# ANGO earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/ANGO) · [Earnings tab](https://www.lopjlb.com/stock/ANGO?tab=earnings)

Updated: 2026-10-02T07:06:54

Quarters analyzed: 8

## Cross-quarter narrative

Across the series of earnings CallCards, AngioDynamics moved from modest FY25 Q1 revenue growth (1% YoY) to robust FY26 performance with 18% MedTech growth and positive cash flow. The company’s mix shifted toward higher‑margin MedTech products, lifting gross margins from the low‑50s to near‑55% and driving operating‑expense discipline. A manufacturing transition to Costa Rica promised $15 M annual savings but introduced temporary overhead pressure, a recurring theme in early‑year calls. Regulatory progress accelerated: Auryon secured CE marking, NanoKnife obtained prostate FDA clearance and CPT Category I codes, and AlphaVac cleared FDA and CE pathways, enabling broader market releases. Clinical‑trial activity expanded with the launch of AMBITION BTK, APEX‑Return, and RECOVER‑AV, while trial outcomes remain a focal risk. Tariff exposure resurfaced each quarter, adding 150‑200 bps margin headwinds. International expansion, especially in Europe, stayed modest despite limited‑market releases. Reimbursement timing for NanoKnife and the lack of a blood‑return version for AlphaVac were noted as ongoing concerns. Finally, a leadership transition began in FY2026, adding execution risk amid the broader macro‑uncertainty environment.

## Latest CallCard · Q4

AngioDynamics delivered FY2026 with 18% Med Tech growth, 20th straight quarter of double-digit Auryon growth, NanoKnife record procedures, expanding profitability despite tariffs, positive cash flow, and CEO transition underway.

**Guidance:** maintained — FY2027 guidance implies revenue growth 8-10% pro forma, adjusted EBITDA growth ~20% from $13.2M baseline, R&D ~10% of sales, positive operating cash flow; no explicit raise/lower vs prior guidance in transcript.

**Tone:** mgmt 0.7 · Q&A pressure 0.4 · divergence 0.3

CEO emphasizes consistent execution, above-market profitable growth, share gains in large markets, profitability expansion while absorbing tariffs, and strongest company position ever; CFO highlights EBITDA improvement and cash generation.

### Demand visibility

Strong demand across Med Tech platforms with Auryon 20-quarter streak, NanoKnife record procedures driven by prostate, Mechanical Thrombectomy early-stage growth.

Auryon growing across hospital/OBL/international post-CE mark; NanoKnife benefiting from PRESERVE 2-year data, Category 1 CPT codes effective Jan 1, Medicare LCD from Palmetto, and private payer coverage expansion; Mechanical Thrombectomy seeing AlphaVac strength but AngioVac lumpiness in competitive market.

### Margins / costs

Gross margin expanding on mix shift to higher-margin Med Tech, partially offset by tariffs; operating expenses rising with investment in R&D and commercial expansion.

Q4 gross margin 54% (+130bps YoY); FY gross margin 54.6% (+70bps) with ~150bps tariff headwind ($4.8M FY). Q4 opex 66% of sales vs 60% prior year; R&D 9% of sales targeting 10%; SG&A 48% of sales. Adjusted EBITDA $13.2M FY2026 vs $7.6M FY2025.

### Capital allocation

Investing in clinical trials, sales force, and new product launches while generating positive cash flow and maintaining debt-free balance sheet.

Clinical spend within 10% R&D target (APEX, AMBITION, AlphaReturn pivotal, AngioVac Right Heart); expanding commercial feet on street; Med Device cash flow funds Med Tech investments; no buybacks/dividends mentioned; positive operating cash flow in FY2026 and expected FY2027.

### Milestones

- **Auryon platform** [on_track]: 20th consecutive quarter double-digit growth; shifting to hospital side of care, growing OBL base, international adoption post-CE mark
- **Mechanical Thrombectomy (AlphaVac/AngioVac)** [on_track]: AlphaVac +38% Q4, +44% FY; AngioVac -16% Q4 but +2% FY; portfolio +13% FY; competitive early-stage market
- **AlphaReturn Blood Management System** [on_track]: IDE approval received; active pivotal trial underway
- **AngioVac Right Heart Program** [on_track]: IDE approval for right-sided infective endocarditis study; study active
- **NanoKnife prostate/liver** [delivered]: PRESERVE 2-year data generated; Category 1 CPT codes effective Jan 1; Medicare LCD from Palmetto received; record Q4 procedures
- **Clinical trials: APEX, AMBITION** [on_track]: Referenced in Q&A as part of clinical pipeline investment
- **CEO transition** [on_track]: Comprehensive search with executive firm; expected H1 FY2027; Jim Clemmer committed to seamless handoff

