AngioDynamics (ANGO) Canaccord Genuity's 46th Annual Growth Conference summary

Business Transformation and Strategic Direction

• Shifted focus from legacy Med Device to high-growth MedTech, now 47% of revenue, with active portfolio management and emphasis on innovation, strategic M&A, and clinical investment.

• MedTech CAGR over 25% in five years, with FY 2026 MedTech growth at 18.4%.

• MedTech expected to become majority of revenue in FY 2027, with sustained double-digit growth and guidance of 12%-15%.

• Commercial investment is accelerating in Cardiovascular and Prostate markets, leveraging leading platforms for expansion.

• TAM projected to grow from $7.2B to $10.9B by FY31, with a robust product pipeline.

Platform Performance, Innovation, and Market Opportunities

• Auryon achieved $255M in cumulative sales since 2020, used in nearly 180,000 procedures, with consistent double-digit growth and ongoing market share gains.

• AlphaVac received FDA clearance for PE after APEX-AV study, showing a 35.1% reduction in clot burden, and mechanical thrombectomy grew 44% last year.

• NanoKnife, the only FDA-cleared IRE device for prostate tissue, saw 64% growth last quarter and demonstrated 84% efficacy with low side effects in the PRESERVE study.

• Ongoing clinical initiatives target expanded indications for Auryon, AlphaVac, AngioVac, and NanoKnife, including BPH and right-sided infective endocarditis.

• Cardiovascular and cancer markets represent significant TAMs: $800M for PAD, $5.5B for VTE, and $930M for prostate cancer.

Financial Performance, Margin Expansion, and Outlook

• FY26 net sales reached $320.2M, up 9.4% YoY, with FY27 guidance projecting $336–$341M in net sales.

• Gross margin guided at 54%-55%, with MedTech segment margins in the mid-60s and Med Device in the mid-40s.

• Pro forma adjusted EBITDA was $13.2M, with FY27 guidance of $13M-$16M, positive cash flow, and zero debt.

• Costa Rica manufacturing transition nearly complete, expected to support margin accretion.

• The company maintains a debt-free balance sheet, self-funding MedTech innovation through Med Device cash flow.