AngioDynamics signals FY2026 adjusted EBITDA of $10M-$12M while raising net sales guidance to $313.5M-$315.5M

Earnings Call Insights: AngioDynamics (ANGO) Q3 FY2026

MANAGEMENT VIEW

* “Our third quarter was strong across the board,” James Clemmer said, adding that results were “led by impressive growth in our Med Tech segment” and that the company is “once again raising our full year guidance for net sales and adjusted EBITDA.” (CEO, President & Director James Clemmer)
* Clemmer highlighted continued Auryon momentum, saying Auryon delivered its “19th consecutive quarter of double-digit year-over-year growth,” supported by “our push into the hospital market” and “continued traction following our CE Mark approval.” (CEO Clemmer)
* On Mechanical Thrombectomy, Clemmer said the combined AlphaVac and AngioVac portfolio “grew approximately 18% over the prior year,” and noted AlphaVac drove “the largest sequential revenue increase we have seen since its launch.” He also said the company “enrolled our first patients in the APEX-Return pivotal trial” and “continue[s] to strive to complete the approval process during the first quarter of calendar 2027.” (CEO Clemmer)
* On NanoKnife, Clemmer pointed to the new reimbursement tailwind, saying, “Our CPT 1 Code became effective on January 1. And what we have seen thus far has been positive,” and added the company announced “expanded European indications for NanoKnife to include soft tissue ablation for tumors of the liver, pancreas, kidney and prostate.” (CEO Clemmer)
* “Revenue increased 8.9% to $78.4 million,” and “we are raising multiple components of our full year fiscal 2026 guidance,” including net sales and adjusted EBITDA ranges. (Executive VP & CFO Stephen Trowbridge)
* Clemmer also provided an update on CEO succession: “The Board has formed a search committee and has engaged a leading executive search firm,” and “until my successor is appointed, Steve and I will continue leading the team.” (CEO Clemmer)

OUTLOOK

* Management raised FY2026 net sales guidance to $313.5 million to $315.5 million (from $312 million to $314 million) and raised adjusted EBITDA guidance to $10 million to $12 million (from $8 million to $10 million). (CFO Trowbridge)
* The company updated segment expectations: “raising Med Tech net sales growth to 15% to 17% and now expect Med Device sales to grow at approximately 1%.” (CFO Trowbridge)
* Gross margin guidance was reiterated: “we continue to expect gross margin to be in the range of 53.5% to 55.5%,” inclusive of “between $4 million and $6 million of tariff expenses for the full fiscal year 2026.” (CFO Trowbridge)
* Adjusted loss per share guidance was narrowed to “$0.30 to $0.23,” from “a loss of $0.33 to $0.23,” and Trowbridge reiterated cadence expectations: “adjusted EBITDA will be lower in the second half of the year than the first as our planned investments in clinical data development hit the P&L as well as the structural gross margin impacts.” (CFO Trowbridge)
* Versus the prior quarter, the company again raised revenue and EBITDA, while keeping the tariff range and gross margin range unchanged; Med Tech growth guidance moved to 15% to 17% from 14% to 16%, while Med Device shifted to ~1% from 0% to 1%. (CFO Trowbridge; prior-quarter guidance referenced from previous transcript)

FINANCIAL RESULTS

* Revenue was $78.4 million vs. $76,766,670.0 analyst revenue estimate; adjusted loss per share was $0.07 vs. (-$0.11) analyst EPS estimate. (CFO Trowbridge; analystsEstimates)
* Med Tech revenue was $37.3 million (up 19%) and represented 48% of total revenue (vs. 44% a year ago), which Trowbridge said reflected “the ongoing shift in our business mix.” (CFO Trowbridge)
* Platform details included Auryon revenue of $16.3 million (up 17.9%), Mechanical Thrombectomy revenue of $11.5 million (up 17.9%) with AlphaVac $4.4 million (up 47.4% year-over-year and “greater than 24% sequential increase”) and AngioVac $7.2 million (up 5%), and NanoKnife total revenue of $7.6 million (up 21%) with probes up 20%. (CFO Trowbridge)
* Gross margin was 52.9% (down 110 bps year-over-year), which Trowbridge attributed primarily to “the impact and timing of tariffs, inflation and certain costs associated with our manufacturing transition,” partially offset by “product mix shift towards Med Tech sales and pricing initiatives.” (CFO Trowbridge)
* Profitability and cash metrics included adjusted net loss of $3.0 million (adjusted loss per share $0.07), adjusted EBITDA of $1.8 million, tariff expense of $1.3 million in Q3, and cash of $37.8 million at February 28, 2026 with “$3.1 million of cash” used in the quarter. (CFO Trowbridge)

