AngioDynamics, Inc. (NASDAQ:ANGO) posted stronger-than-expected first-quarter results across its Med-Tech businesses and lifted its fiscal 2026 guidance. Canaccord Genuity analysts, led by John Young, reiterated their Buy rating on AngioDynamics and increased their price forecast to $18 from $17, citing growth across its portfolio and expectations for positive cash flow in fiscal 2026. First-quarter revenue rose 12.1% to $75.7 million, above consensus, led by a 26.2% jump in Med-Tech sales. Gross margin re ...

Core Insights - AngioDynamics, Inc. (ANGO) reported a pro-forma adjusted loss per share of 10 cents for the first quarter of fiscal 2026, an improvement from the adjusted loss of 11 cents in the same quarter last year, and better than the Zacks Consensus Estimate of a loss of 14 cents [1][7] - Pro-forma revenues for the fiscal first quarter reached $75.7 million, reflecting a year-over-year increase of 12.2% and surpassing the Zacks Consensus Estimate by 4.8% [3][7] - The company raised its fiscal 2026 sales outlook to a range of $308-$313 million, up from the previous guidance of $305-$310 million, driven by strong performance in the Med Tech segment [15][21] Revenue Performance - U.S. net revenues for the quarter totaled $66.5 million, up 11.7% year over year, exceeding the estimate of $62.3 million [6] - Pro-forma international revenues were $9.3 million, a 15.6% increase from the previous year, although below the projected $10.2 million [8] - The Med Tech segment's pro-forma net sales were $35.3 million, a 26.1% year-over-year increase, outperforming the estimate of $32.7 million [9][10] Segment Analysis - The growth in the Med Tech segment was primarily driven by increased sales of the Auryon platform, which generated $16.5 million (up 20.1% year over year), and Mechanical Thrombectomy revenues of $11.3 million (up 41.2% year over year) [10][19] - Pro-forma Med Device revenues totaled $40.5 million, reflecting a modest increase of 2.3% from the prior year, slightly above the estimate of $39.9 million [11] Margin and Expense Analysis - Pro forma gross profit rose 14% to $41.9 million, with the gross margin expanding by 90 basis points to 55.3%, surpassing the projected margin of 54.2% [12] - Sales and marketing expenses increased by 9.9% year over year to $28.1 million, while research and development expenses rose 2.1% to $6.4 million [13] Cash Position - AngioDynamics ended the first quarter of fiscal 2026 with cash and cash equivalents of $38.8 million, down from $55.9 million at the end of fiscal 2025, with no debt on its balance sheet [14] Future Outlook - The company expects Med Tech revenue growth to be in the range of 14-16%, up from the previous guidance of 12-15%, while Med Device revenue growth is projected to remain flat compared to fiscal 2025 [15] - Management anticipates a $4-$6 million impact from tariffs on overall performance, with adjusted loss per share projected between 33 cents and 23 cents [16]

