Breaking Down AngioDynamics, Inc. (ANGO) Financial Health: Key Insights for Investors

You're looking at AngioDynamics, Inc. (ANGO) because you see the potential in their Med Tech segment, and you're right to focus there; it's the primary growth engine, delivering a 19.5% revenue increase to hit $126.7 million in fiscal year 2025, driven by platforms like Auryon and Mechanical Thrombectomy, which grew at 20.8% and 32.9% respectively. But honestly, the full picture shows a company still navigating the path to consistent profitability, posting a GAAP net loss of around $-33.99 million for the year, and still facing headwinds like the estimated $4 million to $6 million tariff impact expected for fiscal year 2026. This is a classic medical technology story: high-growth, high-margin products like AlphaVac are pushing the top line-total revenue was $292.7 million-but you need to look closely at how the company manages the drag from the slower-moving Med Device segment and those persistent supply chain costs to see if they can truly convert that Med Tech momentum into sustained positive earnings.

Revenue Analysis

You need to know where AngioDynamics, Inc. (ANGO) is actually making its money, and the clear takeaway from fiscal year 2025 is this: the company is successfully pivoting to a high-growth, high-margin Med Tech focus. Overall, AngioDynamics, Inc. (ANGO) reported pro forma net sales of $292.7 million for the full fiscal year 2025, representing an 8.1% year-over-year increase from the prior year's pro forma revenue of $270.7 million. That growth is defintely concentrated in one area.

The Med Tech Engine vs. Med Device Stability

The company now operates primarily through two segments, and their performance divergence tells the whole story. The results are presented on a pro forma basis, meaning they exclude revenue from divested businesses like Dialysis and PICC/Midline, which simplifies the comparison but shows a much leaner, more focused business. The Med Tech segment is the growth engine, while the Med Device segment provides a stable but slow-moving base.

Here's the quick math on the segment contributions for the full fiscal year 2025:

• Med Tech Net Sales: $126.7 million, surging 19.5% year-over-year.
• Med Device Net Sales: $166.0 million, increasing a modest 0.8% year-over-year.

The Med Device segment still contributes the majority of total revenue at approximately 56.7%, but the Med Tech segment, at about 43.3% of total sales, is where the real momentum is.

Breakdown of Key Growth Platforms

Within that high-performing Med Tech segment, three product platforms drive the growth, focusing on vascular and oncology treatments. This is where you should focus your attention, as these are the products with the most significant long-term reimbursement and clinical potential. The consistent double-digit growth here shows strong market adoption.

The star performers are the atherectomy and mechanical thrombectomy systems. For example, the Auryon platform, which treats peripheral artery disease, delivered $56.9 million in revenue, growing 20.8% year-over-year. Mechanical Thrombectomy, which includes the AngioVac and AlphaVac systems for clot removal, saw a combined revenue increase of 32.9%. Specifically, AngioVac revenue was $28.9 million (up 25.1%), and the newer AlphaVac system saw a massive jump to $10.8 million, a 59.5% increase. That's a clear signal of a successful product launch and market penetration.

However, not all Med Tech products are accelerating. The NanoKnife irreversible electroporation (IRE) platform, a cancer treatment option, generated $24.5 million in revenue, which was essentially flat compared to the prior fiscal year. This is a product to watch, as its capital sales can be lumpy, but new CPT Category I Codes for prostate and pancreas lesions, effective in 2026 and 2027, could unlock substantial future growth by expanding reimbursement.

Regional Dynamics and Near-Term Risks

Looking at the regions, the growth story is global. In the fourth quarter of fiscal 2025, U.S. net sales grew 11.0% to $67.5 million, but international net sales outpaced that, growing 22.8% to $12.7 million. This international acceleration is a positive sign of market diversification. Still, you have to be a realist: the company incurred a $1.6 million tariff-driven cost of goods sold impact in Q4 2025 alone, which dragged down the gross margin. This is a near-term risk that directly impacts profitability, and it's something to factor into your model. For a deeper dive into the market players, you can check out Exploring AngioDynamics, Inc. (ANGO) Investor Profile: Who's Buying and Why?

Next step: Check the Q1 2026 earnings call transcript for any new tariff guidance.

