ANGONasdaqSurgical & Medical Instruments & ApparatusUS GAAP · USD

AngioDynamics, Inc

AngioDynamics is a U.S.-based medical technology company focused on minimally invasive devices used in cardiovascular disease and cancer care. The company designs, manufactures, and sells products for vascular access, peripheral vascular disease treatment, thrombus management, and oncology/surgical procedures. Its business has been reshaped by a series of divestitures and product-line exits, leaving a stronger emphasis on higher-growth Med Tech offerings such as Auryon, NanoKnife, and mechanical thrombectomy platforms. AngioDynamics sells primarily to hospitals and specialist physicians, using a direct sales force in the United States and distributors internationally. The company is headquartered in Latham, New York, with manufacturing primarily in Queensbury, New York, and is listed on Nasdaq under the ticker ANGO.

Revenue320m USD
+9.5 %y/y
Operating profit (EBIT)-39.9m USD
+0.1 %y/y
EBIT margin-12.5%
+1.2 ppy/y
Net income-36.7m USD
−8.1 %y/y
Free cash flow0.5m USD
+103.5 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-2000200400m USD2021: 291 m USD2021: EBIT -35 m USD20212022: 316 m USD2022: EBIT -28 m USD20222023: 339 m USD2023: EBIT -51 m USD20232024: 304 m USD2024: EBIT -192 m USD20242025: 292 m USD2025: EBIT -40 m USD20252026: 320 m USD2026: EBIT -40 m USD2026320-40
RevenueOperating profit (EBIT)

Business

Share of revenue
Med Tech48 %

Higher-growth technologies for peripheral vascular disease, thrombus management, and oncology procedures, including Auryon, NanoKnife, and thrombectomy systems.

Med Device52 %

Core vascular access, venous, and other procedural devices sold to hospitals and clinicians, including legacy and disposable product lines.

Customers

AngioDynamics sells to healthcare providers that perform image-guided, minimally invasive procedures, especially in vascular and oncology settings. Its core users include interventional radiologists, interventional cardiologists, vascular surgeons, urologists, interventional and surgical oncologists, and critical care nurses. Buying decisions are driven by clinical outcomes, ease of use, reliability, physician familiarity, and cost-effectiveness, with price pressure increasing as managed care and provider consolidation expand. The company’s products are typically purchased by hospitals, ambulatory and specialty care settings, and physician groups that need disposable or temporarily implanted devices for procedure-based care. Internationally, distributors play a larger role, reflecting local regulatory and commercial requirements.

Hospitals and health systems

Buy AngioDynamics devices for inpatient and outpatient procedures where minimally invasive vascular and oncology tools are used repeatedly across departments.

Interventional specialists

Interventional radiologists, cardiologists, vascular surgeons, and oncologists buy specific platforms such as Auryon, NanoKnife, and thrombectomy systems because they affect procedural performance and outcomes.

Critical care and procedural nursing teams

Use vascular access and support products in routine care pathways where ease of use and reliability matter.

International distributors

Purchase and resell products outside the U.S., helping the company reach markets where direct commercial infrastructure is less efficient.

Strategy

AngioDynamics is repositioning the business toward its Med Tech portfolio, which management describes as the main engine for future growth. The company is investing in R&D, clinical evidence, and regulatory pathway expansion to support products such as Auryon, mechanical thrombectomy systems, and NanoKnife. It is also streamlining the portfolio through divestitures, product-line discontinuations, and a manufacturing-footprint restructuring that shifts more production to third-party manufacturers. That restructuring is intended to improve gross margin and reduce cost, while preserving a smaller U.S. manufacturing presence for select products and operational functions. Commercially, the company is focused on customer-centric selling, physician training, and international expansion to widen adoption of its higher-technology platforms.

Grow Auryon, thrombectomy, and NanoKnifeMedium term

These platforms are positioned as the company’s main access points to larger and faster-growing markets.

Restructure manufacturing footprintShort term

Moving most production to outsourced manufacturing is intended to lower cost and improve gross margin profile.

Expand clinical and regulatory supportMedium term

Medical device adoption depends on evidence generation, physician familiarity, and regulatory clearances across jurisdictions.

Geography

Q3/2026

AngioDynamics is headquartered in Latham, New York, and manufactures primarily in Queensbury, New York. The United States is its largest market, with sales handled mainly through a direct sales force, while international business is supported by distributors and some direct sales. In the most recent quarter disclosed, U.S. sales were $66.5 million versus $9.3 million internationally, showing a strong domestic concentration. Geography matters because the company’s manufacturing footprint, regulatory clearances, reimbursement dynamics, and distributor relationships differ materially between the U.S. and overseas markets. The company has also stated that it expects growth from geographic expansion and increased international presence.

United States88 %
Other countries (US filing)12 %

Share of the revenue the company reports by geography.

Risks

AngioDynamics faces intense competition in a medical device market where larger rivals often have greater resources, broader product portfolios, and stronger pricing power. Its business is exposed to reimbursement pressure, provider consolidation, and value-based purchasing, which can force price competition and slow adoption of new products. The company also depends on successful product development, regulatory approvals, and clinical trial outcomes, so delays or unfavorable data can directly affect growth. Operationally, supply chain disruption, labor shortages, inflation, tariffs, and manufacturing execution risk can affect availability, cost, and margins, especially as the company restructures production. Cybersecurity, intellectual property protection, and distributor execution are additional risks because the company relies on digital systems, third parties, and physician trust to sell and support its devices.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Competitive pressure and market share loss1Reimbursement and pricing pressure2Supply chain and manufacturing disruption3Regulatory and clinical development risk4Cybersecurity and data integrity breaches5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Competitive pressure and market share lossImpact: HighLikelihood: High

    The company competes against larger device makers with more resources, and customers evaluate technology, outcomes, ease of use, and price.

    ExposureAll product linesEspecially Med Device
  2. Reimbursement and pricing pressureImpact: HighLikelihood: High

    Managed care, provider consolidation, and value-based purchasing can compress pricing and reduce adoption of premium devices.

    Exposure: U.S. hospital and physician customers

  3. Supply chain and manufacturing disruptionImpact: HighLikelihood: High

    Inflation, raw material availability, labor shortages, shipping costs, and the shift to outsourced manufacturing can affect delivery and margins.

    Exposure: Queensbury operations and third-party manufacturers

  4. Regulatory and clinical development riskImpact: HighLikelihood: Medium

    Growth depends on FDA clearances, foreign approvals, and successful clinical trials for new or expanded indications.

    ExposureAuryonNanoKnifeThrombectomy platforms
  5. Cybersecurity and data integrity breachesImpact: MediumLikelihood: Medium

    A breach could disrupt operations, expose IP, create legal liability, and damage customer relationships.

    ExposureCompany systemsDistributorsSupply chain partners

Accounting

Judgemental items
Revenue recognition on product sales

Net sales are reduced by discounts, rebates, and returns, so reported revenue depends on estimate accuracy and shipment timing.

Impact: Can affect quarterly comparability and reported growth rates

Goodwill and intangible asset impairment

The company recorded a large goodwill impairment in the prior year, showing that asset values are sensitive to forecast assumptions.

Impact: Can create material non-cash charges

Contingent consideration fair value

Acquisition-related earn-outs are remeasured based on milestone probabilities and discounting.

Impact: Can move other income/expense and earnings

Restructuring and outsourcing transition accruals

The manufacturing footprint change requires estimates for severance, transition costs, and savings realization.

Impact: Affects operating expenses, margins, and cash flow

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026