margin | Unchanged | 53.5% - 55.5% | 53.5% - 55.5% | | Adjusted EBITDA | Increased | $6.0 - $10.0 million | $3.0 - $8.0 million | | Adjusted EPS | Increased | ($0.33) – ($0.23