IntrinsicIntrinsic
← All summaries

ANGIODYNAMICS INC

ANGO
Financials & Chart →

Business Summary

AngioDynamics is a diversified medical technology company that designs, manufactures, and sells products and technologies which aid clinicians in the treatment of patients with cardiovascular disease and cancer diagnoses. The company operates in the medical device industry, which is characterized by rapid technological change, frequent product introductions, evolving customer requirements, and intense competition. The company's execution strategy is built on innovative R&D, clinical and regulatory pathway expansion, and customer centric sales performance.

The company encounters significant competition across its product lines from large manufacturers with multiple business lines and small manufacturers offering a limited selection of products. Primary competitors named in the filing include Boston Scientific Corporation, Cook Medical, Medical Components, Inc. (MedComp), TeleFlex Medical, Becton Dickinson, Medtronic, Merit Medical, Terumo Medical Corporation, Johnson and Johnson, Philips Healthcare, Stryker Corporation, Penumbra, Inc., Siemens Healthineers, Abbott Laboratories, Profound Medical, EDAP TMS, and Total Vein Systems. The company believes its products compete primarily based on quality, clinical outcomes, ease of use, reliability, physician familiarity, and cost-effectiveness.

The company generates revenue by designing, manufacturing, and selling medical devices used in minimally invasive, image-guided procedures. Many of the company's products are intended to be used once and then discarded, or they may be temporarily implanted for short- or long-term use. The company sells its products in the United States primarily through a direct sales force, and outside the U.S. mainly through distributor relationships. End users include interventional radiologists, interventional cardiologists, vascular surgeons, urologists, interventional and surgical oncologists, and critical care nurses.

The company's product offerings fall within two segments: Med Tech and Med Device. The Med Tech segment includes the Auryon Atherectomy System for treating peripheral arterial disease, the thrombus management portfolio including the AlphaVac Mechanical Thrombectomy System and AngioVac venous drainage cannula and circuit, catheter directed thrombolytic devices including the Uni-Fuse system and Uni-Fuse+ system, and the NanoKnife IRE Ablation System for the surgical ablation of soft tissue. In December 2024, the NanoKnife System received expanded FDA 510(k) clearance for the ablation of prostate tissue. In February 2026, the NanoKnife system received BSI approval for the product to bear the MDR CE mark supporting expanded indications for the ablation of pancreas, kidney, liver or prostate tumors, including intermediate risk prostate cancer. The Med Tech segment net sales were $149,954 for the year ended May 31, 2026, compared to $126,653 in the prior year.

The Med Device segment includes peripheral products such as angiographic catheters, guidewires, drainage catheters, micropuncture kits, ports (including SmartPort, SmartPort+, SmartPort Plastic, BioFlo Port, and Xcela Plus), and venous insufficiency products including the VenaCure EVLT laser system. The segment also includes the Solero Microwave Tissue Ablation System, the IsoLoc Endorectal Balloon, and the Alatus Vaginal Balloon Packing System. The Med Device segment net sales were $170,220 for the year ended May 31, 2026, compared to $165,845 in the prior year.

On July 16, 2024, the Board of Directors approved a share repurchase program authorizing the company to repurchase up to $15.0 million of its outstanding common stock. During fiscal year 2025, the company repurchased 243,847 shares of common stock in the open market at an aggregate cost of $1.7 million under the Repurchase Program. As of May 31, 2026, $13.3 million remained available for repurchase. On December 24, 2024, the company entered into an agreement to sell the manufacturing facilities in Queensbury, NY and Glens Falls, NY for a purchase price of $5.5 million and $1.2 million , respectively, and net proceeds of $5.2 million and $1.1 million , respectively. The company simultaneously entered into lease agreements with future lease payments of $4.6 million over seven years for the Queensbury, NY facility and $0.4 million over three years for the Glens Falls, NY facility. On May 28, 2025, the company entered into a new Credit Agreement with JPMorgan Chase Bank, N.A. providing for a $25.0 million secured revolving credit facility. As of May 31, 2026, there is no outstanding balance on the Revolving Facility. The company announced a restructuring to optimize its manufacturing efficiency, capabilities and footprint on January 5, 2024, with a modification announced in the second quarter of fiscal year 2025. The restructuring activities are expected to be completed in the first quarter of fiscal year 2027 and are expected to generate $15.0 million in annual cost savings starting in fiscal year 2027.

