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AngioDynamics, Inc. (ANGO)FY2026 investor yearly review
Across FY2026, management leaned into a portfolio shift toward Med Tech markets, tying growth to execution in cardiovascular and interventional oncology. Gross margin held in the mid-50s despite tariff headwinds, while free cash flow improved from deeply negative earlier periods to positive in Q4.
Overall investor read
Execution improving, profitability still pressured by tariffs
Management highlighted profitable growth with mid-50s gross margins, while GAAP results stayed loss-making amid tariff absorption.
Primary financial signal
Revenue up with cash improving to positive Q4
Full-year revenue rose and quarterly free cash flow swung from negative in Q1/Q3 to positive in Q4.
Primary call signal
Clinical and reimbursement catalysts concentrated in Med Tech
Management repeatedly tied confidence to Auryon, AlphaReturn/APEX-type milestones, and NanoKnife reimbursement progress.
Headline financials that summarize the year’s growth, profitability profile, and liquidity.
Revenue
Revenue increased as Med Tech-led mix improved; growth pace stayed double digits.
Gross margin
Mid-50s gross margin held despite tariffs, reflecting mix and pricing initiatives.
Operating margin
Despite gross margin strength, operating profitability remained negative overall.
Net income
GAAP net loss persisted as operating costs outweighed gross profit.
Operating cash flow
Cash improved sharply year over year even with working-capital and tariff effects.
Free cash flow
Free cash flow flipped toward profitability, finishing the year positive in Q4.
Net cash
Debt-free balance sheet and liquidity supported continued Med Tech investment.
FY2026 narrative: management built a consistently executing Med Tech engine while managing tariff and cash-cycle risks.
Business model
Across Q1 to Q4, management emphasized rising Med Tech contribution to revenue and linked it to platform technologies across cardiovascular and interventional oncology. They described mix shift as a recurring gross margin driver and a reason profitability could improve even while tariffs persisted.
Cardiovascular execution
Quarter-by-quarter materiality and tone for annual transcript themes.
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| Theme | Q1 | Q2 | Q3 | Q4 | Next monitor |
|---|---|---|---|---|---|
| Med Tech mix shift anchored growth and gross margin | Positive Med Tech share rising; mix shift supported gross margin and profitability. | Positive |
Management delivered strong Med Tech growth and improved cash generation, while navigating tariff variability, margin optics, and temporary cash-cycle uses.
Management raised net sales and adjusted EBITDA guidance repeatedly across Q2 and Q3, framing the raises as proof of the model working while still investing for long-term growth.
Across the year, management attributed gross margin improvement to Med Tech mix shift, pricing initiatives, and manufacturing-related efficiencies, while reiterating the tariff impact embedded in guidance.
Management described cash generation patterns and planned inventory usage for sterilization shutdowns in Q4; the result was positive free cash flow late in the year.
FY2026 moved from early-quarter cash usage and tariff impact to improved profitability and stronger cash generation by year-end, with Med Tech driving the storyline throughout.
Mid-50s gross margin, late-year cash improvement
Regional breakdown bars are scaled against the largest annual revenue item; labels show revenue, YoY change, and revenue share.
Early-year profitability improvements and guidance raises culminated in a year-end story of consistent Med Tech-led growth, catalyst-driven pipelines, and improved cash generation despite tariffs.
Management opened with “Med Tech” momentum, emphasizing Auryon strength, Mechanical Thrombectomy design advantages, and NanoKnife progress ahead of reimbursement shifts. CFO tied gross margin improvement to mix and pricing while explaining tariff costs embedded in expectations.
Read earnings transcriptQ2 reinforced the same Med Tech growth engine, with Auryon sustained double-digit streak, Mechanical Thrombectomy regulatory milestones, and NanoKnife adoption after CPT effectiveness. Management raised full-year net sales and adjusted EBITDA, while citing positive cash flow.
Management provided and updated directional ranges for revenue, gross margin, and adjusted EBITDA; actuals largely landed inside the guided band, with cash still showing timing variability.
Net sales $308M to $313M (raised from $305M to $310M); Gross margin 53.5% to 55.5% (inclusive of $4M to $6M tariffs); Adjusted EBITDA $6M to $10M (inclusive of $4M to $6M tariffs); Adjusted loss per share $(0.33) to $(0.23)
Revenue $320.17M; Gross margin 54.6%; Other $13.2M; EPS $-0.88
Q1 guidance established a mid-50s gross margin framework and cash positivity expectations, but FY adjusted EPS and revenue ultimately diverged versus the Q1 range.
