AngioDynamics, Inc. (ANGO): History, Ownership, Mission, How It Works & Makes Money

How does a medical technology company like AngioDynamics, Inc. (ANGO) successfully execute a multi-year strategic overhaul and emerge as a MedTech powerhouse? You're looking at a firm that delivered pro-forma net sales of $292.7 million in fiscal year 2025, a significant 8.1% increase, confirming its trajectory has reached a critical inflection point. That turnaround is why its story matters right now; the company flipped its operational performance to a positive full-year pro forma adjusted EBITDA of $7.6 million, proving its focus on high-growth, minimally invasive platforms is paying off. The core of this momentum is the Med Tech segment, which saw net sales jump 19.5% to $126.7 million, driven by innovative products like the Auryon atherectomy system and the NanoKnife irreversible electroporation platform.

AngioDynamics, Inc. (ANGO) History

You want to understand the foundation of AngioDynamics, Inc. (ANGO) to map its current strategy, and that's smart. The direct takeaway is that the company started as an internal division, not a startup, and its modern identity is defined by a crucial pivot toward high-margin, innovative Med Tech platforms like NanoKnife and Auryon after years of building a broad, but sometimes commoditized, device portfolio.

Given Company's Founding Timeline

Year established

The entity that became AngioDynamics was established in 1988.

Original location

The company began as a division in Queensbury, New York, where it also started manufacturing and shipping products in the early 1990s. Today, the global headquarters is located in Latham, New York.

Founding team members

The company was initially a subsidiary of E-Z-EM, Inc., but its independence was driven by a management team focused on interventional radiology and vascular surgery devices. The founders are specifically cited as Howard S. Stern and Eamonn P. Hobbs.

Initial capital/funding

AngioDynamics operated as a division of E-Z-EM until its Initial Public Offering (IPO) in May 2004. This IPO was the first major capital event, raising approximately $70 million and establishing it as a standalone, publicly traded company on the NASDAQ.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been shaped by three core strategic decisions that moved it from a diversified medical device maker to a focused Med Tech growth story. You can see the financial impact of this shift in the Breaking Down AngioDynamics, Inc. (ANGO) Financial Health: Key Insights for Investors analysis.

The first big moment was the 2004 IPO, which gave the management team the autonomy and capital to pursue a dedicated strategy outside of its parent company. That's when the real journey started.

The second was the 2012 acquisition of Navilyst Medical, which immediately scaled the company into a much larger player in the medical device space. But honestly, this also led to a portfolio that was too broad, including some lower-margin, legacy products.

The most recent, and most important, transformative moment is the strategic pivot initiated post-2019. This was a clear-eyed decision to focus resources on three high-growth, differentiated technology platforms: Auryon (peripheral atherectomy), AngioVac/AlphaVac (thrombus management), and NanoKnife (irreversible electroporation for oncology). This is the key to their future. Here's the quick math on the focus:

• In fiscal year 2025 (ending May 31), the Med Tech segment-which houses these platforms-delivered $126.7 million in net sales, marking a strong 19.5% increase year-over-year.
• The company made a GAAP net loss of $34.0 million in FY2025, so the growth needs to continue to drive profitability.
• The NanoKnife platform received critical CPT Category I Codes for prostate and liver lesion treatments, effective in 2026 and 2027, which is a huge win for future reimbursement and adoption.

This strategic streamlining, which included divesting non-core assets like the PICC and Midline product lines in 2024, is defintely the most important factor in their current valuation and outlook. They are moving away from being a generalist to being a specialist in high-tech, minimally invasive procedures.

AngioDynamics, Inc. (ANGO) Ownership Structure

AngioDynamics, Inc. is a publicly traded medical technology company, listed on the NASDAQ Global Select Market under the ticker ANGO. This structure means its ownership is widely distributed, but the decision-making power is heavily concentrated among large institutional investors.

As of November 2025, the company's market capitalization is approximately $505.9 million, reflecting its mid-cap status in the MedTech sector. The stock's total value of institutional holdings is around $466 million.

AngioDynamics' Current Status

The company operates under a corporate governance model where institutional shareholders hold the vast majority of outstanding stock, which can make the share price sensitive to their collective trading decisions. This is the reality for most publicly traded firms; the board still steers the ship, but the big money managers are the ultimate check.

For the fiscal year 2025, the company reported revenues of $75.71 million for the first quarter, exceeding consensus estimates. This financial performance is what the institutional owners are watching closely, especially as the company continues its transformation toward high-margin, proprietary therapies.