Financial Data and Key Metrics Changes - Revenue increased by 12.2% to $75.7 million, driven by growth across both med-tech and med-device segments [12][21] - Gross margin for Q1 FY26 was 55.3%, a 90 basis point increase from the previous year [16] - Adjusted net loss for Q1 FY26 was $4.2 million, an improvement from a loss of $4.4 million in the same quarter last year [18] Business Line Data and Key Metrics Changes - Med-tech revenue was $35.3 million, a 26.1% increase, while med-device revenue was $40.4 million, an increase of 2.3% [13] - Auryon platform contributed $16.5 million in revenue, growing 20.1% year-over-year [14] - Mechanical thrombectomy revenue increased by 41.2% year-over-year, with AngioVac revenue at $8 million (37.1% increase) and AlphaVac revenue at $3.3 million (52.3% increase) [15] Market Data and Key Metrics Changes - Med-tech platforms comprised 47% of total revenue, up from 41% a year ago, illustrating the strategic shift towards med-tech [13] - International adoption of Auryon following CE mark approval contributed approximately $500,000 in revenue during the quarter [14] Company Strategy and Development Direction - The company is focused on expanding its product portfolio to compete in large, fast-growing markets, particularly in med-tech [5] - Continued investment in Auryon and plans to enter the coronary market are part of the long-term growth strategy [6] - The company aims to increase its market share in the hospital segment, driving both top-line growth and higher margins [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the med-tech segment, particularly in mechanical thrombectomy and NanoKnife [26] - The company expects to be cash flow positive for the current fiscal year, with significant cash generation anticipated in Q4 [20] - Guidance for FY26 was raised, expecting net sales in the range of $308 to $313 million, reflecting growth of 5% to 7% over the previous year [21] Other Important Information - The company continues to face tariff expenses, with an estimated impact of $4 to $6 million for the full fiscal year [17] - R&D expenses were $6.4 million, or 8.5% of sales, as the company remains committed to investing in long-term growth initiatives [18] Q&A Session Summary Question: Guidance on growth drivers - The increase in guidance is primarily driven by mechanical thrombectomy and NanoKnife segments, with expectations for continued solid contributions from Auryon [26] Question: NanoKnife disposable revenue specifics - The growth in NanoKnife disposable revenue is largely driven by prostate initiatives, with no significant one-time stocking effects noted [30] Question: Update on mechanical thrombectomy hospital penetration - There has been good uptake in hospitals, with ongoing efforts to convert accounts into value analysis committee approvals [33] Question: Sales force updates in mechanical thrombectomy - The sales force for mechanical thrombectomy has increased to 50 dedicated reps, with plans for further investments in the NanoKnife urology sales force [38] Question: Revenue growth attribution to price increases - Revenue growth in mechanical thrombectomy is attributed to a combination of price increases, new customer acquisitions, and increased utilization [42] Question: Update on ongoing clinical trials - The Ambition BTK study is progressing well, with positive expectations for Auryon's role in atherectomy treatments [44]

Financial Data and Key Metrics Changes - Revenue increased by 12.2% to $75.7 million, driven by growth across both med-tech and med-device segments [12][21] - Gross margin for Q1 FY26 was 55.3%, a 90 basis point increase from the previous year [16] - Adjusted net loss for Q1 FY26 was $4.2 million, improving from a loss of $4.4 million in the same quarter last year [18] Business Line Data and Key Metrics Changes - Med-tech revenue was $35.3 million, a 26.1% increase, while med-device revenue was $40.4 million, an increase of 2.3% [13] - Auryon platform contributed $16.5 million in revenue, growing 20.1% year-over-year [14] - Mechanical thrombectomy revenue increased by 41.2% year-over-year, with AngioVac revenue at $8 million (37.1% increase) and AlphaVac revenue at $3.3 million (52.3% increase) [15] Market Data and Key Metrics Changes - Med-tech platforms comprised 47% of total revenue, up from 41% a year ago, illustrating the strategic shift towards med-tech [13] - International adoption of Auryon following CE mark approval contributed approximately $500,000 in revenue [14] Company Strategy and Development Direction - The company is focused on expanding its product portfolio into large, fast-growing markets, particularly in med-tech [5] - Continued investment in Auryon and mechanical thrombectomy products is expected to drive long-term growth [6][10] - The company aims to increase its market share and expand access to new opportunities, particularly in the hospital market [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the med-tech segment, particularly Auryon and NanoKnife, as key drivers for future revenue [21][27] - The company anticipates continued strong performance in mechanical thrombectomy and NanoKnife, with expectations for growth in the urology market [27][28] Other Important Information - The company expects to incur between $4 million and $6 million in tariff expenses for the full fiscal year 2026 [17] - Cash utilization was better than expected, with a cash balance of $38.8 million at the end of Q1 FY26 [20] Q&A Session Summary Question: Guidance on growth drivers - The increase in guidance is primarily driven by mechanical thrombectomy and NanoKnife segments, with expectations for continued solid contributions from Auryon [25][26] Question: NanoKnife disposable revenue specifics - The strong growth in NanoKnife disposable revenue is largely driven by prostate initiatives, with no significant one-time stocking effects noted [29][30] Question: Update on mechanical thrombectomy hospital penetration - There has been good uptake in hospitals, with ongoing efforts to convert interest into approvals for product usage [32][33] Question: Sales force updates - The company has increased its sales force for mechanical thrombectomy by 25%, now totaling 50 dedicated sales reps [37][38] Question: Revenue growth attribution - Revenue growth in mechanical thrombectomy is attributed to a combination of price increases, new customer acquisitions, and increased utilization [41][42] Question: Clinical trials update - The Ambition BTK study is progressing well, with positive expectations for its impact on the Auryon business [43][44]

