AngioDynamics, Inc. (ANGO) | Investment Case

1. Company Snapshot

1.a. Company Description

AngioDynamics, Inc.designs, manufactures, and sells various medical, surgical, and diagnostic devices used by professional healthcare providers for the treatment of peripheral vascular disease and vascular access; and for use in oncology and surgical settings in the United States and internationally.The company provides NanoKnife ablation systems for the surgical ablation of soft tissues; solero microwave tissue ablation systems; and radiofrequency ablation products for ablating solid cancerous or benign tumors.

It also offers BioSentry tract sealant systems, IsoLoc Endorectal Balloon's, alatus vaginal balloon packing systems, angiographic catheters, guidewires, percutaneous drainage catheters, and coaxial micro-introducer kits.In addition, the company provides endovascular therapies products in the areas of thrombus management, atherectomy, peripheral products (Core), and venous insufficiency.Additionally, the company offers peripherally inserted central catheters, midline catheters, implantable ports, dialysis catheters, and related accessories and supplies that are used primarily to deliver short-term drug therapies, such as chemotherapeutic agents and antibiotics, into the central venous system under the BioFlo, BioFlo Midline, BioFlo PICC, Xcela PICC, PASV, BioFlo Port, SmartPort, Vortex, LifeGuard, BioFlo DuraMax, and DuraMax names.

It sells and markets its products to interventional radiologists, interventional cardiologists, vascular surgeons, urologists, interventional and surgical oncologists, and critical care nurses directly, as well as through distributor relationships.The company was founded in 1988 and is headquartered in Latham, New York.

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1.b. Last Insights on ANGO

AngioDynamics' recent performance was driven by strong Q2 fiscal 2025 earnings, with a notable beat on the top-line, driven by strength in the Med Tech business. The company's Med Tech division saw a 25% revenue growth, with key products like Auryon, AlphaVac, and AngioVac showing strong performance and market acceptance. Additionally, the FDA clearance of NanoKnife and promising clinical trials highlight its potential in prostate cancer treatment, contributing to a rise in disposable revenue. Canaccord raised its price target to $15 from $12, citing the company's strong quarter and long-term growth potential.

1.c. Company Highlights

Last Price	11.02
Change Percentage	3.28%
Open	10.75
Previous Close	10.67
Market Cap ( Millions)	454
Volume	427175
Year High	13.99
Year Low	8.27
M A 50	11.84
M A 200	10.69

FCF Yield	-2.05%
Dividend Yield	0.00%
ROE	-15.31%
Debt / Equity	0.00%
Net Debt / EBIDTA	1232.26%
Price To Book	2.59
Price Earnings Ratio	-16.47
Price To FCF	-48.69
Price To sales	1.48
EV / EBITDA	-122.1

2. 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.

Publication Date: Jan -07

                                    📋 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.

3. NewsRoom

Does AngioDynamics (ANGO) Have the Potential to Rally 92.15% as Wall Street Analysts Expect?

Feb -06

Source: zacks.com

Here's Why AngioDynamics (ANGO) Is a Great 'Buy the Bottom' Stock Now

Jan -30

Source: zacks.com

Acuitas Investments LLC Has $5.57 Million Stake in AngioDynamics, Inc. $ANGO

Jan -30

Source: defenseworld.net

Reasons to Add AngioDynamics Stock to Your Portfolio for Now

Jan -29

Source: zacks.com

AngioDynamics, Inc. (ANGO) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript

Jan -15

Source: seekingalpha.com

3 MedTech Stocks Benefiting From Favorable Product Mix Shifts

Jan -13

Source: zacks.com

ANGO Stock Dips Despite Q2 Earnings Beat, Gross Margin Improves

Jan -07

Source: zacks.com

AngioDynamics Q2 Earnings Call Highlights

Jan -07

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Med Device

Expected Growth: 3%

AngioDynamics' Med Device segment growth is driven by increasing demand for minimally invasive procedures, expanding product portfolio through strategic acquisitions, and growing adoption of its NanoKnife ablation system for cancer treatment. Additionally, the company's focus on innovation and R&D investments in emerging technologies such as robotic-assisted surgery and bioelectronic medicine are expected to contribute to its growth.

Med Tech

Expected Growth: 3%

AngioDynamics' Med Tech segment growth is driven by increasing demand for minimally invasive procedures, advancements in vascular access technologies, and expansion into new markets. Additionally, the company's focus on innovation, strategic partnerships, and cost-effective solutions contribute to its growth momentum.

7. Detailed Products

NanoKnife System

A minimally invasive, irreversible electroporation (IRE) ablation system for the treatment of cancer

AngioVac System

A minimally invasive, venous drainage system for the removal of fresh, soft thrombi and emboli from the venous system

Solero Microwave Ablation System

A minimally invasive, microwave ablation system for the treatment of soft tissue tumors

Maxxum Micro-Dissection System

A minimally invasive, micro-dissection system for the treatment of peripheral artery disease (PAD)

Unify RX Access Platform

A minimally invasive, access platform for the treatment of vascular and oncology procedures

8. AngioDynamics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

AngioDynamics, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the ongoing development of new medical technologies.

Bargaining Power Of Customers

AngioDynamics, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are often critical to medical procedures, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

AngioDynamics, Inc. relies on a few key suppliers for critical components, which gives these suppliers some bargaining power. However, the company's size and diversification efforts mitigate this risk.

Threat Of New Entrants

The medical device industry has high barriers to entry, including regulatory hurdles and significant research and development investments. This limits the threat of new entrants to AngioDynamics, Inc.'s market.

Intensity Of Rivalry

The medical device industry is highly competitive, with several established players competing for market share. AngioDynamics, Inc. must continually innovate and invest in research and development to maintain its competitive position.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	14.58%
Debt Cost	5.63%
Equity Weight	85.42%
Equity Cost	7.30%
WACC	7.06%
Leverage	17.07%

11. Quality Control: AngioDynamics, Inc. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

AngioDynamics

A-Score: 4.5/10

Value: 5.9

Growth: 2.7

Quality: 4.6

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

STAAR Surgical

A-Score: 3.9/10

Value: 6.8

Growth: 4.1

Quality: 4.8

Yield: 0.0

Momentum: 5.5

Volatility: 2.0

1-Year Total Return ->

BioLife Solutions

A-Score: 3.8/10

Value: 4.4

Growth: 4.7

Quality: 4.7

Yield: 0.0

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

Atrion

A-Score: 3.6/10

Value: 3.6

Growth: 3.0

Quality: 6.2

Yield: 1.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

NEXGEL

A-Score: 3.1/10

Value: 7.9

Growth: 4.9

Quality: 4.2

Yield: 0.0

Momentum: 0.5

Volatility: 1.3

1-Year Total Return ->

Ekso Bionics

A-Score: 3.1/10

Value: 8.9

Growth: 4.4

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

32.91%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.06%

AngioDynamics, Inc. - US03475V1017

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ANGO

1.c. Company Highlights

Cheaper

Weak Momentum

Average Growth

Earnings Miss

Earnings Beats

Fairly Valued

Lower Growth

Average Yield

Stable Momentum

Revenues Beats

Strong Momentum

Revenues Miss

Lower Quality

Average Quality

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

Segment Performance

Guidance and Outlook

Valuation and Metrics

Operational Highlights and Future Initiatives

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Med Device

Expected Growth: 3%

Med Tech

Expected Growth: 3%

7. Detailed Products

NanoKnife System

AngioVac System

Solero Microwave Ablation System

Maxxum Micro-Dissection System

Unify RX Access Platform

8. AngioDynamics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: AngioDynamics, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.02$

Current Price

11.02$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA