A maker of medical devices for treating cardiovascular disease and cancer, AngioDynamics builds tools like the NanoKnife ablation system, the Auryon atherectomy device, and the VenaCure laser for varicose veins, used by interventional radiologists, cardiologists, and vascular surgeons. It began in 1988 as a division of E-Z-EM, a company known for imaging contrast agents, and its name blends "angio" (blood vessels) with "dynamics." Its NanoKnife system, which uses electrical pulses rather than heat to destroy prostate tumors, was named one of TIME's Best Inventions of 2025.
10-K · Fiscal year ended May 31, 2026 · SEC filing ↗
Med Tech growth decelerated to 18.4% in FY2026 as tariffs and rising costs widened the net loss to $36.7M.
Med Tech growth slowed, and the company's net loss widened. rose 9.5% to $320.2 million and improved 0.7 points to 54.6%, but higher operating expenses and tariff costs pushed the net loss to $36.7 million. The company enters FY2027 with no debt and a new CEO search underway, while its cash balance continues to shrink.
Key takeaways
Med Tech growth decelerated to 18.4% for the full year, reaching $150.0 million, down from 19.0% growth in FY2025, as the pace of expansion in the thrombus management platform and Auryon atherectomy system moderated.
Total rose 9.5% to $320.2 million, with the Med Device returning to growth at 2.6% after years of post-divestiture decline, contributing $170.2 million.
improved 70 to 54.6%, as favorable volume, price, and the transition of product lines to third-party manufacturers were partly offset by $1.4 million in tariff costs and inflationary pressures.
Section summaries
Business
AngioDynamics operates Med Tech and Med Device segments, offering devices for cardiovascular disease and cancer treatment.
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The Med Tech includes the Auryon atherectomy system for peripheral arterial disease, AlphaVac and AngioVac thrombectomy systems, and the NanoKnife IRE ablation system, which received expanded FDA clearance for prostate tissue ablation in December 2024.
The Med Device covers a broad portfolio of interventional products like angiographic catheters, guidewires, drainage catheters, ports (e.g., SmartPort, BioFlo), and the VenaCure EVLT laser system for varicose veins.
Net loss widened to $36.7 million from $34.0 million a year ago, driven by a $10.3 million increase in selling and marketing expenses and a $3.2 million increase in R&D spending, primarily on higher compensation and clinical trial costs.
turned positive at $3.1 million for the year, a reversal from a $10.1 million use in FY2025, aided by a $10.0 million reduction in .
The company ended the year with $53.9 million in cash and equivalents and no outstanding debt, while the announced retirement of the CEO by November 30, 2026, introduces leadership uncertainty.
What changed
The FY2025 filing flagged whether Med Tech growth could sustain near 20% in FY2026. It did not: growth decelerated to 18.4%, with the quarterly trend showing a clear step down from 26.1% in Q1 to 13.0% in Q2 to 19.0% in Q3, before a 10.4% sequential rise in Q4.
The FY2025 filing questioned whether the FY2025 acceleration was a one-time recovery. The FY2026 result of 18.4% growth, while still above the 10.0% rate of FY2024, confirms a deceleration from the prior year's 19.0% pace, suggesting the recovery is fading rather than building.
was flagged as a key watch item, with $55.9 million in cash at the end of FY2025. Cash flow turned positive at $3.1 million for the year, but the cash balance still fell to $53.9 million, indicating that the modest positive cash flow was not enough to fully offset other uses of cash.
sustainability above 54% was a prior concern. The full-year margin of 54.6% held above that threshold, but the quarterly trend shows pressure: after peaking at 56.4% in Q2, margin fell to 52.9% in Q3 as tariffs and inflation bit, before recovering to 54.0% in Q4.
The manufacturing restructuring was expected to complete by Q3 FY2026. The filing now states completion is expected in early fiscal 2027, a delay that pushes the anticipated $15.0 million in annual cost savings further out.
What to watch
Whether Med Tech growth stabilizes or continues to decelerate in Q1 FY2027, given the full-year FY2026 rate of 18.4% and the intra-year volatility from 26.1% to 13.0%.
The rate of cash consumption and whether the $53.9 million cash balance, combined with the undrawn $25 million , is sufficient to fund operations through the CEO transition and the delayed manufacturing restructuring.
trajectory now that the manufacturing restructuring is delayed to early fiscal 2027, and whether the persistent tariff and inflationary headwinds continue to offset the benefits from third-party manufacturing transitions.
Commercial adoption of the NanoKnife system for prostate tissue ablation, as the shift to a recurring disposable-driven model is central to replacing lost from divestitures and sustaining Med Tech growth.
The company sells primarily through a direct U.S. sales force and a mix of direct and distributor relationships internationally, focusing on interventional radiologists, cardiologists, vascular surgeons, and oncologists.
AngioDynamics faces significant competition from large and small manufacturers, including Boston Scientific, Medtronic, and Johnson & Johnson, competing on quality, clinical outcomes, ease of use, and cost-effectiveness.
The company has divested several businesses, including the sale of its dialysis and BioSentry businesses in June 2023 and its PICC and Midline businesses in February 2024, to focus on its core portfolio.
Manufacturing is conducted in leased facilities in New York and through third-party manufacturers, with facilities registered with the FDA and certified to ISO 13485 standards.
Intense competition, reliance on key growth products, manufacturing outsourcing risks, and CEO succession uncertainty are the most emphasized threats.
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The company faces intense competition from larger, better-resourced firms and increasing price pressure from consolidated health systems and GPOs, which could erode market share and profitability.
Future growth heavily depends on market acceptance and positive clinical data for key products like NanoKnife, AngioVac, AlphaVac, and Auryon; failure to achieve this could severely limit growth.
A plan to outsource manufacturing from Queensbury, NY to third parties globally introduces significant risks including loss of control, supply disruption, and potential non-compliance, with completion expected in early fiscal 2027.
The announced retirement of the CEO by November 30, 2026, creates leadership uncertainty that could disrupt the business and negatively impact operating results during the transition.
The company is exposed to material financial risk from an ongoing multidistrict product liability litigation concerning its port products, with insurance coverage limited to $10 million per claim.
Recent divestitures of product lines are part of a transformation strategy, but there is a risk that lost and earnings will not be replaced, exacerbating any failure to achieve growth objectives.
During the year ended May 31, 2026, we operated in the following locations: 30 Location Purpose Approx. Sq. Ft. Property Type Latham, NY Corporate headquarters 18,600 Leased Glens Falls, NY Manufacturing 21,000 Leased Queensbury, NY Manufacturing 135,000 Leased Queensbury, NY Di…
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During the year ended May 31, 2026, we operated in the following locations:
30
Location Purpose Approx. Sq. Ft. Property Type
Latham, NY Corporate headquarters 18,600 Leased
Glens Falls, NY Manufacturing 21,000 Leased
Queensbury, NY Manufacturing 135,000 Leased
Queensbury, NY Distribution 58,000 Leased
Marlborough, MA Research and development 17,200 Leased
Rehovot, IL Research and development 4,300 Leased
In addition, we lease sales offices in various other jurisdictions.
Financial statements and supplementary data required by Part II, Item 8 are included in Part IV of this report and indexed under Item 15 (a) (1) and (2) of this report, and are incorporated by reference into this Item 8.
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Financial statements and supplementary data required by Part II, Item 8 are included in Part IV of this report and indexed under Item 15 (a) (1) and (2) of this report, and are incorporated by reference into this Item 8.