Executive Summary

Q4 FY2025 delivered a clean beat: revenue $80.2M (+12.7% YoY) vs Street ~$74.3M, adjusted EPS -$0.03 vs Street -$0.12; gross margin 52.7% vs Street ~51.7% despite $1.6M tariff headwind *.
MedTech strength continued for the third straight quarter: MedTech revenue $35.8M (+22.0% YoY) led by Mechanical Thrombectomy (+44.7% YoY), Auryon (+19.7%), and resilient NanoKnife disposables (+5.5%) .
Cash generation was a highlight: $18.8M operating cash and $16.2M free cash flow; cash ended at $55.9M; revolver of up to $25M secured for flexibility .
FY2026 guidance: revenue $305–$310M (+4–6%), GM 53.5–55.5% (55–56% ex-tariffs), adjusted EBITDA $3–$8M ($7.5–$10.5M ex-tariffs), adjusted EPS -$0.35 to -$0.25; tariff impact estimated at $4–$6M .
Stock narrative catalyst: accelerating thrombectomy adoption (AlphaVac and AngioVac), NanoKnife reimbursement (CPT Category I effective Jan 1, 2026) and pancreatic IRE code effective Jan 1, 2027; plus manufacturing transfer savings (~$15M annualized by FY2027) .

What Went Well and What Went Wrong

What Went Well

MedTech momentum: “For the third quarter in a row, we posted MedTech growth of over 20%” with Mechanical Thrombectomy up 44.7% YoY; “Auryon…delivered its 16th consecutive quarter of double-digit increases” .
Cash/EBITDA inflection: adjusted EBITDA $3.4M and free cash flow $16.2M; “We expect to be cash flow positive during fiscal 2026” .
NanoKnife reimbursement and clinical progress: CPT Category I for prostate effective Jan 1, 2026; “CMS proposed RVUs…right where we wanted it to be”; probes +5.5% in Q4; prostate cases reached 81% of procedures .

What Went Wrong

Tariffs trimmed margins: $1.6M tariff expense (≈204 bps GM headwind); MedTech GM down 510 bps YoY, to 59.0% (62.1% ex-tariffs) .
NanoKnife capital softness: Q4 capital sales $1.5M (-24.9% YoY), pulling total NanoKnife down -2.5% despite disposables strength .
Continued GAAP loss: GAAP EPS -$0.15 in Q4 (vs -$0.33 prior year); adjusted still negative (-$0.03), reflecting ongoing investment/transition costs and tariff drag .

Financial Results

Headline Metrics vs prior quarters and prior year (Pro Forma)

Metric	Q2 FY2025 (Nov 30, 2024)	Q3 FY2025 (Feb 28, 2025)	Q4 FY2025 (May 31, 2025)
Revenue ($USD Millions)	$73.0	$72.0	$80.2
Gross Margin %	54.7%	54.0%	52.7% (54.7% ex-tariffs)
Adjusted EBITDA ($USD Millions)	$3.04	$1.34	$3.36
GAAP EPS ($)	-$0.26	-$0.11	-$0.15
Adjusted Diluted EPS ($)	-$0.04	-$0.08	-$0.03
Cash & Equivalents ($USD Millions)	$54.1	$44.8	$55.9

Segment Revenue

Segment	Q2 FY2025	Q3 FY2025	Q4 FY2025
MedTech ($USD Millions)	$31.5	$31.3	$35.8
MedDevice ($USD Millions)	$41.5	$40.7	$44.4
United States ($USD Millions)	$62.7	$61.3	$67.5
International ($USD Millions)	$10.3	$10.7	$12.7

MedTech Detail

Sub-Segment	Q2 FY2025	Q3 FY2025	Q4 FY2025
Auryon ($USD Millions)	$13.7	$13.9	$15.6
AngioVac ($USD Millions)	$8.1	$6.8	$8.2
AlphaVac ($USD Millions)	$2.5	$3.0	$3.1
Mechanical Thrombectomy Total ($USD Millions)	$—	$—	$11.3
NanoKnife Disposables ($USD Millions)	$5.0	$4.9	$5.7
NanoKnife Capital ($USD Millions)	$—	$—	$1.5
NanoKnife Total ($USD Millions)	$6.0	$6.3	$7.2

KPIs

KPI	Q2 FY2025	Q3 FY2025	Q4 FY2025
Operating Cash Flow ($USD Millions)	$2.47	-$13.16	$18.81
Free Cash Flow ($USD Millions)	—	—	$16.19
MedTech GM %	63.7%	62.5%	59.0% (62.1% ex-tariffs)
MedDevice GM %	47.8%	47.4%	47.6% (48.8% ex-tariffs)

Performance vs S&P Global Consensus (Q4 FY2025)

Metric	Consensus	Actual	Surprise
Revenue ($USD)	$74.26M*	$80.16M	+$5.90M; beat
Adjusted EPS ($)	-$0.12*	-$0.03	+$0.09; beat
Gross Margin (%)	51.65%*	52.67%	+102 bps; beat

Values with asterisks retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Sales ($USD)	FY2026	—	$305–$310M	Initiated
MedTech Net Sales Growth	FY2026	—	12–15%	Initiated
MedDevice Net Sales Growth	FY2026	—	Flat	Initiated
Gross Margin (%)	FY2026	—	53.5–55.5% (55.0–56.0% ex-tariffs)	Initiated
Adjusted EBITDA ($USD)	FY2026	—	$3–$8M ($7.5–$10.5M ex-tariffs)	Initiated
Adjusted EPS ($)	FY2026	—	-$0.35 to -$0.25 (ex-tariffs -$0.30 to -$0.25)	Initiated
Free Cash Flow	FY2026	—	Positive full year; up to +$5M ex-tariffs	Initiated
Tariff Impact ($USD)	FY2026	—	$4–$6M	Initiated