Financial Data and Key Metrics Changes - Revenue increased by 12.2% to $75.7 million, driven by growth across both med-tech and med-device segments [12][21] - Gross margin for Q1 FY26 was 55.3%, a 90 basis point increase from the previous year [17] - Adjusted net loss for Q1 FY26 was $4.2 million, improving from a loss of $4.4 million in the same quarter last year [19] Business Line Data and Key Metrics Changes - Med-tech revenue was $35.3 million, a 26.1% increase, while med-device revenue was $40.4 million, an increase of 2.3% [13] - Auryon platform contributed $16.5 million in revenue, growing 20.1% year-over-year [15] - Mechanical thrombectomy revenue increased by 41.2% year-over-year, with AngioVac revenue at $8 million (37.1% increase) and AlphaVac revenue at $3.3 million (52.3% increase) [16] Market Data and Key Metrics Changes - Med-tech platforms comprised 47% of total revenue, up from 41% a year ago, illustrating the strategy to increase revenue from this segment [14] - The annual revenue of the med-tech segment grew from $41 million in 2020 to $127 million in 2025, representing a compound annual growth rate of 25% [15] Company Strategy and Development Direction - The company is focused on growing its med-tech segment, particularly through innovative products like Auryon and NanoKnife, which are expected to drive future growth [5][7] - Continued investment in R&D initiatives is planned to support long-term growth, targeting approximately 10% of sales [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the med-tech segment, particularly in mechanical thrombectomy and NanoKnife, with expectations for continued strong performance [26][27] - The company anticipates being cash flow positive for the current fiscal year, with significant cash generation expected in Q4 [20] Other Important Information - The company expects net sales for FY26 to be in the range of $308 to $313 million, an increase from previous guidance [21] - Tariff expenses for FY26 are estimated to be between $4 and $6 million [18] Q&A Session Summary Question: Guidance on growth drivers - The increase in guidance is primarily driven by mechanical thrombectomy and NanoKnife segments, with expectations for continued growth in these areas [25][26] Question: Update on mechanical thrombectomy hospital penetration - There has been good uptake in hospitals, with ongoing efforts to convert accounts into value analysis committee approvals [31][32] Question: Revenue growth attributable to price increases - Revenue growth is driven by a combination of price increases, new customer acquisitions, and increased utilization [38][39] Question: Update on clinical trials for Ambition BTK - The Ambition BTK study is progressing well, with enrollment in both RCT and registry segments, expected to significantly impact the Auryon business [40][41]

First Quarter FY 2026 Earnings Results October 2, 2025 Forward looking statements Notice Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of ...

