Fiscal Year 2027 First Quarter
Filed Oct 8, 2026AngioDynamics Reports Fiscal Year 2027 First Quarter Financial Results; Continued Execution Drives Med Tech Growth and Profitability
Net sales increased 6.9%, led by 13.2% Med Tech growth, while GAAP gross margin expanded 410 basis points and adjusted EBITDA increased to $5.0 million. The company reiterated fiscal 2027 guidance, though Med Device growth was 1.4% and cash used in operating activities was $15.3 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net salesGAAP | $80.9M | – | 6.9% |
| Cost of sales (exclusive of intangible amortization)GAAP | 32.88M | – | – |
| Gross marginGAAP | $48.04M | – | 14.8% |
| Gross margin % of salesGAAP | 59.4% | – | 410 basis points higher |
| Gross margin excluding tariff refundsother | 57.8% | – | – |
| Research and development expenseGAAP | 7.98M | – | – |
| Sales and marketing expenseGAAP | 29.99M | – | – |
| General and administrative expenseGAAP | 12.47M | – | – |
| Amortization of intangiblesGAAP | 2.73M | – | – |
| Acquisition, restructuring and other items, netGAAP | 2.18M | – | – |
| Total operating expensesGAAP | 55.34M | – | – |
| Operating lossGAAP | −$7.30M | – | – |
| Interest expense, netGAAP | −$88K | – | – |
| Other income (expense), netGAAP | 94K | – | – |
| Total other income (expense), netGAAP | 6K | – | – |
| Loss before income tax (benefit) expenseGAAP | −$7.30M | – | – |
| Income tax (benefit) expenseGAAP | −$199K | – | – |
| Net lossGAAP | $7.1M | – | – |
| Basic loss per shareGAAP | $(0.17) | – | – |
| Diluted loss per shareGAAP | $(0.17) | – | – |
| Weighted average shares outstanding, basicGAAP | 42,022 | – | – |
| Weighted average shares outstanding, dilutedGAAP | 42,022 | – | – |
| Adjusted net lossnon-GAAP | $1.8M | – | – |
| Adjusted diluted loss per sharenon-GAAP | $(0.04) | – | – |
| Adjusted diluted sharecountnon-GAAP | 42,022 | – | – |
| Adjusted EBITDAnon-GAAP | $5M | – | – |
| Tariff-related expensesother | $900K | – | – |
| Tariff refunds receivedother | $1.2M | – | – |
| Net tariff benefitother | $400K | – | – |
| Net cash used in operating activitiesGAAP | −$15.33M | – | – |
| Additions to property, plant and equipmentGAAP | −$379K | – | – |
| Additions to placement and evaluation unitsGAAP | −$2.77M | – | – |
| Net cash used in investing activitiesGAAP | −$3.15M | – | – |
| Net cash (used in) provided by financing activitiesGAAP | −$1.38M | – | – |
| Decrease in cashGAAP | −$19.89M | – | – |
| CashGAAP | $33.97M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Med TechGrowth was driven by solid performance across the Med Tech segment, including Auryon, Mechanical Thrombectomy and NanoKnife. | $39.9M | – | 13.2% |
| Med DeviceMed Device net sales increased compared to $40.4 million in the prior-year period. | $41M | – | 1.4% |
| Auryon peripheral atherectomy platformAuryon recorded its 21st consecutive quarter of double-digit atherectomy growth. | $18.9M | – | 14.7% |
| Mechanical ThrombectomyAlphaVac sales grew 37.4% compared to the prior-year quarter and 6.4% sequentially, while AngioVac declined 5.9% versus prior year and grew 9.1% sequentially. | $12M | – | 6.7% |
| NanoKnife irreversible electroporation platformGrowth was driven primarily by continued demand for prostate procedures, including 24.1% growth in probes and 53.5% growth in capital sales. | $8.3M | – | 29.0% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Fiscal year 2027 outlook
- Revenue$336.0M - $341.0M
- Gross margin54% – 55%
- NoteMed Tech Net Sales Growth: 12% – 15%
- NoteMed Device Net Sales Growth: Flat
- NoteAdjusted EBITDA: $13.0M - $16.0M
- NoteAdjusted EPS: ($0.29) – ($0.24)
- NoteTariff impact is expected to be broadly similar to fiscal 2026, excluding any tariff refunds.
What drove it
- Med Tech net sales increased 13.2%, compared with 1.4% growth in Med Device net sales.
- Auryon sales increased 14.7%, Mechanical Thrombectomy sales increased 6.7%, and NanoKnife sales increased 29.0%.
- Gross margin expansion was primarily driven by favorable pricing and the ongoing revenue mix shift toward Med Tech.
- The company received FDA IDE approval for the RELIEF study evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia.
