AngioDynamics Reports Record Fiscal Year 2026 Fourth Quarter and Full Year Financial Results; Continued Execution Drives Med Tech Growth and Full-Year Profitability

Delivered its seventh consecutive quarter of double-digit Med Tech segment growth and positive adjusted EBITDALATHAM, N.Y.--(BUSINESS WIRE)--AngioDynamics, Inc. (NASDAQ: ANGO), a leading and transformative medical technology company focused on restoring healthy blood flow in the body’s vascular system, expanding cancer treatment options, and improving quality of life for patients, today announced financial results for the fourth quarter and fiscal year 2026, which ended May 31, 2026. Fiscal Year 2026 Fourth Quarter Financial Highlights Quarter Ended May 31, 2026 Pro Forma* YoY Growth Pro Forma* Net Sales $86.6 million 8.0% Med Tech Net Sales $41.8 million 16.7% Med Device Net Sales $44.8 million 1.1% GAAP gross margin of 54.0% GAAP loss per share of $0.27 Adjusted loss per share of $0.07 Adjusted EBITDA of $3.3 million Fiscal Year 2026 Financial Highlights Year Ended May 31, 2026 Pro Forma* YoY Growth Pro Forma* Net Sales $320.2 million 9.4% Med Tech Net Sales $150.0 million 18.4% Med Device Net Sales $170.2 million 2.5% GAAP gross margin of 54.6% GAAP loss per share of $0.88 Adjusted loss per share of $0.24 Adjusted EBITDA of $13.2 million Ended fiscal year 2026 with $53.9 million in cash *Pro forma results exclude the Dialysis and BioSentry businesses divested in June 2023 and the PICC and Midline product portfolios divested in February 2024, as well as the discontinued RadioFrequency and Syntrax products in February 2024. Clinical, Regulatory, and Market Access Highlights During the fiscal year: Received FDA IDE approval for APEX-Return study evaluating AlphaReturn Blood Management System when used with AlphaVac F1885 System Received FDA IDE approval for PAVE clinical study evaluating AngioVac System for treatment of right-sided infective endocarditis Initiated both the AMBITION BTK and RECOVER-AV trials During the fourth quarter: Two-year follow up data from its PRESERVE pivotal trial presented at the American Urological Association conference in 2026 demonstrating NanoKnife’s durable prostate cancer outcomes Palmetto GBA (Government Benefits Administrators) finalized a local coverage determination covering NanoKnife IRE for qualifying Medicare patients in prostate and liver cancer, effective July 5, 2026 Subsequent to fiscal year end: Received FDA IDE (Investigational Device Exemption) approval for the RELIEF study evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia "Our strong fourth quarter capped a year of consistent execution at AngioDynamics," said Jim Clemmer, President and Chief Executive Officer of AngioDynamics, Inc. "Full-year Med Tech growth of more than 18% reflects the continued progress of our strategic transformation, as our innovative platform technologies across cardiology and interventional oncology took share in large, fast-growing global markets. Combined with our operational discipline, that growth drove continued profitability even as we absorbed tariff-related headwinds." "We advanced our portfolio on multiple fronts during the year. We generated compelling two-year PRESERVE clinical data and secured a critical Medicare coverage pathway for NanoKnife in prostate and liver, while achieving key regulatory milestones across our Mechanical Thrombectomy portfolio, including IDE approvals for our AlphaVac blood return and AngioVac right-sided endocarditis studies. Auryon delivered its 20th consecutive quarter of double-digit growth, and NanoKnife adoption accelerated following the effective date of the Category I CPT code for prostate." Mr. Clemmer continued, "As we look ahead to fiscal 2027, we remain focused on driving sustained growth led by our Med Tech segment. Med Tech represented 47% of our total revenue in fiscal 2026, up approximately 22% from when we began our strategic transformation in 2020. We expect that mix to continue shifting toward our higher-growth, higher-margin platforms. With a differentiated technology portfolio, multiple growth catalysts ahead, and a debt-free balance sheet with positive cash generation, we are well-positioned to deliver continued value creation in fiscal 2027 and beyond." Fiscal Fourth Quarter 2026 Financial Results Unless otherwise noted, all financial comparisons below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses divested in June 2023, the PICC, Midline, and tip location product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024. Net sales for the fourth quarter of fiscal year 2026 were $86.6 million, an increase of 8.0% compared to the prior-year quarter. Med Tech net sales were $41.8 million, a 16.7% increase from $35.8 million in the prior-year