FY2025 guidance changes (context):

Metric	Period	Previous Guidance (Jan 8, 2025)	Updated Guidance (Apr 2, 2025)	Change
Net Sales ($USD)	FY2025	$282–$288M	$285–$288M	Raised mid-point
MedTech Growth	FY2025	12–15%	14–16%	Raised
Gross Margin (%)	FY2025	52–53%	53–54%	Raised
Adjusted EBITDA ($USD)	FY2025	$1–$3M	$4–$5M	Raised
Adjusted EPS ($)	FY2025	-$0.34 to -$0.38	-$0.31 to -$0.34	Less negative

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 FY2025)	Previous Mentions (Q3 FY2025)	Current Period (Q4 FY2025)	Trend
Mechanical Thrombectomy adoption	AlphaVac sequential growth; AngioVac +50.7% YoY; cross-selling synergies building	AngioVac +23.1% YoY; AlphaVac +161.4% YoY; continued sequential growth and VAC pipeline	Thrombectomy +44.7% YoY; AngioVac +39.5%, AlphaVac +60.8%; adding reps in FY2026	Strengthening
Auryon EU expansion	CE mark; OUS contribution small in FY25; targeted rollout	Expect initial Q4 contribution; sequential build	~$1M Europe revenue in Q4; early traction	Strengthening
NanoKnife reimbursement	CPT Category I codes for prostate/liver; FDA clearance for prostate; education ramp	Prostate utilization rising; first reimbursement read in summer; code effective Jan 2026	CMS proposed RVUs aligned; accelerated growth expected H2 FY26; pancreatic CPT I effective Jan 2027	Strengthening (near-term capital mixed)
Tariffs/macro	Limited exposure; monitoring	Tariff program more extensive; expect immaterial trajectory change	$1.6M Q4 tariff cost; FY26 impact $4–$6M; GM ex-tariffs 55–56%	Headwind manageable
Manufacturing transfer & cost	Keep part of Queensbury; program saves ~$15M annualized by FY2027	Back-half under-absorption; long-term GM tailwind	Still on track; benefits building into FY2027	Improving long-term
Regulatory/clinical	APEX-AV publication (PE); PRESERVE prostate endpoints	AMBITION BTK launched; cardiovascular investor day	AMBITION BTK first patient; RECOVER-AV first patient in Poland	Strengthening data set

Management Commentary

“We’ve fundamentally repositioned AngioDynamics as a profitable, growth-oriented medical technology company…addressing over $10B in annual global market opportunities” .
On tariffs: “We incurred $1.6M of tariff expense…We currently expect the full-year impact in FY2026 to be approximately $4–$6M” .
On NanoKnife ramp: “We do expect reimbursement…to drive growth…not like a light switch…but accelerated growth…in the second half of our fiscal year” .
On thrombectomy: “AlphaVac…delivered five consecutive quarters of sequential revenue growth…AngioVac grew nearly 40% during the quarter” .

Q&A Highlights

AlphaVac blood return accessory: Working with FDA on 510(k) pathway; confident on approval; not seeing a ceiling without it; expect sequential growth for AlphaVac and AngioVac .
NanoKnife trajectory: Reimbursement is the key driver; CMS proposed RVUs aligned; expect accelerated adoption post Jan 2026 CPT effective date; private payer coverage work ongoing .
FY2026 segment outlook: Auryon mid-teens grower; thrombectomy strongest growth; NanoKnife disposables steady with capital modestly lower until reimbursement inflects .
Gross margin dynamics: Tariff offsets underway; manufacturing transfer benefits accrue more visibly in back-half FY2026 and fully in FY2027 .

Estimates Context

Q4 FY2025 beat across the board: revenue $80.16M vs ~$74.26M*, adjusted EPS -$0.03 vs -$0.12*, gross margin 52.67% vs 51.65%. Expect Street to raise FY2026 MedTech growth and margin assumptions given ex-tariff GM guide of 55–56% and ongoing thrombectomy momentum .
Target price consensus stood ~$18.5*; with tariff clarity and cash generation, estimate revisions likely to bias upward for revenue/GM and reduce FY2026 adjusted EPS loss. Values with asterisks retrieved from S&P Global.

Key Takeaways for Investors

Quality beat: revenue, adjusted EPS, and gross margin all beat consensus despite tariff headwinds—underscoring execution resilience .
Thrombectomy is the growth engine: AngioVac and AlphaVac are taking share with strong clinical validation; expect continued sequential growth and sales force expansion in FY2026 .
NanoKnife setup is intact: CPT Category I (Jan 2026) and CMS RVUs set the stage; watch H2 FY2026 for acceleration in disposables and later capital .
Cash generation and flexibility: Q4 FCF $16.2M and $55.9M cash; revolver in place—de-risks manufacturing transition and working capital needs .
Tariffs manageable: $4–$6M FY2026 impact embedded in guidance; ex-tariff margin guide suggests underlying profitability trajectory improving .
Medium-term margin thesis: manufacturing transfer savings (~$15M annualized by FY2027) plus mix shift toward MedTech should expand gross margin and EBITDA .
Near-term trading: momentum catalysts include continued thrombectomy adoption data and EU traction for Auryon; watch CMS finalization and private payer coverage for NanoKnife, and quarterly updates on tariff mitigation .

Notes: All quantitative facts are drawn from company documents; consensus values marked with asterisks are retrieved from S&P Global.

ANGIODYNAMICS INC (ANGO)·Q4 2025 Earnings Summary