Core Insights - AngioDynamics reported a strong first quarter for fiscal year 2026, with net sales reaching $75.7 million, reflecting a year-over-year growth of 12.2% [2][7] - The Med Tech segment experienced significant growth, with net sales of $35.3 million, marking a 26.1% increase compared to the previous year [2][8] - The company continues to focus on operational excellence and innovative technologies to drive profitable growth and enhance patient care [4][5] Financial Performance - Net sales for the first quarter of fiscal year 2026 were $75.7 million, an increase of 12.2% from the prior year [2][7] - Med Tech net sales were $35.3 million, a 26.1% increase from $28.0 million in the prior-year period [2][8] - Med Device net sales were $40.4 million, a 2.3% increase compared to $39.5 million in the prior-year period [9] Profitability Metrics - The company reported a GAAP gross margin of 55.3%, which is 90 basis points higher than the first quarter of fiscal 2025 [10] - Adjusted EBITDA for the first quarter was $2.2 million, compared to a loss of $0.2 million in the prior year [12] - The company recorded a GAAP net loss of $10.9 million, or a loss per share of $0.26, while the adjusted net loss was $4.2 million, or a loss per share of $0.10 [11][12] Cash Flow and Guidance - The company ended the first quarter with $38.8 million in cash and cash equivalents, down from $55.9 million at the end of the previous quarter [14] - AngioDynamics expects to be cash flow positive for the full fiscal year 2026 [5][13] - The company raised its full-year guidance for net sales, Med Tech net sales growth, Adjusted EBITDA, and Adjusted EPS [5][19] Clinical Developments - The first patients were enrolled in the AMBITION BTK and RECOVER-AV clinical trials, demonstrating the company's commitment to advancing clinical evidence [15][16] - Results from the NanoKnife PRESERVE study were published, showing promising outcomes for prostate cancer treatment [18]

Core Insights - AngioDynamics (ANGO) is experiencing growth driven by its NanoKnife product and a focus on cancer treatment markets, supported by a strong fourth-quarter fiscal 2025 performance and ongoing studies [1][6][10] - The company's shares have seen a slight decline of 0.3% year-to-date, contrasting with a 7% decline in the industry and an 8.8% increase in the S&P 500 [1][2] Company Performance - AngioDynamics has a market capitalization of $358.8 million and projects a 50% growth over the next year, with earnings surpassing the Zacks Consensus Estimate in the last four quarters, averaging a surprise of 72.58% [2][3] - The fourth-quarter fiscal 2025 results showed a narrower adjusted loss per share and revenues exceeding expectations, indicating strong execution across both operating segments [11] Product and Market Dynamics - The NanoKnife product, which received FDA clearance and Breakthrough Device Designation, generated total revenues of $24.5 million in fiscal 2025, with fourth-quarter revenues of $7.2 million reflecting growth in disposable sales despite softer capital placements [3][4] - Recurring disposable sales grew by 9.6% for the year, providing a reliable revenue stream to offset variability in system placements [3] Clinical and Product Development - AngioDynamics is advancing a broad pipeline of clinical studies, including the AMBITION trial for Auryon and the RECOVER-AV trial for AlphaVac, aimed at enhancing its market position [7][8] - The NanoKnife's PRESERVE prostate trial has met primary endpoints, paving the way for reimbursement catalysts starting in 2026 [8] Financial Outlook - The company anticipates gross margins in the range of 53.5% to 55.5% for fiscal 2026, with adjusted EBITDA projected between $3.0 million and $8.0 million [13] - However, there has been a negative estimate revision trend for fiscal 2026, with the consensus estimate for loss per share expanding from 6 cents to 30 cents [14]

