Angiodynamics Inc (ANGO) Stock Analysis and Metrics

Angiodynamics

NASDAQ: ANGO

$13.58 ▲ +0.14 (+1.04%)

At close: Jul 24, 2026 · 3:59 PM UTC

Financial Ratios

Market Cap558.11 Mn

P/E-15.19

P/S1.74

Div. Yield0.00

Revenue Growth (1y) (Qtr)8.05

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About

AngioDynamics is a dynamic, diversified medical technology company that designs, manufactures and sells products and technologies to aid clinicians in treating patients with cardiovascular disease and cancer diagnoses. The company focuses on innovative research and development, expanding clinical and regulatory pathways, and driving customer centric sales performance to improve treatment options and patient outcomes. It maintains a commitment to clinical evidence and physician collaboration to bring novel therapies to market.

AngioDynamics generates revenue primarily through the sale of its medical devices across two operating segments, Med Tech and Med Device. Its product portfolio includes atherectomy systems, thrombectomy devices, NanoKnife ablation platforms, angiographic catheters, guidewires, drainage catheters, micropuncture kits, implantable ports, venous insufficiency laser systems, microwave ablation units, and specialized balloons for radiation therapy. The company sells these products to hospitals, outpatient clinics, and other healthcare providers in the United States and internationally. It utilizes a direct sales force in the U. S. and a combination of direct sales and distributor relationships abroad.

The company operates through the following segments: Med Tech and Med Device.

• Med Tech: This segment includes the Auryon Atherectomy System for peripheral arterial disease, thrombectomy products such as the AlphaVac and AngioVac mechanical aspiration devices and thrombolytic catheters, and the NanoKnife Irreversible Electroporation ablation system for soft tissue and prostate tissue.

• Med Device: This segment comprises peripheral products like angiographic catheters, guidewires, drainage catheters, micropuncture kits; implantable ports including SmartPort, BioFlo and Xcela Plus families; port technologies such as BioFlo Endexo coating, Vortex design and PASV valve; venous insufficiency treatments via the VenaCure EVLT laser system; microwave ablation through the Solero MTA system; and specialized balloons like the IsoLoc endorectal and Alatus vaginal balloons for radiation therapy.

AngioDynamics competes in a highly competitive medical device market against large and specialized firms including Boston Scientific, Cook Medical, Medical Components (MedComp), Teleflex, Becton Dickinson, Medtronic, Merit Medical, Terumo, Johnson & Johnson, Philips Healthcare, Stryker, Penumbra, Varian Medical Systems, Abbott Laboratories and Total Vein Systems. The company believes its competitive advantages stem from product quality, clinical outcomes, ease of use, reliability, physician familiarity and cost effectiveness, which are increasingly important in an environment of cost conscious buyers and declining reimbursement rates. Ongoing investment in research and development supports its pipeline of next generation devices and helps sustain its market position.

AngioDynamics serves a broad base of healthcare providers, primarily hospitals, outpatient surgery centers, and specialty clinics. Its customers include interventional radiologists, interventional cardiologists, vascular surgeons, urologists, oncologists and critical care nurses who use the company’s devices in procedures ranging from vascular access and oncology to venous disease and radiation therapy. The company’s products are used in both inpatient hospital settings and outpatient procedure suites.

Investment Thesis

▲ Bull case

AngioDynamics is strategically positioned to capture sustained growth in its high-margin Med Tech segment, driven by accelerating adoption across multiple platforms and expanding clinical applications, which the market may be underestimating due to near-term earnings volatility and tariff headwinds. The company’s Med Tech segment grew 19.0% year-over-year in Q3 FY26 and 19.1% year-to-date, with Auryon delivering 17.9% growth and mechanical thrombectomy posting 17.9% growth—both significantly outpacing the Med Device segment’s modest 1.1% increase. This mix shift is critical, as Med Tech now comprises 47.5% of total revenue (up from 43.6% a year ago), directly boosting gross margin potential given Med Tech’s 62.5% gross margin versus Med Device’s 44.2%. The ongoing manufacturing transfer to Costa Rica, while creating temporary structural underabsorption in the second half of FY26, has already yielded accelerated cost savings in the first half, with gross margin improving 170 basis points year-over-year in Q2 FY26 to 56.4%—a level management believes is sustainable long-term as mix shift and operational efficiencies compound. Furthermore, the France distribution transaction, which contributed ~$1.4 million to adjusted EBITDA in Q2 FY26, exemplifies how strategic capital recycling in international markets can unlock non-operating income without diluting core profitability, a lever the company plans to replicate in other regions. Most critically, the regulatory milestones achieved in Q2 FY26—IDE approval for APEX-Return (pulmonary embolism with blood return), IDE approval for PAVE (right-sided infective endocarditis), and 510(k) clearance for enhanced AlphaVac functionality—are not incremental upgrades but foundational expansions that address key adoption barriers (blood reinfusion needs, underserved patient populations, and procedural flexibility), positioning AlphaVac to accelerate beyond its current 40.2% year-over-year growth trajectory. These initiatives, combined with the recently effective Category I CPT code for NanoKnife in prostate and liver ablation and Palmetto GBA’s LCD establishing Medicare coverage for IRE in favorable intermediate-risk prostate cancer and metastatic colorectal cancer to the liver effective July 5, 2026, create a powerful reimbursement tailwind that could unlock broad-based adoption across urology and oncology—especially as the PRESERVE trial’s 24-month data showed 97% of patients maintained PSA below baseline and zero new treatment failures in months 12–24, reinforcing durable oncologic control and safety. Together, these catalysts suggest Med Tech growth could exceed the current 15–17% FY26 guidance range, driving margin expansion and cash flow generation that supports continued R&D investment without compromising profitability, ultimately validating the company’s long-term value creation model.

AngioDynamics is strategically positioned to capture sustained growth in its high-margin Med Tech segment, driven by accelerating adoption across multiple platforms and expanding clinical applications, which the market may be underestimating due to near-term earnings volatility and tariff headwinds. The company’s Med Tech segment grew 19.0% year-over-year in Q3 FY26 and 19.1% year-to-date, with Auryon delivering 17.9% growth and mechanical thrombectomy posting 17.9% growth—both significantly outpacing the Med Device segment’s modest 1.1% increase. This mix shift is critical, as Med Tech now comprises 47.5% of total revenue (up from 43.6% a year ago), directly boosting gross margin potential given Med Tech’s 62.5% gross margin versus Med Device’s 44.2%. The ongoing manufacturing transfer to Costa Rica, while creating temporary structural underabsorption in the second half of FY26, has already yielded accelerated cost savings in the first half, with gross margin improving 170 basis points year-over-year in Q2 FY26 to 56.4%—a level management believes is sustainable long-term as mix shift and operational efficiencies compound. Furthermore, the France distribution transaction, which contributed ~$1.4 million to adjusted EBITDA in Q2 FY26, exemplifies how strategic capital recycling in international markets can unlock non-operating income without diluting core profitability, a lever the company plans to replicate in other regions. Most critically, the regulatory milestones achieved in Q2 FY26—IDE approval for APEX-Return (pulmonary embolism with blood return), IDE approval for PAVE (right-sided infective endocarditis), and 510(k) clearance for enhanced AlphaVac functionality—are not incremental upgrades but foundational expansions that address key adoption barriers (blood reinfusion needs, underserved patient populations, and procedural flexibility), positioning AlphaVac to accelerate beyond its current 40.2% year-over-year growth trajectory. These initiatives, combined with the recently effective Category I CPT code for NanoKnife in prostate and liver ablation and Palmetto GBA’s LCD establishing Medicare coverage for IRE in favorable intermediate-risk prostate cancer and metastatic colorectal cancer to the liver effective July 5, 2026, create a powerful reimbursement tailwind that could unlock broad-based adoption across urology and oncology—especially as the PRESERVE trial’s 24-month data showed 97% of patients maintained PSA below baseline and zero new treatment failures in months 12–24, reinforcing durable oncologic control and safety. Together, these catalysts suggest Med Tech growth could exceed the current 15–17% FY26 guidance range, driving margin expansion and cash flow generation that supports continued R&D investment without compromising profitability, ultimately validating the company’s long-term value creation model.

▼ Bear case

AngioDynamics faces significant near-term and structural headwinds that the market may be overlooking, particularly the erosion of profitability in its legacy Med Device segment, the limited scalability of its international expansion, and the risk that recent regulatory and reimbursement wins fail to translate into meaningful procedural volume growth despite optimistic management commentary. While Med Tech growth remains strong, the Med Device segment—which still constitutes 52.5% of total revenue—grew only 1.1% in Q3 FY26 and 3.2% year-to-date, with gross margin declining 320 basis points year-over-year to 44.2% due to mix shift pressures, inflation, and manufacturing transition costs. This segment’s weak performance is not merely a temporary drag; it reflects persistent pricing pressure in commoditized product lines (e.g., venous access, dialysis access despite divestitures, and standard catheters) where AngioDynamics lacks differentiation, and management’s own guidance now calls for only 0–1% full-year FY26 growth—an implicit acknowledgment of limited upside. More concerning is the company’s international strategy: despite CE Mark approval for Auryon and expanded European indications for NanoKnife, international sales represented just 14.2% of Q3 FY26 revenue ($11.1 million) and grew only 4.5% year-over-year, far below the 11.8% nine-month international growth rate, suggesting uneven traction and reliance on one-time transactions (like the France distributor deal) rather than organic, scalable penetration. The market may be overestimating the impact of recent regulatory wins—such as the IDE for APEX-Return or PAVE—without recognizing that these are early-stage clinical studies (pivotal and pilot, respectively) with small patient enrollments (40 and 30) and uncertain timelines to commercialization, meaning any revenue contribution is likely years away and contingent on positive outcomes. Similarly, while Palmetto GBA’s LCD for NanoKnife in prostate and liver cancer is a positive step, it applies only to Jurisdictions J and M (covering AL, GA, TN, NC, SC, VA, WV)—a fraction of the U.S. Medicare population—and national adoption remains uncertain, especially given competing thermal ablation technologies and the need for additional payer buy-in. The company’s reliance on non-GAAP metrics further obscures reality: adjusted EBITDA of $1.8 million in Q3 FY26 was bolstered by excluding $5.0 million in acquisition-related and other non-cash charges (including plant closure and CEO transition costs), and the GAAP net loss of $8.1 million ($0.19 loss per share) reveals underlying profitability challenges that non-GAAP adjustments mask. Finally, tariff expenses—expected to total $4–6 million for FY26—are already impacting gross margin (down 110 basis points year-over-year in Q3 FY26 to 52.9%) and may persist beyond FY26 if trade policies remain volatile, directly counteracting the benefits of Med Tech mix shift. These combined factors suggest the market may be overpaying for growth that is neither as durable nor as profitable as management projects, particularly if Med Tech innovation fails to commercialize at scale or if reimbursement barriers persist despite early wins.