Net sales $312M to $314M (raised from $308M to $313M); Gross margin 53.5% to 55.5% (inclusive of $4M to $6M tariffs); Adjusted EBITDA $8M to $10M (inclusive of estimated tariff impact); Adjusted loss per share $(0.33) to $(0.23) (unchanged)
Revenue $320.17M; Gross margin 54.6%; Other $13.2M; EPS $-0.88
Key forward monitoring themes based on repeated management framing and Q&A focus.
Coverage and reimbursement mechanics can directly shape utilization and growth durability.
Disposables/probe growth, LCD/MAC coverage updates, and management’s ‘not a light switch’ adoption language.
Mechanical thrombectomy IDE milestones are positioned as accelerators for adoption and sequential growth.
In Q1 and Q2, management tied Mechanical Thrombectomy to sustained traction plus hospital value analysis committee approvals and multiple regulatory milestones. Q3 leaned into AlphaVac sequential performance and enrolled APEX-Return patients; Q4 framed catalysts ahead while discussing commercial structure changes.
Oncology reimbursement
Management described Q1 steady interest before a ‘light switch,’ then Q2/ Q3 pointing to CPT code effectiveness and procedure volume growth. Q4 highlighted record procedures, Palmetto LCD coverage, and ongoing work to expand beyond early reimbursement milestones.
Operational resilience
Tariff expense and manufacturing transfer timing show up repeatedly across Q1 through Q4, with management calling the full-year tariff range and explaining structural underabsorption during production moves. Q3 added inventory build planning ahead of sterilization shutdowns, while Q4 emphasized continued cash generation despite absorbing tariffs.
Higher Med Tech mix and cost savings lifted gross margin and cash flow.
Mixed Med Tech drove top line; gross margin pressured by tariff timing and transition costs. |
Positive Full-year Med Tech growth delivered above-market profitable growth narrative. |
| Watch Med Tech revenue share, gross margin commentary, and pricing initiatives each quarter. |
| Auryon hospital penetration and clinical data momentum | Positive Auryon growth highlighted hospital mix shift and ongoing AMBITION BTK enrollment pace. | Positive Management pointed to hospital penetration, CE Mark-driven international traction, and AMBITION progress. | Positive Hospital push continued; Auryon remained on double-digit growth streak while expanding international. | Positive Auryon delivered its 20th consecutive double-digit quarter and expanded catalysts ahead. | Monitor Auryon procedure volumes, hospital vs OBL mix language, and AMBITION international expansion. |
| Mechanical Thrombectomy regulatory milestones and commercial execution | Positive AlphaVac and AngioVac traction tied to hospital approvals and design-driven feedback. | Positive Three thrombectomy IDE/510(k) milestones positioned products to accelerate adoption. | Positive APEX-Return enrollment began; AlphaVac momentum and new accounts/utilization increased. | Mixed Management highlighted IDE approvals and expected growth engines while acknowledging lumpiness. | Watch VAC process commentary, sequential growth in AlphaVac/AngioVac, and catalyst progress (APEX-Return). |
| NanoKnife reimbursement progress translated into utilization | Positive CPT code discussed as not a ‘light switch’; adoption rose via awareness and disposables. | Positive CPT code effectiveness helped; NanoKnife growth driven by prostate procedures and probe growth. | Positive Management emphasized growing broader payer coverage and multiple European indication expansions. | Positive Palmetto LCD and record procedure volumes reinforced disposable utilization trend. | Track disposable (probe) growth, payer coverage/LCD updates, and any follow-on reimbursements language. |
| Tariffs, manufacturing transition, and cash-cycle decisions | Mixed Tariffs expected full-year $4M-$6M; margin impact included in Q1 results. | Mixed Cost savings accelerated ahead of schedule; tariffs in line with expectations. | Mixed Gross margin down year over year from tariffs and transition timing; inventory build planned for Q4 shutdowns. | Mixed Guidance and results emphasized continued tariff absorption and cash generation resilience. | Monitor tariff expense range language, underabsorption/outsourcing effects, and cash generation cadence Q1/Q2/Q3. |
| Leadership transition framed continuity into FY2027 | Neutral CEO retirement announced; management emphasized seamless transition into FY2027 planning. | Neutral Leadership transition update continued alongside consecutive raised guidance. | Neutral Board search timeline reiterated; outlook relied on same playbook into FY2027. | Watch management commentary on strategic continuity, clinical spend pacing, and any changes in portfolio priorities. |
NanoKnife progress was tied to CPT code effectiveness, early LCD adoption indicators, and continued organic interest; management framed growth as adoption building rather than a sudden step-change.
