10-K · September 29, 2026
AngioDynamics continued its strategic transformation in fiscal 2026, with revenue rising 9.5% to $320.2 million, Med Tech growing 18.4%, gross margin reaching 54.6%, and meaningful clinical, regulatory and reimbursement…
Earnings analysis · 10-Q
ANGO earnings analysis
Filed October 8, 2026 · Our reading of the company's report
The latest report
AngioDynamics delivered solid year-over-year operating improvement, with revenue up 6.9% to $80.915 million, Med Tech growth of 13.2%, gross margin up 410 basis points to 59.4%, and a narrower $7.1 million net loss.…
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AngioDynamics delivered solid year-over-year operating improvement, with revenue up 6.9% to $80.915 million, Med Tech growth of 13.2%, gross margin up 410 basis points to 59.4%, and a narrower $7.1 million net loss. However, revenue declined from the prior quarter, operating profitability remained negative at an approximately 9.0% margin, and free cash flow was approximately negative $18.478 million. The debt-free balance sheet and $25.0 million undrawn revolver provide liquidity, but cash fell to $34.0 million and working-capital outflows remained substantial; no new quantitative guidance or material risk-factor changes were disclosed.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.17
What stood out
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Revenue grew 6.9% year over year
Revenue was $80.915 million, up $5.204 million or 6.9% year over year, although it declined from $87 million in the immediately preceding quarter based on the supplied quarterly history.
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Med Tech remained the growth engine
Med Tech revenue increased 13.2% to $39.916 million, led by Auryon growth of $2.4 million, NanoKnife growth of $1.9 million and thrombus management growth of $0.4 million.
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Gross margin expanded 410 basis points
Gross margin expanded to 59.4% from 55.3% year over year, an improvement of 410 basis points. Management cited $3.7 million from volume, price and mix, $2.9 million from third-party manufacturing and other operating benefits, and $2.1 million from tariffs, including $1.2 million of refunds.
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Loss narrowed year over year
Net loss improved to $7.1 million from $10.9 million year over year, while diluted loss per share improved to $0.17 from $0.26. The supplied quarterly history also shows improvement from a $0.27 loss in the prior quarter.
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Cash burn remained significant
Operating cash flow was negative $15.330 million versus negative $15.914 million year over year. Including $3.148 million of investing cash outflows, primarily Auryon placement and evaluation units, calculated free cash flow was negative $18.478 million.
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Debt-free balance sheet retained
Cash declined to $34.0 million from $53.9 million at May 31, 2026, while the company had no outstanding debt and no borrowings under its $25.0 million revolving facility.
What to watch
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Liquidity pressured by cash burn
Cash and cash equivalents fell $19.891 million during the quarter to $34.0 million. Operating working capital was a $17.4 million use of cash from lower accounts payable, accrued liabilities and other liabilities, while inventory increased $2.7 million.
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Med Device growth remained weak
The Med Device segment grew only 1.4% to $40.999 million; growth in Core and Microwave products of $1.6 million and $0.5 million was partly offset by declines of $0.7 million in other Oncology products, $0.6 million in Ports and $0.3 million in Venous products.
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Margin benefited from tariff refunds
Gross-margin benefits included $2.1 million from tariffs, including $1.2 million of refunds, creating a potentially non-recurring benefit. Production volume and inflation reduced gross margin by $2.5 million and $0.4 million, respectively.
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Investment spending weighed on profitability
Operating expenses increased in key investment areas: R&D rose $1.562 million to $7.979 million, primarily due to $1.2 million of clinical-project spending, and selling and marketing rose $1.856 million to $29.986 million.
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Transition and restructuring costs continued
The company recorded $2.181 million of acquisition, restructuring and other costs, including increased CEO transition expenses of $0.8 million and increased litigation expense of $0.2 million.
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Macro and currency exposure persist
Management identifies ongoing exposure to supply-chain constraints, labor shortages, inflation, raw-material costs and tariffs; approximately 2.3% of sales were denominated in foreign currencies, exposing sales and gross margin to currency movements.
Management's outlook
The 10-Q does not provide new quantitative revenue or EPS guidance. Management states that current cash, operating cash generation and the Revolving Facility are expected to provide sufficient liquidity for at least the next 12 months.
Earlier filings 4
10-K · September 29, 2026
AngioDynamics is making measurable strategic progress, with fiscal 2026 revenue up 9.5% to $320.2 million, Med Tech growth of 18.4%, gross margin of 54.6%, and multiple clinical, regulatory and reimbursement milestones.…
10-K · July 14, 2026
AngioDynamics, Inc. reported a 9.5% increase in revenue to $320.2 million for the fiscal year ending May 31, 2026, driven by an 18.4% growth in its Med Tech segment, particularly from its Auryon and NanoKnife products.…
10-Q · April 2, 2026
AngioDynamics reported Q3 net sales of $78,423,000 (up $6,419,000 vs. $72,004,000 a year ago) but posted a wider net loss of $(8,084,000) compared with $(4,407,000) in the prior-year quarter, driving diluted loss per…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.