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AngioDynamics: AngioDynamics' Strong Q2 FY2026 Earnings: Growth and Margin Expansion

AngioDynamics reported strong results for its Fiscal Year 2026 Second Quarter Earnings, with revenue growing 8.8% to $79.4 million, driven by Med Tech growth of 13% to $35.7 million and Med Device growth of 5.6% to $43.8 million. The company's gross margin was 56.4%, a 170 basis point increase year-over-year, driven by positive price in Med Tech and Med Device businesses, and a mix shift to Med Tech. Adjusted EBITDA was $5.9 million, compared to $3.1 million a year ago. The actual EPS came out at -$0.15337, relative to estimates at -$0.1.

ANGO

USD 9.86

-1.89%

A-Score: 4.5/10

Publication date: January 6, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Revenue Growth: Total revenue rose 8.8% to $79.4 million, driven by 13% Med Tech growth to $35.7 million and 5.6% Med Device growth to $43.8 million.
  • Auryon Performance: Auryon revenue surged 18.6% to $16.3 million, marking 18th consecutive quarters of double-digit growth.
  • Gross Margin Improvement: Gross margin expanded 170 bps to 56.4%, fueled by Med Tech/Device pricing and mix shift toward higher-margin Med Tech (45% of revenue).
  • EBITDA & Cash Strength: Adjusted EBITDA jumped 93% to $5.9 million, while cash reserves reached $41.6 million, with $4.7 million generated in the quarter.
  • Raised Guidance: Net sales now projected at $312–$314 million (+6.6–7.3%), with Med Tech growth expected at 14–16% despite Med Device forecasts at 0–1%.

Segment Performance

The Med Tech segment now addresses over a $10 billion global market, with AlphaVac and PE driving growth, and new cases, doctors, and hospital adoptions. AngioVac had a challenging year-over-year comp but is expected to be a key growth category. The company is excited about AlphaReturn, which is expected to accelerate growth by addressing the return of blood in certain scenarios. Auryon revenue grew 18.6% to $16.3 million, marking its 18th consecutive quarter of double-digit growth.

Guidance and Outlook

The company raised its guidance, with net sales expected to be $312-$314 million, representing growth of 6.6-7.3%. Med Tech net sales are expected to grow 14-16%, and Med Device sales are expected to grow 0-1%. Adjusted EBITDA is expected to be $8-$10 million. Analysts estimate next year's revenue growth at 4.9%.

Valuation and Metrics

With a P/S Ratio of 1.53 and EV/EBITDA of -126.42, the market is pricing in significant growth expectations. The company's ROE and ROIC are negative, at -15.31% and -14.62%, respectively. The Net Debt/EBITDA ratio is 12.32, indicating a high level of debt relative to EBITDA.

Operational Highlights and Future Initiatives

The company has made significant changes to its portfolio and is well-positioned for future growth, with a strong foundation in Med Tech and a commitment to investing in opportunities to expand the application of its products. Auryon, which received a CE Mark, is expected to drive international sales growth, particularly in regions where atherectomy is not commonly used to treat PAD. The company is also exploring expansion into coronary applications, which is a longer-term initiative.

AngioDynamics's A-Score