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ANGIODYNAMICS INC (ANGO)·Q1 2026 Earnings Summary

Executive Summary

  • Q1 FY2026 delivered pro forma net sales of $75.7M (+12.2% YoY), Med Tech revenue up 26.1% to $35.3M, and gross margin improved to 55.3%; adjusted EPS was ($0.10) and adjusted EBITDA was $2.2M .
  • Actuals beat Wall Street consensus: revenue $75.7M vs $72.7M estimate and adjusted EPS ($0.10) vs ($0.118) estimate; both were modest beats, reflecting stronger Med Tech mix and pricing initiatives *.
  • Management raised FY2026 guidance for net sales ($308–$313M), Med Tech growth (14–16%), adjusted EBITDA ($6–$10M), and adjusted EPS (improved to ($0.33)–($0.23)), while reiterating gross margin (53.5–55.5%) and positive FCF .
  • Key catalysts: continued >20% Med Tech growth led by mechanical thrombectomy (+41.2% YoY) and NanoKnife disposables (+31.3% YoY), plus upcoming CPT-1 reimbursement for prostate effective Jan 1, 2026 .

*Values retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

  • Fourth consecutive quarter of over 20% Med Tech growth; CEO: “Our strategy to bring unique platform technologies… reported our fourth quarter in a row of MedTech growth of over 20%” .
  • Gross margin expanded to 55.3% (+90 bps YoY and +260 bps sequential) as pricing, mix shift toward Med Tech, and operational efficiencies offset tariffs .
  • Strong product execution: mechanical thrombectomy revenue +41.2% YoY (AngioVac $8.0M +37.1%, AlphaVac $3.3M +52.3%), Auryon $16.5M +20.1% YoY, NanoKnife $6.4M +26.7% with probe growth +31.3% .

What Went Wrong

  • GAAP net loss widened to ($10.9M), or ($0.26) per share; adjusted net loss ($4.2M) despite EBITDA turning positive, indicating ongoing investment and tariff headwinds .
  • Sequential revenue declined vs Q4 ($75.7M vs $80.2M) and Med Device was roughly flat YoY (+2.3%), suggesting continued reliance on Med Tech for growth .
  • Cash usage of $17.1M in Q1 (seasonally highest quarter) and $1.7M tariff expense in COGS; full-year tariff impact still expected at $4–$6M .

Financial Results

Consolidated Performance vs Prior Periods

MetricQ3 2025Q4 2025Q1 2026
Net Sales ($USD Millions)$72.0 $80.2 $75.7
GAAP Gross Margin %54.0% 52.7% 55.3%
GAAP EPS ($)($0.11) ($0.15) ($0.26)
Adjusted EPS ($)($0.08) ($0.03) ($0.10)
Adjusted EBITDA ($USD Millions)$1.3 $3.4 $2.2
Cash and Cash Equivalents ($USD Millions)$44.8 $55.9 $38.8

Actual vs S&P Global Consensus (Q1 FY2026)

MetricActualConsensus Estimate
Net Sales ($USD Millions)$75.7 $72.7*
Adjusted EPS ($)($0.10) ($0.118)*

*Values retrieved from S&P Global.

Segment and Product Breakdown

MetricQ3 2025Q4 2025Q1 2026
Med Tech Net Sales ($USD Millions)$31.3 $35.8 $35.3
Med Device Net Sales ($USD Millions)$40.7 $44.4 $40.4
Auryon Sales ($USD Millions)$13.9 $15.6 $16.5
Mechanical Thrombectomy ($USD Millions)$11.2 $11.3 $11.3
NanoKnife Total ($USD Millions)$6.3 $7.2 $6.4

Geography

MetricQ3 2025Q4 2025Q1 2026
U.S. Net Sales ($USD Millions)$61.3 $67.5 $66.5
International Net Sales ($USD Millions)$10.7 $12.7 $9.3

KPIs and Operational Items

KPIQ3 2025Q4 2025Q1 2026
Med Tech % of Total Revenue43% (31.3/72.0) 45% (35.8/80.2) 47% (disclosed)
Tariff Expense ($USD Millions)n/a$1.6 $1.7