AngioDynamics' Ownership Breakdown

Institutional investors, like BlackRock, Inc. and The Vanguard Group, Inc., dominate the shareholder registry, collectively holding the largest stake. This means that while you, the individual investor, have a voice, the strategic votes are controlled by a few dozen major funds. Here's the quick math on the shareholder composition as reported in early 2025, which gives a clearer picture of the distribution:

The most recent institutional ownership figures from November 2025 are even higher at 93.83%, with insider ownership at 6.84%, indicating a high concentration of shares in professional hands. You can dive deeper into the financial health that drives this ownership structure by reading Breaking Down AngioDynamics, Inc. (ANGO) Financial Health: Key Insights for Investors.

AngioDynamics' Leadership

The executive team is seasoned, with an average management tenure of 6.2 years. This stability is defintely a plus when navigating the complex medical device market. The leadership is focused on transforming the portfolio to emphasize high-growth, high-margin technologies in areas like oncology and peripheral vascular disease.

The key figures steering the organization as of November 2025 include:

• James Clemmer: President, Chief Executive Officer (CEO), and Director. Appointed in April 2016, his total compensation for the 2025 fiscal year was approximately $5.49 million.
• Stephen Trowbridge: Executive Vice President and Chief Financial Officer (CFO). He is a key voice in investor communications, presenting alongside the CEO at major conferences in November 2025.
• The Board of Directors, which includes James Clemmer and Michael E. Tarnoff, MD, who were recently re-elected in November 2025 to serve until 2028, provides oversight and strategic direction.

The compensation for the CEO is above average for companies of a similar size in the US market, which is something to watch, especially since the company is currently unprofitable, posting a loss of $0.10 per share in the first quarter of fiscal year 2026.

AngioDynamics, Inc. (ANGO) Mission and Values

AngioDynamics, Inc. (ANGO) is driven by a core purpose to transform patient care through minimally invasive medical technology, positioning itself as an industry leader in high-growth markets like peripheral vascular disease and interventional oncology. This patient-first mission is underpinned by a commitment to constant innovation and a strong focus on clinical outcomes, not just sales figures.

The company's focus on its MedTech segment is a clear reflection of these values; for example, in the fourth quarter of fiscal year 2025, the MedTech segment revenue grew by a strong 22% to $35.8 million, showing where the strategic investment is going.

AngioDynamics' Core Purpose

The company's cultural DNA is centered on delivering better, less invasive treatment options to physicians and patients globally. This is a trend-aware, realist approach, recognizing that the future of medicine is less surgical and more targeted. It's why they've invested heavily in platforms like the AlphaVac mechanical thrombectomy system and the NanoKnife Ablation System.

Official mission statement

AngioDynamics' formal mission statement is precise and action-oriented, targeting leadership in key therapeutic areas.

• Be the leader in the design, development, manufacturing, and marketing of innovative, proprietary, therapeutic devices.
• Provide benefits to patients through minimally invasive treatment for peripheral vascular disease, tumor therapy, and other non-vascular diseases.

Honestly, the mission is about being the best toolmaker for interventionalists and surgeons. You can see how this translates to their full-year fiscal 2025 revenue of $292.50 million, even while the company reported a net loss of $33.99 million, as they continue to invest heavily in this innovation pipeline.

Vision statement

While not a single sentence, the company's vision is clearly articulated in its public-facing purpose: to be a transformative medical technology company. The vision is to move away from being a general device department store toward being a focused, high-margin MedTech leader.

• Restore healthy blood flow in the body's vascular system.
• Expand cancer treatment options.
• Improve the quality of life for patients worldwide.

This long-term vision requires a defintely high commitment to research and development (R&D), which was $21.9 million in fiscal year 2024, a number that supports the ongoing transformation.

AngioDynamics slogan/tagline

The most consistent public description of the company's purpose, often used in their press releases, serves as their de facto tagline, summarizing their transformative goal.

• Focused on restoring healthy blood flow, expanding cancer treatment options and improving patient quality of life.

Their core values-Commitment to Patient Care, Innovation, and Continuous Improvement-are the operating principles that make this tagline real. The strategic goal is clear: drive adoption of their MedTech platforms, which they guided to grow between 10% and 12% for fiscal year 2025. This is how the mission becomes a financial action. You can explore more about this balance of purpose and strategy here: Mission Statement, Vision, & Core Values of AngioDynamics, Inc. (ANGO).