For the fiscal year ended May 31, 2026, the company reported a net loss of $36.7 million , or a loss of $0.88 per diluted share, on net sales of $320.2 million compared to a net loss of $34.0 million , or a loss of $0.83 per diluted share, on net sales of $292.5 million in fiscal year 2025. Revenue increased by 9.5% to $320.2 million . Gross margin increased by 70 bps to 54.6% . Cash flow from operations increased by $13.2 million resulting in cash provided by operations of $3.1 million .

Business Outlook

The company is focused on its Med Tech segment, which includes Auryon, Mechanical Thrombectomy (AngioVac and AlphaVac), and NanoKnife, to provide access to larger and faster growing markets. The company enrolled the first patients in both the AMBITION BTK and RECOVER-AV trials. The company received FDA IDE approval for APEX-Return study evaluating AlphaReturn Blood Management System when used with AlphaVac F1885 System, and FDA IDE approval for PAVE clinical study evaluating AngioVac System for treatment of right-sided infective endocarditis. The company also received FDA IDE approval for the RELIEF BPH study evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia. The company finalized a local coverage determination with Palmetto covering NanoKnife IRE for qualifying Medicare patients in prostate and liver cancer, effective July 5, 2026.

The company is focused on customer centric sales performance, including continued focus on training of the sales teams and conducting targeted physician trainings and symposiums both in the U.S. and internationally throughout the year. The company also continues its discipline on deploying resources through the restructuring of the manufacturing footprint, which includes maintaining a presence in Queensbury, NY for select products, customer service, logistics, shipping, quality and regulatory operations, and shifting all other products to an outsourced model utilizing third-party manufacturers.

The restructuring activities associated with the modified Plan are expected to be completed in the first quarter of fiscal year 2027. The modified Plan is still expected to generate $15.0 million in annual cost savings starting in fiscal year 2027.

The company announced a plan to transfer certain product manufacturing processes from Queensbury, NY to third-party manufacturers located in various parts of the world, including, but not limited to the United States, Costa Rica, Latvia, Italy, Israel and China. The restructuring activities associated with this plan are expected to be completed in the first quarter of fiscal year 2027. The company has built sufficient safety stock to reduce the risk of backlog during the transition.

The company recognizes the importance of, and intends to continue to make investments in R&D. Research and development expense was $29,447 for the year ended May 31, 2026, compared to $26,222 in the prior year. The company's share repurchase program authorized up to $15.0 million of its outstanding common stock, with $13.3 million remaining available for repurchase as of May 31, 2026. The company did not declare any cash dividends on its common stock during the last three fiscal years and does not anticipate paying any cash dividends for the foreseeable future.

The current macroeconomic environment continues to impact the company's business and may continue to pose future risks. The company's ability to manufacture products, the reliability of its supply chain, labor shortages, backlog, inflation (including the cost and availability of raw materials, direct labor and shipping) and tariffs have impacted the company's business, trends that may continue. The company faces currency and other risks associated with international sales, including fluctuations in currency values, trade restrictions, tariff and trade regulations, U.S. export controls, U.S. and non-U.S. tax laws, shipping delays and economic and political instability.

The company is subject to risks associated with global health crises, pandemics, epidemics or other outbreaks beyond its control which could adversely affect its business, operations and financial results. Geopolitical developments related to various global conflicts are sources of uncertainty and may cause disruptions to global or regional markets, supply chains or operations in the regions. The implementation of new tariffs on imports from Canada, Mexico, China or other countries for an extended period and without specific exemptions for the company's products, and any reciprocal tariffs or other reactions by other countries thereto, could have a material adverse impact on the company's financial condition, results of operations and cash flows.

Risk Factors

The company faces intense competition in the medical device industry, which continues to experience consolidation, and the company may be unable to compete effectively with respect to technological innovation and price. The company is dependent on single and limited source suppliers, which subjects its business to risks of supplier business interruptions. The company relies on third-party manufacturers for a portion of its products and has announced a plan to move to a partially outsourced model, exposing it to risks including reduced control over manufacturing, delivery timing, product quality issues, and potential price fluctuations. The company is subject to product liability claims, with a product liability policy limit of $10.0 million per claim and an aggregate policy limit of $10.0 million , subject to a self-insured retention of $0.5 million per occurrence and $2.0 million in the aggregate. The company's intangible assets and fixed assets are subject to potential impairment; the company has historically recorded significant impairment charges and may be required to record additional charges. The company's Federal net operating loss carryforwards as of May 31, 2026 after considering IRC Section 382 limitations are $188.9 million , with $37.1 million expiring between 2030 and 2032 and $151.8 million expiring indefinitely.

