AngioDynamics, Inc. (ANGO) FY2026 Earnings: Revenue $320M (+9.5%)
ANGO — FY2026 Annual Financial Report Analysis
Full Year · Fiscal year 2026 · Published by Pham Hop
AngioDynamics grew FY2026 sales 9.5% to $320.2M on 18.4% Med Tech growth, but higher sales, R&D and pay costs absorbed the extra gross profit and the GAAP net loss widened to $36.7M ($0.88 a share).
Revenue
$320M
+9.5% YoY
Net income
-$37M
Diluted EPS
$-0.88
Operating margin
-12.5%
This period vs a year ago
Same period last year
This period
Revenue▲+9.5%
≈$292M
$320M
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Faster-growing devices lifted sales 9.5%, but the GAAP loss still widened
AngioDynamics makes medical devices used by interventional radiologists, cardiologists and cancer surgeons. Its fiscal year 2026 ended May 31, 2026, and the annual report (Form 10-K, filed July 14, 2026) shows the company's long shift toward its newer, higher-tech products working on the sales line: net sales rose 9.5% to $320.2 million, driven almost entirely by the Med Tech segment (+18.4%). What it did not yet do is make the company profitable under standard accounting rules (GAAP). The net loss grew to $36.7 million from $34.0 million, because operating costs rose by about as much as the extra gross profit the new sales brought in.
At a glance
Med Tech sales +18.4% to $150.0 million. The three growth products (Auryon, the clot-removal "thrombus management" line and NanoKnife) now make up 47% of the company's sales and produced $23.3 million of the $27.7 million total increase.
Operating loss flat at $39.9 million. Gross profit rose $17.2 million, and total operating expenses rose $17.2 million, so the extra sales did not narrow the loss from running the business.
Operating cash flow of $3.1 million, up from a $10.1 million outflow, but $10.0 million of that came from shrinking inventory, a one-time source of cash rather than a recurring one.
Key figures
Metric
FY2026
FY2025
YoY Change
Net sales
$320.2M
$292.5M
+9.5%
Med Tech net sales
$150.0M
$126.7M
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+18.4%
Med Device net sales
$170.2M
$165.8M
+2.6%
Gross margin
54.6%
53.9%
+0.7 pts
Operating margin
-12.5%
-13.7%
+1.2 pts
Net income (loss)
-$36.7M
-$34.0M
Loss widened by $2.7M
Diluted EPS
-$0.88
-$0.83
Loss widened by $0.05
Adjusted EBITDA (company's non-GAAP, pro forma)
$13.2M
$7.6M
+73%
Operating cash flow
$3.1M
-$10.1M
+$13.2M
Gross margin here is the share of sales left after the cost of making the products (the company's gross margin excludes amortization of acquired intangibles). Operating margin is what is left after all operating costs, before interest and tax; for AngioDynamics it is negative.
Where the growth came from
The company reports two segments. Med Tech is its technology portfolio; Med Device holds older, more commodity-like products (Core, Venous, Ports and other oncology products). Per the 10-K's MD&A, the $23.3 million Med Tech increase was:
Med Tech product line
Sales increase in FY2026
Auryon (laser system that clears blockages in leg arteries)
+$10.0M
NanoKnife (tumor ablation using electrical pulses)
+$8.6M, from both disposables and capital (console) sales
Thrombus management (AngioVac and AlphaVac clot removal, plus clot-dissolving drug delivery)
NanoKnife is the one to watch. In the fourth quarter alone its sales rose 64.5% to $11.8 million, with probe sales up 47.0% and capital sales up 132.5%, according to the July 14 earnings release. The release ties that to Category I CPT billing codes for NanoKnife procedures in the prostate and liver, which took effect January 1, 2026 (they give hospitals a standard way to bill for the procedure), and to a Medicare coverage decision from Palmetto GBA effective July 5, 2026. The fourth quarter also showed a soft spot: AngioVac sales fell 15.8% against a strong year-ago quarter, leaving Mechanical Thrombectomy down 1.1% for the quarter even though AlphaVac grew 38.4%.
Med Device grew only $4.4 million (+2.6%): Core +$3.6 million and Venous +$2.2 million, partly offset by Ports -$1.2 million and other oncology products -$0.4 million. The segment's gross margin slipped to 46.7% from 47.7%, while Med Tech's rose to 63.6% from 62.0%. Because Med Tech carries a margin about 17 points higher, its rising share of sales lifts the company's overall margin even when the older business goes backward.
Why a bigger gross profit did not shrink the loss
Gross profit rose $17.2 million. The 10-K breaks down the drivers: volume, price and product mix added $26.6 million, while production volume and other operating costs took away $5.2 million, tariffs $3.2 million and inflation $1.9 million. The earnings release puts total tariff-related expense at $4.8 million for the year (vs. $1.6 million) and says tariffs cost 151 basis points (1.51 percentage points) of gross margin. Without them the margin gain would have been about three times as large.
