AngioDynamics, Inc. (ANGO) Q2 2026 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call highlights strong financial performance with revenue growth across multiple segments, improved gross margins, and positive cash flow. The raised guidance for fiscal 2026 and increased adjusted EBITDA outlook further support a positive sentiment. Although some risks were noted, such as competitive pressures and international expansion challenges, the overall outlook and strategic initiatives like the Auryon platform's international traction and positive CPT code changes suggest a favorable stock price movement.
Key Financial Performance
Revenue Revenue increased 8.8% to $79.4 million compared to the second fiscal quarter of 2025. This growth was driven by both Med Tech and Med Device segments.
Med Tech Revenue Med Tech revenue was $35.7 million, a 13% increase year-over-year. This growth reflects the sustained execution of the strategy to increase the percentage of revenue from higher-margin Med Tech products.
Med Device Revenue Med Device revenue was $43.8 million, an increase of 5.6% year-over-year. This growth was attributed to consistent execution by the team managing this segment.
Auryon Platform Revenue Auryon platform contributed $16.3 million in revenue, growing 18.6% year-over-year. This growth was supported by increased penetration in hospitals, a growing customer base, and international adoption following CE Mark approval.
Mechanical Thrombectomy Revenue Mechanical thrombectomy revenue, including AngioVac and AlphaVac, increased 3.9% year-over-year to $11 million. AngioVac revenue decreased 7.5% year-over-year due to a tough comparison with a strong prior year, while AlphaVac revenue increased 40.2% year-over-year.
NanoKnife Revenue NanoKnife revenue was $7.3 million, an increase of 22.2% year-over-year. This growth was driven by increased demand for prostate cancer procedures and a strategic transaction in France.
Gross Margin Gross margin for the quarter was 56.4%, a 170 basis point increase from the prior year. This improvement was driven by a product mix shift towards Med Tech sales, manufacturing cost savings, and a sales channel transaction in France.
Adjusted EBITDA Adjusted EBITDA nearly doubled year-over-year to $5.9 million, compared to $3.1 million in the second quarter of 2025. This improvement was driven by Med Tech revenue growth and gross margin initiatives.
Cash and Cash Equivalents Cash and cash equivalents were $41.6 million as of November 30, 2025, compared to $38.8 million as of August 31, 2025. The company generated $4.7 million in cash during the quarter, ahead of expectations.
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Operating Highlights
Auryon: Achieved 18 consecutive quarters of double-digit growth, driven by increased hospital penetration and international contributions post-CE Mark approval. Progressing on expanding addressable market with AMBITION BTK study and coronary applications.
Mechanical Thrombectomy: Reported 3.9% growth year-over-year, with AlphaVac showing strong growth (40.2%) and AngioVac facing a slight decline (-7.5%). Achieved three regulatory milestones, including IDE approvals for APEX-Return and PAVE studies, and 510(k) clearance for AlphaVac F18 85 system.
NanoKnife: Strong growth driven by prostate procedures, supported by a new CPT code effective January 1. Named to TIME's 2025 Best Innovations list, enhancing market visibility.
International Expansion: Auryon gained traction internationally following CE Mark approval. NanoKnife expanded in France through a distribution model, enabling growth in a strategic market.
Revenue Growth: Achieved 8.8% revenue growth year-over-year, with Med Tech up 13% and Med Device up 5.6%. Adjusted EBITDA nearly doubled year-over-year.
Profitability: Improved gross margin to 56.4%, driven by product mix shift and manufacturing optimization. Generated $4.7 million in cash during the quarter.
Leadership Transition: CEO announced retirement, with a search committee established to find a successor by fiscal 2027.
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Risk or Challenges
Revenue Growth: While revenue grew 8.8% overall, the Med Device segment's growth is not expected to sustain at the current level for the full year, indicating potential challenges in maintaining consistent growth.
Mechanical Thrombectomy: AngioVac revenue decreased by 7.5% year-over-year, attributed to a tough comparison against a strong prior year quarter. This decline could indicate challenges in sustaining growth in this segment.
Tariff Expenses: The company expects to incur $4 million to $6 million in tariff expenses for fiscal year 2026, which could impact profitability.
Leadership Transition: The CEO's announced retirement and the ongoing search for a successor could create uncertainty and potential disruption in strategic execution during the transition period.
Regulatory and Clinical Investments: Increased R&D expenses and planned investments in clinical data development may strain short-term financials, even though they are aimed at long-term growth.
Market Competition: The company faces competitive pressures in the atherectomy and thrombectomy markets, requiring continuous innovation and regulatory approvals to maintain its position.