AngioDynamics faces significant near-term and structural headwinds that the market may be overlooking, particularly the erosion of profitability in its legacy Med Device segment, the limited scalability of its international expansion, and the risk that recent regulatory and reimbursement wins fail to translate into meaningful procedural volume growth despite optimistic management commentary. While Med Tech growth remains strong, the Med Device segment—which still constitutes 52.5% of total revenue—grew only 1.1% in Q3 FY26 and 3.2% year-to-date, with gross margin declining 320 basis points year-over-year to 44.2% due to mix shift pressures, inflation, and manufacturing transition costs. This segment’s weak performance is not merely a temporary drag; it reflects persistent pricing pressure in commoditized product lines (e.g., venous access, dialysis access despite divestitures, and standard catheters) where AngioDynamics lacks differentiation, and management’s own guidance now calls for only 0–1% full-year FY26 growth—an implicit acknowledgment of limited upside. More concerning is the company’s international strategy: despite CE Mark approval for Auryon and expanded European indications for NanoKnife, international sales represented just 14.2% of Q3 FY26 revenue ($11.1 million) and grew only 4.5% year-over-year, far below the 11.8% nine-month international growth rate, suggesting uneven traction and reliance on one-time transactions (like the France distributor deal) rather than organic, scalable penetration. The market may be overestimating the impact of recent regulatory wins—such as the IDE for APEX-Return or PAVE—without recognizing that these are early-stage clinical studies (pivotal and pilot, respectively) with small patient enrollments (40 and 30) and uncertain timelines to commercialization, meaning any revenue contribution is likely years away and contingent on positive outcomes. Similarly, while Palmetto GBA’s LCD for NanoKnife in prostate and liver cancer is a positive step, it applies only to Jurisdictions J and M (covering AL, GA, TN, NC, SC, VA, WV)—a fraction of the U.S. Medicare population—and national adoption remains uncertain, especially given competing thermal ablation technologies and the need for additional payer buy-in. The company’s reliance on non-GAAP metrics further obscures reality: adjusted EBITDA of $1.8 million in Q3 FY26 was bolstered by excluding $5.0 million in acquisition-related and other non-cash charges (including plant closure and CEO transition costs), and the GAAP net loss of $8.1 million ($0.19 loss per share) reveals underlying profitability challenges that non-GAAP adjustments mask. Finally, tariff expenses—expected to total $4–6 million for FY26—are already impacting gross margin (down 110 basis points year-over-year in Q3 FY26 to 52.9%) and may persist beyond FY26 if trade policies remain volatile, directly counteracting the benefits of Med Tech mix shift. These combined factors suggest the market may be overpaying for growth that is neither as durable nor as profitable as management projects, particularly if Med Tech innovation fails to commercialize at scale or if reimbursement barriers persist despite early wins.

Product and Service Breakdown of Revenue (2026)

Peer Comparison

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3	BDX	Becton Dickinson & Co	42.93 Bn	36.53	0.00 Mn	17.28 Bn
4	MDLN	Medline Inc.	30.82 Bn	54.94	0.00 Mn	12.57 Bn
5	RMD	Resmed Inc	27.90 Bn	18.36	0.00 Mn	0.66 Bn
6	WST	West Pharmaceutical Services Inc	26.76 Bn	48.43	0.00 Mn	0.20 Bn
7	COO	Cooper Companies, Inc.	15.30 Bn	58.08	0.00 Mn	2.46 Bn
8	SOLV	Solventum Corp	13.46 Bn	9.40	0.00 Mn	5.08 Bn

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Investment Thesis

Product and Service Breakdown of Revenue (2026)

Product and Service Breakdown of Revenue (2026)

Peer Comparison

Research Tools

Developers

About

Investment Thesis

Product and Service Breakdown of Revenue (2026)

Product and Service Breakdown of Revenue (2026)

Peer Comparison

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