Summary of AngioDynamics Conference Call Company Overview - AngioDynamics is undergoing a transformation to enhance its value by focusing on high-margin, high-growth areas, specifically targeting cardiovascular disease and cancer treatment [3][4] - The company has shifted its portfolio into two reportable segments: med device and med tech, with the latter being the future growth driver [4][25] Financial Performance - The med tech segment has achieved a 25% compound annual growth rate (CAGR) over the last five years [5][25] - For fiscal year 2025, AngioDynamics reported over 8% overall growth, with the med tech segment growing at 20% [26] - Guidance for fiscal year 2026 includes projected revenue between $300 million to $310 million, with med tech expected to grow 12% to 15% year-over-year [30][31] Market Opportunities - The total addressable market (TAM) for the med tech segment in the U.S. is approximately $7 billion, with a global TAM of about $10 billion [7][8] - The company is focusing on venous thromboembolism (VTE) and peripheral arterial disease (PAD) as key growth areas [10][14] Product Segments Med Tech Segment - **Mechanical Thrombectomy**: Products include AlphaVac and AngioVac, with AlphaVac expected to grow significantly due to its advantages over competitors [10][12][60] - **Peripheral Arterial Disease (PAD)**: The AURYON product has grown from zero revenue to over $50 million, with expectations for continued double-digit growth [33][34] - **NanoKnife**: A unique ablation product for treating solid tumors, particularly prostate cancer, with a CPT code expected to enhance market penetration starting January 1 [20][22][24] Growth Strategies - Expansion of the U.S. sales force from 40 to 50 representatives to support growth in the mechanical thrombectomy market [12] - Focus on educating the urology community about NanoKnife's benefits, particularly for patients with intermediate-risk prostate cancer [68][69] Cash Flow and Financial Guidance - The company anticipates a cash burn of $20 million in Q1 of fiscal year 2026 but expects to generate positive cash flow for the remainder of the year [42][44] - The company aims to avoid using its revolver and maintain a safety net for financial stability [43] Risks and Considerations - The company acknowledges the potential impact of tariffs on its operations but believes it can mitigate these effects [46][47] - The competitive landscape includes established players, but AngioDynamics is confident in its product advantages and market strategies [62][65] Conclusion - AngioDynamics is positioned for growth through strategic focus on high-potential markets, innovative products, and a commitment to improving patient outcomes while maintaining financial discipline [28][25]

Core Insights - AngioDynamics, Inc. (ANGO) reported an adjusted loss per share of 3 cents for the fourth quarter of fiscal 2025, which is an improvement from a loss of 6 cents in the same quarter last year and better than the Zacks Consensus Estimate of a loss of 13 cents [1][2][9] Financial Performance - The pro forma adjusted loss per share for the fourth quarter of fiscal 2025 was also 3 cents, compared to 5 cents in the year-ago quarter [2][3] - The GAAP loss per share was 15 cents, an improvement from 33 cents in the prior year [2][3] - Full-year fiscal 2025 adjusted loss per share was 15 cents, better than the 38 cents reported in fiscal 2024 and the Zacks Consensus Estimate of a loss of 29 cents [3] - Total revenues for the fourth quarter reached $80.2 million, reflecting a year-over-year increase of 12.9% and exceeding the Zacks Consensus Estimate by 7.5% [4][9] - Full-year fiscal 2025 revenues were $292.5 million, a decline of 3.8% from the previous year but still above the Zacks Consensus Estimate by 1.9% [5][6] Revenue Breakdown - U.S. net revenues for the fourth quarter were $67.5 million, up 11.1% year over year [7] - International revenues were $12.7 million, representing a 23.8% increase from the prior year [8] Segment Analysis - Med Tech revenues in the fourth quarter were $35.8 million, a 22% increase year over year [10][11] - Med Device revenues totaled $44.4 million, up 6.5% from the year-ago period [13] Margin and Expense Analysis - Pro forma gross profit increased by 9.4% to $42.2 million, but the gross margin contracted by 161 basis points to 52.7% [14] - Sales and marketing expenses rose by 7.6% to $26.4 million, while research and development expenses decreased by 1.9% to $6.6 million [15] Cash Position - AngioDynamics ended fiscal 2025 with cash and cash equivalents of $55.9 million, down from $76.1 million at the end of fiscal 2024 [17] - The company reported no debt on its balance sheet and a cumulative net cash used in operating activities of $10.1 million, compared to $28.2 million a year ago [17] Future Guidance - For fiscal 2026, AngioDynamics expects net sales to be between $305 million and $310 million, indicating growth of 4-6% from fiscal 2025 [18] - The company anticipates Med Tech revenue growth of 12-15%, while Med Device revenue growth is projected to be flat [18] - The adjusted loss per share is expected to range between 35 cents and 25 cents, with the Zacks Consensus Estimate at a loss of 24 cents per share [19] Market Developments - AngioDynamics received a CPT Category I Code for Irreversible Electroporation (IRE) for treating pancreatic lesions, effective January 1, 2027, which expands the reimbursement pathway for NanoKnife [22]