- The RELIEF feasibility trial is designed to enroll 40 subjects at up to five U.S. clinical sites, with a primary endpoint measuring change in the International Prostate Symptom Score at six months.
Concerns
- Med Device net sales grew 1.4%.
- Gross margin was partially offset by the manufacturing transition and global inflation.
- Gross margin benefited from tariff refunds received during the quarter; absent this benefit, gross margin would have been 57.8%.
- The company expects gross margin to be lower in the second half of fiscal 2027 than in the first half.
- The company used $15.3 million of cash from operations.
- Tariff assumptions remain dynamic and subject to change.
- AngioVac declined 5.9% versus the prior-year quarter.
What to watch
- Med Tech net sales growth against fiscal 2027 guidance of 12% – 15%.
- Med Device net sales performance against the company's flat-growth fiscal 2027 guidance.
- Gross-margin progression, particularly the expected second-half decline and the effect of tariff refunds.
- Adjusted EBITDA delivery against fiscal 2027 guidance of $13.0M - $16.0M.
- NanoKnife demand in prostate procedures and execution of the RELIEF BPH feasibility study.
- Leadership transition to Eric Honroth as President and Chief Executive Officer effective November 2, 2026.
Balance sheet and cash flow
- Cash at August 31, 2026: $34.0 million.
- The company maintains a debt-free balance sheet.
- Net cash used in operating activities: $15.3 million, compared to $15.9 million in the first quarter of fiscal 2026.
- Net cash used in investing activities: $(3,148) (in thousands), compared to $(1,551) (in thousands).
- Net cash used in financing activities: $(1,375) (in thousands), compared to net cash provided by financing activities of 143 (in thousands).
- Cash at end of period: $33,973 (in thousands), compared to $38,762 (in thousands).
Analysis
AngioDynamics reported first-quarter fiscal 2027 net sales of $80.9 million, up 6.9% from the prior-year quarter. Med Tech was the principal growth engine, with sales of $39.9 million, up 13.2%, while Med Device sales of $41.0 million increased 1.4%. Within Med Tech, NanoKnife sales rose 29.0%, Auryon sales increased 14.7%, and Mechanical Thrombectomy sales increased 6.7%.
Profitability improved materially. GAAP gross margin was 59.4%, compared with 55.3% a year ago, an increase of 410 basis points. The company attributed the improvement primarily to favorable pricing and mix toward Med Tech, partially offset by the manufacturing transition and global inflation. Tariff refunds benefited the reported result; absent that benefit, gross margin would have been 57.8%.
The GAAP net loss narrowed to $7.1 million, or $0.17 per share, from $10.9 million, or $0.26 per share. Adjusted net loss narrowed to $1.8 million from $4.2 million, while adjusted EBITDA increased to $5.0 million from $2.2 million. Operating expenses increased to $55,342 (in thousands) from $52,513 (in thousands), including $770 (in thousands) of CEO transition costs within acquisition, restructuring and other items, net.
Cash generation remained a point of attention. The company used $15.3 million of cash from operations, compared with $15.9 million in the prior-year quarter, and cash declined to $34.0 million at August 31, 2026 from $53,864 (in thousands) at May 31, 2026. Management stated that the balance sheet remains debt-free. No capital-return activity was reported in the release.
The company reiterated fiscal 2027 guidance, including net sales of $336.0M - $341.0M, Med Tech net sales growth of 12% – 15%, flat Med Device net sales growth, gross margin of 54% – 55%, adjusted EBITDA of $13.0M - $16.0M, and adjusted EPS of ($0.29) – ($0.24). The guide incorporates an expectation that gross margin will be lower in the second half than in the first half. Management also highlighted FDA IDE approval for the RELIEF study, which extends evaluation of NanoKnife IRE into benign prostatic hyperplasia.
Management, verbatim
Our first quarter results reflect the continued, consistent execution we’ve built into this business.
Jim Clemmer, President and Chief Executive Officer of AngioDynamics
Med Tech again led our growth, highlighted by Auryon’s 21 st consecutive quarter of double-digit atherectomy growth, continued performance in Mechanical Thrombectomy, and ongoing strength in our NanoKnife oncology platform.
Jim Clemmer, President and Chief Executive Officer of AngioDynamics
We remain focused on the fundamentals that have driven our performance over the past several years, and we’re confident in our ability to deliver on the outlook we’ve laid out for fiscal 2027.
Jim Clemmer, President and Chief Executive Officer of AngioDynamics
Not in the filing
stated, not guessed- Previous-release outlook was not provided; comparison of actual results with prior guidance is unavailable.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Dividends were not reported.
- A numeric debt balance was not reported.
- Operating-expense guidance was not reported.
- Tax-rate guidance was not reported.
- AlphaVac sales amount was not reported.
- AngioVac sales amount was not reported.
- Prior-quarter comparisons were not reported for most operating metrics.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.