AngioDynamics (NASDAQ:ANGO) expects its MedTech business to become the majority of company revenue in fiscal 2027, as the company continues a multiyear shift away from slower-growth legacy markets and toward higher-growth medical technology platforms, executives said during a Canaccord fireside chat.
Chief Financial Officer Stephen Trowbridge said MedTech represented about 17% of AngioDynamics’ revenue when the transformation began several years ago and reached 47% in fiscal 2026. The segment grew 19% in the company’s latest fiscal year, following seven consecutive quarters of double-digit growth, according to the discussion.
Three MedTech Platforms Drive Growth
AngioDynamics identified three primary contributors to MedTech growth: Auryon for peripheral artery disease, mechanical thrombectomy products including AngioVac and AlphaVac, and the NanoKnife oncology platform.
Trowbridge said investors should generally view MedTech’s growth profile in the mid-teens to 20% range. Auryon, which uses laser technology to treat plaque and calcium in arteries, generated approximately $68 million in revenue in fiscal 2026 after having no U.S. revenue when AngioDynamics acquired the business five years earlier. The company expects Auryon to grow around 15% going forward, though it has recently grown faster than that level.
CEO Jim Clemmer said AngioDynamics entered the Auryon market as the sixth participant and has gained share from larger competitors. Trowbridge attributed the product’s growth to its ability to be used above and below the knee, as well as in in-stent restenosis. He said roughly half of Auryon procedures have been above the knee and half below the knee since launch.
The company’s AMBITION BTK study, which compares Auryon with balloon angioplasty against balloon angioplasty alone for below-the-knee treatment, remains in enrollment and has expanded internationally. Trowbridge said investors should not expect data from the study in fiscal 2027.
Management also discussed a potential coronary application for Auryon. Trowbridge said the opportunity is likely to require a premarket approval process and a study lasting about four years. The company is in discussions with the U.S. Food and Drug Administration but did not provide a timing target for regulatory approvals.
Mechanical Thrombectomy Expansion
Mechanical thrombectomy is another area of investment, with AlphaVac growing 44% in fiscal 2026, according to Trowbridge. While the business declined about $500,000 sequentially in the fiscal fourth quarter, Clemmer said AngioDynamics remains bullish on the opportunity, which management estimates has a total addressable market of roughly $3 billion and is only about 15% penetrated.
The company changed sales leadership in February and added 20 sales representatives. Clemmer said the new hires include experienced personnel familiar with the market, competitive dynamics and physician relationships, which he believes can shorten the typical six- to nine-month ramp to productivity.
AngioDynamics expects its APEX-Return study to support a blood-return feature for AlphaVac in pulmonary embolism procedures, with the product potentially reaching the market early next calendar year. The company is also advancing the PAVE trial for AngioVac in right-heart treatment of infective endocarditis. Trowbridge said the programs support existing uses of the technologies and may establish a foundation for longer-term platform expansion.
NanoKnife Reimbursement and Procedure Growth
NanoKnife posted 64% growth in the latest fiscal fourth quarter, while disposables grew 47%, driven primarily by procedure volume rather than customer stocking, Clemmer said. The platform is used to treat men with intermediate-risk prostate cancer, a population management said totals about 150,000 annual diagnoses in the U.S.
AngioDynamics received a favorable local coverage determination from Medicare Administrative Contractor Palmetto GBA for NanoKnife treatment in prostate and liver applications, effective July 5. Trowbridge said the company plans to use its approach with Palmetto as a model for pursuing broader reimbursement coverage across other regions.
The company also announced the RELIEF pilot study for benign prostatic hyperplasia, or BPH. Trowbridge said the study follows physician feedback that NanoKnife may address BPH in addition to prostate cancer treatment. However, he said the BPH opportunity is not expected to be a meaningful fiscal 2027 growth driver.
Margins, Tariffs and Leadership Transition
AngioDynamics guided to fiscal 2027 gross margin of 54% to 55% and adjusted EBITDA of $13 million to $16 million. Trowbridge said the growing share of MedTech revenue should support margin expansion because MedTech has gross margins in the mid-60% range, compared with the legacy Med Device segment’s mid-40% range.
Tariffs are expected to have a broadly similar impact to the prior year, when they cost about $5 million, Trowbridge said. The company had initially projected about $4 million of tariff impact, with changes in the tariff environment potentially adding roughly $500,000. Tariff refunds were not included in guidance, although the company received about $1 million in refunds during its fiscal first quarter, he said.
Separately, the company is nearing completion of its transfer of higher-labor-content manufacturing from Queensbury to a third-party partner in Costa Rica. The move was initially intended to increase capacity amid a tight labor market, according to Trowbridge.
Clemmer also reiterated that he plans to retire by the end of the calendar year. AngioDynamics’ board is conducting a search for his successor. For fiscal 2027, Trowbridge said investors should watch continued growth across the three MedTech platforms, further EBITDA expansion and positive cash flow generation. He added that the company currently has no debt on its balance sheet.
About AngioDynamics (NASDAQ:ANGO)
AngioDynamics, Inc is a medical technology company headquartered in Latham, New York, that develops, manufactures and markets a broad range of minimally invasive medical devices. The company’s products focus on three core areas: vascular access, peripheral vascular intervention and interventional oncology. Its solutions are designed to improve procedural outcomes, reduce complications and enhance patient comfort in hospital and outpatient settings.
In the vascular access segment, AngioDynamics offers a portfolio of devices including implanted ports, peripherally inserted central catheters (PICCs), hemodialysis catheters and specialty blood management products.