AngioDynamics, Inc. (ANGO) How It Works

AngioDynamics, Inc. is a medical technology company that restores healthy blood flow and expands cancer treatment options by developing and selling minimally invasive devices to hospitals and clinics globally. Its strategy centers on scaling its high-growth Med Tech platforms-Auryon, NanoKnife, and AlphaVac-which accounted for $126.7 million in net sales for fiscal year 2025.

AngioDynamics, Inc.'s Product/Service Portfolio

AngioDynamics, Inc.'s Operational Framework

The company's operational framework is built around a simplified business model, focusing resources on the higher-margin, innovative Med Tech segment while maintaining a resilient, slower-growth Med Device portfolio. This focus is defintely working.

Value creation is a two-part process: selling high-value capital equipment (like the NanoKnife and Auryon systems) and generating consistent, recurring revenue from the disposables used in each procedure. For instance, NanoKnife disposable sales grew by 9.6% in fiscal year 2025, providing a reliable revenue stream that helps offset the variability of system placements.

• Drive operational efficiency to reduce costs and improve the gross margin, which was 52.7% in the fourth quarter of fiscal 2025.
• Invest in Research & Development (R&D) to expand the application of existing platforms, like moving Auryon into the larger coronary market.
• Execute on commercial initiatives to drive Med Tech sales growth, which was 19.5% for the full fiscal year 2025.

If you're looking at the core drivers of this business, you need to understand the Exploring AngioDynamics, Inc. (ANGO) Investor Profile: Who's Buying and Why? and how the mix of capital and disposable sales impacts long-term profitability.

AngioDynamics, Inc.'s Strategic Advantages

AngioDynamics, Inc. holds a competitive edge by commercializing platform technologies that can be expanded into new, large addressable markets with minimal additional effort beyond clinical and regulatory work. This is a crucial long-term growth lever.

• Differentiated Technology: The NanoKnife System is the first and only non-thermal, radiation-free ablation technology for prostate treatment, a key differentiator against traditional thermal ablation that can damage nerves.
• Clinical Validation: The company invests heavily in clinical trials (like the AMBITION BTK and APEX-AV trials) to generate definitive evidence, which is essential for driving physician adoption and securing favorable reimbursement.
• Reimbursement Tailwinds: The CPT Category I Code for Irreversible Electroporation (IRE) for prostate treatment, effective in early 2026, and a similar code for pancreatic lesions in 2027, will significantly expand the reimbursement pathway and unlock a larger patient pool in the U.S. market.
• Focus on High-Growth Segments: By divesting slower-growth assets and focusing on Med Tech, the company is targeting markets with a higher growth trajectory, like the estimated $700 million U.S. market for intermediate-risk prostate cancer patients.

AngioDynamics, Inc. (ANGO) How It Makes Money

AngioDynamics, Inc. makes money by developing, manufacturing, and selling a focused portfolio of innovative medical devices and technologies used in minimally invasive vascular and oncology procedures, primarily through a razor-and-blade model where capital equipment sales drive recurring revenue from high-margin disposable products.

The company has strategically simplified its business, focusing on two core segments: the high-growth Med Tech segment and the stable, but lower-growth, Med Device segment. This shift is defintely the key to their financial trajectory. Breaking Down AngioDynamics, Inc. (ANGO) Financial Health: Key Insights for Investors

Given Company's Revenue Breakdown

For the fiscal year 2025, which ended on May 31, 2025, AngioDynamics reported total pro forma net sales of $292.7 million, an increase of 8.1% over the prior year. The revenue mix clearly shows the company's pivot toward its higher-growth, technology-driven products.

Here's the quick math: Med Tech sales hit $126.7 million, while Med Device sales were $166.0 million in FY 2025. The Med Tech segment is the clear growth engine, driven by platforms like Auryon and the Mechanical Thrombectomy portfolio.

Business Economics

AngioDynamics' economic fundamentals rely on a 'razor-and-blade' model, where the initial sale of a capital system like the NanoKnife or Auryon platform is followed by years of recurring, high-margin revenue from disposable probes, catheters, and accessories. This is how you build sustainable, predictable revenue.

