8-K: AngioDynamics Boosts FY26 Outlook, Highlights MedTech Growth

AngioDynamics, Inc. presented an updated financial outlook and showcased its MedTech portfolio's strong performance and innovation at the J.P. Morgan 44th Annual Healthcare Conference.

Summary

• AngioDynamics presented at the J.P. Morgan 44th Annual Healthcare Conference on January 14, 2026, outlining its strategy for sustained growth and profitability.
• The company has driven performance and built a more dynamic, growth-focused company, increasing Med Tech sales mix from 16% in FY20 to 43% in FY25.
• Accelerated commercial investment grew from $41M in 2020 to $127M, representing a 25% CAGR.
• AngioDynamics' synergistic portfolio focuses on Cardiovascular Disease and Cancer, addressing large global healthcare markets.
• Key products include Auryon for Peripheral Artery Disease (PAD), AlphaVac for Venous Thromboembolism (VTE), and NanoKnife for Prostate Cancer.
• Auryon has been used in nearly 150,000 procedures and surpassed $200M in cumulative sales since its September 2020 launch.
• AlphaVac received FDA clearance for Pulmonary Embolism (PE) following the APEX-AV study, demonstrating a 35.1% reduction in clot burden.
• NanoKnife, an Irreversible Electroporation (IRE) device, showed 84% efficacy in the PRESERVE pivotal study for prostate cancer, with significantly lower rates of erectile dysfunction (9%) and urinary incontinence (1.2%) compared to radical surgery and radiation.
• The company provided updated FY2026 financial guidance, increasing Net Sales to $312M $314M and Adjusted EBITDA to +$8.0M $10.0M.
• AngioDynamics maintains a strong, debt-free balance sheet with $41.6M in cash as of November 30, 2025, and expects to achieve adjusted EBITDA positivity by FY2025 and cash flow positivity by FY2026.

Sentiment

Score: 8

Explanation: The presentation highlights strong strategic execution, significant product successes with superior clinical outcomes compared to competitors, and an improved financial outlook with increased guidance and a debt-free balance sheet. The focus on high-growth MedTech markets and innovation is very positive, despite the adjusted EPS still being negative.

Positives

• Med Tech sales mix significantly increased from 16% in FY20 to 43% in FY25, indicating a successful shift towards higher-growth segments.
• Accelerated commercial investment grew at a 25% CAGR from $41M in 2020 to $127M, demonstrating commitment to market expansion.
• Auryon has achieved over $200M in cumulative sales and nearly 150,000 procedures since its launch, highlighting strong market acceptance.
• AlphaVac received FDA clearance for Pulmonary Embolism (PE) based on the APEX-AV study, which showed a significant 35.1% reduction in clot burden.
• NanoKnife's PRESERVE pivotal study demonstrated 84% efficacy in treating prostate cancer with superior safety profiles, including significantly lower rates of erectile dysfunction (9%) and urinary incontinence (1.2%) compared to traditional treatments.
• Increased FY2026 Net Sales guidance to $312M $314M from previous guidance of $308M $313M.
• Increased FY2026 Med Device Net Sales Growth guidance to +0% 1% from previous guidance of Flat.
• Increased FY2026 Adjusted EBITDA guidance to +$8.0M $10.0M from previous guidance of +$6.0M $10.0M.
• Maintains a strong, debt-free balance sheet with $41.6M in cash as of November 30, 2025, providing financial flexibility.
• Expects to achieve adjusted EBITDA positivity by FY2025 and positive free cash flow for the full year FY2026.

Negatives

• The FY2026 Adjusted EPS guidance remains negative at ($0.33) ($0.23), indicating that the company is not yet profitable on a GAAP earnings per share basis.

Risks

• The scale and scope of the COVID-19 global pandemic.
• Ability to develop existing and new products.
• Technological advances and patents attained by competitors.
• Infringement of AngioDynamics' technology or assertions that AngioDynamics' technology infringes the technology of third parties.
• Ability to effectively compete against competitors that have substantially greater resources.
• Future actions by the FDA or other regulatory agencies.
• Domestic and foreign health care reforms and government regulations.
• Results of pending or future clinical trials.
• Overall economic conditions, including inflation, tariffs, labor shortages, and supply chain challenges (cost and availability of raw materials).
• Results of on-going litigation.
• Challenges with respect to third-party distributors or joint venture partners or collaborators.
• Results of sales efforts.
• Effects of product recalls and product liability claims.
• Changes in key personnel.
• Ability to execute on strategic initiatives.
• Effects of economic, credit, and capital market conditions.
• General market conditions and market acceptance.
• Foreign currency exchange rate fluctuations.
• Effects on pricing from group purchasing organizations and competition.
• Ability to obtain regulatory clearances or approval of its products, or to integrate acquired businesses.

