AngioDynamics (NASDAQ:ANGO) reported fiscal 2026 third-quarter results that management described as “strong across the board,” highlighted by faster growth in its MedTech segment and improved adjusted EBITDA. The company also raised its full-year outlook for net sales and adjusted EBITDA for the third consecutive quarter, citing continued execution across its core platforms.
Quarterly results show MedTech-led growth
Executive Vice President and Chief Financial Officer Steve Trowbridge said company revenue increased 8.9% year over year to $78.4 million, with growth in both MedTech and Med Device. MedTech revenue rose 19% to $37.3 million, and Trowbridge noted the segment represented 48% of total revenue versus 44% a year ago, reflecting an ongoing mix shift.
Platform performance: Auryon, thrombectomy, and NanoKnife
President and CEO Jim Klemmer said AngioDynamics has built its portfolio around cardiovascular and oncology markets and pointed to three product portfolios the company is “really excited about.” In MedTech, Klemmer highlighted continued strength in Auryon and what he called an especially strong quarter in mechanical thrombectomy and NanoKnife.
- Auryon: Trowbridge said Auryon revenue was $16.3 million, up 17.9% year over year, marking the 19th consecutive quarter of double-digit growth. Klemmer said the company’s “push into the hospital market keeps paying off,” improving both growth and economics, while Trowbridge added the company continues to invest in product extensions such as radial access and 1.7 mm catheters based on physician feedback. In Q&A, management said growth is being driven by both a higher hospital mix (supporting pricing) and higher procedure volume in office-based labs, while maintaining momentum in both sites of care.
- Mechanical thrombectomy (AlphaVac and AngioVac): Klemmer said the combined thrombectomy portfolio grew about 18% year over year, with “AlphaVac in particular” delivering the largest sequential revenue increase since launch. Trowbridge reported mechanical thrombectomy revenue of $11.5 million, up 17.9%, including AlphaVac revenue of $4.4 million (up 47.4% year over year and more than 24% sequentially) and AngioVac revenue of $7.2 million (up 5%). Management attributed adoption to new accounts, hospitals adding products through value analysis committee (VAC) processes, and increased utilization within existing accounts, supported by training and clinical education programs. Klemmer also said the company enrolled its first patients in the APEX-Return pivotal trial evaluating the AlphaReturn blood management system with AlphaVac for acute pulmonary embolism (PE), and the company is targeting completion of the approval process in the first quarter of calendar 2027.
- NanoKnife: Klemmer said the quarter was strong for both disposables and capital, and noted the CPT Category I code became effective January 1, with early experience described as positive. Trowbridge said total NanoKnife revenue increased 21% to $7.6 million, with probes up 20% and capital sales up 24.9%. He said probe sales were primarily driven by demand in prostate care and that capital placements could drive future probe utilization as adoption expands. Klemmer also noted AngioDynamics announced expanded European indications for NanoKnife for soft tissue ablation of tumors in the liver, pancreas, kidney, and prostate, positioning NanoKnife as a multi-organ platform internationally.
Margins, tariffs, and profitability
Trowbridge reported gross margin of 52.9%, down 110 basis points year over year. He said the decrease was primarily driven by “the impact and timing of tariffs, inflation, and certain costs associated with our manufacturing transition,” partially offset by favorable mix shift toward MedTech and pricing initiatives across both segments.
Operating expenses were $54.4 million, or 69% of sales, compared with $48.8 million, or 68% of sales, in the prior-year quarter. R&D expense was $7.1 million (9% of sales), and Trowbridge said the company is targeting approximately 10% of sales for R&D going forward. SG&A was $38.2 million (49% of sales) compared with $36.0 million (50% of sales) a year ago, which he said reflects investment to support growth while driving operating leverage.
Adjusted net loss was $3.0 million, or an adjusted loss per share of $0.07, compared with an adjusted net loss of $3.1 million, or an adjusted loss per share of $0.08, a year ago. Adjusted EBITDA increased to $1.8 million from $1.3 million, which Trowbridge attributed largely to MedTech revenue growth and “gross margin and operating efficiency initiatives,” despite new tariff costs.
On tariffs, Trowbridge said the company recorded $1.3 million of tariff expense in the quarter and reiterated expectations for $4 million to $6 million of tariff expenses for fiscal 2026, noting there were no tariff-related expenses in the fiscal third quarter of the prior year. In response to an analyst question about inflation and energy costs, Trowbridge said the company’s guidance embeds its best expectations for managing inflationary pressures and tariffs, adding that AngioDynamics has seen benefits from pricing in certain areas but “hasn’t been able to explicitly take price related to some of those rising costs.”
Guidance raised again; cash and supply chain updates
Based on the quarter and expectations for the balance of the year, Trowbridge raised fiscal 2026 guidance:
- Net sales: $313.5 million to $315.5 million (previously $312.0 million to $314.0 million), implying 7.1% to 7.8% growth over fiscal 2025 revenue of $292.7 million.
- MedTech sales growth: 15% to 17% (raised).
- Med Device growth: approximately 1%.
- Gross margin: 53.5% to 55.5% (including the estimated $4 million to $6 million tariff impact).
- Adjusted EBITDA: $10 million to $12 million (previously $8 million to $10 million).
- Adjusted loss per share: $0.30 to $0.23 (previously $0.33 to $0.23).
Trowbridge said adjusted EBITDA would be lower in the second half than the first due to planned investments in clinical data development and the structural gross margin impacts previously discussed.
At Feb. 28, 2026, the company had $37.8 million in cash versus $41.6 million at Nov. 30, 2025. Trowbridge said the company used $3.1 million of cash in the third quarter, slightly better than expectations, and reiterated that the company has zero debt. He also said AngioDynamics expects to generate substantial cash in the fourth fiscal quarter in line with historical trends, though he noted a planned inventory build tied to temporary sterilization vendor shutdowns could accelerate $3 million to $5 million of cash use in the back half of the year, potentially making full-year cash flow “slightly negative.”
In Q&A, Trowbridge said the company does not view China-based component sourcing as a significant risk and said the sterilization shutdown issue was being highlighted because multiple supply chain items were “stacking” during the period, adding that management did not expect the situation to be “derailing in the future.”
Leadership transition and closing remarks
Klemmer provided an update on the CEO leadership transition, saying the board has formed a search committee and engaged an executive search firm, with the process moving on the previously described timeline. He said that until a successor is appointed, he and Trowbridge will continue to lead the team and focus on a seamless transition.
In closing comments, Klemmer also noted the recent passing of Jim Culhane, described as an R&D leader who helped build products including AlphaVac, and offered condolences to Culhane’s family and friends.
About AngioDynamics (NASDAQ:ANGO)
AngioDynamics, Inc is a medical technology company headquartered in Latham, New York, that develops, manufactures and markets a broad range of minimally invasive medical devices. The company’s products focus on three core areas: vascular access, peripheral vascular intervention and interventional oncology. Its solutions are designed to improve procedural outcomes, reduce complications and enhance patient comfort in hospital and outpatient settings.
In the vascular access segment, AngioDynamics offers a portfolio of devices including implanted ports, peripherally inserted central catheters (PICCs), hemodialysis catheters and specialty blood management products.