Management repeatedly referenced tariff expense and timing impacts, including structural underabsorption effects during manufacturing transfers, leading to year-over-year gross margin softness in Q3 despite mix and pricing efforts.
Management highlighted tougher year-over-year comps (notably AngioVac in Q2) and described broader mechanical thrombectomy dynamics that can cause quarter-to-quarter variability even with strong adoption signals.
In Q2 management explained that accelerated first-half savings would not fully offset structural underabsorption as production moved, contributing to different margin dynamics later in the year.
Management consistently cautioned that reimbursement would not be a ‘light switch,’ implying a need for sustained adoption and ongoing coverage progress to maintain momentum.
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| Quarter | Revenue | YoY revenue growth | Diluted EPS | Gross margin | Investor read |
|---|---|---|---|---|---|
| Q1Aug-25 | $75.71M | -5.5% | $-0.26 | 55.3% | Revenue growth was negative YoY in the table, while gross margin was mid-50s and free cash flow was still pressured in Q1. |
| Q2Nov-25 | $79.43M | 4.9% | $-0.15 | 53.1% | Revenue growth turned positive YoY, gross margin increased, and free cash flow swung positive as management raised guidance. |
| Q3Feb-26 | $78.42M | -1.3% | $-0.19 | 52.9% | Revenue growth in the table was slightly negative YoY and free cash flow returned negative, while gross margin dipped versus prior year. |
| Q4May-26 | $86.61M | 10.4% | $-0.28 | 57.1% | Revenue growth accelerated to double digits YoY in the table; gross margin rose and free cash flow was strongly positive. |
Q3 delivered another raised guidance cycle, but CFO explained gross margin headwinds from tariffs, inflation, and manufacturing transition timing. Management also planned inventory build for sterilization shutdowns, aligning cash use with the expected strong Q4 cash generation.
Read earnings transcriptIn Q4, management summarized the year as delivering above-market profitable growth consistently, with Med Tech making up a larger share of revenue. NanoKnife highlighted record procedures and early reimbursement coverage signals, while Mechanical Thrombectomy catalysts were framed for future growth.
Read earnings transcriptQ2 raises reinforced confidence in revenue and profitability, and actual gross margin and adjusted EBITDA beat, while the FY adjusted EPS comparison was unfavorable.
Net sales $313.5M to $315.5M (raised from $312M to $314M); Gross margin 53.5% to 55.5% (inclusive of $4M to $6M tariff impact); Adjusted EBITDA $10M to $12M (inclusive of estimated tariff impact); Adjusted loss per share $(0.30) to $(0.23)
Revenue $320.17M; Gross margin 54.6%; Other $13.2M; EPS $-0.88
Q3 again pushed EBITDA higher and held gross margin guidance steady, but FY revenue and EPS ended outside the ranges, indicating ongoing variability.
Gross margin 54% to 55% (FY2027); Adjusted EBITDA $13M to $16M (FY2027); Adjusted loss per share $(0.29) to $(0.24) (FY2027)
Revenue $320.17M
Q4 shifted from FY2026 to FY2027 outlook; without FY2026 guidance updates for these metrics, there’s no like-for-like FY2026 scoring.
APEX-Return/pivotal trial progress, VAC approvals, and sequential growth commentary for AlphaVac and AngioVac.
Tariff expense timing influenced margin optics and cash generation planning throughout FY2026.
Quarterly tariff expense commentary, gross margin direction vs mix/pricing, and whether the $4M-$6M frame persists.
Sterilization shutdown-related inventory builds and working capital management affect quarterly free cash flow outcomes.
Management’s Q1/Q4 cash cadence guidance, inventory build language, and free cash flow swings quarter to quarter.
Gross margin support and growth durability were repeatedly tied to Med Tech’s increasing share of revenue.
Med Tech revenue share trajectory, mix shift language, and pricing/efficiency drivers supporting gross margin.
Dafinchi