Profitability Metrics

You're looking for a clear picture of AngioDynamics, Inc. (ANGO)'s financial engine, not just a snapshot. The bottom line for fiscal year 2025 (FY2025) is that while the company is driving strong revenue growth in its high-margin Med Tech segment, it is still operating at a net loss, a common challenge for growth-focused medical technology (Med Tech) firms.

For the full FY2025, AngioDynamics, Inc. generated $292.7 million in net sales, an 8.1% increase year-over-year, but its profitability ratios show the persistent pressure on the cost of goods sold (COGS) and operating expenses.

Gross Margin and Operational Efficiency

AngioDynamics, Inc.'s gross margin is the real story here. The GAAP Gross Margin for FY2025 stood at 53.9%, a slight improvement of 12 basis points from the prior year. This is a decent margin, but it's defintely on the lower end for a specialized Med Tech company; some peers see gross margins well over 65%. What this estimate hides is the impact of external factors, specifically tariffs, which created a 56-basis point headwind. Absent these tariffs, the adjusted gross margin would have been closer to 54.5%.

The company's operational efficiency efforts are clearly focused on its product mix. The Med Tech segment-which includes high-growth products like Auryon and the mechanical thrombectomy platform-is the profit driver, boasting a gross margin of 59.0% in the fourth quarter of FY2025. Conversely, the legacy Med Device segment operates at a lower margin of 47.6%. The goal is clear: grow the higher-margin Med Tech business faster to lift the consolidated gross margin.

• Focus on Med Tech is the key to margin expansion.

The Path to Net Profitability

While the gross margin is holding up, the company is not yet profitable on a GAAP basis, reporting a net loss of $34.0 million for FY2025. However, the trend is positive, showing a significant improvement from the prior year's net loss of $184.3 million. The Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA), a key measure of cash operating performance, was a positive $7.6 million for the full year. Here's the quick math: this translates to an Adjusted Operating Margin (EBITDA) of approximately 2.59%, which indicates that the core business operations are generating cash, even if non-cash charges like depreciation and amortization, plus interest and taxes, push the GAAP figure into the red.

The comparison to the broader Med Tech industry is stark: the average net margin for the sector is around 22%. AngioDynamics, Inc.'s GAAP Net Profit Margin of -11.61% shows the distance they still need to cover to reach industry-standard profitability. Still, the improvement in the adjusted net loss per share-from $(0.45)$ in FY2024 to $(0.25)$ in FY2025-demonstrates a clear trajectory toward the black. To dig deeper into the company's financial structure and valuation, check out Breaking Down AngioDynamics, Inc. (ANGO) Financial Health: Key Insights for Investors.

Debt vs. Equity Structure

The core takeaway for AngioDynamics, Inc. (ANGO)'s financing is a dramatic shift to a net-cash balance sheet, moving away from a previously leveraged position. You are looking at a company that has essentially eliminated its debt, prioritizing growth funded by cash and equity over borrowing, which is a significant de-risking move for investors.

This financial transformation was driven by a strategic overhaul, where the company divested non-core assets like its Dialysis, BioSentry, PICC, and Midline businesses. The proceeds from these sales were used to pay off the credit line, making the balance sheet remarkably clean. Honesty, this is a rare sight in the MedTech space.

• Cash Position: Ended fiscal year 2025 (FY2025) with a strong cash and cash equivalents position of $55.9 million.
• Debt Status: The company reported a zero debt position at the end of FY2025, having paid off its credit line.
• Credit Facility: They have not drawn down any available capital from their revolving credit agreement as of May 31, 2025.

Debt-to-Equity: A Clear Advantage

AngioDynamics, Inc. (ANGO)'s Debt-to-Equity (D/E) ratio-a key measure of financial leverage-is exceptionally low, reflecting its minimal reliance on debt. This ratio compares a company's total liabilities to its shareholder equity, showing how much of the business is financed by debt versus owned by shareholders.

For FY2025, the company's Long-term Debt-to-Equity ratio was around 3.2%. Other analyses place the overall Debt-to-Equity ratio as low as 0.03 or 3.4%. This is a huge competitive advantage when you compare it to the broader Healthcare sector, where the average Long-term Debt-to-Equity ratio sits much higher, at approximately 23.2%. A low D/E ratio means less interest expense draining earnings, plus still having significant borrowing capacity for future strategic moves, like a major acquisition.

