AngioDynamics, Inc.

Revenue increased 8% in the fourth quarter to $86.6 million, with Med Tech revenue up 16.7% to $41.8 million and Med Device revenue up 1.1% to $44.8 million. Fourth-quarter gross margin was 54%, up 130 basis points year over year; GAAP net loss was $11.4 million, or $0.27 per share, versus a loss of $6.1 million, or $0.15 per share, a year ago; adjusted net loss was $2.8 million, or $0.07 per share, versus $1.1 million, or $0.03 per share, and adjusted EBITDA was $3.3 million. For the full year, revenue rose 9.4% to $320.2 million, gross margin was 54.6% versus 53.9%, adjusted net loss was $10 million, or $0.24 per share, GAAP net loss was $36.7 million, or $0.88 per share, and adjusted EBITDA improved to $13.2 million from $7.6 million. Cash from operations was $17.5 million in Q4 and $3.1 million for the full year, and the company ended with $53.9 million in cash and no debt. FY2027 guidance: sales of $336 million-$341 million, Med Tech growth of 12%-15%, Med Device roughly flat, gross margin of 54%-55%, adjusted EBITDA of $13 million-$16 million, and adjusted loss per share of $0.29-$0.24; tariff impact is expected to be broadly similar to FY2026.

Jim Clemmer framed fiscal 2026 as proof that AngioDynamics’ transformation strategy is working: the company is moving toward larger, faster-growing markets while expanding profitability and generating cash. He highlighted share gains in Auryon, Mechanical Thrombectomy, and NanoKnife, and said the company is “growing, we are profitable” while continuing to invest for the future. His tone was confident and upbeat, but he also emphasized a disciplined, long-term approach, especially around clinical data, reimbursement, and the pending CEO transition.

Steve Trowbridge focused on the numbers and the mix shift driving them. He cited Q4 revenue of $86.6 million, gross margin of 54%, operating expenses of $57 million, and tariffs of about $500,000 in the quarter; for the full year, he pointed to $320.2 million of revenue, 54.6% gross margin, $4.8 million of tariff expense, and $13.2 million of adjusted EBITDA. He also highlighted $17.5 million of operating cash flow in Q4, $3.1 million for the year, $53.9 million of cash, and a debt-free balance sheet, while saying R&D is targeted at about 10% of sales going forward and FY2027 should still generate positive cash flow.

Analysts focused on NanoKnife reimbursement, the timeline and market size for the new RELIEF BPH study, and the reasons for weaker Mechanical Thrombectomy growth in the quarter. Management said the Palmetto LCD is an important early reimbursement milestone, but broader national coverage will still require work with other MACs, and they expect NanoKnife adoption to continue building rather than accelerate in a “hockey stick” fashion. On thrombectomy, management said the market is competitive and lumpy, but pricing pressure has not been a major issue; they also said they changed commercial structure, added experienced people, and expect AlphaVac to keep growing while AngioVac returns to growth against easier comps.