Fifth Straight Quarter of Double-Digit Med Tech Growth Lifts Performance
AngioDynamics (NASDAQ: ANGO) continues to build on its Med Tech momentum, reporting its fifth consecutive quarter of double-digit growth in the segment. For the fiscal 2026 second quarter (ended November 30, 2025), Med Tech sales climbed 13.0% year-over-year, hitting $35.7 million. This solid segment growth powered an 8.8% overall sales increase for the company, with total net sales reaching $79.4 million.
Key contributors included Auryon peripheral atherectomy (up 18.6% to $16.3 million), mechanical thrombectomy (up 3.9% to $11.0 million), and NanoKnife (up 22.2% to $7.3 million, including 14.4% probe growth). In contrast, Med Device net sales grew 5.6% to $43.8 million, further expanding the company’s top line.
Gross Margin and Cash Flow Improve on Strategic Initiatives
Profitability metrics told a similar story. AngioDynamics expanded its gross margin to 56.4% for the quarter—up 170 basis points from the prior year—thanks to a continued shift toward higher-margin Med Tech products, ongoing manufacturing efficiencies, and some geographic sales model changes in Europe.
Adjusted EBITDA rose notably to $5.9 million, nearly doubling last year's $3.1 million. The company generated $4.7 million in positive cash flow for the quarter and finished with $41.6 million in cash and cash equivalents, comfortably ahead of expectations. AngioDynamics remains debt-free and expects to sustain positive full-year cash flow in FY2026.
Key Financial Highlights at a Glance
| Quarter Ended Nov 30, 2025 | YoY Growth | |
|---|---|---|
| Net Sales | $79.4 million | 8.8% |
| Med Tech Net Sales | $35.7 million | 13.0% |
| Med Device Net Sales | $43.8 million | 5.6% |
| Gross Margin | 56.4% | +170 bps YoY |
| Adjusted EBITDA | $5.9 million | +91.0% |
| Ending Cash (Nov 30, 2025) | $41.6 million | N/A |
FY2026 Guidance Raised as Regulatory and Legal Milestones Drive Confidence
The strong quarter prompted management to increase full-year guidance. Net sales are projected between $312 and $314 million (previously $308–$313 million), while Adjusted EBITDA guidance now stands at $8.0 to $10.0 million (up from $6.0 to $10.0 million). Med Tech net sales growth remains robust at 14% to 16%.
| Guidance Metric | Current (Jan 6, 2026) | Previous (Oct 2, 2025) |
|---|---|---|
| Net Sales | $312–$314M | $308–$313M |
| Med Tech Sales Growth | 14%–16% | 14%–16% |
| Med Device Sales Growth | 0%–1% | Flat |
| Gross Margin | 53.5%–55.5% | 53.5%–55.5% |
| Adjusted EBITDA | $8.0–$10.0M | $6.0–$10.0M |
| Adjusted EPS | ($0.33) – ($0.23) | ($0.33) – ($0.23) |
| Free Cash Flow | Positive for FY2026 | Positive for FY2026 |
Recent regulatory milestones provide further confidence in this updated outlook. Three major FDA approvals or clearances were achieved for the thrombectomy portfolio: the pivotal APEX-Return study (AlphaReturn Blood Management System), the PAVE clinical study (evaluating AngioVac for right-sided endocarditis), and expanded indications for the AlphaVac F1885 system. In addition, the conclusion of long-running patent litigation with Bard removes a noteworthy legal overhang and potential $3 million contingent settlement payment.
Leadership Succession Paves Way for Continued Execution
A planned transition is also on the horizon: CEO Jim Clemmer intends to retire following the selection of his successor, expected during fiscal 2027. Clemmer, who oversaw the company’s multi-year strategic transformation, will continue to helm AngioDynamics until a new CEO steps in, ensuring stability during a critical growth period.
Takeaway: Med Tech Strength and Clear Vision for Growth
AngioDynamics’ momentum is anchored in its Med Tech platform, which continues to outpace both company and market-wide averages. With expanded regulatory clearances, profitable cash generation, and a proactive leadership handoff in progress, the company is positioning itself to capitalize on large and fast-growing healthcare markets through innovation and disciplined execution. Investors and industry watchers may want to pay particular attention to AngioDynamics’ ability to maintain double-digit Med Tech growth and manage its transition, given the rapidly evolving medical technology sector.
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