International Expansion: While international markets are contributing to growth, the transition to a distribution model in France and other international strategies may pose operational and financial risks.
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Guidance & Outlook
Revenue Expectations: The company has raised its full-year fiscal 2026 revenue guidance to a range of $312 million to $314 million, up from the previous range of $308 million to $313 million. This represents growth of 6.6% to 7.3% over fiscal 2025 revenue of $292.7 million.
Segment Growth Projections: Med Tech net sales are expected to grow 14% to 16%, while Med Device sales are now expected to grow 0% to 1%, an increase from prior guidance of flat growth.
Gross Margin: Gross margin for fiscal 2026 is expected to be in the range of 53.5% to 55.5%, inclusive of $4 million to $6 million in tariff expenses.
Adjusted EBITDA: Adjusted EBITDA guidance has been raised to a range of $8 million to $10 million, up from the prior range of $6 million to $10 million.
Adjusted Loss Per Share: The company continues to expect an adjusted loss per share in the range of negative $0.33 to negative $0.23.
Cash Flow: The company expects to be cash flow positive for the full fiscal year 2026, with substantial cash generation anticipated in the fourth fiscal quarter.
Clinical and Regulatory Milestones: The company achieved three regulatory milestones for its mechanical thrombectomy portfolio, including IDE approvals for the APEX-Return and PAVE studies and 510(k) clearance for a modified AlphaVac F18 85 system. These milestones are expected to strengthen the competitive position and expand clinical applications.
NanoKnife Adoption: The CPT code for NanoKnife prostate procedures became effective on January 1, 2026, which is expected to drive gradual adoption and growth in procedure volumes over time.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:What are the gross margin expectations for the year and the factors influencing it?
A:Gross margin outperformed in the first half due to positive pricing in Med Tech and Med Device businesses, a mix shift to Med Tech, and production benefits from moving materials to Costa Rica. In the second half, structural underabsorption is expected as final products move to third-party manufacturing in Costa Rica, but cost cuts have already been implemented to offset this.
Q:What is the outlook for mechanical thrombectomy, including AngioVac and AlphaVac?
A:AlphaVac is performing well with new cases and doctors adopting it due to its innovative design. AngioVac faced a tough year-over-year comparison but grew 11% in the first six months. The AlphaReturn product is expected to address market hurdles and accelerate growth after FDA approval and IDE study initiation.
Q:What is the impact of the Level 1 CPT code change on prostate procedures and the strong capital sales?
A:The Level 1 CPT code change is expected to be a catalyst, particularly for Medicare, but it is too early to estimate its impact. Strong capital sales were driven by international markets and the distribution channel move in France, with increased probe sales indicating growing awareness and enthusiasm among urologists.
Q:What is the adjusted EBITDA outlook for the third quarter?
A:Adjusted EBITDA is expected to be positive but not as robust as in the first half, due to investments in sales force expansion and R&D for upcoming trials.
Q:What are the expectations for Auryon in international markets and coronary applications?
A:Auryon has received CE Mark and is gaining traction internationally, supported by a strong distributor network. The coronary application is a longer-term initiative requiring a PMA trial, with no significant R&D spend expected this year.
Q:Review of Unclear Management Responses
A:Management avoided providing a direct answer regarding the number of insurers that have made backend changes to reflect the Level 1 CPT code for prostate procedures, stating it was too early to estimate. Additionally, they did not quantify the international market opportunity for Auryon, only expressing general optimism.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
AlphaVac
AngioVac
Auryon digit
Bard
FY
France
IDE
NanoKnife
ability
addition
adoption
application
approval
balance
basis
blood
capital sale
cash
comp
distribution
endocarditis
expectation
hospital
increase
investment
line
loss
margin
market
momentum
opportunity
physician
platform
portfolio
procedure
product
prostate
sale transaction
share
step
tariff
term
volume
ANGO Transcript
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Neutral1-14
AngioDynamics, Inc. (ANGO) Q2 2026 Earnings Call Transcript
Positive1-6
The earnings call highlights strong financial performance with revenue growth across multiple segments, improved gross margins, and positive cash flow. The raised guidance for fiscal 2026 and increased adjusted EBITDA outlook further support a positive sentiment. Although some risks were noted, such as competitive pressures and international expansion challenges, the overall outlook and strategic initiatives like the Auryon platform's international traction and positive CPT code changes suggest a favorable stock price movement.
ANGO Slides
ANGO Report
Frequently Asked Questions
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