Future Outlook

AngioDynamics is positioned for sustained profitable growth, expecting to achieve adjusted EBITDA positivity by FY2025 and positive free cash flow for the full year FY2026. The company plans to accelerate commercial investment, fuel innovation, and expand market potential by leveraging its robust product pipeline and clinical data to unlock new indications across its MedTech franchises. It projects a significant increase in its total addressable market from $7.2B (FY25 & Earlier) to $10.9B (FY26 FY31).

Management Comments

• Jim Clemmer, President & CEO, presented at the J.P. Morgan 44th Annual Healthcare Conference, outlining the company's strategic direction and performance.

Industry Context

AngioDynamics operates in large and growing clinical markets, specifically Cardiovascular Disease and Cancer. The company highlights underpenetrated opportunities within these markets, such as mechanical thrombectomy for Venous Thromboembolism (estimated 20% penetration for PE and 15% for DVT) and focal therapy for Intermediate Risk Prostate Cancer (less than 7% penetrated). Its focus on minimally invasive solutions and clinically differentiated technologies positions it to capture growth in these segments, aligning with broader industry trends towards less invasive procedures and targeted therapies.

Comparison to Industry Standards

• AlphaVac's APEX-AV study demonstrated a 35.1% reduction in clot burden, significantly outperforming competitive technologies like Inari/Stryker's FLARE (9.3%) and Penumbra's EXTRACT-PE (11.3%).
• NanoKnife's PRESERVE pivotal study showed superior patient outcomes for erectile function (9% change from baseline at 1 year) and urinary continence (1.2% change from baseline at 1 year) compared to radical surgery (51% ED, 41% UC) and radiation therapy (30% ED, 8% UC).

Legal Proceedings

• The company mentions 'results of on-going litigation' as a risk factor that may affect actual results, but no specific details or new proceedings are disclosed.

Stakeholder Impact

• Shareholders: Potential for long-term value creation through sustained revenue growth, improved profitability, and cash generation, supported by a strong balance sheet and innovative product pipeline.
• Patients: Access to advanced, minimally invasive treatment options for Peripheral Artery Disease, Venous Thromboembolism, and Prostate Cancer, with demonstrated superior clinical outcomes and reduced side effects.
• Physicians: Provision of versatile, effective, and precise medical technologies (Auryon, AlphaVac, NanoKnife) that offer comprehensive treatment capabilities and improved patient results.
• Employees: Continued investment in innovation and commercial expansion may lead to growth opportunities and a dynamic work environment.
• Creditors: The debt-free balance sheet and expected positive cash flow enhance the company's financial stability and creditworthiness.

Next Steps

• Continue to follow patients in the PRESERVE study and collect additional data.
• Increase R&D investment to deliver breakthrough technologies and long-term value.
• Accelerate commercial investment to build a stronger go-to-market engine in Cardiovascular and Prostate.
• Expand market potential as clinical data unlocks new indications across MedTech franchises.

Key Dates

Recommendation

AngioDynamics demonstrates robust strategic execution, particularly in its MedTech segment, with products like Auryon, AlphaVac, and NanoKnife showing significant clinical advantages and substantial market potential in large, underpenetrated areas. The increased FY2026 financial guidance for net sales and adjusted EBITDA, coupled with a debt-free balance sheet and a clear path to profitability and positive cash flow, signals strong operational performance and strategic positioning. The superior outcomes of its key products compared to competitors suggest a strong competitive moat and future growth prospects, making it an attractive investment for long-term value creation.

Keywords

AngioDynamics, ANGO, MedTech, Healthcare Conference, J.P. Morgan, Financial Guidance, Cardiovascular, Prostate Cancer, Auryon, AlphaVac, NanoKnife, Peripheral Artery Disease, Venous Thromboembolism, Pulmonary Embolism, Irreversible Electroporation, Medical Devices, FDA Clearance, Clinical Trials