Here's the quick math on the capital structure as of the end of FY2025, with all figures in thousands of USD:

Financing Strategy: Equity Over Leverage

The company's current strategy is defintely focused on funding growth through internally generated cash flow and its existing equity base, not new debt. They have effectively used asset sales to de-lever and establish a net-cash position, which is a powerful signal of management's confidence and a focus on long-term stability.

This approach gives them flexibility. Since they have not drawn on their revolving credit facility, they have a substantial, untapped source of capital available if a major opportunity arises. This is a much better position than a company that is already highly leveraged and dependent on the credit markets. For a deeper dive into who is betting on this strategy, you should check out Exploring AngioDynamics, Inc. (ANGO) Investor Profile: Who's Buying and Why?

Liquidity and Solvency

You're looking at AngioDynamics, Inc. (ANGO) because you want to know if they can cover their near-term bills, and that's defintely the right place to start. The direct takeaway here is that while the company's balance sheet shows strong immediate liquidity, the cash flow statement reveals the core business is still a cash user, not a generator. They have a solid buffer, but the operational cash burn is the metric to watch.

Current and Quick Ratios: A Strong Buffer

AngioDynamics, Inc.'s short-term liquidity, measured by its current and quick ratios, looks very healthy for the fiscal year ended May 31, 2025. The Current Ratio stood at approximately 2.21. Here's the quick math: for every dollar of current liabilities (bills due in the next year), they have $2.21 in current assets (cash, receivables, inventory) to cover it. A ratio over 2.0 is generally excellent.

The Quick Ratio (or acid-test ratio), which strips out inventory-the least liquid current asset-was a robust 1.39. This means even if they couldn't sell a single unit of their $62.0$ million in inventory, they still have $1.39 in highly liquid assets for every dollar of current liabilities. This level of coverage gives management significant operational flexibility. For more context on the company's long-term strategy, you should review their Mission Statement, Vision, & Core Values of AngioDynamics, Inc. (ANGO).

Working Capital and Balance Sheet Trends

The company's working capital (Current Assets minus Current Liabilities) remains positive, but the trend shows a slight tightening. At the close of FY 2025, working capital was approximately $92.1$ million, down from $102.1$ million in FY 2024. This decrease is primarily due to a reduction in total current assets, which fell from $193.3$ million to $168.3$ million year-over-year, largely from a decrease in cash and prepaid expenses.

Still, the reduction in current liabilities, from $91.2$ million in FY 2024 to $76.2$ million in FY 2025, helped mitigate the net change. This is a positive sign, as it shows they are actively managing their short-term obligations, but also a reminder that they are drawing down on their cash reserves.

Cash Flow Statements Overview

The cash flow statement is where the real story of the business model lives. For the full fiscal year 2025, AngioDynamics, Inc. (ANGO) had negative cash flow across all three major sections. This is the critical piece of information that the strong ratios hide.

Here are the full-year FY 2025 cash flow trends (in millions):

• Operating Cash Flow (OCF): Net cash used in operations was -$10.1$ million. The core business is still using cash, not generating it, though this is a significant improvement from the -$28.2$ million used in FY 2024.
• Investing Cash Flow (ICF): Net cash used in investing was -$10.2$ million, primarily for capital expenditures (CapEx). This is a necessary use of cash to support their growth platforms like AlphaVac and NanoKnife.
• Financing Cash Flow (FCF): Net cash used in financing was minimal at -$0.3$ million, reflecting a balance of activities like debt issuance and stock repurchases.

The total net cash outflow for the year was approximately $20.2$ million, which was covered by the cash they started the year with. They ended FY 2025 with $55.9$ million in cash and cash equivalents.

Near-Term Liquidity Concerns and Strengths

The primary liquidity concern is the persistent negative Operating Cash Flow. A healthy company must eventually fund its own operations. However, the company has clear strengths that offset this near-term risk:

• Strong Cash Position: The $55.9$ million cash balance is a substantial cushion.
• Access to Capital: They secured a revolving credit facility for up to $25.0$ million in the third quarter of FY 2025, providing a safety net for working capital needs.
• Positive Outlook: Management is projecting to be free cash flow positive for the entire fiscal year 2026, which would fundamentally change the liquidity profile from a cash user to a cash generator.

The action for you is to monitor the Q1 and Q2 2026 earnings reports closely to see if the OCF turns positive as management expects. If it doesn't, the current cash buffer will continue to shrink.