### Fears / risks

- **Tariff impact**: ~$4.8M FY2026 tariff expense (150bps gross margin headwind); ongoing exposure
- **Mechanical Thrombectomy competition**: Crowded market with many competitors; quarterly lumpiness; AngioVac decline in Q4
- **NanoKnife capital volatility**: Capital sales grew 132% Q4 but acknowledged as lumpy; disposables viewed as bellwether
- **CEO transition**: Search underway for H1 FY2027; execution risk during handoff
- **Reimbursement execution**: NanoKnife Medicare/private coverage improving but still clearing hurdles; field team watching closely
- **Clinical trial risk**: Multiple pivotal trials (AlphaReturn, AngioVac Right Heart, APEX, AMBITION) carry execution and outcome risk
- **Operating leverage timing**: Heavy investment in R&D/commercial may delay profit conversion; balancing growth vs EBITDA
- **Med Device dependency**: Med Device cash flow funds Med Tech investments; any slowdown could constrain growth funding

### Key quotes

> “We are delivering above-market profitable growth consistently. 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.”

> “Adjusted EBITDA in the full fiscal year 2026 was $13.2 million, compared to $7.6 million in fiscal year 2025. This year-over-year improvement is largely attributable to our Med Tech revenue growth and the success of our gross margin and”

> “The clinical conversation is what we hear from our field team is the most active conversation. A lot of urologists have been looking for years at a good focal option to keep the gland intact, but to treat it. NanoKnife is giving them that”

> “We are in investment mode. We're continuing to invest in our business. It's very important for us to continue to invest in all three of the growth drivers within med tech to continue to grow at the above market rates that we've been”

> “We think we've got a great balance of being in the right place at the right time with great products. We'll continue to show we can grow above market rates in these markets, and we'll drop profitability down through the company each year”

## Quarter one-liners

- **2026 Q4:** AngioDynamics delivered FY2026 with 18% Med Tech growth, 20th straight quarter of double-digit Auryon growth, NanoKnife record procedures, expanding profitability despite tariffs, positive cash flow, and CEO transition underway.
- **2026 Q3:** AngioDynamics posted strong Q3 growth across Med Tech and Mechanical Thrombectomy, raised full‑year guidance despite macro uncertainty, tariffs and upcoming sterilization shutdowns, and announced key milestones like the APEX‑Return trial enrollment and expanded NanoKnife indications.
- **2026 Q2:** —
- **2026 Q1:** —
- **2025 Q4:** AngioDynamics posted a strong Q4 with 12% revenue growth, highlighted MedTech momentum, new clinical trials and regulatory wins, while noting tariff uncertainty and modest international expansion.
- **2025 Q3:** AngioDynamics reports strong Q3 with 9% revenue growth, 22% MedTech growth, raised FY25 guidance across metrics; Auryon and Mechanical Thrombectomy drive momentum, NanoKnife adoption progressing, tariff risk minimal.
- **2025 Q2:** ANGO reports strong F25 Q2 with 9% revenue growth, MedTech up 25%, positive adj. EBITDA, raised full-year profitability outlook; NanoKnife gains prostate indication & CPT code, manufacturing transition on track.
- **2025 Q1:** ANGO FY25 Q1: $67.5M revenue (+1% YoY), MedTech +9% driven by Auryon (+25%) & AlphaVac (+21%); adj. EBITDA loss $0.2M; CE mark for Auryon; AlphaVac full launch; NanoKnife prostate FDA submission; manufacturing outsourcing on track for $15M savings by FY27; Med Device guidance 1-3% maintained.

## Theme arcs

- **Revenue growth** (improving): From 1% YoY in Q1 FY25 to 18% MedTech growth and positive cash flow by FY26
- **MedTech margin expansion** (improving): Mix shift to higher‑margin products lifted gross margin to ~55%
- **Manufacturing transition** (new): Outsourcing to Costa Rica targeting $15 M savings but causing temporary overhead pressure
- **Tariff exposure** (deteriorating): Recurring EU tariff expense adding 150‑200 bps margin headwind
- **International expansion** (stable): Limited‑market releases in Europe remain modest contributors
- **Clinical‑trial pipeline** (new): New trials (AMBITION BTK, APEX‑Return, RECOVER‑AV) launched, outcomes critical
- **Regulatory approvals** (improving): Auryon CE, NanoKnife prostate FDA & CPT, AlphaVac FDA/CE clearances achieved
- **Reimbursement timing** (new): NanoKnife CPT codes delivered but payer adoption and timing remain a risk
- **Leadership transition** (new): Search committee formed in FY26, execution risk during handoff

## Guidance path

2025 Q1:maintained → 2025 Q2:raised → 2025 Q3:raised → 2025 Q4:maintained → 2026 Q1:vague → 2026 Q2:vague → 2026 Q3:raised → 2026 Q4:maintained

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