Management Priorities

Management's message emphasizes the company's transformation into a high growth, highly profitable medical technology company focused on its Med Tech segment. The key themes include innovative R&D, clinical and regulatory pathway expansion, and customer centric sales performance. Management highlights the restructuring of the manufacturing footprint, which is expected to generate $15.0 million in annual cost savings starting in fiscal year 2027, and the strategic moves designed to streamline the business, improve overall business operations, and position the company for growth. The company's President and CEO, James C. Clemmer, has announced his intention to retire on the earlier of November 30, 2026 and appointment of a successor CEO, and the Board has initiated a search for a new CEO.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 7, MD&A — Net Sales
  2. [2] Item 7, MD&A — Net Sales
  3. [3] Item 7, MD&A — Net Sales
  4. [4] Item 7, MD&A — Net Sales
  5. [5] Item 7, MD&A — Company and Market
  6. [6] Item 7, MD&A — Company and Market
  7. [7] Item 7, MD&A — Company and Market
  8. [8] Item 7, MD&A — Company and Market
  9. [9] Item 7, MD&A — Company and Market
  10. [10] Item 7, MD&A — Company and Market
  11. [11] Item 7, MD&A — Company and Market
  12. [12] Item 7, MD&A — Company and Market
  13. [13] Item 7, MD&A — Company and Market
  14. [14] Item 7, MD&A — Company and Market
  15. [15] Item 7, MD&A — Company and Market
  16. [16] Item 7, MD&A — Company and Market
  17. [17] Item 7, MD&A — Results of Operations
  18. [18] Item 7, MD&A — Results of Operations
  19. [19] Item 7, MD&A — Results of Operations
  20. [20] Item 7, MD&A — Results of Operations
  21. [21] Item 7, MD&A — Results of Operations
  22. [22] Item 7, MD&A — Results of Operations
  23. [23] Item 7, MD&A — Company and Market
  24. [24] Item 7, MD&A — Company and Market
  25. [25] Item 7, MD&A — Company and Market
  26. [26] Item 7, MD&A — Company and Market
  27. [27] Item 7, MD&A — Company and Market
  28. [28] Item 7, MD&A — Company and Market
  29. [29] Item 7, MD&A — Company and Market
  30. [30] Item 7, MD&A — Operating Expenses
  31. [31] Item 7, MD&A — Operating Expenses
  32. [32] Item 7, MD&A — Company and Market
  33. [33] Item 7, MD&A — Company and Market
  34. [34] Item 1, Business — Insurance
  35. [35] Item 1, Business — Insurance
  36. [36] Item 1, Business — Insurance
  37. [37] Item 1, Business — Insurance
  38. [38] Item 1A, Risk Factors — Risks Related to Our Business and Industry
  39. [39] Item 1A, Risk Factors — Risks Related to Our Business and Industry
  40. [40] Item 1A, Risk Factors — Risks Related to Our Business and Industry
  41. [41] Item 7, MD&A — Company and Market
  42. [42] Item 7, MD&A — Net Sales
  43. [43] Item 7, MD&A — Net Sales
  44. [44] Item 7, MD&A — Results of Operations
  45. [45] Item 7, MD&A — Results of Operations
  46. [46] Item 7, MD&A — Results of Operations
  47. [47] Item 7, MD&A — Results of Operations
  48. [48] Item 7, MD&A — Gross Margin
  49. [49] Item 7, MD&A — Gross Margin
  50. [50] Item 7, MD&A — Company and Market
  51. [51] Item 7, MD&A — Company and Market
  52. [52] Item 7, MD&A — Net Sales
  53. [53] Item 7, MD&A — Net Sales
  54. [54] Item 7, MD&A — Net Sales
  55. [55] Item 7, MD&A — Net Sales
  56. [56] Item 7, MD&A — Acquisition, restructuring and other items, net
  57. [57] Item 7, MD&A — Acquisition, restructuring and other items, net

Analysis on 7/14/2026