• Pricing Strategy: The Med Tech segment uses premium pricing, supported by clinical data and unique technology, especially for its irreversible electroporation (IRE) platform, NanoKnife. The company secured a CPT Category I Code for IRE for prostate tissue ablation, effective January 1, 2026, which is crucial for expanding reimbursement and stabilizing pricing for this advanced procedure.
• Gross Margin Disparity: The Med Tech segment's gross margin was significantly higher at 62.0% for FY 2025, compared to the Med Device segment's 47.7%, which is more exposed to commodity pricing and competition.
• Cost Structure Shift: The company is transitioning its manufacturing operations to a fully outsourced model. This move is designed to drive operational efficiencies and reduce fixed costs, which should help mitigate headwinds like the 56-basis point negative impact tariffs had on the overall FY 2025 gross margin of 53.9%.

The high growth in Med Tech, particularly in Auryon (up 20.8% to $56.9 million) and Mechanical Thrombectomy (up 32.9%), shows the market is validating their focus on complex vascular and oncology interventions.

Given Company's Financial Performance

The company's FY 2025 financial performance shows a business in transition, successfully pivoting toward growth and operational efficiency, but still working toward GAAP profitability.

• Gross Profitability: The full-year GAAP gross margin was 53.9%, a slight increase of 12 basis points from the prior year, despite a $1.6 million tariff headwind. Absent tariffs, the margin would have been 54.5%.
• Bottom Line: The company reported a GAAP net loss of $34.0 million, or a loss per share of $0.83, for FY 2025. However, the adjusted EBITDA became positive for the full fiscal year, a key operational milestone.
• Cash Position: AngioDynamics ended fiscal 2025 with a healthy cash and cash equivalents balance of $55.9 million, and generated $16.2 million in free cash flow in the fourth quarter alone. They also maintain a debt-free balance sheet.
• Growth Catalyst: The Med Tech segment's 19.5% growth is a powerful indicator, with the Mechanical Thrombectomy portfolio seeing a 32.9% year-over-year increase, signaling strong adoption for devices like AlphaVac and AngioVac.

What this estimate hides is the continued investment in R&D and commercial expansion, which is necessary to capture the full market opportunity in their Med Tech platforms. Finance: keep tracking that Med Tech gross margin, because that's where the real leverage is.

AngioDynamics, Inc. (ANGO) Market Position & Future Outlook

AngioDynamics is positioned as a Med Tech growth story, successfully pivoting from a lower-margin Med Device business to an innovation-driven platform focused on high-growth segments like thrombectomy and focal oncology, with fiscal year 2025 net sales reaching $292.7 million. The company's Med Tech segment, which includes its key growth drivers, delivered a 19.5% year-over-year revenue increase, confirming the success of its strategic overhaul.

Competitive Landscape

AngioDynamics competes across three distinct, high-value markets: Thrombus Management (AlphaVac), Peripheral Atherectomy (Auryon), and Focal Ablation (NanoKnife). In the critical Pulmonary Embolism (PE) thrombectomy space, AngioDynamics is a clear challenger, taking market share from the established leaders by demonstrating superior clinical outcomes like a greater clot burden reduction.

Opportunities & Challenges

The company's near-term trajectory is tied to scaling its three Med Tech platforms, particularly capitalizing on new regulatory clearances and expanding its total addressable market (TAM). Here's the quick math: the NanoKnife's primary U.S. market for intermediate-risk prostate cancer alone is estimated at over $700 million, which is more than double the company's total FY25 net sales.

Industry Position

AngioDynamics is transforming its industry standing by shifting its revenue mix to higher-growth, higher-margin Med Tech products. The Med Tech segment's gross margin was 63.3% in Q1 FY25, which is defintely a strong indicator of this successful pivot.

• Inflection Point Achieved: The company achieved positive adjusted EBITDA of $7.6 million for the full fiscal year 2025, marking a significant financial turnaround.
• Cash and Liquidity: It ended FY 2025 with a strong cash balance of $55.9 million and zero debt, providing financial flexibility for commercial scaling.
• Innovation Recognition: The NanoKnife System was named to TIME's 2025 Best Inventions List, validating its non-thermal, tissue-preserving Irreversible Electroporation (IRE) technology as a significant clinical advancement.
• Strategic Focus: Management is focused on converting the clinical superiority of AlphaVac (e.g., 35.5% mean clot reduction in the APEX-AV trial) into a larger market share in the VTE space.

To be fair, the company's valuation remains discounted compared to Med Tech peers, but that gap narrows as the path to sustained profitability becomes clearer. You can read more about the company's core principles here: Mission Statement, Vision, & Core Values of AngioDynamics, Inc. (ANGO).