Q&A

* John Young, Canaccord Genuity: asked what drove AlphaVac’s sequential growth and whether February PE guidelines are helping; CEO Clemmer replied growth is driven by “more hospitals approving us through their VAC process” and increasing utilization as physicians “choos[e] it over the other competitive products,” adding, “we expect the product to grow sequentially going forward.” (John Young; CEO Clemmer)
* John Young, Canaccord Genuity: asked whether guidance assumes higher energy/supplier costs and if price can offset; CFO Trowbridge said guidance embeds “our expectations…of how we’re going to manage” inflation, energy and tariffs, and added the company is seeing “a benefit from our ability to raise prices in certain areas,” while “we haven’t been able to explicitly take price related to some of those rising costs.” (John Young; CFO Trowbridge)
* Frank Takkinen, Lake Street: asked whether $4.4 million AlphaVac is a new baseline or pull-forward; CFO Trowbridge said, “We expect AlphaVac to continue to grow sequentially,” and called the market “a huge market that’s going to continue to grow.” (Frank Takkinen; CFO Trowbridge)
* Frank Takkinen, Lake Street: asked about Auryon volume vs. price and hospital vs. OBL; CFO Trowbridge said the hospital shift “helps us…on price” and is “important for us to be in the hospital setting,” while Auryon growth is being driven by “both elements,” including higher hospital mix and “additional procedure volume in the OBL.” (Frank Takkinen; CFO Trowbridge)
* Katie on for Yi Chen, H.C. Wainwright: asked about China sourcing exposure and sterilization shutdown frequency; CFO Trowbridge said the company does not view “component sourcing out of China as a big risk,” and characterized sterilization shutdowns as maintenance events that “happen,” noting the company is building inventory to “mitigate any potential disruption.” (Katie for Yi Chen; CFO Trowbridge)

SENTIMENT ANALYSIS

* Analyst sentiment was slightly positive, with supportive framing on performance (“Congratulations on the quarter,” “Very helpful”) paired with risk-focused questions on ordering durability, inflation/energy costs, and supply chain resilience. (John Young; Frank Takkinen; Katie for Yi Chen)
* Management sentiment was positive in prepared remarks (Clemmer: “strong across the board”; Trowbridge: “strong again”), and became more operationally specific in Q&A, emphasizing sequential growth expectations (“We expect AlphaVac to continue to grow sequentially”) and acknowledging limits on pricing pass-through (“we haven’t been able to explicitly take price related to some of those rising costs”). (CEO Clemmer; CFO Trowbridge)
* Compared with the prior quarter, the tone remained confident and execution-focused, while Q3 discussion placed more emphasis on tariffs and manufacturing-transition costs affecting gross margin and on supply-chain mitigation (inventory build tied to sterilization maintenance). (CFO Trowbridge; prior transcript context)

QUARTER-OVER-QUARTER COMPARISON

* Guidance language stayed consistently upbeat with another increase, with Clemmer calling it the “third consecutive quarter of raised guidance,” while Q2 framed raised guidance after a “strong” quarter and highlighted positive cash flow; Q3 introduced the possibility that FY2026 cash flow “may result…being slightly negative” due to inventory build timing. (CEO Clemmer; CFO Trowbridge)
* Med Tech mix continued to rise (Q3 Med Tech platforms were 48% of revenue vs. 45% in Q2), reinforcing management’s stated strategy of shifting toward “higher growth, higher-margin Med Tech.” (CFO Trowbridge)
* Mechanical Thrombectomy messaging shifted from Q2’s focus on IDE/510(k) milestones to Q3’s focus on AlphaVac commercial acceleration and the milestone that “we have enrolled our first patients in the APEX-Return pivotal trial.” (CEO Clemmer)
* Analyst focus moved from Q2 gross margin sustainability and early NanoKnife CPT implementation to Q3 AlphaVac durability, macro cost buffers, and supply chain continuity. (Frank Takkinen; William Plovanic; John Young; Katie for Yi Chen)

RISKS AND CONCERNS

* Trowbridge cited gross margin pressure drivers as “tariffs, inflation and certain costs associated with our manufacturing transition,” and reiterated expected FY2026 tariff expense of $4 million to $6 million, with $1.3 million incurred in Q3. (CFO Trowbridge)
* The company flagged supply-chain timing risk: sterilization vendors planned “2 upcoming temporary shutdowns” in Q4, prompting an inventory build and “the acceleration of the use of approximately $3 million to $5 million of cash,” which could make FY2026 cash flow “slightly negative.” (CFO Trowbridge)
* Leadership transition remained an overhang discussed in both quarters; in Q3, Clemmer said the search “is moving forward on the time line we laid out,” and that he and the CFO will continue leading “until my successor is appointed.” (CEO Clemmer)

FINAL TAKEAWAY

Management characterized Q3 FY2026 as broad-based execution with Med Tech-led growth, highlighting sustained Auryon expansion, faster AlphaVac momentum, and NanoKnife traction following CPT implementation and expanded European indications. The company raised FY2026 net sales and adjusted EBITDA guidance again, reiterated gross margin and tariff expectations, and described a near-term cash timing headwind tied to planned sterilization shutdowns and inventory build, while maintaining that it sees no change to its “positive cash generation pathway” and underscoring an ongoing CEO succession process.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/ango/earnings/transcripts]

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