ANGO — AngioDynamics, Inc.

Summary of AngioDynamics Q4 2026 Earnings Call

1. Key Financial Results and Metrics

• Q4 Revenue: Increased 8% to $86.6 million.
  • Med Tech Revenue: $41.8 million, up 16.7%.
  • Med Device Revenue: $44.8 million, up 1.1%.
• Full Year Revenue: $320.2 million, a 9.4% increase.
  • Med Tech Full Year Revenue: $150 million, up 18.4%.
  • Gross Margin: 54% for Q4, up 130 basis points year-over-year; 54.6% for the full year, up 70 basis points.
• Net Loss: $11.4 million for Q4 ($0.27 per share); full year loss of $36.7 million ($0.88 per share).
• Adjusted Net Loss: $2.8 million for Q4 ($0.07 per share); full year adjusted loss of $10 million ($0.24 per share).
• Adjusted EBITDA: $3.3 million for Q4; $13.2 million for the full year, up from $7.6 million in FY 2025.
• Cash Generation: $17.5 million from operations in Q4; $3.1 million for the full year.

2. Strategic Updates and Business Highlights

• Med Tech Growth: Med Tech segment now represents 47% of total revenue, up from 22% in FY 2020, with a compound annual growth rate of 24% over six years.
• Auryon Platform: Continues to perform well with 20 consecutive quarters of double-digit growth, contributing $17.8 million in Q4.
• Mechanical Thrombectomy: Strong growth in AlphaVac (38.4% increase), but AngioVac saw a 15.8% decline. New product launches and trials are anticipated to drive future growth.
• NanoKnife: Revenue increased 64.5% in Q4, driven by prostate care, with record procedure volumes and positive clinical data supporting growth.
• Leadership Transition: CEO Jim Clemmer announced plans to retire, with a search for a successor underway.

3. Forward Guidance and Outlook

• FY 2027 Revenue Guidance: Expected to be between $336 million and $341 million (5% to 6.5% growth).
  • Med Tech Growth: Anticipated to grow 12%-15%.
  • Med Device Sales: Expected to be flat.
• Gross Margin: Projected to remain between 54%-55%.
• Adjusted EBITDA: Expected to be in the range of $13 million-$16 million.
• Adjusted Loss Per Share: Forecasted between $0.29 and $0.24.

4. Bad News, Challenges, or Points of Concern

• Net Losses: Continued net losses raise concerns about profitability despite revenue growth.
• Mechanical Thrombectomy Challenges: AngioVac's performance has been inconsistent, with competitive pressures affecting growth.
• Tariff Impact: Tariffs have negatively impacted gross margins, although the company managed these costs effectively.
• Market Competition: Increased competition in the thrombectomy market could lead to pricing pressures, although management reports no significant pricing issues currently.

5. Notable Q&A Insights

• NanoKnife Adoption: Positive early signs of adoption following Medicare coverage, but the company is cautious about projecting significant growth until broader reimbursement is established.
• Mechanical Thrombectomy Strategy: Management is focused on enhancing commercial execution and has made internal changes to improve sales performance.
• Investment in R&D: The company plans to maintain R&D spending at approximately 10% of sales, balancing growth investments with profitability.
• Market Dynamics: Management emphasized the importance of clinical data and physician engagement in driving adoption of new technologies.

Overall, AngioDynamics demonstrated solid growth in FY 2026, particularly in its Med Tech segment, while navigating challenges related to profitability and market competition. The company remains optimistic about future growth driven by strategic investments and product innovations.