AngioDynamics Narrows Loss on Strong Med Tech Sales Growth

TL;DR

**ANGO is showing signs of life with strong Med Tech sales, but watch that shrinking cash pile.**

AI Summary

AngioDynamics, Inc. (ANGO) reported a net loss of $10.903 million for the three months ended August 31, 2025, an improvement from the $12.798 million net loss in the prior-year period. Net sales increased by 12.18% to $75.711 million, up from $67.491 million in the same quarter last year. This growth was driven by a significant 26.07% increase in Med Tech sales, reaching $35.261 million, while Med Device sales saw a modest 2.35% rise to $40.450 million. Operating loss narrowed to $10.656 million from $13.098 million year-over-year. Cash and cash equivalents decreased to $38.762 million from $55.893 million at May 31, 2025, primarily due to $15.914 million used in operating activities. The company's total assets declined to $265.642 million from $280.144 million, and total liabilities decreased to $86.787 million from $97.174 million.

Why It Matters

AngioDynamics' ability to significantly increase Med Tech sales and narrow its net loss suggests a potential turnaround, which is crucial for investor confidence in a competitive medical device market. The improved operating performance, despite a decrease in cash, indicates a more efficient core business. For employees, this could signal greater job stability and potential for growth. Customers benefit from continued innovation in minimally invasive medical technologies. The competitive landscape, particularly against larger players, demands sustained product differentiation and market penetration, making this sales growth a key indicator of ANGO's strategic effectiveness.

Risk Assessment

Risk Level: medium — The company reported a net loss of $10.903 million and a significant decrease in cash and cash equivalents from $55.893 million to $38.762 million in just three months, with $15.914 million used in operating activities. While net sales increased, the continued cash burn and net loss indicate ongoing financial challenges that could impact future liquidity and investment capacity.

Analyst Insight

Investors should monitor ANGO's cash flow closely in upcoming quarters to ensure the company can sustain its operations and strategic investments. While the Med Tech sales growth is positive, a clear path to profitability and positive operating cash flow is essential before considering a long position.

Financial Highlights

debt To Equity

N/A

revenue

$75.711M

operating Margin

N/A

total Assets

$265.642M

total Debt

N/A

net Income

$(10.903)M

eps

$(0.26)

gross Margin

55.28%

cash Position

$38.762M

revenue Growth

+12.18%

Revenue Breakdown

Key Numbers

• $75.711M — Net Sales (Increased 12.18% from $67.491M year-over-year)
• $(10.903)M — Net Loss (Improved from $(12.798)M year-over-year)
• $35.261M — Med Tech Sales (Increased 26.07% from $27.969M year-over-year)
• $40.450M — Med Device Sales (Increased 2.35% from $39.522M year-over-year)
• $(10.656)M — Operating Loss (Narrowed from $(13.098)M year-over-year)
• $38.762M — Cash and Cash Equivalents (Decreased from $55.893M at May 31, 2025)
• $(15.914)M — Net Cash Used in Operating Activities (For the three months ended August 31, 2025)
• 41,174 — Weighted Average Shares Outstanding (Basic) (Increased from 40,653 year-over-year)

Key Players & Entities

• AngioDynamics, Inc. (company) — registrant
• RITA Medical Systems, LLC (company) — subsidiary
• NASDAQ Global Select Market (regulator) — exchange where common stock is registered
• $75.711 million (dollar_amount) — net sales for three months ended Aug 31, 2025
• $67.491 million (dollar_amount) — net sales for three months ended Aug 31, 2024
• $10.903 million (dollar_amount) — net loss for three months ended Aug 31, 2025
• $12.798 million (dollar_amount) — net loss for three months ended Aug 31, 2024
• $38.762 million (dollar_amount) — cash and cash equivalents at Aug 31, 2025
• $55.893 million (dollar_amount) — cash and cash equivalents at May 31, 2025
• $15.914 million (dollar_amount) — net cash used in operating activities for three months ended Aug 31, 2025

FAQ

Risk Factors

• Declining Cash Position [high — financial]: Cash and cash equivalents decreased by $17.131 million to $38.762 million from $55.893 million at May 31, 2025. This was primarily due to $15.914 million used in operating activities, indicating a significant cash burn.
• High Operating Expenses [medium — operational]: Total operating expenses increased to $52.513 million from $49.822 million year-over-year. This increase, particularly in sales and marketing ($28.130M vs $25.605M) and general and administrative ($12.555M vs $10.975M), outpaced revenue growth, contributing to the operating loss.
• Continued Net Loss [medium — financial]: The company reported a net loss of $10.903 million for the quarter, an improvement from $12.798 million in the prior year. However, the persistent net loss highlights ongoing profitability challenges.
• Asset and Liability Reduction [low — financial]: Total assets declined to $265.642 million from $280.144 million, and total liabilities decreased to $86.787 million from $97.174 million. While a reduction in liabilities is positive, the decrease in assets, particularly cash, warrants attention.
• Compliance with ASC 606 [low — regulatory]: The company adheres to ASC 606 for revenue recognition, involving a five-step process. While this ensures standardized reporting, any misinterpretation or misapplication could lead to financial misstatements and regulatory scrutiny.

Industry Context

AngioDynamics operates in the medical technology and device sector, which is characterized by innovation, regulatory oversight, and a focus on improving patient outcomes. The industry is competitive, with companies striving to develop minimally invasive solutions for vascular and oncological conditions. Trends include a growing demand for advanced treatment options and a shift towards value-based healthcare.

Regulatory Implications

The company's operations are subject to stringent regulations from bodies like the FDA. Compliance with these regulations, including those related to product safety and efficacy, is critical. Any failure to comply can result in significant penalties, product recalls, and reputational damage, impacting financial performance.