period. Med Tech includes the Auryon peripheral atherectomy platform, our thrombus management platform which is led by AlphaVac and AngioVac, and the NanoKnife irreversible electroporation platform. Growth during the quarter was driven by solid performance across the Med Tech segment. Auryon sales were $17.8 million, an increase of 14.4% compared to the prior-year quarter. In our Mechanical Thrombectomy business, AlphaVac sales grew 38.4% compared to the prior year quarter, while AngioVac faced a tough comparison, declining 15.8% versus prior year. Overall, Mechanical Thrombectomy delivered sales of $11.1 million, a decrease of 1.1% compared to the prior-year quarter. NanoKnife sales were $11.8 million, an increase of 64.5% compared to the prior-year quarter, including 47.0% growth in probes and 132.5% growth in capital sales. Med Device net sales were $44.8 million, a 1.1% increase compared to $44.4 million in the prior-year period. Gross margin for the fourth quarter of fiscal 2026 was 54.0%, which was 130 basis points higher compared to the fourth quarter of fiscal 2025, primarily driven by favorable pricing and the ongoing revenue mix shift toward Med Tech, partially offset by the manufacturing transition and global inflation all of which were in-line with the Company's expectations. The Company recorded a GAAP net loss of $11.4 million, or a loss per share of $0.27, in the fourth quarter of fiscal 2026, compared to a net loss of $6.1 million, or a loss per share of $0.15, a year ago. Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss for the fourth quarter of fiscal 2026 was $2.8 million, or a loss per share of $0.07. This compares to an adjusted net loss during the fiscal fourth quarter of 2025 of $1.1 million, or a loss per share of $0.03. Adjusted EBITDA in the fourth quarter of fiscal 2026, excluding the items shown in the non-GAAP reconciliation table below, was $3.3 million, compared to $3.4 million in the fourth quarter of fiscal 2025. Tariff-related expenses were $0.5 million during the quarter, compared to $1.6 million for the prior year quarter, in-line with the Company's expectations. In the fourth quarter of fiscal 2026, the Company generated $17.5 million of cash from operations, slightly ahead of the Company's expectations. Full-Year 2026 Financial Results Unless otherwise noted, all financial comparisons below are presented on a pro forma basis excluding the Dialysis and BioSentry businesses divested in June 2023, the PICC, Midline, and tip location product portfolios divested in February 2024, and the RadioFrequency and Syntrax support catheter products discontinued in February 2024. Net sales were $320.2 million, an increase of 9.4%, compared to $292.7 million for the prior year period. Med Tech net sales were $150.0 million, an 18.4% increase from $126.7 million in the prior year. Med Device net sales were $170.2 million, an increase of 2.5% from $166.0 million in the prior year. Gross margin increased 70 basis points to 54.6% from 53.9% in the prior year, with tariffs creating a 151-basis point headwind. The Company's GAAP net loss was $36.7 million, or a loss per share of $0.88, compared to a net loss of $34.0 million, or a loss per share of $0.83, a year ago. Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss was $10.0 million, with adjusted loss per share of $0.24, compared to adjusted net loss of $10.2 million, or adjusted loss per share of $0.25, a year ago. Adjusted EBITDA, excluding the items shown in the reconciliation table below, was $13.2 million, compared to $7.6 million for the prior year. Tariff-related expenses were $4.8 million during the year, compared to $1.6 million for the prior year, in-line with the Company's expectations. In the full year of fiscal 2026, the Company generated $3.1 million of cash from operations, slightly ahead of the Company's stated expectations following Q3. At May 31, 2026, the Company had $53.9 million in cash and maintains a debt-free balance sheet. FDA IDE Approval for RELIEF BPH Study Subsequent to fiscal year-end, the Company received FDA approval of its IDE for the RELIEF study, a feasibility trial evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia. The study is designed to enroll 40 subjects at up to five U.S. clinical sites, with a primary endpoint measuring change in the International Prostate Symptom Score at six months. RELIEF extends the NanoKnife IRE platform beyond oncology into one of the most common conditions affecting men's health. The Company views the study as an important step in expanding the long-term addressable market for its IRE technology. Two-Year PRESERVE Data Demonstrates Durable Prostate Cancer Outcomes In May 2026, the Company presented two-year results from its PRESERVE pivotal