Valuation Analysis

You're looking at AngioDynamics, Inc. (ANGO) and asking the core question: is the stock priced fairly, or are you paying too much for future growth? The quick answer is that traditional metrics suggest it's expensive, but the analyst consensus points to a significant upside, driven by the Med Tech segment's strong performance.

As of November 2025, the stock closed around $12.10 per share, reflecting a massive 66.94% return over the last 12 months, which is defintely a good run. The valuation ratios tell a nuanced story, particularly since the company is still in a high-growth, non-GAAP profitable phase, meaning they are generating positive adjusted earnings but not yet GAAP net income.

Here's the quick math on the key valuation multiples based on the fiscal year 2025 data:

• Price-to-Earnings (P/E) Ratio: The P/E ratio is effectively 0.00. This isn't a sign of being cheap; it simply reflects the fact that AngioDynamics, Inc. reported a GAAP net loss of $(0.15) per share in Q4 FY2025 and an adjusted loss per share of $(0.25) for the full year. You can't use P/E to value a company that's losing money on a GAAP basis.
• Price-to-Book (P/B) Ratio: At approximately 2.70x, the stock trades at a premium to its book value, which is the value of its assets minus its liabilities. This premium is what investors pay for the company's intangible assets and growth potential, like its innovative Auryon and AlphaVac platforms.
• Enterprise Value-to-EBITDA (EV/EBITDA) Ratio: This is where the stock looks pricey. With an Enterprise Value of roughly $459.17 million and a full-year 2025 Adjusted EBITDA of $7.6 million, the ratio is a high 60.4x. This multiple signals that the market is banking heavily on accelerated earnings growth in the fiscal years ahead to justify the current enterprise value.

The high EV/EBITDA ratio is the biggest near-term risk. What this estimate hides is the exceptional growth in the Med Tech segment-up 19.5% to $126.7 million in FY2025-which is what the market is truly valuing.

The stock price trend over the last 12 months shows significant volatility but a clear upward trajectory. The 52-week low was $6.63 and the high was $13.50. This wide range tells you the market is still trying to figure out the company's true value as it transitions to profitability. Also, for income-focused investors, know that AngioDynamics, Inc. is a growth stock and does not pay a dividend; the yield is 0.00%.

Wall Street's take is decisively bullish, despite the high multiples. The consensus rating from analysts is a Moderate Buy. Out of a recent group of analysts, there are 3 Buy ratings and 1 Sell rating, which is a strong skew toward optimism. The median 12-month price target is $15.64. That target suggests a potential upside of over 29% from the recent price of $12.10, which is a compelling opportunity if the company executes on its 2026 guidance.

To see how the company is managing its cash and debt to support this valuation, check out the full analysis here: Breaking Down AngioDynamics, Inc. (ANGO) Financial Health: Key Insights for Investors.

Next Step: Finance should model the impact of the projected $4 million to $6 million in tariff headwinds for fiscal year 2026 on the EV/EBITDA multiple to stress-test the analyst price targets.

Risk Factors

You're looking at AngioDynamics, Inc. (ANGO) because of the strong Med Tech growth, but you need to be a realist about the risks before committing capital. The company is in a crucial turnaround phase, which means the risks are higher, but so is the potential reward if they execute. The biggest immediate concern is persistent unprofitability, even with strong top-line performance in key segments.

For the full fiscal year 2025 (FY2025), AngioDynamics, Inc. reported a GAAP net loss of approximately $34.0 million (the sum of quarterly GAAP losses) and an adjusted net loss of about $10.2 million. This isn't a surprise for a company investing heavily in new platforms like Auryon and AlphaVac, but it still means they are burning cash. They are counting on a pivot to profitability within the next few years, and any slip-up in product adoption or cost control will delay that.