What Investors Should Do

1. Monitor Med Tech segment growth
2. Analyze cash burn rate
3. Evaluate operating expense management
4. Assess path to profitability

Glossary

ASC 606

Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. It provides a single, comprehensive model for companies to use in accounting for revenue. (This standard dictates how AngioDynamics recognizes its revenue, ensuring consistency and comparability.)

Med Tech

Medical Technology, referring to products focused on restoring healthy blood flow, expanding cancer treatment options, and improving patient quality of life. (This is a key growth segment for AngioDynamics, showing significant sales increase.)

Med Device

Medical Device, referring to a broader category of products used in healthcare. (This segment represents a larger portion of AngioDynamics' revenue but shows slower growth compared to Med Tech.)

Amortization of intangibles

The systematic allocation of the cost of an intangible asset over its useful life. (This is a non-cash expense that reduces reported net income but does not affect cash flow directly.)

Contingent consideration

An acquisition-related liability that represents the potential future payment to sellers based on the achievement of certain milestones. (A change in fair value of contingent consideration can impact net income, as seen with the $76 thousand adjustment in the prior year.)

Year-Over-Year Comparison

Compared to the prior-year period, AngioDynamics has demonstrated robust revenue growth of 12.18%, largely propelled by a 26.07% surge in Med Tech sales. While the net loss has narrowed from $12.798 million to $10.903 million, indicating some operational improvement, the company's cash position has significantly declined by $17.131 million due to operating activities. Total assets and liabilities have also decreased, reflecting a contraction in the balance sheet.

Filing Documents

• ango-20250831.htm (10-Q) — 898KB
• a08312025-exx311.htm (EX-31.1) — 10KB
• a08312025-exx312.htm (EX-31.2) — 10KB
• a08312025-exx321.htm (EX-32.1) — 5KB
• a08312025-exx322.htm (EX-32.2) — 5KB
• ango-20250831_g1.gif (GRAPHIC) — 12KB
• 0001628280-25-043689.txt ( ) — 5741KB
• ango-20250831.xsd (EX-101.SCH) — 41KB
• ango-20250831_cal.xml (EX-101.CAL) — 71KB
• ango-20250831_def.xml (EX-101.DEF) — 163KB
• ango-20250831_lab.xml (EX-101.LAB) — 546KB
• ango-20250831_pre.xml (EX-101.PRE) — 367KB
• ango-20250831_htm.xml (XML) — 746KB

: Financial Information

Part I: Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Statements of Operations (unaudited) 3 Consolidated Statements of Comprehensive Loss (unaudited) 4 Consolidated Balance Sheets (unaudited) 5 Consolidated Statements of Cash Flows (unaudited) 6 Consolidated Statements of Stockholders' Equity (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

: Other Information

Part II: Other Information

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults on Senior Securities

Item 3. Defaults on Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30 2 Table of Content PART 1. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. AngioDynamics, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands of dollars, except per share data) Three Months Ended Aug 31, 2025 Aug 31, 2024 Net sales $ 75,711 $ 67,491 Cost of sales (exclusive of intangible amortization) 33,854 30,767 Gross margin 41,857 36,724 Operating expenses: Research and development 6,417 6,285 Sales and marketing 28,130 25,605 General and administrative 12,555 10,975 Amortization of intangibles 2,653 2,570 Change in fair value of contingent consideration — 76 Acquisition, restructuring and other items, net 2,758 4,311 Total operating expenses 52,513 49,822 Operating loss ( 10,656 ) ( 13,098 ) Other expense: Interest income (expense), net ( 4 ) 606 Other expense, net ( 178 ) ( 173 ) Total other income (expense), net ( 182 ) 433 Loss before income tax benefit ( 10,838 ) ( 12,665 ) Income tax expense 65 133 Net loss $ ( 10,903 ) $ ( 12,798 ) Loss per share Basic $ ( 0.26 ) $ ( 0.31 ) Diluted $ ( 0.26 ) $ ( 0.31 ) Weighted average shares outstanding Basic 41,174 40,653 Diluted 41,174 40,653 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Content AngioDynamics, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) (in thousands of dollars) Three Months Ended Aug 31, 2025 Aug 31, 2024 Net loss $ ( 10,903 ) $ ( 12,798 ) Other comprehensive income, before tax: Foreign currency translation gain 2,084 1,098 Other comprehensive income, before tax 2,084 1,098 Income tax expense related to items of other comprehensive loss — — Other comprehensive income, net of tax 2,084 1,098 Total comprehensive loss, net of tax $ ( 8,819 ) $ ( 11,700 ) The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Content AngioDynamics, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands of dollar

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. CONSOLIDATED FINANCIAL STATEMENTS The Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Loss for the three months ended August 31, 2025 and 2024, the Consolidated Balance Sheet as of August 31, 2025, the Consolidated Statements of Cash Flows for the three months ended August 31, 2025 and 2024, and the Consolidated Statements of Stockholders' Equity for the three months ended August 31, 2025 and 2024 have been prepared by the Company and are unaudited. The Consolidated Balance Sheet as of May 31, 2025 was derived from audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to state fairly the financial position, changes in stockholders' equity and comprehensive income, results of operations and cash flows as of and for the period ended August 31, 2025 (and for all periods presented) have been made. The unaudited interim consolidated financial statements for the three months ended August 31, 2025 and 2024 include the accounts of AngioDynamics, Inc. and its wholly owned subsidiaries (collectively, the "Company", "we", "our" or "us"). All intercompany balances and transactions have been eliminated. 2. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue Recognition Under ASC 606, Revenue from Contracts with Customers , revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) all

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