trial at the American Urological Association Annual Meeting, demonstrating durable outcomes for the NanoKnife System in the focal ablation of intermediate-risk prostate cancer. PRESERVE is a prospective, single-arm pivotal IDE study that enrolled 121 patients across 17 U.S. clinical sites in collaboration with the Society of Urologic Oncology Clinical Trials Consortium. At 24 months, no new treatment failures were identified among patients with available follow-up, and 97% of patients had a PSA below their baseline value, with no new device- or procedure-related adverse events reported between the 12- and 24-month assessments. These results build on the trial's previously published 12-month primary endpoint and reinforce the durability of focal IRE as a treatment option that preserves quality of life. Category I CPT Codes and Medicare Coverage Advance NanoKnife Reimbursement The Company continued to advance the reimbursement framework for irreversible electroporation (IRE) delivered by the NanoKnife System. Effective January 1, 2026, Category I CPT codes for IRE procedures in the prostate and liver became active, reflecting the American Medical Association's formal recognition of the procedure and supporting standardized billing across hospital outpatient and ambulatory surgical center settings. Building on this, in May 2026 Palmetto GBA issued a final Local Coverage Determination establishing Medicare coverage guidance for IRE in favorable intermediate-risk prostate cancer and metastatic colorectal cancer to the liver, effective July 5, 2026. Together, these milestones enable eligible patients and treating physicians to access reimbursement under Medicare and mark an important step toward broader national payer adoption. FDA IDE Approval for APEX-Return Study During the fiscal year, the Company announced that the FDA approved its IDE application for its APEX-Return study. The pivotal study will evaluate the safety and effectiveness of the AlphaReturn Blood Management System when used with the AlphaVac F1885 Multipurpose Mechanical Aspiration (MMA) System in the treatment of acute pulmonary embolism (PE). The APEX-Return study will enroll up to 40 patients across multiple sites and will assess key safety and effectiveness endpoints, including device-related adverse events and procedural outcomes. The AlphaReturn Blood Management System addresses market feedback by enabling the collection, filtration and reinfusion of aspirated blood during thrombectomy procedures, which may reduce the need for blood transfusions. FDA IDE Approval for PAVE Clinical Study During the fiscal year, the Company announced that the FDA approved its IDE application for the PAVE clinical study. The PAVE (Percutaneous AngioVac Vegetation Extraction) pilot trial will evaluate the Company's AngioVac System for the percutaneous removal of vegetation from the right heart in patients with right-sided infective endocarditis (RSIE). The study is intended to assess whether a minimally invasive approach using the AngioVac System may provide an alternative option for this underserved patient population who have limited treatment options, particularly when surgical risk is high. The PAVE study is a prospective, single-arm, multicenter feasibility trial that will enroll up to 30 patients with RSIE at up to six U.S. centers. In August 2023, the AngioVac System received an FDA Breakthrough Device designation for the removal of right heart vegetation. Advancing Clinical Evidence Across the Portfolio During the fiscal year, the Company initiated patient enrollment in two key clinical trials. The AMBITION BTK trial evaluates the Auryon Atherectomy System in critical limb ischemia patients with challenging below-the-knee blockages. The RECOVER-AV trial assesses the AlphaVac F1885 System for intermediate-risk pulmonary embolism. Together, these trials reflect the Company's commitment to generating high-quality clinical evidence to drive adoption and expand addressable markets across its vascular portfolio. Fiscal Year 2027 Financial Guidance Guidance Metric Guidance (As of July 14, 2026) Net Sales $336.0M - $341.0M Med Tech Net Sales Growth 12% – 15% Med Device Net Sales Growth Flat Gross Margin 54% – 55% Adjusted EBITDA $13.0M - $16.0M Adjusted EPS ($0.29) – ($0.24) Tariff Related Guidance Assumptions For fiscal 2027, the Company expects a tariff impact broadly similar to fiscal 2026, based on its current view of the tariff situation, which remains dynamic and subject to change. Conference CallRead the full story here

AngioDynamics Reports Record Fiscal Year 2026 Fourth Quarter and Full Year Financial Results; Continued Execution Drives Med Tech Growth and Full-Year Profitability

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