Here are the key risks you need to map to your investment thesis:

• Product Concentration and Execution Risk: AngioDynamics, Inc. is heavily reliant on its Med Tech segment, which had net sales of $126.7 million in FY2025, a 19.5% increase. This growth is great, but it's concentrated in a few platforms: NanoKnife, Auryon, and AlphaVac. If one of these platforms faces a major clinical hurdle or a competitor launches a superior product, the impact on the overall revenue of $292.7 million would be sharp. You're betting on the success of these few horses.
• Reimbursement and Regulatory Delays: The long-term profitability of the NanoKnife system, for instance, hinges on favorable reimbursement. The new CPT codes (Current Procedural Terminology) for Irreversible Electroporation (IRE) are a huge win, but they don't take effect until January 1, 2026. Any delay in the actual reimbursement rollout or lower-than-expected payment rates could severely curtail the expected margin gains. This is a classic medical device risk-clinical success doesn't always equal commercial success.
• Operational and Supply Chain Headwinds: Global economic conditions are still messy. The company's gross margin was directly impacted by external factors. For example, in the fourth quarter of FY2025 alone, tariff expenses cost the company approximately $1.6 million, dragging down gross margin. Plus, they are in the middle of a major manufacturing transition to a fully outsourced model by the third quarter of fiscal year 2026, which creates short-term execution and quality control risks.

To be fair, management has clear mitigation strategies. They are actively working toward approximately $15 million in annualized cost savings by FY2027 through operational improvements. They also secured key regulatory wins, like the FDA 510(k) clearance for NanoKnife's prostate tissue ablation indication in December 2024. This is defintely a high-stakes transition, not a slow-and-steady business.

Here's a quick snapshot of the financial risks in context:

If you want to dive deeper into how these risks map to the growth opportunities, check out the full post: Breaking Down AngioDynamics, Inc. (ANGO) Financial Health: Key Insights for Investors. Your next step should be to model how a six-month delay in the NanoKnife CPT code reimbursement would impact their FY2026 cash flow.

Growth Opportunities

You are looking at AngioDynamics, Inc. (ANGO) at a critical moment: the company has completed its strategic overhaul, and fiscal year 2025 (FY2025) results confirm it has hit an inflection point. The direct takeaway is that the shift to high-growth, high-margin Med Tech products is working, driving a significant turnaround in key financial metrics.

The core of AngioDynamics, Inc.'s future is its Med Tech segment, which includes the Auryon, AlphaVac, and NanoKnife platforms. This segment delivered net sales of $126.7 million in FY2025, representing a robust growth of 19.5% over the prior year. Honestly, that kind of double-digit growth in a competitive medical device market is a clear sign the strategy is paying off.

Product Innovation and Market Expansion Fueling Growth

The growth drivers are concrete product innovations that address large, expanding global markets. For example, the Auryon peripheral atherectomy system is positioned to benefit from the Peripheral Artery Disease (PAD) market, which analysts project will expand by nearly 7% annually through 2030. Plus, the NanoKnife irreversible electroporation (IRE) platform, which uses electrical pulses to destroy tumors, is gaining significant momentum.

• NanoKnife: Named to TIME's 2025 Best Inventions List, highlighting its innovative position.
• Reimbursement Wins: Secured a CPT Category I Code for IRE for pancreatic lesions, effective in 2027, which will defintely broaden the reimbursement pathway and accelerate adoption.
• Clinical Trials: The company initiated the RECOVER-AV Clinical Trial in Europe for the AlphaVac thrombus management system, pushing its market reach.

Financial Projections and Strategic Levers

The company's full-year 2025 pro forma net sales reached $292.7 million, an 8.1% increase over FY2024. More importantly, the focus on operational efficiency is translating directly to the bottom line, moving the company toward true profitability. Here's the quick math on the operational shift:

This turn to a positive Adjusted EBITDA of $3.4 million in FY2025 is a major milestone, a substantial improvement from the prior year's loss. Management expects operational improvements and manufacturing transitions to deliver approximately $15 million in annualized cost savings by FY2027, which will further reinforce the path to positive net margins.

Competitive Edge and Near-Term Actions

AngioDynamics, Inc.'s competitive advantage now lies in its streamlined focus and proprietary technology. They have a strong net cash balance of $55.9 million as of the end of FY2025, with zero debt, a position that provides substantial financial flexibility for future acquisitions or R&D investment. This financial strength, coupled with unique products like NanoKnife and Auryon, positions them well against larger competitors like Medtronic and Boston Scientific.

What this estimate hides is the execution risk in scaling the NanoKnife platform and securing broad clinician adoption, but the expanding reimbursement codes mitigate some of that risk. To understand the full context of this financial pivot, you should read the full analysis at Breaking Down AngioDynamics, Inc. (ANGO) Financial Health: Key Insights for Investors.