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what it is
AngioDynamics, Inc. (Latham, NY) sells Med Tech and Med Device products for vascular disease, thrombus management, and tumor therapy (including platforms such as Auryon, mechanical thrombectomy lines, and NanoKnife).
how it gets paid
FY2025 (ended May 31, 2025) pro forma net sales ~$292.7M, up ~8.1% vs. prior year — Med Tech ~$126.7M (+19.5%) and Med Device ~$166.0M (+0.8%) per the full-year FY2025 release.
why growth slowed
FY2026 net sales guidance was raised to about $312–$314M (from $308–$313M) with adjusted EBITDA guidance about $8–$10M (Jan 6, 2026 Q2 FY2026 update — see company release for full ranges).
what just happened
Q2 FY2026 (ended Nov 30, 2025): net sales $79.4M; Med Tech $35.7M (+13.0% vs. prior year); Med Device $43.8M (+5.6% vs. prior year); GAAP gross margin 56.4% (+170 bps vs. prior year); adjusted EPS about $0.00; adjusted EBITDA $5.9M; generated ~$4.7M cash (Jan 6, 2026).
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
FY2026 sales guide ~$312–$314M (raised Jan ’26)
FY2026 adj. EPS guide about $(0.33)–$(0.23) — company update
Q2 FY2026: adj. EBITDA ~$5.9M · cash ~$41.6M · no debt
xvary composite: 52/100 — below average
What they do
AngioDynamics sells Med Tech and Med Device products into hospitals for vascular care, thrombus management, and oncology workflows.
Procedure pull-through and clinical training create stickiness for complex devices (e.g., Auryon, thrombectomy platforms, NanoKnife). Near-term, the investment case is largely Med Tech growth + margin progression — the Jan 6, 2026 release highlighted no debt and ~$41.6M cash at quarter end.
How they make money
~$292.7M
FY2025 pro forma net sales · +~8.1% vs. prior year (May 31, 2025 fiscal year)
Med Tech net sales (FY2025)
~$126.7M
Med Device net sales (FY2025)
~$166.0M
The products that matter
atherectomy platform
Auryon
Med Tech +13.0% vs. prior year in Q2 FY2026
Company commentary tied Q2 strength partly to Auryon, mechanical thrombectomy, and related portfolio momentum. Product-level revenue disclosure is still limited — you mostly track segment growth and margin.
platform focus
tumor ablation platform
NanoKnife
named growth driver in Q2 FY2026 materials
NanoKnife remains part of the oncology / Med Tech narrative alongside thrombectomy platforms. Proof shows up in Med Tech revenue growth and gross margin, not standalone NanoKnife revenue lines.
growth watch
Key numbers
56.4%
Q2 FY2026 gross margin
GAAP gross margin 56.4%, up 170 bps vs. prior year per the Jan 6, 2026 release — the cleanest quarterly proof point on unit economics.
~$293M
FY2025 net sales
Pro forma net sales about $292.7M (+~8.1% vs. prior year) for the May 31, 2025 fiscal year — use as the trailing annual base before FY2026 guide.
~$5.9M
Q2 adjusted EBITDA
Non-GAAP adjusted EBITDA about $5.9M vs about $3.1M in prior-year Q2 (same release). FY2026 adjusted EBITDA guide about $8–$10M.
$0
debt (reported)
Jan 6, 2026 materials state no debt at Nov 30, 2025 with ~$41.6M cash — leverage is not the primary balance-sheet story.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- cash & debt (Nov 30, 2025) ~$41.6M cash · no debt (Q2 FY2026 release)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ANGO right now.
source: n/a — verify total return with your broker
What just happened
growth + raised guide · still early
Q2 FY2026 net sales ~$79.4M (~8.8% vs. prior year pro forma); adjusted EPS about $0.00.
Med Tech $35.7M (+13.0% vs. prior year) · Med Device $43.8M (+5.6% vs. prior year). GAAP gross margin 56.4% (+170 bps). Adjusted EBITDA ~$5.9M; company generated ~$4.7M cash in the quarter. CEO succession: Jim Clemmer plans to retire during FY2027 with a board-led search (same release).
~$79.4M
net sales
~$0.00
adj. EPS
~$5.9M
adj. EBITDA
the number that mattered
Med Tech +13% with 56.4% GAAP gross margin — that combination is what has to persist if FY2026 guidance (~$312–$314M sales, ~$8–$10M adj. EBITDA) is going to land.
source: AngioDynamics Q2 FY2026 results (press materials, Jan 6, 2026) · FY2025 full-year release (Jul 2025)
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What could go wrong
The main risk is the Med Tech pivot failing to translate into earnings. AngioDynamics already has the growth story on paper. What it does not have yet is proof that growth can pay for itself.
med
the growth engine cools before profitability shows up
Med Tech grew 13% in Q2 FY2026 and FY2026 sales guidance moved to about $312–$314M, but the model still depends on continued mix, margin, and cost discipline. If Med Tech decelerates before profitability inflects, the narrative thins quickly.
This would hit both sides of the thesis at once: less momentum and less faith that scale fixes the model.
med
low earnings predictability means misses can reset the stock fast
An earnings predictability score of 30 / 100 means quarter-to-quarter results are noisy. In a $437M market cap stock, one weak report can change the story far faster than it would in a large-cap name.
If execution slips, you are not getting the cushion that steadier businesses usually provide.
med
thin product disclosure leaves you trusting management more than the model
This page can point to platforms like Auryon and NanoKnife, but it cannot show product-level revenue. That makes it harder to measure whether the strategic shift is broad, durable, or concentrated in a smaller slice of sales than investors assume.
When disclosure is thin, each quarter matters more because you have fewer ways to verify the thesis between reports.
No debt and ~$41.6M cash buy time, but the equity case still rests on Med Tech growth + gross margin and executing through a CEO transition.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
does 13% Med Tech growth hold up
This is the number carrying the story. If the growth engine cools before margins improve, the turnaround multiple gets a lot harder to defend.
calendar
next earnings report
Estimated report date April 1, 2026. With earnings predictability at 30 / 100, one quarter can move the story more than usual.
trend
the technology mix shift
Use investor decks and calls to cross-check segment trends — the filing headline numbers should match what management emphasizes on Med Tech vs Med Device mix.
risk
whether losses finally start narrowing
Q2 FY2026 adjusted EBITDA was about $5.9M — track whether operating cash generation and GAAP profitability converge, or whether adjustments keep masking the core P&L.
Analyst rankings
earnings predictability
30 / 100
Low. Quarterly results can swing around. in human-speak, do not expect smooth, boring execution.
source: institutional data
Institutional activity
institutional ownership data for ANGO is being compiled.
source: institutional data
Price targets
analyst targets not verified here
Illustrative spot on this page: $10.33 — not a forecast.
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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