Record Med Tech Growth Fuels AngioDynamics’ Strategic Transformation
AngioDynamics (NASDAQ: ANGO) delivered its seventh straight quarter of double-digit Med Tech segment growth, capping fiscal year 2026 with record financial performance. Sharpened execution and innovation have anchored the company’s ongoing transformation, with Med Tech net sales up 16.7% for the recent quarter and 18.4% for the full year, significantly outpacing the rest of the business.
Med Tech Segment Outpaces Legacy Business, Boosts Margins
The company’s Med Tech platforms—including Auryon, NanoKnife, AlphaVac, and AngioVac—drove robust quarterly and annual gains. Most notably, NanoKnife capital sales surged 132.5% in the fourth quarter, and its probes business rose 47%, thanks to new reimbursement codes and growing clinical adoption. Med Tech now accounts for 47% of total revenue, up from 25% in 2020, reflecting steady progress toward a higher-growth, higher-margin business mix.
| Q4 2026 (Pro Forma) | Year-Over-Year Growth | FY 2026 (Pro Forma) | Year-Over-Year Growth |
|---|---|---|---|
| Total Net Sales: $86.6M | 8.0% | Total Net Sales: $320.2M | 9.4% |
| Med Tech Sales: $41.8M | 16.7% | Med Tech Sales: $150.0M | 18.4% |
| Med Device Sales: $44.8M | 1.1% | Med Device Sales: $170.2M | 2.5% |
Margin Improvement Led by Med Tech Mix and Operational Discipline
Gross margin in Q4 expanded to 54%, a 130 basis point improvement over last year. This was largely attributable to growth in high-margin Med Tech sales and favorable pricing. For the full year, gross margin ticked up to 54.6% even as the company managed $4.8 million in tariff-related headwinds. Med Tech gross margin climbed to 63.6%, more than 17 percentage points higher than the Med Device business.
| FY 2026 Gross Margin | FY 2025 Gross Margin | Change |
|---|---|---|
| Total: 54.6% | 53.9% | +0.7% |
| Med Tech: 63.6% | 62.0% | +1.6% |
| Med Device: 46.7% | 47.7% | -1.0% |
Profitability and Cash Generation Improve Despite Net Loss
AngioDynamics posted its third consecutive quarter of positive adjusted EBITDA, reaching $3.3 million in Q4 and $13.2 million for the year—up from $7.6 million last year. While GAAP net loss stood at $36.7 million for the year, adjusted net loss narrowed to $10.0 million, and the company ended 2026 with $53.9 million in cash and no debt. Operational cash flow totaled $17.5 million in Q4 and $3.1 million for the year, a notable turnaround from the prior period.
Clinical, Regulatory, and Reimbursement Wins Support Growth Outlook
Beyond the numbers, AngioDynamics scored several clinical and regulatory milestones. Highlights include FDA approvals for multiple IDE (Investigational Device Exemption) studies across its NanoKnife, AlphaVac, and AngioVac platforms, as well as the presentation of durable two-year results for the PRESERVE pivotal trial in prostate cancer. Reimbursement also advanced, with NanoKnife receiving Category I CPT codes and positive Medicare coverage guidance—potentially expanding the platform’s addressable markets.
Fiscal 2027 Guidance Emphasizes Continued Med Tech Momentum
Looking ahead, management is forecasting 12-15% Med Tech sales growth for fiscal 2027, with gross margin expected between 54-55% and adjusted EBITDA in the $13-16 million range. Flat growth is anticipated in the legacy Med Device business, reflecting the strategic emphasis on transformative technologies and market expansion drivers.
| 2027 Guidance Metric | Range (As of July 14, 2026) |
|---|---|
| Net Sales | $336M - $341M |
| Med Tech Net Sales Growth | 12% - 15% |
| Med Device Net Sales Growth | Flat |
| Gross Margin | 54% - 55% |
| Adjusted EBITDA | $13M - $16M |
| Adjusted EPS | ($0.29) - ($0.24) |
Main Takeaways: Innovation and Growth Catalysts Support Value Creation
AngioDynamics’ record-setting fiscal 2026 underscores the payoff from its ongoing pivot to Med Tech innovation, operational discipline, and clinical execution. The foundation appears set for higher sales mix, persistent margin improvement, and expanded addressable markets in the coming years. Investors may want to track Med Tech’s revenue mix, clinical trial outcomes, and reimbursement developments as key catalysts driving future performance.
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