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Net SalesFY2026$305–$310M $308–$313M Raised
Med Tech Net Sales GrowthFY202612–15% 14–16% Raised
Med Device Net Sales GrowthFY2026Flat Flat Maintained
Gross MarginFY202653.5–55.5% 53.5–55.5% Maintained
Adjusted EBITDAFY2026$3–$8M $6–$10M Raised
Adjusted EPSFY2026($0.35)–($0.25) ($0.33)–($0.23) Raised
Free Cash FlowFY2026Positive Positive Maintained
Tariff Impact AssumptionFY2026$4–$6M $4–$6M Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q3 FY2025)Previous Mentions (Q4 FY2025)Current Period (Q1 FY2026)Trend
Tariffs/MacroTariff headwinds noted; gross margin 54.0% $1.6M tariff impact; GM 52.7% ex-tariff GM 54.7% $1.7M tariff expense; FY impact $4–$6M reiterated Stable headwind, mitigated by mix/pricing
Mechanical ThrombectomyAlphaVac APEX-AV data; segment $11.2M (+42.2%) $11.3M; strong YoY growth $11.3M (+41.2%); growing hospital approvals and new users Accelerating adoption
Auryon Platform$13.9M (+17.3%); hospital mix improving $15.6M (+19.7%) $16.5M (+20.1%); CE mark aiding ~$0.5M int’l revenue Consistent high growth
NanoKnife (Prostate)FDA clearance; disposables $4.9M (+16.2%) CPT code progress; disposables $5.7M (+9.6% FY) $6.4M (+26.7%), probes +31.3%; CPT-1 effective Jan 1, 2026; AARP awareness campaign Strengthening ahead of CPT-1
R&D/ClinicalInitiated AMBITION BTK RCT/Registry RECOVER-AV first patient; CPT for pancreas effective 2027 First patients enrolled in AMBITION BTK & RECOVER-AV; PRESERVE study publication Execution progressing
Regional TrendsU.S. +9.9% YoY; Int’l +5.1% U.S. +11.0%; Int’l +22.8% U.S. +11.7%; Int’l +15.5% YoY; sequential mix favoring U.S. Broad-based growth

Management Commentary

  • CEO (Jim Clemmer): “We grew our revenue by 12%, led by… Med Tech segment, which grew 26%… fourth consecutive quarter with over 20% growth.”
  • CFO (Steve Trowbridge): “Gross margin… 55.3%, a 90 bps increase YoY… driven by pricing initiatives, mix shift to higher margin Med Tech, and operating efficiencies… including ~$1.7M of tariff expense (~220 bps).”
  • CEO on thrombectomy: “We are continuing to see new hospitals approve our products… unique design elements… make [AlphaVac] both safe and effective.”
  • CFO on Auryon: “Auryon… has delivered double-digit YoY growth for 17 consecutive quarters… CE mark drove approximately $500,000 of revenue in the quarter.”

Q&A Highlights

  • Guidance drivers: Raise primarily predicated on mechanical thrombectomy and NanoKnife; CPT-1 code expected to aid adoption but not a “light switch” hockey-stick in Q3 timing .
  • Hospital penetration and commercialization: Strong adoption with VAC approvals; monthly KPIs tracked; dedicated thrombectomy sales force expanded to ~50 territories (from ~40) to support growth .
  • Pricing vs volume: Mechanical thrombectomy growth driven by a combination of price increases, new customers, and higher utilization .
  • NanoKnife disposables: Growth largely prostate-driven; normal stocking behavior; ongoing awareness and training initiatives .

Estimates Context

  • Q1 FY2026: Revenue $75.7M vs $72.7M consensus; adjusted EPS ($0.10) vs ($0.118) consensus — both beats, aided by Med Tech mix and pricing *.
  • Forward quarterly consensus: Q2 FY2026 revenue $76.3M, EPS ($0.098); Q3 FY2026 revenue $76.6M, EPS ($0.09)*.
  • With FY2026 guidance raised (net sales $308–$313M; adjusted EBITDA $6–$10M; adjusted EPS ($0.33)–($0.23)), estimate revisions are likely upward for revenue and profitability metrics, subject to tariff and execution variables .

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • Med Tech outperformance remains the core thesis: +26.1% segment growth, mechanical thrombectomy +41.2%, Auryon +20.1%, NanoKnife +26.7% — supports margin and EBITDA progression .
  • Gross margin improvement is ahead of schedule despite tariffs; initiatives in manufacturing footprint and pricing are showing tangible results (GM 55.3%) .
  • FY2026 guidance raised across revenue, Med Tech growth, EBITDA, and EPS — a clear positive revision cycle for models; watch execution on thrombectomy and NanoKnife ramps .
  • Near-term trading catalyst: CPT-1 reimbursement for prostate effective Jan 1, 2026 plus AARP awareness campaign could accelerate NanoKnife disposables; monitor Q2/Q3 sequential probe trends .
  • Cash seasonality and tariff headwinds are known; Q1 cash usage ($17.1M) was better than expected, with company reiterating full-year positive FCF and zero debt balance sheet .
  • Geographic breadth: U.S. (+11.7% YoY) and International (+15.5% YoY) growth indicate diversified demand; keep an eye on U.S. hospital adoption and EU thrombectomy trial progress .
  • Risk checks: Med Device remains flat; tariffs ($4–$6M FY) and ongoing restructuring/plant closure costs may pressure GAAP results; thesis depends on sustained Med Tech share gains and clinical/reimbursement milestones .

Additional Document Coverage

  • Q1 FY2026 8-K earnings press release and exhibits: detailed segment, margin, cash, and FY26 guidance updates .
  • Q1 FY2026 earnings call transcript: strategic context, operational drivers, and Q&A clarifications .
  • Prior quarters for trends: Q3 FY2025 8-K (Med Tech +22.2%; GM 54.0%; Auryon/NanoKnife developments) ; Q4 FY2025 8-K (Med Tech +22.0%; GM 52.7% with $1.6M tariffs; FY26 initial guidance) .
  • Other press releases in the window were conference participation notices; no additional financial-impact releases identified .