The extra gross profit then went into operating costs:
Sales and marketing +$10.3 million to $113.4 million (35.4% of sales), mostly $7.6 million more compensation and benefits.
R&D +$3.2 million to $29.4 million, including $2.0 million from the timing of clinical-trial spending (the company started enrolling patients in its AMBITION BTK and RECOVER-AV trials this year).
G&A +$1.6 million, where $5.6 million more compensation was mostly offset by $3.2 million less consulting spend.
Acquisition, restructuring and other items +$2.0 million to $17.6 million, including $1.3 million more litigation expense and $1.6 million of transition costs tied to the CEO retirement announced January 6, 2026.
Below the operating line, other income fell $2.3 million, partly because interest income dropped $1.3 million, and income tax went from a $39,000 benefit to a $442,000 expense. That is how a flat operating loss turned into a net loss $2.7 million larger.
What the headline numbers hide
"Full-year profitability" in the press release means adjusted EBITDA, not net income. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization, after removing further items the company treats as unusual) was $13.2 million on a pro forma basis. To get from the -$36.7 million GAAP net loss to that figure, the company adds back $23.0 million of depreciation and amortization, $17.3 million of acquisition, restructuring and other items, and $14.0 million of stock-based compensation. It then subtracts $5.0 million of divestiture milestone income. Stock-based compensation is a real cost paid to employees in shares, and it rose 43% from $9.8 million, so a good part of the widening gap between the GAAP loss and the adjusted figure comes from an expense that is growing, not from one-offs.
The "one-time" items keep coming back. Acquisition, restructuring and other items were $17.6 million this year and $15.6 million last year. The factory restructuring announced in January 2024 is not expected to finish until the first quarter of fiscal 2027, and this year's charges also included litigation and CEO-transition costs.
Both years had a one-off milestone payment in other income. A $5.0 million payment for finishing the manufacturing transfer of products it sold (FY2026) and a $5.5 million sales milestone on the same divestiture (FY2025). Neither will recur, which the company's own pro forma figures reflect by removing them.
Cash flow was helped by shrinking inventory. Operating cash flow of $3.1 million included a $10.0 million release from inventory (down to $52.4 million from $62.0 million), partly offset by accounts receivable rising $5.8 million. Receivables rose 12.7% to $48.3 million, a little faster than the 9.5% sales growth. After $2.6 million of equipment spending and $3.4 million for Auryon units placed at customer sites, cash fell $2.0 million to $53.9 million. The fourth quarter alone generated $17.5 million from operations, so the first nine months used about $14 million.
The balance sheet is not a worry. There is no debt, and nothing is drawn on the $25 million JPMorgan revolving credit line. The company did not buy back any shares this year ($13.3 million remains authorized).
Takeaway: The strategy is working at the sales and gross-margin level: Med Tech grew 18.4% at a 63.6% gross margin and is now nearly half the company. But every extra dollar of gross profit went into sales staff, trials and pay, so the GAAP operating loss did not move ($39.9M both years). The next test is whether the $15 million of annual savings promised from the factory restructuring appears in fiscal 2027 costs, or gets spent the same way.
Outlook
Management's fiscal 2027 guidance (from the July 14, 2026 earnings release):
Guidance metric
FY2027 guidance
FY2026 actual
Net sales
$336.0M – $341.0M (+4.9% to +6.5%)
$320.2M
Med Tech net sales growth
12% – 15%
18.4%
Med Device net sales growth
Flat
2.6% (2.5% pro forma)
Gross margin
54% – 55%
54.6%
Adjusted EBITDA
$13.0M – $16.0M
$13.2M
Adjusted EPS
-$0.29 to -$0.24
-$0.24
The company expects tariffs to cost about as much as in fiscal 2026. The 10-K separately repeats that the manufacturing restructuring should produce $15.0 million in annual cost savings starting in fiscal 2027.
Our read: The guidance is more cautious than the story around it. Sales growth is guided to slow from 9.5% to about 5-6.5%, and Med Tech from 18.4% to 12-15%, even with NanoKnife's new billing codes and Medicare coverage now in place. More telling, the adjusted-loss-per-share range (-$0.29 to -$0.24) is no better than fiscal 2026's -$0.24, and adjusted EBITDA is guided roughly flat to up $2.8 million, in the same year the $15 million restructuring savings are supposed to begin. That implies management expects most of the savings to be absorbed by tariffs, clinical trials and continued sales investment rather than reach the bottom line. What to watch in the quarterly reports: whether NanoKnife's fourth-quarter pace (+64.5%) holds now that Medicare coverage is live, whether AngioVac's fourth-quarter decline was only a tough comparison, and whether operating expenses grow more slowly than gross profit for the first time. A new CEO is also due, following the retirement announced in January 2026.