AngioDynamics Posts 8% Sales Growth as NanoKnife Surges 65%
NanoKnife revenue jumped 64.5% in the fiscal fourth quarter to $11.8 million, driving the medical-device maker's seventh straight quarter of double-digit Med Tech growth.
AngioDynamics (ANGO), a medical-device maker focused on minimally invasive treatments, reported fiscal fourth-quarter net sales of $86.6 million, up 8.0% year over year on a pro forma basis. The result capped a fiscal year in which the company raised its revenue guidance three consecutive times, ultimately delivering $320.2 million against an initial forecast of $305 million to $310 million.
The quarter's defining story was the accelerating contribution of NanoKnife, the company's irreversible electroporation platform. NanoKnife sales surged 64.5% year over year to $11.8 million, a sharp acceleration from 21.0% growth in the prior quarter, driven by a 132.5% jump in capital-equipment sales and a 47.0% rise in probe revenue. The gains came alongside two significant regulatory milestones: Palmetto GBA finalized a local coverage determination establishing Medicare reimbursement for NanoKnife in prostate and liver cancer, effective July 5, 2026, and the FDA granted IDE approval for the RELIEF study evaluating the platform in benign prostatic hyperplasia, a $1.9 billion U.S. market.
The broader Med Tech segment, which houses NanoKnife and the Auryon atherectomy platform, posted its seventh consecutive quarter of double-digit growth, with sales of $41.8 million rising 16.7% year over year. Auryon contributed $17.8 million, up 14.4%, though that pace slowed from 17.9% in the third quarter and 20.1% at the start of the fiscal year. Med Tech now accounts for 47% of total revenue, up from roughly 22% when AngioDynamics began its strategic transformation in 2020.
The legacy Med Device segment told a different story. Fourth-quarter sales grew just 1.1% to $44.8 million, weighed down by a 1.1% decline in mechanical thrombectomy revenue to $11.1 million. Within that category, AlphaVac grew 38.4% but AngioVac fell 15.8% against a difficult year-ago comparison.
Profitability improved on a full-year basis even as the fourth quarter showed mixed signals. Fiscal 2026 adjusted EBITDA reached $13.2 million, up 73% from $7.6 million a year earlier, while adjusted loss per share narrowed to $0.24 from $0.25. Fourth-quarter gross margin expanded 130 basis points year over year to 54.0%, though adjusted EBITDA was essentially flat at $3.3 million and the GAAP net loss widened to $11.4 million, or $0.27 a share, from $6.1 million, or $0.15 a share. Tariff-related expenses fell to $0.5 million in the quarter from $1.6 million a year ago, bringing the full-year total to $4.8 million, within the company's guided range.
AngioDynamics ended the fiscal year with $53.9 million in cash and no debt, up from $37.8 million at the end of the third quarter, after generating $17.5 million of operating cash in the fourth quarter. Two-year data from the PRESERVE pivotal trial, presented at AUA 2026, showed durable prostate-cancer outcomes with no new treatment failures at 24 months and 97% of patients maintaining PSA below baseline.
For fiscal 2027, the company guided to net sales of $336 million to $341 million, implying roughly 5% to 6.5% growth, with Med Tech expected to grow 12% to 15% and Med Device roughly flat. Gross margin is forecast at 54% to 55%, with adjusted EBITDA of $13 million to $16 million and an adjusted loss per share of $0.29 to $0.24. Chief Executive Jim Clemmer intends to retire during fiscal 2027 upon the appointment of a successor, and the board has launched a comprehensive search.